Tearsheet

Equillium (EQ)

Market Price (5/11/2026): $2.11 | Market Cap: $129.7 Mil
Sector: Health Care | Industry: Biotechnology

Equillium (EQ)

Market Price (5/11/2026): $2.11
Market Cap: $129.7 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -18%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil

Stock price has recently run up significantly
12M Rtn12 month market price return is 440%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

High stock price volatility
Vol 12M is 163%

Key risks
EQ key risks include [1] significant regulatory uncertainty for its lead drug itolizumab after the FDA declined to support an accelerated approval pathway, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%
1	Megatrend and thematic drivers Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -18%
3	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -24 Mil
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 440%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%
8	High stock price volatility Vol 12M is 163%
9	Key risks EQ key risks include [1] significant regulatory uncertainty for its lead drug itolizumab after the FDA declined to support an accelerated approval pathway, Show more.

Valuation, Metrics & Events

	5/11/26	2025	2024	2023	2022
Share Price CYE	$2.11	$1.55	$0.75	$0.72	$1.06
Market Cap CYE ($ Mil)	129.7	101.3	26.5	25.2	36.4
Total Debt ($ Mil)	0.7	0.7	0.5	0.9	11.7
Total Cash ($ Mil)	30.3	33.1	25.9	46.3	44.5
Enterprise Value ($ Mil)	100.1	102.0	27.0	26.1	48.1
Valuation Ratios
P/S TTM	-	23.1	0.6	0.6	-
P/EBIT TTM	-5.5	-4.2	-4.5	-3.7	-0.5
P/E TTM	-5.8	-4.1	-5.7	-3.1	-0.5
P/FCF TTM	-5.7	-4.4	-1.2	2.2	-0.8
Sector Ratios
P/S TTM (Sector)	3.8	4.1	3.9	4.2	4.3
P/EBIT TTM (Sector)	-1.8	-1.6	-1.5	-1.3	-1.3
P/E TTM (Sector)	-1.9	-1.7	-1.8	-1.6	-1.3
P/FCF TTM (Sector)	-1.8	-1.6	-1.7	-1.3	-1.6

	5/11/26	2025	2024
Share Price CYE	$2.11	$1.55	$0.75
Market Cap CYE ($ Mil)	129.7	101.3	26.5
Total Debt ($ Mil)	0.7	0.7	0.5
Total Cash ($ Mil)	30.3	33.1	25.9
Enterprise Value ($ Mil)	100.1	102.0	27.0
Valuation Ratios
P/S TTM	-	23.1	0.6
P/EBIT TTM	-5.5	-4.2	-4.5
P/E TTM	-5.8	-4.1	-5.7
P/FCF TTM	-5.7	-4.4	-1.2
Sector Ratios
P/S TTM (Sector)	3.8	4.1	3.9
P/EBIT TTM (Sector)	-1.8	-1.6	-1.5
P/E TTM (Sector)	-1.9	-1.7	-1.8
P/FCF TTM (Sector)	-1.8	-1.6	-1.7

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Metric	Value	Date	Source
Number of Clinical-Stage Drug Candidates	4	11132024	Link
Number of Pre-Clinical-Stage Drug Candidates	1	11132024	Link
Number of Active Clinical Trials	2	11132024	Link
Total Issued U.S. Patents	9	3232023	Link
Total Issued Foreign Patents	45	3232023	Link

Upcoming
5/13/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Equillium (EQ) stock has gained about 50% since 1/31/2026 because of the following key factors:

1. Equillium secured significant financing, bolstering its financial position and extending its operational runway. In March 2026, the company announced a $35 million financing agreement with RA Capital Management, issuing approximately 18.9 million shares at a purchase price of $1.854 per share. This capital infusion is expected to extend Equillium's cash runway into 2029, providing confidence in its ability to fund ongoing operations and advance its lead therapeutic candidate.

2. Positive preclinical data for EQ504 and the anticipated initiation of a Phase 1 study generated investor optimism. In April 2026, Equillium announced that new preclinical data for EQ504, its novel AhR modulator for autoimmune and inflammatory diseases, had been accepted for presentation at IMMUNOLOGY2026™. This data highlighted EQ504's potential in treating ulcerative colitis by promoting immune tolerance and epithelial repair. The company also reiterated its plan to initiate a Phase 1 proof-of-mechanism study for EQ504 in mid-2026, with data expected approximately six months thereafter.

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Stock Movement Drivers

Fundamental Drivers

The 48.6% change in EQ stock from 1/31/2026 to 5/10/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.

(LTM values as of)	1312026	5102026	Change
Stock Price ($)	1.42	2.11	48.6%
Change Contribution By:
Total Revenues ($ Mil)	4	0
P/S Multiple	21.1	∞	9.2233720368547763E17%
Shares Outstanding (Mil)	65	61	6.3%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/10/2026

	Return	Correlation
EQ	48.6%
Market (SPY)	3.6%	17.2%
Sector (XLV)	-6.9%	22.6%

Fundamental Drivers

The 49.6% change in EQ stock from 10/31/2025 to 5/10/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.

(LTM values as of)	10312025	5102026	Change
Stock Price ($)	1.41	2.11	49.6%
Change Contribution By:
Total Revenues ($ Mil)	17	0
P/S Multiple	3.0	∞	9.2233720368547763E17%
Shares Outstanding (Mil)	36	61	-41.9%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/10/2026

	Return	Correlation
EQ	49.6%
Market (SPY)	5.5%	13.2%
Sector (XLV)	0.3%	6.9%

Fundamental Drivers

The 402.3% change in EQ stock from 4/30/2025 to 5/10/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.

(LTM values as of)	4302025	5102026	Change
Stock Price ($)	0.42	2.11	402.3%
Change Contribution By:
Total Revenues ($ Mil)	41	0
P/S Multiple	0.4	∞	9.2233720368547763E17%
Shares Outstanding (Mil)	35	61	-42.3%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/10/2026

	Return	Correlation
EQ	402.3%
Market (SPY)	30.4%	-0.2%
Sector (XLV)	4.0%	8.3%

Fundamental Drivers

The 239.2% change in EQ stock from 4/30/2023 to 5/10/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.

(LTM values as of)	4302023	5102026	Change
Stock Price ($)	0.62	2.11	239.2%
Change Contribution By:
Total Revenues ($ Mil)	16	0
P/S Multiple	1.4	∞	9.2233720368547763E17%
Shares Outstanding (Mil)	34	61	-44.1%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/10/2026

	Return	Correlation
EQ	239.2%
Market (SPY)	78.7%	9.0%
Sector (XLV)	13.0%	8.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
EQ Return	-30%	-72%	-32%	3%	107%	38%	-60%
Peers Return	-7%	32%	41%	-1%	2%	3%	79%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	95%
Monthly Win Rates [3]
EQ Win Rate	50%	33%	42%	50%	42%	80%
Peers Win Rate	42%	67%	58%	50%	67%	36%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
EQ Max Drawdown	-30%	-78%	-55%	-17%	-61%	-32%
Peers Max Drawdown	-25%	0%	-2%	-3%	-23%	-13%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ALPS, AVLN, DFTX, EIKN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)

Event	EQ	S&P 500
2025 US Tariff Shock
% Loss	-61.5%	-18.8%
% Gain to Breakeven	160.0%	23.1%
Time to Breakeven	75 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-13.2%	-7.8%
% Gain to Breakeven	15.2%	8.5%
Time to Breakeven	2 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-36.1%	-9.5%
% Gain to Breakeven	56.4%	10.5%
Time to Breakeven	55 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-57.1%	-6.7%
% Gain to Breakeven	132.9%	7.1%
Time to Breakeven	273 days	31 days
2020 COVID-19 Crash
% Loss	-54.3%	-33.7%
% Gain to Breakeven	118.7%	50.9%
Time to Breakeven	111 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-54.9%	-19.2%
% Gain to Breakeven	121.5%	23.7%
Time to Breakeven	571 days	105 days

Compare to VRTX, ALPS, AVLN, DFTX, EIKN

In The Past

Equillium's stock fell -61.5% during the 2025 US Tariff Shock. Such a loss loss requires a 160.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	EQ	S&P 500
2025 US Tariff Shock
% Loss	-61.5%	-18.8%
% Gain to Breakeven	160.0%	23.1%
Time to Breakeven	75 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-36.1%	-9.5%
% Gain to Breakeven	56.4%	10.5%
Time to Breakeven	55 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-57.1%	-6.7%
% Gain to Breakeven	132.9%	7.1%
Time to Breakeven	273 days	31 days
2020 COVID-19 Crash
% Loss	-54.3%	-33.7%
% Gain to Breakeven	118.7%	50.9%
Time to Breakeven	111 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-54.9%	-19.2%
% Gain to Breakeven	121.5%	23.7%
Time to Breakeven	571 days	105 days

Compare to VRTX, ALPS, AVLN, DFTX, EIKN

In The Past

Equillium's stock fell -61.5% during the 2025 US Tariff Shock. Such a loss loss requires a 160.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Equillium (EQ)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Equillium, Inc., a clinical-stage biotechnology company, develops and sells products to treat severe autoimmune and inflammatory, or immuno-inflammatory disorders with unmet medical need. The company's lead product candidate is itolizumab (EQ001), a clinical-stage monoclonal antibody that targets the novel immune checkpoint receptor CD6, which is in Phase III clinical trials for the treatment of acute graft-versus-host disease; completed Phase Ib clinical trial for the treatment of asthma disease; and Phase Ib clinical trial for the treatment of and lupus nephritis. It also develops EQ101 for treatment of cutaneous T cell lymphoma and alopecia areata; and EQ102 to treat various gastrointestinal diseases. The company was formerly known as Attenuate Biopharmaceuticals, Inc. and changed its name to Equillium, Inc. in May 2017. Equillium, Inc. was incorporated in 2017 and is headquartered in La Jolla, California.

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Here are 1-3 brief analogies to describe Equillium:

A clinical-stage Biogen for severe autoimmune and inflammatory disorders.
Like Vertex Pharmaceuticals, but focused on developing novel therapies for autoimmune and inflammatory conditions.
A Moderna focused on pioneering antibody treatments for autoimmune diseases.

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itolizumab (EQ001): A clinical-stage monoclonal antibody targeting the CD6 immune checkpoint receptor, in development for severe autoimmune and inflammatory disorders such as acute graft-versus-host disease, asthma, and lupus nephritis.
EQ101: A product candidate in development for the treatment of cutaneous T cell lymphoma and alopecia areata.
EQ102: A product candidate in development to treat various gastrointestinal diseases.

AI Analysis | Feedback

Equillium, Inc. (EQ) is a clinical-stage biotechnology company focused on developing product candidates for severe autoimmune and inflammatory disorders. Based on the provided background, the company's lead product candidate, itolizumab (EQ001), is in Phase III and Phase Ib clinical trials, and other candidates (EQ101 and EQ102) are also under development.

As a clinical-stage company, Equillium does not currently have major commercial customers that purchase its products, as its product candidates have not yet received regulatory approval for commercial sale. Its primary activities involve research, development, and conducting clinical trials to advance its drug candidates.

Therefore, Equillium does not sell products primarily to other companies or individuals in a commercial capacity at this time. Its "customers" in the future, if its products are approved, would likely include:

Pharmaceutical companies (for potential licensing, co-development, or acquisition deals)
Hospitals and clinics (as end-users of approved therapeutic drugs)
Patients (who would receive the treatments via healthcare providers)

However, these are future prospects upon successful approval and commercialization, not current major customers of the clinical-stage company.

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Biocon Limited (BSE: 532480, NSE: BIOCON)

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Bruce Steel, Chief Executive Officer

Bruce Steel is a co-founder, Director, and Chief Executive Officer of Equillium. He assumed the role of CEO effective January 1, 2020. Prior to co-founding Equillium, Mr. Steel founded and served as Managing Director of BioMed Ventures, the strategic investment arm of BioMed Realty, where he directed investments in over 30 biotechnology companies, including Auspex Pharmaceuticals and Receptos, both of which were acquired. He was also the co-founder and CEO of Rincon Pharmaceuticals, which was acquired in 2008. Additionally, he served as Chief Business Officer at Anaphore and Head of Corporate Development at Ambit Biosciences, which was acquired by Daiichi Sankyo in 2014.

Jason A. Keyes, Chief Financial Officer

Jason A. Keyes is the Chief Financial Officer of Equillium. He has nearly 25 years of experience in the biotechnology industry. Prior to joining Equillium, Mr. Keyes served as Executive Vice President and Chief Financial Officer of Orexigen Therapeutics, Inc., where he was responsible for finance, accounting, and investor relations, and provided business development leadership. Before Orexigen, he worked at Amylin Pharmaceuticals, Inc. for over five years, most recently as Senior Director of Finance, until the company was acquired by Bristol-Myers Squibb. He also held leadership positions in finance and corporate strategy at Amgen, Inc. and Baxter Healthcare Corporation. Mr. Keyes helped lead Equillium's IPO in October 2018.

Stephen Connelly, Ph.D., President and Chief Scientific Officer

Stephen Connelly is a co-founder, Director, and currently serves as President and Chief Scientific Officer of Equillium, having been promoted to President in October 2025. Prior to co-founding Equillium, he was an investment Principal at BioMed Ventures, a life sciences venture capital group, where he helped manage a venture portfolio of therapeutic, device, and diagnostic companies. He also served as Director of Business Development and Therapeutic Alliances at aTyr, assisting in raising over $150 million through private and public financings. Earlier in his career, he was a Senior Scientist at The Scripps Research Institute, working on multiple drug discovery projects.

Christine Zedelmayer, Chief Operating Officer

Christine Zedelmayer is the Chief Operating Officer of Equillium. She was promoted to Senior Vice President and Chief Operating Officer effective January 1, 2020. Prior to this, she served as Vice President of Operations at Equillium since February 2018.

Krishna Polu, M.D., Former Chief Medical Officer and Executive Vice President, Research & Development (Current: Executive in Residence at Bioqube Ventures and CEO at Commit Biologics)

Krishna Polu previously served as Chief Medical Officer and Executive Vice President, Research & Development at Equillium. Before joining Equillium, he was Chief Medical Officer at Raptor Pharmaceuticals until its acquisition by Horizon Pharmaceuticals in 2016 for $800 million. Dr. Polu also held the position of Chief Medical Officer at CytomX Therapeutics and was instrumental in securing FDA approval of peginesatide for anemia in dialysis patients at Affymax. He was an entrepreneur-in-residence at Frazier Healthcare (a venture capital firm), where he founded Expedition Therapeutics, served as interim CEO of Scout Bio, and co-founded Lassen Therapeutics. He is currently an Operating Partner with Catalys Pacific, a venture capital firm, and has been involved in co-creating several successful cardiorenal companies, including Mineralys.

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Key Risks for Equillium (EQ)

Clinical Trial and Regulatory Approval Risk: Equillium's success is highly dependent on the successful completion of clinical trials for its product candidates, especially itolizumab (EQ001) which is in Phase III trials, and subsequently obtaining regulatory approvals. Failure at any stage of these trials or inability to secure regulatory approval would severely impact the company's ability to commercialize its products.
Dependence on Lead Product Candidate (Itolizumab): The company's pipeline is heavily concentrated on itolizumab (EQ001) as its lead product candidate, which is in the most advanced stages of development. The future prospects and financial performance of Equillium are significantly tied to the successful development, approval, and commercialization of itolizumab.
Competition in Immuno-inflammatory Disorders: Equillium operates in the highly competitive therapeutic area of severe autoimmune and inflammatory disorders. The company's product candidates, if approved, will face competition from existing treatments and other new therapies being developed by larger and more established pharmaceutical and biotechnology companies.

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Equillium Inc. (EQ) is a clinical-stage biotechnology company focused on developing therapies for severe autoimmune and inflammatory disorders. The addressable markets for its main product candidates are substantial, spanning several therapeutic areas globally and within major markets. Here's an overview of the addressable markets for Equillium's key products: * Itolizumab (EQ001)

Acute Graft-Versus-Host Disease (aGVHD): The global acute graft-versus-host disease market was valued at approximately USD 2.53 billion in 2023 and is projected to reach USD 5.45 billion by 2033. Another estimate places the global market at USD 4.07 billion in 2025, growing to USD 5.46 billion by 2032. In 2025, the global graft versus host disease treatment market size, including both acute and chronic forms, was approximately USD 3.08 billion, with acute GVHD accounting for around 58% of this market.
Asthma: The global asthma treatment market size was valued at USD 28.96 billion in 2025 and is predicted to increase to approximately USD 35.93 billion by 2034. Another source estimates the global market at USD 29.4 billion in 2025, projected to reach USD 47.2 billion by 2035. The asthma market size across the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) was approximately USD 27 billion in 2024. The U.S. asthma treatment market alone was approximately USD 21.5 billion in 2024.
Lupus Nephritis: The global lupus nephritis market size was estimated at USD 2.31 billion in 2024 and is expected to reach approximately USD 4.18 billion by 2031. The market across the 7MM (USA, France, Germany, Italy, Spain, UK, and Japan) was valued at approximately USD 1.96 billion in 2025. Another report valued the global market at USD 1.24 billion in 2023, projected to reach USD 2.17 billion by 2032. The systemic lupus erythematosus (SLE) and lupus nephritis (LN) market across the 7MM is forecast to grow from USD 2.4 billion in 2024 to USD 5.9 billion in 2034.

* EQ101

Cutaneous T-cell Lymphoma (CTCL): The global cutaneous T-cell lymphoma market size is expected to grow from USD 3.42 billion in 2024 to USD 5.65 billion by 2035. The global market was also estimated at USD 1.3 billion in 2024, projected to reach USD 2.5 billion by 2030. The market size for CTCL in the 7MM was USD 995 million in 2024, with the United States accounting for approximately 70% of this market.
Alopecia Areata: The global alopecia areata market size was estimated at USD 3.32 billion in 2024 and is expected to be worth USD 6.92 billion by 2034. Other estimates show the market growing from USD 3.58 billion in 2024 to USD 5.24 billion in 2029. The broader global alopecia market, which includes alopecia areata, was estimated at USD 9.48 billion in 2024 and is projected to reach USD 16.02 billion by 2030, with alopecia areata holding the largest market share of 34.61% in 2024.

* EQ102

Various Gastrointestinal Diseases (Inflammatory Bowel Disease - IBD): The global inflammatory bowel disease treatment market was valued at USD 26.55 billion in 2023 and rose to USD 29.57 billion in 2024. It is expected to grow from USD 28.1 billion in 2025 to USD 47.3 billion in 2034. In the United States, the IBD treatment market was estimated at USD 13.12 billion in 2024. The global market is also projected to reach USD 36.4 billion by 2032.

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Expected Drivers of Future Revenue Growth for Equillium (EQ) Over the Next 2-3 Years

Equillium, Inc. (EQ), a clinical-stage biotechnology company, is expected to drive future revenue growth over the next two to three years primarily through strategic partnerships and milestone payments as its pipeline candidates advance through clinical development. Given the company's current stage and the recent termination of a significant development funding agreement, direct product sales are largely anticipated beyond this immediate timeframe.

The key drivers include:

*   New Partnerships and Licensing Agreements for Itolizumab (EQ001): Despite the U.S. FDA denying Breakthrough Therapy designation and Accelerated Approval for itolizumab in first-line acute graft-versus-host disease (aGVHD), Equillium plans to "evaluate partnering options" for this asset. Itolizumab has demonstrated positive longer-term clinical outcomes data in aGVHD and holds Orphan Drug and Fast Track designations, making it a potentially attractive candidate for new licensing or collaboration agreements that could generate upfront payments and milestone revenues.
*   Advancement of EQ504 in Ulcerative Colitis: Equillium is prioritizing the development of EQ504, a novel aryl hydrocarbon receptor (AhR) modulator for ulcerative colitis, with a Phase 1 clinical study anticipated to begin in mid-2026. Successful progression through early clinical trials and the generation of promising data could significantly increase the asset's value, potentially attracting future partnership interest or non-dilutive funding within the 2-3 year horizon. Recent financing efforts have been directed towards accelerating EQ504's development, indicating its strategic importance.
*   Progression and Potential Partnerships for EQ101 in Alopecia Areata: Following positive topline data from a Phase 2 proof-of-concept study announced in June 2024, Equillium is continuing to develop EQ101, a multi-cytokine inhibitor for alopecia areata. Further clinical development, including efforts to optimize its dose and delivery, could lead to partnership opportunities within the next 2-3 years, potentially generating revenue through licensing fees or milestone payments from collaborators.
*   Strategic Transactions involving the Multi-Cytokine Platform and EQ302: Equillium's proprietary multi-cytokine platform is considered a source of long-term value, with EQ302 (an orally delivered multi-cytokine inhibitor targeting celiac disease and other gastrointestinal/skin diseases) "positioned for partnering." Any strategic transactions or collaborations involving this platform or specific assets like EQ302 could provide important revenue streams, such as upfront payments or research funding, within the specified timeframe.


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 Share Repurchases

Equillium authorized a $7.5 million share repurchase program on August 2, 2023, valid through the end of 2024.
As of December 31, 2024, approximately $0.3 million of shares were repurchased under the program, which subsequently expired with no plans for renewal.

 Share Issuance

On March 13, 2026, Equillium announced a private placement expected to raise approximately $35 million in gross proceeds through the issuance of about 18.9 million shares of common stock, including pre-funded warrants.
On August 11, 2025, the company announced a private placement for up to $50 million in gross proceeds, with an initial upfront financing of approximately $30 million in exchange for about 52.6 million shares (or pre-funded warrants).
In May 2025, stockholders approved an increase of 1,781,000 shares authorized for issuance under the 2018 Equity Incentive Plan.

 Inbound Investments

In March 2026, Equillium secured approximately $35 million in gross proceeds from RA Capital Management through a private placement to fund the development of EQ504.
In August 2025, the company entered into a private placement with healthcare investors, including ADAR1 Capital Management and Janus Henderson Investors, for up to $50 million in gross proceeds, with an initial $30 million tranche received to support EQ504 development.
In 2023, Ono Pharmaceutical paid Equillium approximately $37.2 million (JPY 5.0 billion) upon exercising an option for itolizumab, and funded itolizumab's research and development from July 2022 through the option period.

 Outbound Investments

In October 2024, Equillium acquired Ariagen, Inc. to obtain a preclinical stage therapeutic drug product, with potential future payments of up to $55.0 million tied to regulatory approvals.

 Capital Expenditures

Equillium reported adjusted capital expenditures of USD -2.0 thousand in 2025.
The company does not own or operate manufacturing facilities for its product candidates and has no immediate plans to develop them.
Capital allocation is primarily focused on the research and development of its product candidates, such as itolizumab (EQ001) and EQ504.



	
		
			
				
					
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1 Equillium Earnings Notes 12/16/2025
2 Would You Still Hold Equillium Stock If It Fell Another 30%? 10/17/2025
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GEHC_4302026_Dip_Buyer_FCFYield 04302026 GEHC GE HealthCare Technologies Dip Buy DB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin 0.0% 0.0% 0.0%
IQV_4302026_Dip_Buyer_FCFYield 04302026 IQV IQVIA Dip Buy DB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin 0.0% 0.0% 0.0%
UHS_4302026_Dip_Buyer_FCFYield 04302026 UHS Universal Health Services Dip Buy DB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin 0.0% 0.0% 0.0%
ABT_4302026_Dip_Buyer_ValueBuy 04302026 ABT Abbott Laboratories Dip Buy DB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin 0.0% 0.0% 0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K 04302026 ZBIO Zenas BioPharma Insider Insider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days 0.0% 0.0% 0.0%
			
		
	

	
		
			
				
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TMDX TransMedics 2.3 -32.2% -44.2%
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MXL MaxLinear 8.7 403.2% 472.7%
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INOD Innodata 2.7 135.2% 66.6%
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LWLG Lightwave Logic 2.2 94.7% 407.1%
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Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
EMBC Embecta 0.2 -59.0% -68.9%
TRDA Entrada Therapeutics 0.3 -51.3% -33.5%
CAR Avis Budget 5.1 -50.9% 13.6%
FWRD Forward Air 0.3 -47.7% -60.5%
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TMDX TransMedics 2.3 -37.9% -44.2%
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PLNT Planet Fitness 3.8 -36.6% -57.7%
INSM Insmed 21.7 -36.5% -41.8%
				
			
		
	

	
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 EQ VRTX ALPS AVLN DFTX EIKN Median
Name Equillium Vertex P. ALPS     Avalyn P. Definium. Eikon Th.  
Mkt Price 2.11 429.82 0.82 27.33 22.05 9.96 16.01
Mkt Cap 0.1 109.2 - - 2.4 - 2.4
Rev LTM 0 12,218 - - 0 - 0
Op Inc LTM -24 4,662 - - -193 - -24
FCF LTM -23 3,710 - - -145 - -23
FCF 3Y Avg -21 1,977 - - -101 - -21
CFO LTM -23 4,241 - - -145 - -23
CFO 3Y Avg -21 2,401 - - -101 - -21
				Growth & Margins
 EQ VRTX ALPS AVLN DFTX EIKN Median
Name Equillium Vertex P. ALPS     Avalyn P. Definium. Eikon Th.  
Rev Chg LTM -100.0% 10.1% - - - - -45.0%
Rev Chg 3Y Avg 14.3% 9.9% - - - - 12.1%
Rev Chg Q -100.0% 7.8% - - - - -46.1%
QoQ Delta Rev Chg LTM -100.0% 1.8% - - - - -49.1%
Op Inc Chg LTM -185.9% 1,214.0% - - -69.8% - -69.8%
Op Inc Chg 3Y Avg -26.7% 364.1% - - -42.7% - -26.7%
Op Mgn LTM - 38.2% - - - - 38.2%
Op Mgn 3Y Avg - 24.1% - - - - 24.1%
QoQ Delta Op Mgn LTM - 0.2% - - - - 0.2%
CFO/Rev LTM - 34.7% - - - - 34.7%
CFO/Rev 3Y Avg - 21.5% - - - - 21.5%
FCF/Rev LTM - 30.4% - - - - 30.4%
FCF/Rev 3Y Avg - 17.7% - - - - 17.7%
				Valuation
 EQ VRTX ALPS AVLN DFTX EIKN Median
Name Equillium Vertex P. ALPS     Avalyn P. Definium. Eikon Th.  
Mkt Cap 0.1 109.2 - - 2.4 - 2.4
P/S - 8.9 - - - - 8.9
P/Op Inc -5.5 23.4 - - -12.4 - -5.5
P/EBIT -5.5 21.6 - - -10.4 - -5.5
P/E -5.8 25.2 - - -10.1 - -5.8
P/CFO -5.7 25.8 - - -16.6 - -5.7
Total Yield -17.3% 4.0% - - -9.9% - -9.9%
Dividend Yield 0.0% 0.0% - - 0.0% - 0.0%
FCF Yield 3Y Avg -60.9% 1.8% - - - - -29.6%
D/E 0.0 0.0 - - 0.0 - 0.0
Net D/E -0.2 -0.0 - - -0.1 - -0.1
				Returns
 EQ VRTX ALPS AVLN DFTX EIKN Median
Name Equillium Vertex P. ALPS     Avalyn P. Definium. Eikon Th.  
1M Rtn 17.2% -1.5% -17.9% -7.3% 2.4% 10.7% 0.5%
3M Rtn 38.8% -10.1% -11.8% -7.3% 30.5% -31.3% -8.7%
6M Rtn 91.8% 5.0% 12.5% -7.3% 63.2% -33.6% 8.7%
12M Rtn 440.3% 1.1% -13.5% -7.3% 63.2% -33.6% -3.1%
3Y Rtn 270.2% 22.7% -13.5% -7.3% 63.2% -33.6% 7.7%
1M Excs Rtn 2.1% -12.2% -26.2% -15.7% -5.5% 2.1% -8.8%
3M Excs Rtn 32.1% -16.8% -18.5% -14.1% 23.7% -38.0% -15.4%
6M Excs Rtn 58.6% -5.8% -15.3% -16.2% 54.3% -42.5% -10.6%
12M Excs Rtn 410.9% -32.5% -44.9% -38.7% 31.8% -65.0% -35.6%
3Y Excs Rtn 196.9% -56.8% -94.4% -88.2% -17.7% -114.5% -72.5%
				Comparison Analyses
null
			
		
	

	
		
			
				
				 FDIC Bank Data
				Capital & Deposits
Assets
Loans
				
					Bank Capital
nullBank Deposits
null
					Bank Assets
null
					Bank Loans
null
				
			
		
	

	
		
			
				
				 FDA Approved Drugs Data
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				 Financials
				Annual
Quarterly
				$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 12/31/2025 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 3/25/2026 3/25/2026 3/27/2025 3/25/2024 3/23/2023 3/23/2022 3/24/2021

Key Financials              
Total Revenue 0 0 41 36 16 0 0
EBITDA -24 -24 -8 -12 -61 -38 -29
Operating Income -24 -24 -8 -15 -39 -38 -30
Net Income -22 -22 -8 -13 -62 -39 -30
EPS -0.50 -0.39 -0.23 -0.38 -1.85 -1.36 -1.46

Growth Rates              
Total Revenue Growth -100.0% -100.0% 13.9% 129.0% ∞% - -
EBITDA Growth -189.3% -189.2% 33.0% 80.2% -61.6% -32.2% -13.3%
Operating Income Growth -185.9% -185.8% 43.1% 62.8% -3.3% -27.9% -10.6%
Net Income Growth -177.6% -177.6% 39.5% 78.6% -59.9% -31.0% -16.5%

Margins              
EBITDA Margin - - -19.8% -33.6% -388.7% - -
Operating Income Margin - - -20.1% -40.2% -247.6% - -
Net Income Margin - - -19.6% -37.0% -396.1% - -

Cash & Debt              
Total Cash 30 30 23 41 71 81 82
Total Debt 1 1 0 1 10 12 10
Net Debt / (Cash) -30 -30 -22 -40 -61 -69 -72

Cash Flows              
Net Cash from Operations -23 -23 -19 -22 -9 -32 -25
Free Cash from Operations -23 -23 -19 -22 -9 -32 -25

Returns to Shareholders              
Dividends 0 -0 -0 -0 -0 -0 -0
Share Repurchases -0 -0 -0 0 -0 -0 -0
$ Mil | FY: 12/31 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1
Period End 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Filing Date 3/25/2026 11/13/2025 8/14/2025 5/14/2025 3/27/2025 11/13/2024 8/8/2024 5/9/2024 3/25/2024 11/8/2023 8/9/2023 5/11/2023

Key Financials Quarterly                        
Total Revenue 0 0 0 0 4 12 14 11 9 9 9 9
Ebitda -4 -5 -6 -9 -5 -1 -0 -3 -2 -3 -3 -4
Operating Income -4 -5 -6 -9 -5 -1 -0 -3 -3 -4 -4 -4
Net Income -4 -4 -6 -9 -6 -0 0 -3 -2 -4 -3 -4
EPS -0.04 -0.06 -0.16 -0.24 -0.16 0.00 0.01 -0.08 -0.07 -0.11 -0.10 -0.11

Key Financials TTM                        
Total Revenue TTM 0 4 17 30 41 46 43 38 36 43 34 25
Ebitda TTM -24 -24 -20 -14 -8 -6 -8 -11 -12 -7 -17 -28
Operating Income TTM -24 -24 -20 -14 -8 -7 -10 -13 -15 -9 -19 -29
Net Income TTM -22 -24 -20 -14 -8 -5 -8 -12 -13 -8 -18 -29

Growth Rates Quarterly                        
Total Revenue Growth -100.0% -100.0% -100.0% -100.0% -52.3% 37.1% 51.8% 20.4% -41.6% - - -
EBITDA Growth 15.5% -606.1% -9432.3% -220.3% -103.4% 79.8% 97.9% 23.7% -174.5% 76.2% 78.0% 90.3%
Operating Income Growth 15.7% -573.8% -6128.0% -217.8% -46.8% 81.3% 97.2% 32.1% -256.7% 72.6% 73.5% 71.2%
Net Income Growth 34.8% -60328.6% -1326.3% -216.5% -147.4% 99.8% 114.0% 30.6% -184.5% 72.8% 76.3% 89.5%

Margins Quarterly                        
EBITDA Margin - - - - -106.2% -5.3% -0.5% -25.8% -24.9% -35.9% -33.4% -40.7%
Operating Income Margin - - - - -107.0% -5.6% -0.7% -26.1% -34.7% -40.8% -39.4% -46.3%
Net Income Margin - - - - -131.9% -0.1% 3.4% -25.6% -25.4% -41.8% -36.6% -44.4%

Cash & Debt                        
Total Cash 30 33 11 15 23 26 33 32 41 46 48 62
Total Debt 1 1 0 0 0 0 1 1 1 1 1 9
Net Debt / (Cash) -30 -32 -11 -14 -22 -25 -33 -32 -40 -45 -47 -53

Cash Flows Quarterly                        
FCF from Operations -3 -8 -3 -8 -3 -8 1 -9 -6 -2 -6 -8

Cash Flows TTM                        
FCF from Operations TTM -23 -23 -22 -18 -19 -21 -16 -23 -22 12 0 -5

Returns to Shareholders Quarterly                        
Dividends 0 0 0 0 0 0 0 0 0 0 0 0
Share Repurchases -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC -7.4% -8.7% -12.3% -17.8% -9.9% -1.5% -0.2% -6.3% -7.6% -8.9% -9.0% -10.8%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM -11.0% -11.6% -10.1% -7.2% -4.3% -3.6% -5.5% -7.4% -8.6% -5.7% -11.9% -18.9%
			
		
	

	
		
			
				
				 Segment Financials
Assets by Segment
$ Mil 2025 2024 2023 2022 2021
Developing novel therapeutics to treat immuno-inflammatory disorders with high unmet medical need 26        
Single Segment       85 85
Total 26     85 85



			
		
	

	
		
			
				
				 Price Behavior
				Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes
				
					Price Behavior
Market Price $2.11  
Market Cap ($ Bil) 0.1  
First Trading Date 10/12/2018  
Distance from 52W High -14.6%  
    50 Days 200 Days
DMA Price $2.01 $1.48
DMA Trend up up
Distance from DMA 4.7% 43.0%
  3M 1YR
Volatility 92.5% 164.1%
Downside Capture -0.19 -0.81
Upside Capture 122.32 93.50
Correlation (SPY) 16.5% -0.5%
					
EQ Betas & Captures as of 4/30/2026


  1M 2M 3M 6M 1Y 3Y
Beta 2.86 1.54 1.09 1.10 -0.03 0.78
Up Beta 3.39 2.94 2.51 0.95 0.71 0.34
Down Beta -18.51 -0.21 0.18 1.82 0.04 1.27
Up Capture 182% 158% 156% 137% 90% 119%
Bmk +ve Days 15 22 31 66 141 428
Stock +ve Days 11 20 32 60 114 357
Down Capture 610% 115% -12% 41% -237% 92%
Bmk -ve Days 4 18 30 56 108 321
Stock -ve Days 11 22 29 59 128 373


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
						
							1Y
							5Y
							10Y
						
						
							Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with EQ
EQ 445.1% 163.5% 1.69 -
Sector ETF (XLV) 7.9% 15.4% 0.30 6.9%
Equity (SPY) 29.0% 12.5% 1.83 -1.0%
Gold (GLD) 39.8% 27.0% 1.22 0.7%
Commodities (DBC) 50.6% 18.0% 2.21 -6.9%
Real Estate (VNQ) 13.0% 13.5% 0.66 -5.3%
Bitcoin (BTCUSD) -17.4% 42.1% -0.34 1.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 5-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with EQ
EQ -19.9% 113.8% 0.29 -
Sector ETF (XLV) 4.9% 14.6% 0.16 8.1%
Equity (SPY) 12.8% 17.1% 0.59 10.4%
Gold (GLD) 20.9% 17.9% 0.95 1.2%
Commodities (DBC) 13.8% 19.1% 0.59 2.5%
Real Estate (VNQ) 3.4% 18.8% 0.08 8.9%
Bitcoin (BTCUSD) 7.0% 56.0% 0.34 6.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 10-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with EQ
EQ -17.3% 290.0% 0.36 -
Sector ETF (XLV) 9.3% 16.5% 0.46 5.3%
Equity (SPY) 15.1% 17.9% 0.72 3.2%
Gold (GLD) 13.4% 15.9% 0.69 0.7%
Commodities (DBC) 9.3% 17.8% 0.44 -0.2%
Real Estate (VNQ) 5.8% 20.7% 0.24 2.4%
Bitcoin (BTCUSD) 67.8% 66.9% 1.07 2.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
						
					
				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 4152026
Short Interest: Shares Quantity 2.8 Mil
Short Interest: % Change Since 3312026 1.3%
Average Daily Volume 0.4 Mil
Days-to-Cover Short Interest 7.1 days
Basic Shares Quantity 61.5 Mil
Short % of Basic Shares 4.5%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 Would You Still Hold Equillium Stock If It Fell Another 30%?
			
		
	

	
		
			
				
				 Earnings Returns History
				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
3/25/2026 0.0% -1.0% 4.9%
11/13/2025 23.8% 20.2% 44.0%
8/4/2025 -20.7% -30.3% 142.3%
3/27/2025 -35.6% -35.2% -42.2%
11/13/2024 -12.3% -8.0% -9.7%
8/8/2024 -1.5% 13.9% 25.8%
5/9/2024 -15.0% -14.4% -60.7%
2/23/2024 9.4% -1.6% -3.9%
... 
SUMMARY STATS      
# Positive 8 8 7
# Negative 11 11 12
Median Positive 7.4% 8.7% 36.0%
Median Negative -8.8% -13.0% -17.4%
Max Positive 44.8% 28.4% 142.3%
Max Negative -35.6% -35.2% -60.7%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
3/25/2026 0.0% -1.0% 4.9%
11/13/2025 23.8% 20.2% 44.0%
8/4/2025 -20.7% -30.3% 142.3%
3/27/2025 -35.6% -35.2% -42.2%
11/13/2024 -12.3% -8.0% -9.7%
8/8/2024 -1.5% 13.9% 25.8%
5/9/2024 -15.0% -14.4% -60.7%
2/23/2024 9.4% -1.6% -3.9%
11/8/2023 -4.7% 0.0% 36.0%
8/9/2023 3.9% 6.2% 6.6%
3/23/2023 11.5% 11.3% -5.7%
11/14/2022 5.3% 2.9% -29.1%
8/15/2022 -1.2% -3.9% -27.4%
3/23/2022 -0.3% -3.9% -10.6%
11/10/2021 -8.8% -13.0% -23.0%
8/10/2021 0.3% -14.6% -4.6%
3/24/2021 -0.4% 3.8% -11.9%
11/10/2020 44.8% 28.4% 36.8%
8/12/2020 -11.3% -32.3% -49.4%
SUMMARY STATS      
# Positive 8 8 7
# Negative 11 11 12
Median Positive 7.4% 8.7% 36.0%
Median Negative -8.8% -13.0% -17.4%
Max Positive 44.8% 28.4% 142.3%
Max Negative -35.6% -35.2% -60.7%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
12/31/2025 03/25/2026 10-K
09/30/2025 11/13/2025 10-Q
06/30/2025 08/14/2025 10-Q
03/31/2025 05/14/2025 10-Q
12/31/2024 03/27/2025 10-K
09/30/2024 11/13/2024 10-Q
06/30/2024 08/08/2024 10-Q
03/31/2024 05/09/2024 10-Q
12/31/2023 03/25/2024 10-K
09/30/2023 11/08/2023 10-Q
06/30/2023 08/09/2023 10-Q
03/31/2023 05/11/2023 10-Q
12/31/2022 03/23/2023 10-K
09/30/2022 11/14/2022 10-Q
06/30/2022 08/15/2022 10-Q
03/31/2022 05/12/2022 10-Q
				Collapse to PreviewReport Date Filing Date Filing
12/31/2025 03/25/2026 10-K
09/30/2025 11/13/2025 10-Q
06/30/2025 08/14/2025 10-Q
03/31/2025 05/14/2025 10-Q
12/31/2024 03/27/2025 10-K
09/30/2024 11/13/2024 10-Q
06/30/2024 08/08/2024 10-Q
03/31/2024 05/09/2024 10-Q
12/31/2023 03/25/2024 10-K
09/30/2023 11/08/2023 10-Q
06/30/2023 08/09/2023 10-Q
03/31/2023 05/11/2023 10-Q
12/31/2022 03/23/2023 10-K
09/30/2022 11/14/2022 10-Q
06/30/2022 08/15/2022 10-Q
03/31/2022 05/12/2022 10-Q
12/31/2021 03/23/2022 10-K
09/30/2021 11/10/2021 10-Q
06/30/2021 08/10/2021 10-Q
03/31/2021 05/13/2021 10-Q
12/31/2020 03/24/2021 10-K
09/30/2020 11/10/2020 10-Q
06/30/2020 08/12/2020 10-Q
03/31/2020 05/13/2020 10-Q
12/31/2019 03/26/2020 10-K
09/30/2019 11/12/2019 10-Q
06/30/2019 08/12/2019 10-Q
03/31/2019 05/13/2019 10-Q
			
		
	

	
		
			
				
				 Recent Forward Guidance [BETA]
				Latest: Q4 2025 Earnings Reported 3/25/2026
				Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
2029 Operating Runway   2,029   0.1%   Higher New Actual: 2,027 for 2027
				Prior: Q3 2025 Earnings Reported 11/13/2025
				Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
2027 Operational Runway             
			
		
	

	
		
			
				
				 Insider Activity
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 3162026 2.50 120,312 300,816 156,484 Form
2 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 3102026 2.00 181,219 362,438 125,172 Form
3 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 2232026 1.76 185,937 328,104 337,822 Form
4 Tom, Penny Principal Accounting Officer Direct Sell 1092026 1.29 6,533     Form
5 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 12232025 1.50 100,000 150,000 137,166 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 3162026 2.50 120,312 300,816 156,484 Form
2 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 3102026 2.00 181,219 362,438 125,172 Form
3 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 2232026 1.76 185,937 328,104 337,822 Form
4 Tom, Penny Principal Accounting Officer Direct Sell 1092026 1.29 6,533     Form
5 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 12232025 1.50 100,000 150,000 137,166 Form
6 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 12152025 1.31 11,900 15,589 119,792 Form
7 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 12152025 1.34 23,804 31,897 138,481 Form
8 Zedelmayer, Christine Sr. Vice President and COO Direct Sell 11252025 0.95 8,098 7,696 120,838 Form
			
		
	
	
	
		
			
				
				 EQ Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
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									 	CONVICTION RATIONALE
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										INVESTMENT THESIS
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											Supporting Evidence:
											
												
											
										
									
								
								
								
									
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								 Key KPI Watchlist
								 
									
										
											
												
													KPI
													Threshold
													Rationale
												
											
											
												
											
										
									
								 
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
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											 Position Sizing
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											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing EQ?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What EQ Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								EQ Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

					
						
						
							
							
								
								

								
									
										① Structure
										
											0
											
										
										
									
									
										② Volume / Momentum
										
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									Combined Score
									
										
									
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									1
									Price Structure & Trend
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											Current
											$
											
											
										
										
											20D SMA
											$
											
											Below
										
										
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											Below
										
										
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											Slope: %
											Below
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
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											%
										
										
											All-Time High
											$
										
										
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											52W Low
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											%
										
									
								
							

							
								
									2
									Momentum
									
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										↑
										
									

									
										
											5D
											%
											
										
										
											20D
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											63D
											%
											
										
										
											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
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										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
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											126D
											
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									Institutional Footprint & Volume
									
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											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
											OBV Slope 20D
											
										
										
											OBV Slope 60D
											
										
										
											Hi-Conv Up Days
											
											Past 60D
										
										
											Hi-Conv Down Days
											
											Past 60D
										
									
									
										
											Volume Trend
											
											20D avg vs 60D avg
										
										
									
								
							

							
								
									5
									Volatility
									
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											HV 252D
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											%
										
									
								
							

							
								
									6
									Key Price Levels
									Range · Vol 
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										◈
										
									
									
										
											Nearest Resistance
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											% away ·  touches
										
										
											Nearest Support
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											 touches
										
										
											Risk / Reward
											×
										
									
									
										
											Approach Volume
											
										
										
											Current Price
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									Earnings Reaction History
									
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										★
										
									
									
										
											
												
												
											
											
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												Earnings Day Return · Vol Spike ×
												
													
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									8
									How the Verdict Is Derived
									Three Pillars
									▾
								
								
									
										
											
												Pillar
												Score
											
										
										
											
												① Structure
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												② Vol / Mom
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												③ Catalyst
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										ℹ
										
											Bull Pillars: 0 ·
											Bear Pillars: 0 ·
											Combined Score: 0 →
											
										
									
								
							

							
								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				
			
		
	
	
	
		
			
				
				 Industry Resources
Health Care Resources
U.S. National Library of Medicine
ClinicalTrials.gov
Modern Healthcare
Healthcare Dive
Fierce Healthcare
Health Affairs
Health Data Management
FDA Tracker
Biotechnology Resources
Fierce Biotech
Nature Biotechnology
Genetic Engineering & Biotechnology News
Biotechnology Innovation Organization
BioWorld
BioTechniques
HBS Biotechnology Publications
			
		
		
			
				
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Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

	Title	Date
0	DASHBOARDS
1	Equillium Earnings Notes	12/16/2025
2	Would You Still Hold Equillium Stock If It Fell Another 30%?	10/17/2025

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEHC_4302026_Dip_Buyer_FCFYield	04302026	GEHC	GE HealthCare Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
IQV_4302026_Dip_Buyer_FCFYield	04302026	IQV	IQVIA	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
UHS_4302026_Dip_Buyer_FCFYield	04302026	UHS	Universal Health Services	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
ABT_4302026_Dip_Buyer_ValueBuy	04302026	ABT	Abbott Laboratories	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K	04302026	ZBIO	Zenas BioPharma	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%

	EQ	VRTX	ALPS	AVLN	DFTX	EIKN	Median
Name	Equillium	Vertex P.	ALPS	Avalyn P.	Definium.	Eikon Th.
Mkt Price	2.11	429.82	0.82	27.33	22.05	9.96	16.01
Mkt Cap	0.1	109.2	-	-	2.4	-	2.4
Rev LTM	0	12,218	-	-	0	-	0
Op Inc LTM	-24	4,662	-	-	-193	-	-24
FCF LTM	-23	3,710	-	-	-145	-	-23
FCF 3Y Avg	-21	1,977	-	-	-101	-	-21
CFO LTM	-23	4,241	-	-	-145	-	-23
CFO 3Y Avg	-21	2,401	-	-	-101	-	-21

$ Mil	2025	2022	2021
Developing novel therapeutics to treat immuno-inflammatory disorders with high unmet medical need	26
Single Segment		85	85
Total	26	85	85

Market Price	$2.11
Market Cap ($ Bil)	0.1
First Trading Date	10/12/2018
Distance from 52W High	-14.6%
	50 Days	200 Days
DMA Price	$2.01	$1.48
DMA Trend	up	up
Distance from DMA	4.7%	43.0%
	3M	1YR
Volatility	92.5%	164.1%
Downside Capture	-0.19	-0.81
Upside Capture	122.32	93.50
Correlation (SPY)	16.5%	-0.5%

	1M	2M	3M	6M	1Y	3Y
Beta	2.86	1.54	1.09	1.10	-0.03	0.78
Up Beta	3.39	2.94	2.51	0.95	0.71	0.34
Down Beta	-18.51	-0.21	0.18	1.82	0.04	1.27
Up Capture	182%	158%	156%	137%	90%	119%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	11	20	32	60	114	357
Down Capture	610%	115%	-12%	41%	-237%	92%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	11	22	29	59	128	373

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with EQ
EQ	445.1%	163.5%	1.69	-
Sector ETF (XLV)	7.9%	15.4%	0.30	6.9%
Equity (SPY)	29.0%	12.5%	1.83	-1.0%
Gold (GLD)	39.8%	27.0%	1.22	0.7%
Commodities (DBC)	50.6%	18.0%	2.21	-6.9%
Real Estate (VNQ)	13.0%	13.5%	0.66	-5.3%
Bitcoin (BTCUSD)	-17.4%	42.1%	-0.34	1.1%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with EQ
EQ	-19.9%	113.8%	0.29	-
Sector ETF (XLV)	4.9%	14.6%	0.16	8.1%
Equity (SPY)	12.8%	17.1%	0.59	10.4%
Gold (GLD)	20.9%	17.9%	0.95	1.2%
Commodities (DBC)	13.8%	19.1%	0.59	2.5%
Real Estate (VNQ)	3.4%	18.8%	0.08	8.9%
Bitcoin (BTCUSD)	7.0%	56.0%	0.34	6.4%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with EQ
EQ	-17.3%	290.0%	0.36	-
Sector ETF (XLV)	9.3%	16.5%	0.46	5.3%
Equity (SPY)	15.1%	17.9%	0.72	3.2%
Gold (GLD)	13.4%	15.9%	0.69	0.7%
Commodities (DBC)	9.3%	17.8%	0.44	-0.2%
Real Estate (VNQ)	5.8%	20.7%	0.24	2.4%
Bitcoin (BTCUSD)	67.8%	66.9%	1.07	2.2%

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	2.8 Mil
Short Interest: % Change Since 3312026	1.3%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	7.1 days
Basic Shares Quantity	61.5 Mil
Short % of Basic Shares	4.5%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/25/2026	0.0%	-1.0%	4.9%
11/13/2025	23.8%	20.2%	44.0%
8/4/2025	-20.7%	-30.3%	142.3%
3/27/2025	-35.6%	-35.2%	-42.2%
11/13/2024	-12.3%	-8.0%	-9.7%
8/8/2024	-1.5%	13.9%	25.8%
5/9/2024	-15.0%	-14.4%	-60.7%
2/23/2024	9.4%	-1.6%	-3.9%
...
SUMMARY STATS
# Positive	8	8	7
# Negative	11	11	12
Median Positive	7.4%	8.7%	36.0%
Median Negative	-8.8%	-13.0%	-17.4%
Max Positive	44.8%	28.4%	142.3%
Max Negative	-35.6%	-35.2%	-60.7%

Report Date	Filing Date	Filing
12/31/2025	03/25/2026	10-K
09/30/2025	11/13/2025	10-Q
06/30/2025	08/14/2025	10-Q
03/31/2025	05/14/2025	10-Q
12/31/2024	03/27/2025	10-K
09/30/2024	11/13/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	03/25/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	03/23/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/15/2022	10-Q
03/31/2022	05/12/2022	10-Q

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2029 Operating Runway		2,029		0.1%		Higher New	Actual: 2,027 for 2027

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Zedelmayer, Christine	Sr. Vice President and COO	Direct	Sell	3162026	2.50	120,312	300,816	156,484	Form
2	Zedelmayer, Christine	Sr. Vice President and COO	Direct	Sell	3102026	2.00	181,219	362,438	125,172	Form
3	Zedelmayer, Christine	Sr. Vice President and COO	Direct	Sell	2232026	1.76	185,937	328,104	337,822	Form
4	Tom, Penny	Principal Accounting Officer	Direct	Sell	1092026	1.29	6,533			Form
5	Zedelmayer, Christine	Sr. Vice President and COO	Direct	Sell	12232025	1.50	100,000	150,000	137,166	Form

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Equillium (EQ)

Market Price (5/11/2026): $2.11 | Market Cap: $129.7 MilSector: Health Care | Industry: Biotechnology

Equillium (EQ)

Market Price (5/11/2026): $2.11Market Cap: $129.7 MilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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About Equillium (EQ)

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INVESTMENT THESIS

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Market Price (5/11/2026): $2.11 | Market Cap: $129.7 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (5/11/2026): $2.11
Market Cap: $129.7 Mil
Sector: Health Care
Industry: Biotechnology