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    Equillium (EQ)

    Market Price (7/24/2026): $2.7 | Market Cap: $260.0 MilSector: Health Care | Industry: Biotechnology

    Equillium (EQ)

    Market Price (7/24/2026): $2.7
    Market Cap: $260.0 Mil
    Sector: Health Care
    Industry: Biotechnology

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

    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%

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

    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 -20 Mil

    Stock price has recently run up significantly
    6M Rtn6 month market price return is 128%, 12M Rtn12 month market price return is 553%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%

    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 -12%

    High stock price volatility
    Vol 12M is 164%

    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 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -20 Mil
    4 Stock price has recently run up significantly
    6M Rtn6 month market price return is 128%, 12M Rtn12 month market price return is 553%
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%
    6 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 -12%
    7 High stock price volatility
    Vol 12M is 164%
    8 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.

    EQ in ETFs

    Weight = EQ's share of each fund

    VTI0.00%
    DFAS0.00%

    Valuation & Metrics

    FYE: 12/31EQ [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$15.6 Mil—
    FY 2027 Sales$16.5 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth6.1%8.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-19.1 Mil—
    FY 2026 Net Income (Non-GAAP)$-27.0 Mil—
    FY 2027 Net Income (Non-GAAP)$-36.8 Mil—
    FY 2027 Net Income Growth—15.8%
    FY 2026 EPS (Non-GAAP)$-0.23—
    FY 2027 EPS (Non-GAAP)$-0.25—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S16.73.2
    FY 2027 P/S15.7—
    FY 2026 P/E—19.9
    FY 2027 P/E——

    [1] EQ forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Clinical-Stage Drug Candidates411132024Link
    Number of Pre-Clinical-Stage Drug Candidates111132024Link
    Number of Active Clinical Trials211132024Link
    Total Issued U.S. Patents93232023Link
    Total Issued Foreign Patents453232023Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/22/2026

    Equillium (EQ) stock has gained about 35% since 3/31/2026 because of the following key factors:

    1. Strengthened Financial Position and Extended Cash Runway.

    Equillium significantly bolstered its financial standing with the completion of a $35 million private placement financing in March 2026 with RA Capital Management. This increased the company's cash and cash equivalents to $61.3 million as of March 31, 2026, from $30.3 million at the end of fiscal year 2025, extending the projected cash runway into 2029.

    2. Advancement of Lead Drug Candidate EQ504.

    The company continued to advance its lead drug candidate, EQ504, a novel aryl hydrocarbon receptor (AhR) modulator for ulcerative colitis and inflammatory lung diseases. Equillium announced plans to initiate a Phase 1 proof-of-mechanism study for EQ504 in mid-2026, with initial data anticipated approximately six months later.

    Show more
    Updated on 7/22/2026

    Equillium (EQ) stock has gained about 35% since 3/31/2026 because of the following key factors:

    1. Strengthened Financial Position and Extended Cash Runway.

    Equillium significantly bolstered its financial standing with the completion of a $35 million private placement financing in March 2026 with RA Capital Management. This increased the company's cash and cash equivalents to $61.3 million as of March 31, 2026, from $30.3 million at the end of fiscal year 2025, extending the projected cash runway into 2029.

    2. Advancement of Lead Drug Candidate EQ504.

    The company continued to advance its lead drug candidate, EQ504, a novel aryl hydrocarbon receptor (AhR) modulator for ulcerative colitis and inflammatory lung diseases. Equillium announced plans to initiate a Phase 1 proof-of-mechanism study for EQ504 in mid-2026, with initial data anticipated approximately six months later.

    3. Positive Analyst Coverage and Increased Price Targets.

    A series of favorable analyst initiations, upgrades, and increased price targets contributed significantly to the stock appreciation. For example, Raymond James initiated coverage with a "Strong Buy" rating and a $6 price target in April 2026, Leerink upgraded the stock to "Outperform" in May 2026, and Piper Sandler initiated coverage with an "Overweight" rating and a $20 price target in July 2026. The consensus analyst rating is "Strong Buy," with average price targets ranging from $7.57 to $9.00, representing substantial potential upside from the stock's trading price during this period.

    4. Improved Fiscal Q1 2026 Financial Results.

    Equillium's fiscal Q1 2026 earnings report, released on May 13, 2026, highlighted an improved net loss of $5.3 million, or $(0.06) per share, compared to a net loss of $8.7 million, or $(0.24) per share, in fiscal Q1 2025, primarily due to reduced operating expenses. The stock experienced a 12.1% surge following this announcement.

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    Stock Movement Drivers

    Fundamental Drivers

    The 34.5% change in EQ stock from 3/31/2026 to 7/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120267232026Change
    Stock Price ($)2.002.6934.5%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)6196-36.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/23/2026
    ReturnCorrelation
    EQ34.5% 
    Market (SPY)13.5%20.7%
    Sector (XLV)10.1%2.0%

    Fundamental Drivers

    The 73.5% change in EQ stock from 12/31/2025 to 7/23/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
    (LTM values as of)123120257232026Change
    Stock Price ($)1.552.6973.5%
    Change Contribution By: 
    Total Revenues ($ Mil)40 
    P/S Multiple23.1∞9.2233720368547763E17%
    Shares Outstanding (Mil)6596-32.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/23/2026
    ReturnCorrelation
    EQ73.5% 
    Market (SPY)8.5%16.0%
    Sector (XLV)4.7%5.3%

    Fundamental Drivers

    The 753.4% change in EQ stock from 6/30/2025 to 7/23/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
    (LTM values as of)63020257232026Change
    Stock Price ($)0.322.69753.4%
    Change Contribution By: 
    Total Revenues ($ Mil)300 
    P/S Multiple0.4∞9.2233720368547763E17%
    Shares Outstanding (Mil)3696-63.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/23/2026
    ReturnCorrelation
    EQ753.4% 
    Market (SPY)20.5%2.6%
    Sector (XLV)21.3%5.2%

    Fundamental Drivers

    The 258.7% change in EQ stock from 6/30/2023 to 7/23/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
    (LTM values as of)63020237232026Change
    Stock Price ($)0.752.69258.7%
    Change Contribution By: 
    Total Revenues ($ Mil)250 
    P/S Multiple1.0∞9.2233720368547763E17%
    Shares Outstanding (Mil)3496-64.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/23/2026
    ReturnCorrelation
    EQ258.7% 
    Market (SPY)72.4%9.3%
    Sector (XLV)27.3%7.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    EQ Return-30%-72%-32%3%107%78%-48%
    Peers Return43%-20%3%78%-33%-5%33%
    S&P 500 Return27%-19%24%23%16%10%100%

    Monthly Win Rates [3]
    EQ Win Rate50%33%42%50%42%71% 
    Peers Win Rate46%50%46%58%75%41% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    EQ Max Drawdown-64%-80%-62%-80%-69%-32% 
    Peers Max Drawdown-41%-46%-34%-26%-59%-39% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: VRTX, ATYR, AVLN, CNXU, COAG.
    [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 7/23/2026 (YTD)

    How Low Can It Go

    EventEQS&P 500
    2025 US Tariff Shock
      % Loss-61.5%-18.8%
      % Gain to Breakeven160.0%23.1%
      Time to Breakeven75 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-13.2%-7.8%
      % Gain to Breakeven15.2%8.5%
      Time to Breakeven2 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-36.1%-9.5%
      % Gain to Breakeven56.4%10.5%
      Time to Breakeven55 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-57.1%-6.7%
      % Gain to Breakeven132.9%7.1%
      Time to Breakeven273 days31 days
    2020 COVID-19 Crash
      % Loss-54.3%-33.7%
      % Gain to Breakeven118.7%50.9%
      Time to Breakeven111 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-54.9%-19.2%
      % Gain to Breakeven121.5%23.8%
      Time to Breakeven571 days105 days

    Compare to VRTX, ATYR, AVLN, CNXU, COAG

    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.

    EventEQS&P 500
    2025 US Tariff Shock
      % Loss-61.5%-18.8%
      % Gain to Breakeven160.0%23.1%
      Time to Breakeven75 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-36.1%-9.5%
      % Gain to Breakeven56.4%10.5%
      Time to Breakeven55 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-57.1%-6.7%
      % Gain to Breakeven132.9%7.1%
      Time to Breakeven273 days31 days
    2020 COVID-19 Crash
      % Loss-54.3%-33.7%
      % Gain to Breakeven118.7%50.9%
      Time to Breakeven111 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-54.9%-19.2%
      % Gain to Breakeven121.5%23.8%
      Time to Breakeven571 days105 days

    Compare to VRTX, ATYR, AVLN, CNXU, COAG

    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)

    Equillium, Inc. (EQ) is a clinical-stage biotechnology company dedicated to developing and commercializing novel treatments for severe autoimmune and inflammatory (immuno-inflammatory) disorders that currently have significant unmet medical needs. As a biotech in the development phase, the company's business primarily revolves around the research, development, and clinical testing of its drug candidates, rather than the sale of approved commercial products.

    The company's lead product candidate is itolizumab (EQ001), a monoclonal antibody designed to target the CD6 immune checkpoint receptor. Itolizumab is currently in a Phase III clinical trial for acute graft-versus-host disease (aGVHD), a serious complication of stem cell transplantation. Additionally, it has completed Phase Ib clinical trials for the treatment of asthma and lupus nephritis. Equillium's pipeline also includes EQ101, which is being developed for conditions such as cutaneous T cell lymphoma and alopecia areata, and EQ102, targeting various gastrointestinal diseases, all aimed at serving patient populations impacted by these severe autoimmune and inflammatory conditions.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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:

    1. Pharmaceutical companies (for potential licensing, co-development, or acquisition deals)
    2. Hospitals and clinics (as end-users of approved therapeutic drugs)
    3. 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)

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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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    Financials

    EQVRTXATYRAVLNCNXUCOAGMedian
    NameEquilliumVertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
    Mkt Price2.69473.090.5029.739.1545.8319.44
    Mkt Cap0.3120.20.01.20.20.00.2
    Rev LTM012,2180-0-0
    Op Inc LTM-204,662-73--5--13
    FCF LTM-193,710-59--4--11
    FCF 3Y Avg-201,977-60----20
    CFO LTM-194,241-59--4--11
    CFO 3Y Avg-202,401-59----20

    Growth & Margins

    EQVRTXATYRAVLNCNXUCOAGMedian
    NameEquilliumVertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
    Rev Chg LTM-100.0%10.1%-----45.0%
    Rev Chg 3Y Avg-22.0%9.9%-----6.0%
    Rev Chg Q-7.8%----7.8%
    QoQ Delta Rev Chg LTM-1.8%0.0%---0.9%
    Op Inc Chg LTM-42.0%1,214.0%-9.3%----9.3%
    Op Inc Chg 3Y Avg1.2%364.1%-16.3%---1.2%
    Op Mgn LTM-38.2%-38,573.7%----19,267.8%
    Op Mgn 3Y Avg-24.1%----24.1%
    QoQ Delta Op Mgn LTM-0.2%2,282.6%---1,141.4%
    CFO/Rev LTM-34.7%-31,096.3%----15,530.8%
    CFO/Rev 3Y Avg-21.5%----21.5%
    FCF/Rev LTM-30.4%-31,204.7%----15,587.2%
    FCF/Rev 3Y Avg-17.7%----17.7%

    Valuation

    EQVRTXATYRAVLNCNXUCOAGMedian
    NameEquilliumVertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
    Mkt Cap0.3120.20.01.20.20.00.2
    P/S-9.8258.0---133.9
    P/Op Inc-12.725.8-0.7--39.2--6.7
    P/EBIT-12.723.7-0.7--40.2--6.7
    P/E-13.627.7-0.7--40.1--7.1
    P/CFO-13.728.3-0.8--47.8--7.3
    Total Yield-7.4%3.6%-142.9%--2.5%--4.9%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-87.8%1.6%-57.3%----57.3%
    D/E0.00.00.20.00.00.00.0
    Net D/E-0.2-0.0-1.1-0.1-0.0-3.7-0.2

    Returns

    EQVRTXATYRAVLNCNXUCOAGMedian
    NameEquilliumVertex P.aTyr Pha.Avalyn P.Conexeu .Hemab Th. 
    1M Rtn-5.3%1.0%-7.3%-7.9%-13.3%57.2%-6.3%
    3M Rtn24.0%8.7%-37.1%0.8%-36.5%34.8%4.8%
    6M Rtn128.0%1.2%-33.3%0.8%-36.5%34.8%1.0%
    12M Rtn552.9%-0.8%-92.5%0.8%-36.5%34.8%0.0%
    3Y Rtn239.6%32.5%-75.0%0.8%-36.5%34.8%16.7%
    1M Excs Rtn-------
    3M Excs Rtn-------
    6M Excs Rtn-------
    12M Excs Rtn-------
    3Y Excs Rtn-------

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/13/20263/25/202611/13/20258/14/20255/14/20253/27/202511/13/20248/8/20245/9/20243/25/202411/8/20238/9/2023
    Key Financials Quarterly            
    Total Revenue000004121411999
    Ebitda-6-4-5-6-9-5-1-0-3-2-3-3
    Operating Income-6-4-5-6-9-5-1-0-3-3-4-4
    Net Income-5-4-4-6-9-6-00-3-2-4-3
    EPS-0.06-0.04-0.06-0.16-0.24-0.160.000.01-0.08-0.07-0.11-0.10
    Key Financials TTM            
    Total Revenue TTM004173041464338364334
    Ebitda TTM-20-24-24-20-14-8-6-8-11-12-7-17
    Operating Income TTM-20-24-24-20-14-8-7-10-13-15-9-19
    Net Income TTM-19-22-24-20-14-8-5-8-12-13-8-18
    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 Growth36.8%15.5%-606.1%-9432.3%-220.3%-103.4%79.8%97.9%23.7%-174.5%76.2%78.0%
    Operating Income Growth36.8%15.7%-573.8%-6128.0%-217.8%-46.8%81.3%97.2%32.1%-256.7%72.6%73.5%
    Net Income Growth38.6%34.8%-60328.6%-1326.3%-216.5%-147.4%99.8%114.0%30.6%-184.5%72.8%76.3%
    Margins Quarterly            
    EBITDA Margin------106.2%-5.3%-0.5%-25.8%-24.9%-35.9%-33.4%
    Operating Income Margin------107.0%-5.6%-0.7%-26.1%-34.7%-40.8%-39.4%
    Net Income Margin------131.9%-0.1%3.4%-25.6%-25.4%-41.8%-36.6%
    Cash & Debt            
    Total Cash613033111523263332414648
    Total Debt111000011111
    Net Debt / (Cash)-61-30-32-11-14-22-25-33-32-40-45-47
    Cash Flows Quarterly            
    FCF from Operations-4-3-8-3-8-3-81-9-6-2-6
    Cash Flows TTM            
    FCF from Operations TTM-19-23-23-22-18-19-21-16-23-22120
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-10.2%-7.4%-8.7%-12.3%-17.8%-9.9%-1.5%-0.2%-6.3%-7.6%-8.9%-9.0%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-9.2%-11.0%-11.6%-10.1%-7.2%-4.3%-3.6%-5.5%-7.4%-8.6%-5.7%-11.9%

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Developing novel therapies to treat severe autoimmune and inflammatory disorders with the mission to04136 
    Single Segment   16
    Total0413616


    Assets by Segment
    $ Mil20252024202120202019
    Developing novel therapies to treat severe autoimmune and inflammatory disorders with the mission to3226   
    Single Segment  858556
    Total3226858556


    Price Behavior

    Price Behavior
    Market Price$2.69 
    Market Cap ($ Bil)0.3 
    First Trading Date10/12/2018 
    Distance from 52W High-15.9% 
       50 Days200 Days
    DMA Price$2.67$1.83
    DMA Trendupup
    Distance from DMA0.6%47.4%
     3M1YR
    Volatility97.0%164.5%
    Downside Capture123.48-89.39
    Upside Capture199.14151.11
    Correlation (SPY)23.0%2.4%
    EQ Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta0.782.402.241.270.370.82
    Up Beta2.061.602.391.940.980.45
    Down Beta1.511.821.250.990.131.28
    Up Capture85%548%398%241%335%145%
    Bmk +ve Days11244067140429
    Stock +ve Days11253668123356
    Down Capture-31%173%190%32%-183%91%
    Bmk -ve Days10172358112321
    Stock -ve Days9152651119372

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with EQ
    EQ593.3%164.2%1.83-
    Sector ETF (XLV)22.6%15.8%1.105.6%
    Equity (SPY)18.5%12.7%1.062.3%
    Gold (GLD)17.6%28.1%0.573.0%
    Commodities (DBC)35.2%19.1%1.45-7.9%
    Real Estate (VNQ)11.6%13.9%0.55-7.6%
    Bitcoin (BTCUSD)-45.1%42.9%-1.281.5%

    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-14.5%115.0%0.36-
    Sector ETF (XLV)6.3%15.0%0.247.9%
    Equity (SPY)12.6%17.1%0.5710.7%
    Gold (GLD)16.8%18.4%0.741.4%
    Commodities (DBC)9.8%19.5%0.391.2%
    Real Estate (VNQ)2.6%18.9%0.037.8%
    Bitcoin (BTCUSD)15.8%53.4%0.476.6%

    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-15.2%286.7%0.37-
    Sector ETF (XLV)10.0%16.6%0.495.2%
    Equity (SPY)14.9%17.9%0.713.3%
    Gold (GLD)11.2%16.1%0.570.9%
    Commodities (DBC)7.4%17.9%0.33-0.4%
    Real Estate (VNQ)4.9%20.7%0.202.2%
    Bitcoin (BTCUSD)58.7%66.2%0.992.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity5.1 Mil
    Short Interest: % Change Since 61520268.6%
    Average Daily Volume0.8 Mil
    Days-to-Cover Short Interest6.7 days
    Basic Shares Quantity96.3 Mil
    Short % of Basic Shares5.3%

    Returns Analyses

    Earnings Returns History

    Updated 6/16/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/13/202612.1%-10.8%21.6%
    3/25/20260.0%-1.0%4.9%
    11/13/202523.8%20.2%44.0%
    8/4/2025-20.7%-30.3%142.3%
    4/24/2025-2.1%-12.5%-17.5%
    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%
    ...
    SUMMARY STATS   
    # Positive111110
    # Negative111112
    Median Positive3.9%11.3%25.2%
    Median Negative-4.7%-12.5%-14.7%
    Max Positive44.8%28.4%142.3%
    Max Negative-20.7%-32.3%-60.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/13/202612.1%-10.8%21.6%
    3/25/20260.0%-1.0%4.9%
    11/13/202523.8%20.2%44.0%
    8/4/2025-20.7%-30.3%142.3%
    4/24/2025-2.1%-12.5%-17.5%
    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%
    11/8/2023-4.7%0.0%36.0%
    8/9/20233.9%6.2%6.6%
    5/11/20232.1%2.6%24.5%
    3/23/202311.5%11.3%-5.7%
    11/14/20225.3%2.9%-29.1%
    8/15/2022-1.2%-3.9%-27.4%
    5/12/20220.9%12.9%-9.8%
    3/23/2022-0.3%-3.9%-10.6%
    11/10/2021-8.8%-13.0%-23.0%
    8/10/20210.3%-14.6%-4.6%
    5/13/20213.2%26.3%14.1%
    3/24/2021-0.4%3.8%-11.9%
    11/10/202044.8%28.4%36.8%
    8/12/2020-11.3%-32.3%-49.4%
    SUMMARY STATS   
    # Positive111110
    # Negative111112
    Median Positive3.9%11.3%25.2%
    Median Negative-4.7%-12.5%-14.7%
    Max Positive44.8%28.4%142.3%
    Max Negative-20.7%-32.3%-60.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/13/202610-Q
    12/31/202503/25/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/27/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/25/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/13/202610-Q
    12/31/202503/25/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/27/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/25/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/23/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/10/202110-Q
    03/31/202105/13/202110-Q
    12/31/202003/24/202110-K
    09/30/202011/10/202010-Q
    06/30/202008/12/202010-Q
    03/31/202005/13/202010-Q
    12/31/201903/26/202010-K
    09/30/201911/12/201910-Q
    06/30/201908/12/201910-Q

    Recent Forward Guidance

    Updated 7/12/2026

    Latest: Q1 2026 Earnings Reported 5/13/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2029 Cash Runway     AffirmedGuidance: 2,029 for 2029

    Prior: Q4 2025 Earnings Reported 3/25/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2029 Operating Runway 2,029   RaisedGuidance: 2,027 for 2027

    Q3 2025 Earnings Reported 11/13/2025

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2027 Operational Runway      

    Insider Activity

    Updated 6/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Zedelmayer, ChristineSr. Vice President and COODirectSell60520262.9314,58442,737183,402Form
    2Connelly, StephenPresident and CSODirectSell60520262.9430,97591,0702,240,430Form
    3Connelly, StephenPresident and CSODirectSell60520263.16200,000632,7602,508,893Form
    4Tom, PennyPrincipal Accounting OfficerDirectSell52920262.9565,000  Form
    5Zedelmayer, ChristineSr. Vice President and COODirectSell52920262.8086,012240,693175,138Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Zedelmayer, ChristineSr. Vice President and COODirectSell60520262.9314,58442,737183,402Form
    2Connelly, StephenPresident and CSODirectSell60520262.9430,97591,0702,240,430Form
    3Connelly, StephenPresident and CSODirectSell60520263.16200,000632,7602,508,893Form
    4Tom, PennyPrincipal Accounting OfficerDirectSell52920262.9565,000  Form
    5Zedelmayer, ChristineSr. Vice President and COODirectSell52920262.8086,012240,693175,138Form
    6Zedelmayer, ChristineSr. Vice President and COODirectSell52920262.709,82126,517168,982Form
    7Zedelmayer, ChristineSr. Vice President and COODirectSell31620262.50120,312300,816156,484Form
    8Zedelmayer, ChristineSr. Vice President and COODirectSell31020262.00181,219362,438125,172Form
    9Zedelmayer, ChristineSr. Vice President and COODirectSell22320261.76185,937328,104337,822Form
    10Tom, PennyPrincipal Accounting OfficerDirectSell10920261.296,533  Form
    11Zedelmayer, ChristineSr. Vice President and COODirectSell122320251.50100,000150,000137,166Form
    12Zedelmayer, ChristineSr. Vice President and COODirectSell121520251.3111,90015,589119,792Form
    13Zedelmayer, ChristineSr. Vice President and COODirectSell121520251.3423,80431,897138,481Form
    14Zedelmayer, ChristineSr. Vice President and COODirectSell112520250.958,0987,696120,838Form

    Investor Activity (13F)

    Updated Jul 24, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Decheng Capital LLC$8.9 Mil1.3%14Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Decheng Capital LLC$8.9 Mil1.3%14Hold13F

    Industry Resources

    External Quote Links


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