Equillium (EQ) Jefferies 2024 Global Healthcare Conference summary

Strategic partnerships and business overview

• Focused on autoimmune and inflammatory diseases, with a foundational asset, itolizumab, partnered under an option agreement with Ono Pharmaceutical.

• Recent lupus nephritis data delivered to Ono; upcoming interim analysis in acute GVHD will trigger Ono's decision window.

• If Ono opts in post-GVHD data, a JPY 5 billion ($32M) payment and over $100M in milestones are expected, extending cash runway beyond current guidance.

• Current cash runway extends into the second half of 2025, not including potential Ono payments.

EQ101 clinical data and implications

• EQ101 targets IL-2, IL-9, and IL-15, with recent top-line data in moderate to very severe alopecia areata.

• Study showed no response in the most severe subgroup, but 29% of moderate to severe patients achieved SALT ≤20, with notable depth of response in moderate cases.

• Safety and tolerability were consistent with prior studies; most discontinuations were due to convenience, with some related to adverse events.

• Plans to optimize dose and formulation in future studies, with potential to increase efficacy by escalating dose.

• KOLs see opportunity for EQ101 in moderate disease, where current approved therapies are lacking.

Competitive landscape and future directions

• JAK inhibitors are effective but carry black box warnings and are only approved for severe disease.

• EQ101's efficacy at current dose is comparable to low-dose baricitinib, with potential for improvement at higher doses.

• Future studies will focus on dose optimization and placebo-controlled design to better benchmark efficacy and safety.

• Ongoing PK/PD analysis supports further dose escalation, with no dose-responsive safety events observed to date.