Equillium (EQ) investor relations material

Strategic focus and market opportunity

• Developing targeted therapies for tissue inflammation, with a lead focus on ulcerative colitis (UC).

• EQ504, an oral, colon-targeted AhR modulator, is positioned for a large and growing UC market with significant unmet need and projected global market exceeding $12B by 2030.

• Over 800,000 UC patients in the U.S. in 2023, with current therapies showing low remission rates and high demand for safer, more effective options.

• EQ504 is designed for both mono and combination therapy, targeting gaps in pre- and post-biologic settings.

Product pipeline and clinical development

• EQ504 is advancing toward a Phase 1 proof-of-mechanism study, expected to initiate mid-2026, with topline data anticipated six months later.

• Pipeline includes EQ302 for lung inflammation and an IL-15/21 inhibitor for celiac disease, both in preclinical stages.

• EQ504 has completed key IND-enabling studies and demonstrates strong preclinical efficacy in models of barrier function, wound healing, and immune regulation.

Scientific rationale and mechanism of action

• AhR modulation is clinically validated in skin and GI diseases, with high rates of clinical remission in UC patients using indigo naturalis and VTAMA.

• EQ504, a potent analog of ITE, selectively modulates AhR to induce anti-inflammatory cytokines (IL-10, IL-22), enhance Treg cells, and suppress pathogenic Th17 cells.

• Preclinical data show EQ504 promotes mucosal healing, reduces inflammation, and preserves colon morphology in animal models.