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Equillium (EQ) investor relations material
Equillium Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on developing novel therapies for autoimmune and inflammatory disorders, with EQ504 as the lead candidate advancing toward clinical development and Phase 1 study planned for mid-2026.
Completed a $30 million private placement in August 2025, with potential for an additional $20 million upon achieving clinical and pricing milestones, funding operations through 2027.
Terminated the Biocon collaboration and license agreement, reverting rights to itolizumab to Biocon.
Hosted a key opinion leader event highlighting the clinical potential of EQ504 and AhR modulation in immune-mediated diseases.
Accumulated deficit reached $212.4 million as of September 30, 2025.
Financial highlights
Cash and cash equivalents were $33.1 million as of September 30, 2025, up from $18.1 million at December 31, 2024.
Net loss for the nine months ended September 30, 2025 was $18.6 million, while Q3 2025 net loss was $4.2 million, reflecting the absence of revenue and reduced expenses.
No revenue recognized in Q3 2025; prior year revenue was $12.2 million for the quarter and $36.7 million for the nine months, all from now-terminated agreements.
Research and development expenses decreased to $1.3 million in Q3 2025 from $9.6 million in Q3 2024, reflecting the wind-down of clinical studies.
General and administrative expenses were $3.3 million in Q3 2025, flat year-over-year.
Outlook and guidance
Cash runway expected to fund operations through 2027, assuming current plans and estimates.
Phase 1 proof-of-mechanism study for EQ504 planned to commence by mid-2026, with data expected approximately six months later.
No product sales or milestone revenue expected in the next 12 months.
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