Equillium (EQ) Corporate presentation summary

Pipeline and development

• Wholly owned pipeline targets serious autoimmune and inflammatory disorders: EQ504, an oral colon-targeted AhR modulator for ulcerative colitis; EQ302, an IL-15/21 inhibitor for celiac disease; and an inhaled candidate for lung diseases.

• EQ504 Phase 1 initiated, with topline data expected Q2 2027; IND-enabling development is underway for the other listed programs.

• EQ504 is positioned as a selective, tissue-targeted, non-immunosuppressive therapy, with potential formulations for gastrointestinal, lung and skin indications.

EQ504 rationale and ulcerative colitis opportunity

• EQ504 showed 0.203 nM AhR assay potency, versus 10.39 nM for indirubin, 45.21 nM for tapinarof and 461.8 nM for ITE.

• Preclinical findings include modulation of Treg, Th17 and macrophage activity; protection of intestinal barrier function and wound healing; and activity in DSS- and TNBS-induced colitis models.

• A colon-targeted, once-daily oral formulation is designed to deliver drug-coated pellets throughout the colon and maximize tissue exposure while limiting systemic exposure.

• ~800,000 U.S. patients were treated for UC in 2023; the global market is projected to exceed $12B by 2030, while clinical remission rates remain below ~30% despite 15+ approved therapies.

• Indigo naturalis studies reported clinical remission up to 50% in controlled Phase 2 studies and up to 27% in treatment-refractory patients; EQ504 is being developed as a controlled, selective alternative to the botanical.

Clinical plan and catalysts

• EQ504 Phase 1 is a randomized, double-blind, placebo-controlled SAD/MAD study in ~70 healthy volunteers, with five SAD cohorts at 0.1–3.0 mg QD and three MAD cohorts receiving 10 days of daily dosing.

• Primary endpoint is safety and tolerability; secondary endpoints include blood PK and tissue PK/PD, with multiple colonic biopsies in MAD cohorts.

• The Phase 1 proof-of-mechanism study was initiated Q4 2026, with topline data expected Q2 2027.