Equillium (EQ) Q3 2026 earnings summary

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.