Equillium (EQ) Q4 2025 earnings summary

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.