Equillium (EQ) Q2 2026 earnings summary

Executive summary

• Advancing EQ504, a novel AhR modulator, into clinical development for ulcerative colitis and other GI diseases, with Phase 1 study initiation planned for Q4 2026 and topline data expected six months later.

• EQ302, a preclinical-stage oral inhibitor for GI diseases and celiac disease, is in IND-enabling development.

• Initiated IND-enabling activities for EQ504 as an inhaled therapy for inflammatory lung diseases.

• Established a Clinical Advisory Board to guide EQ504's clinical program in ulcerative colitis.

• No product sales to date; operations funded primarily through equity and debt financings.

Financial highlights

• Net loss for the six months ended June 30, 2026 was $10.0 million, down from $14.4 million in the same period in 2025.

• Cash and cash equivalents were $57.2 million as of June 30, 2026, up from $30.3 million at year-end 2025.

• Net loss for Q2 2026 was $4.7 million, or $(0.04) per share, compared to $5.7 million, or $(0.16) per share, in Q2 2025.

• Research and development expenses for the six months ended June 30, 2026 were $5.7 million, down from $10.0 million year-over-year.

• Total stockholders' equity increased to $56.0 million as of June 30, 2026, from $28.6 million at December 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations into 2029, but additional capital will be needed for full development and commercialization.

• Anticipates increased expenses as clinical and preclinical programs advance.

• No revenue from product sales expected in the next 12 months.

• Plans to initiate a placebo-controlled study in ulcerative colitis patients following supportive Phase 1 data.