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Equillium (EQ) investor relations material
Equillium Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Mar, 2026
Executive summary
Strategic focus shifted to advancing EQ504, a selective AhR modulator for inflammatory diseases, with clinical studies planned for mid-2026 and data expected six months later.
Completed $50 million and $35 million private placements in August 2025 and March 2026, respectively, strengthening financial position and extending operating runway into 2029.
Pipeline includes EQ504 for ulcerative colitis and other GI/lung diseases, and EQ302 for celiac disease.
Financial highlights
No revenue recognized in Q4 or full year 2025, compared to $4.4 million in Q4 2024 and $41.1 million in FY 2024.
R&D expenses decreased to $1.5 million in Q4 2025 (from $7.3 million in Q4 2024) and $12.8 million for FY 2025 (from $37.4 million in FY 2024), reflecting clinical study wind-down.
G&A expenses were $2.4 million in Q4 2025 (up from $1.8 million in Q4 2024) and $10.8 million for FY 2025 (down from $11.9 million in FY 2024).
Net loss for Q4 2025 was $3.8 million ($0.04/share) vs. $5.8 million ($0.16/share) in Q4 2024; FY 2025 net loss was $22.4 million ($0.39/share) vs. $8.1 million ($0.23/share) in FY 2024, driven by lower revenue.
Cash, cash equivalents, and short-term investments totaled $30.3 million at year-end 2025, up from $22.6 million at year-end 2024.
Outlook and guidance
Cash position, including March 2026 financing, expected to fund operations into 2029.
Phase 1 proof-of-mechanism study for EQ504 to begin mid-2026, with data anticipated six months later.
What drove the significant increase in shares?
What makes EQ504 a best-in-class UC therapy?
Future plan for EQ302 development
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Latest events from Equillium
- EQ504 advances as a differentiated AhR modulator for UC, with phase I set for mid-year and strong financial backing.EQ
Piper Sandler Virtual Novel Targets in Immunology Symposium12 Feb 2026 - EQ101 shows promise in moderate alopecia areata; key Ono partnership milestone decision imminent.EQJefferies 2024 Global Healthcare Conference1 Feb 2026
- Awaiting Ono's decision on itolizumab, while advancing multi-cytokine assets toward the clinic.EQ2024 Wells Fargo Healthcare Conference22 Jan 2026
- Ono's upcoming decision could trigger a $35M payment and advance pivotal clinical programs.EQH.C. Wainwright 26th Annual Global Investment Conference21 Jan 2026
- EQ504, a potent AhR modulator for ulcerative colitis, enters clinical development after major financing.EQCantor Global Healthcare Conference 202531 Dec 2025
- Itolizumab improved long-term outcomes and safety in first-line acute GVHD Phase 3 study.EQStudy Result26 Dec 2025
- 52.6 million shares registered for resale after $30M private placement; no proceeds to issuer.EQRegistration Filing16 Dec 2025
- Up to $250M in securities, including $75M at-the-market stock, to fund R&D and operations.EQRegistration Filing16 Dec 2025
- EQ504 targets AHR for mucosal healing and immune regulation in UC, offering a potent, targeted therapy.EQKOL Event10 Dec 2025
Next Equillium earnings date
Q1 202612 May, 2026
Equillium
Next Equillium earnings date
Q1 202612 May, 2026
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