EQ News & Events

Cash, cash equivalents and short-term investments totaled $30.3M as of December 31, 2025, compared to $22.6M as of December 31, 2024. Equillium believes that its cash and cash equivalents on the balance sheet as of December 31, 2025, together with the recently completed financing of $35M in March, are capable of funding its currently planned operations into 2029, based on certain assumptions and estimates that may prove to be inaccurate. "2025 was a transformative year as we sharpened our strategic focus on EQ504 and strengthened our financial position to support its advancement into the clinic," said Bruce Steel, CEO of Equillium. "Our financing in August 2025 of up to $50 million, together with our recently completed $35 million financing, further reinforces confidence in our strategy and provides the resources to efficiently execute our EQ504 clinical development plan. With operating runway expected into 2029, we are well-positioned to advance EQ504's differentiated, non-immunosuppressive approach targeting the AhR pathway to address significant unmet needs across inflammatory diseases, and we believe it has the potential to be a best-in-class oral therapy in ulcerative colitis, with additional opportunities across gastrointestinal and inflammatory lung diseases."

Equillium announced that it has entered into a definitive securities purchase agreement with RA Capital Management that will provide approximately $35 million in gross proceeds to Equillium. Pursuant to the terms of the securities purchase agreement, the Company will issue approximately 18.9 million shares of its common stock, representing a purchase price of $1.854 for each share of common stock or $1.8539 for each pre-funded warrant sold in lieu of common stock at closing. Gross proceeds from the financing are expected to be $35 million, before deducting expenses.