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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Equillium
Equillium (EQ) investor relations material
Equillium Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 net loss widened to $4.6M from $4.2M YoY as R&D spending rose; nine-month net loss narrowed to $14.6M from $18.6M.
EQ504 Phase 1 began in October; September 30 cash plus October milestone financing is expected to fund planned operations into 2029.
Financial highlights
Q3 operating expenses and operating loss were each $5.0M vs. $4.6M; R&D was $2.5M vs. $1.3M and G&A was $2.6M vs. $3.3M YoY.
Nine-month R&D was $8.2M vs. $11.3M and G&A was $7.6M vs. $8.4M; operating expenses and operating loss were each $15.8M vs. $19.7M.
Q3 net loss per share was $0.04 vs. $0.06; nine-month net loss per share was $0.14 vs. $0.41.
Cash and cash equivalents were $53.3M at September 30, 2026, vs. $30.3M at December 31, 2025; accumulated deficit was $230.8M.
Outlook and guidance
Topline EQ504 Phase 1 results, including proof-of-mechanism assessments, are expected in Q2 2027.
Subject to supportive results, a placebo-controlled proof-of-concept study in moderately to severely active ulcerative colitis is planned for H2 2027.
R&D expenses are expected to rise as EQ504 advances; significant expenses and operating losses are expected to continue for the foreseeable future.
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Latest events from Equillium
- A 35.1 million-share resale shelf accompanies EQ504’s planned 2027 clinical milestones.EQ
Registration filing - Colon-targeted EQ504 enters Phase 1, with topline data expected Q2 2027.EQCorporate presentation
- EQ504 enters phase I for ulcerative colitis, with robust preclinical data and strong financial backing.EQStifel 2026 Virtual Immunology and Inflammation Forum
- EQ504 advances as a targeted AhR modulator for UC and lung, with strong funding and unique delivery.EQ12th Annual Cantor Fitzgerald Global Healthcare Conference
- EQ504 targets UC with a novel, validated approach, backed by strong science and financial runway.EQCorporate presentation
- Net loss narrowed, cash runway into 2029, and clinical programs advancing but more funding needed.EQQ2 2026
- EQ504, a novel AhR modulator for ulcerative colitis, enters Phase I in mid-2026 after $50M financing.EQCantor Global Healthcare Conference 2025
- ABX464 and EQ504 modulate AhR to induce miR-124, reduce inflammation, and improve barrier function.EQStatus update
- EQ504 targets UC with a novel, colon-specific approach, aiming for improved remission and safety.EQCorporate presentation
Next Equillium earnings date
Q4 202625 Mar, 2027
Equillium
Next Equillium earnings date
Q4 202625 Mar, 2027
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Frequently asked questions
Equillium Inc. is a clinical-stage biotechnology company that focuses on developing therapeutics for severe autoimmune and inflammatory disorders that have high unmet medical needs. It leverages a deep understanding of immunobiology to create novel treatments. Equillium's pipeline includes innovative, first-in-class immunomodulatory assets targeting critical immuno-inflammatory pathways. It is headquartered in La Jolla, California, and its shares are listed on the Nasdaq.