Equillium (EQ) H.C. Wainwright 26th Annual Global Investment Conference summary

Pipeline updates and clinical progress

• EQ101 has shown proof of concept in CTCL and alopecia areata, with plans to transition to subcutaneous delivery and dose optimization, aiming for clinic re-entry in 2025.

• EQ302, a multi-cytokine inhibitor targeting IL-15 and IL-21, is being developed for GI diseases, with first-in-human studies planned for H2 2025.

• Itolizumab is in a pivotal study for acute graft-versus-host disease, with FDA Fast Track and Orphan Drug Designations, and a completed lupus nephritis study underpinning a partnership with Ono.

• Biocon is conducting a robust study of itolizumab in ulcerative colitis in India, with data expected in Q4.

Strategic partnerships and financial milestones

• Ono partnership structured as an option agreement, with $38 million upfront and full R&D funding, totaling about $90 million invested to date.

• Two key datasets delivered to Ono: favorable lupus nephritis data and interim pivotal study data in acute GVHD, with a recommendation to proceed.

• Ono's option expires October 30th; if exercised, a $35 million payment is triggered, and further R&D and G&A costs will be reimbursed with a markup, reducing operating burn.

• Additional milestone payments over $100 million are possible, tied to clinical starts and regulatory approvals.

Clinical data insights and competitive landscape

• EQ101's recent alopecia areata study met objectives, showing comparable efficacy to low-dose JAK inhibitors, with a favorable safety profile.

• Transition to subcutaneous delivery is planned to improve patient experience and reduce discontinuations.

• High unmet need exists in AA and vitiligo, with JAK inhibitors carrying black box warnings and limited long-term options.

• EQ302 targets celiac disease and IBD, addressing significant unmet needs with no approved oral treatments.