Equillium, Inc.
- Open
- 3.16
- Day high
- 3.27
- Day low
- 2.99
- Prev close
- 3.20
- Volume
- 404K
- Mkt cap
- $193M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.2
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.2M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Equillium, Inc. (EQ) is a Healthcare company listed on NASDAQ. The stock is up 916% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Equillium, Inc. (EQ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.04 | $-0.06 | -50.0% | — | — |
| Mar 25, 2026 | $-0.07 | $-0.04 | +42.9% | — | — |
| Nov 13, 2025 | $-0.14 | $-0.06 | +57.1% | — | — |
| Aug 14, 2025 | $-0.14 | $-0.16 | -14.3% | — | — |
| Mar 27, 2025 | $-0.22 | $-0.16 | +27.3% | $4M | — |
| Nov 13, 2024 | $-0.26 | $-0.00 | +99.9% | $12M | +5.3% |
| Aug 8, 2024 | $-0.15 | $0.01 | +106.7% | $14M | -35.3% |
| May 9, 2024 | $-0.17 | $-0.08 | +52.9% | $11M | +18.8% |
| May 11, 2023 | $-0.20 | $-0.11 | +45.0% | $9M | +93.0% |
| Mar 23, 2023 | $0.02 | $0.08 | +407.6% | $16M | -58.5% |
| Nov 14, 2022 | $-0.39 | $-0.40 | -2.6% | — | — |
| Aug 15, 2022 | $-0.40 | $-0.41 | -2.5% | — | — |
EQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Connelly Stephenofficer: President and CSO | Sell | 200,000 | $3.16 |
| Jun 5, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Option | 14,584 | $0.79 |
| Jun 5, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Sell | 14,584 | $2.93 |
| Jun 5, 2026 | Connelly Stephenofficer: President and CSO | Sell | 30,975 | $2.94 |
| May 29, 2026 | BRADBURY DANIELdirector, officer: CHAIRMAN | Grant | 70,000 | $2.84 |
| May 29, 2026 | McDermott Charles Douglasdirector | Grant | 70,000 | $2.84 |
| May 29, 2026 | Tom Pennyofficer: Principal Accounting Officer | Option | 65,000 | $0.79 |
| May 29, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Option | 15,625 | $0.79 |
| May 29, 2026 | DEMSKI MARTHA Jdirector | Grant | 70,000 | $2.84 |
| May 29, 2026 | Pruzanski Markdirector | Grant | 70,000 | $2.84 |
| May 29, 2026 | Troupin Barbaradirector | Grant | 70,000 | $2.84 |
| May 29, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Sell | 30,208 | $2.98 |
| May 29, 2026 | Tom Pennyofficer: Principal Accounting Officer | Sell | 65,000 | $2.95 |
| May 29, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Option | 7,292 | $0.73 |
| May 29, 2026 | Zedelmayer Christineofficer: Sr. Vice President and COO | Option | 9,821 | $0.77 |
Source: EQ SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full EQ insider & 13F page →Equillium, Inc. company profile
Overview
Equillium, Inc. (NASDAQ:EQ) is a clinical-stage biotechnology company founded in 2017 and headquartered in La Jolla, California. The company was originally incorporated as Attenuate Biopharmaceuticals, Inc. before changing its name to Equillium in May 2017. Equillium went public in October 2018 and focuses on developing treatments for severe autoimmune and inflammatory disorders that currently have limited treatment options. The company is primarily engaged in advancing its lead drug candidate through clinical trials while also developing a pipeline of additional therapeutic candidates.
Business
Equillium operates in the biotechnology sector, specifically focusing on developing treatments for autoimmune and inflammatory diseases. These are conditions where the body's immune system mistakenly attacks healthy tissues, causing chronic inflammation and tissue damage. Examples include conditions like lupus, graft-versus-host disease, and certain types of asthma. The company's core business revolves around developing monoclonal antibodies, which are laboratory-created proteins designed to target specific parts of the immune system. Think of them as highly precise guided missiles that can find and neutralize specific problematic immune cells or proteins that cause disease. Equillium's lead product candidate is itolizumab (EQ001), a monoclonal antibody that targets a protein called CD6 found on certain immune cells. CD6 acts as an "immune checkpoint" - essentially a control switch that regulates how aggressively immune cells respond. By blocking CD6, itolizumab aims to calm down overactive immune responses that cause autoimmune diseases. The drug is currently in Phase III clinical trials for treating acute graft-versus-host disease (a serious complication that can occur after bone marrow transplants), and has completed or is conducting Phase Ib trials for asthma and lupus nephritis (kidney inflammation caused by lupus). The company also has two earlier-stage programs: EQ101 for treating cutaneous T-cell lymphoma (a type of skin cancer) and alopecia areata (an autoimmune condition causing hair loss), and EQ102 for various gastrointestinal diseases. These represent approximately 100% of the company's research and development focus, as Equillium is a pure-play biotechnology company with no other business segments.
Revenue model
Equillium's business model is typical of clinical-stage biotechnology companies - the company does not yet generate significant product revenue from drug sales, but instead relies on partnerships, licensing deals, and milestone payments during the drug development process. In 2024, the company generated $41.1 million in revenue, likely from collaboration agreements and milestone payments related to its drug development programs, compared to $36.1 million in 2023. The company's future revenue model will depend on successfully bringing its drug candidates to market. Once approved, itolizumab and other candidates would generate revenue through direct sales to hospitals, specialty pharmacies, and healthcare systems that treat patients with autoimmune conditions. The paying customers would ultimately be insurance companies, government healthcare programs like Medicare and Medicaid, and patients themselves through co-payments. Several factors could significantly impact Equillium's margins and profitability. Regulatory approval success is the primary driver - failure in clinical trials would eliminate revenue potential entirely, while successful approvals could generate substantial returns. Competition from other autoimmune treatments could limit pricing power and market share. Manufacturing costs for monoclonal antibodies are typically high, requiring sophisticated facilities and quality control processes. Reimbursement policies from insurance companies and government programs will directly impact the company's ability to price its products profitably. Additionally, patent protection determines how long the company can maintain exclusivity and premium pricing before generic competition emerges. The company's current cash burn rate of approximately $19 million annually means it must carefully manage resources while advancing through expensive clinical trials.
Competitive moat
Equillium's competitive moat is relatively narrow, which is typical for clinical-stage biotechnology companies. The company's primary potential moat lies in its intellectual property portfolio around itolizumab and its specific targeting of the CD6 pathway. If successfully developed and approved, the drug could benefit from patent protection that would prevent direct competition for several years. However, this moat is fragile and unproven. The company faces significant competitive threats from established pharmaceutical companies with much larger resources developing alternative treatments for the same autoimmune conditions. Many large pharma companies have multiple monoclonal antibodies in development or already approved for autoimmune diseases, with proven manufacturing capabilities and established relationships with healthcare providers. The regulatory approval process itself represents both a potential moat and a major vulnerability. While FDA approval would provide some competitive protection, the clinical trial process is expensive, time-consuming, and has a high failure rate. Even if itolizumab proves effective, the company would need to demonstrate superior efficacy or safety compared to existing treatments to gain meaningful market share. Additionally, the CD6 pathway that Equillium is targeting, while novel, could potentially be addressed by other companies developing different approaches to the same biological target. The company's small size and limited resources compared to major pharmaceutical companies also limit its ability to defend its market position through extensive marketing, sales force deployment, or rapid geographic expansion once products are approved.
Risks & safety
Equillium presents significant financial risks typical of clinical-stage biotechnology companies, with limited margin of safety for investors. • Cash position and burn rate: The company has $14.5 million in cash as of Q1 2025, down from $18.1 million at the end of 2024. With quarterly cash burn of approximately $8.2 million, the company has less than two quarters of operating cash remaining at current burn rates. • Debt and solvency: Low debt-to-equity ratio of 0.028, indicating minimal debt burden. Current ratio of 2.70 suggests adequate short-term liquidity, but this will deteriorate rapidly given the cash burn rate. • Valuation metrics: Trading at 1.32x book value with negative earnings. The company's enterprise value reflects the speculative nature of its clinical-stage assets. • Revenue volatility: Revenue fluctuates significantly based on milestone payments and partnership agreements, making cash flow unpredictable. • Clinical trial risks: The company's entire value proposition depends on successful clinical trials, which historically have high failure rates in biotechnology. The margin of safety is extremely thin, with the company likely requiring additional financing within the next 6-12 months to continue operations.
Recent development
Based on the financial data trends, Equillium has been experiencing significant developments in its clinical programs and business operations over the past few years. The company's revenue has shown substantial growth, increasing from $15.8 million in 2022 to $41.1 million in 2024, suggesting progress in partnership agreements and milestone achievements related to its drug development programs. The most significant development appears to be the advancement of itolizumab through clinical trials. The company has progressed its lead candidate into Phase III trials for acute graft-versus-host disease, representing a major milestone that typically requires substantial clinical data supporting the drug's efficacy and safety. This advancement likely contributed to the increased revenue through milestone payments from partners or collaborators. Equillium has also expanded its clinical program scope, with itolizumab being tested in multiple indications including asthma and lupus nephritis. This diversification strategy could increase the drug's commercial potential and provide multiple pathways to market approval. The company has also been developing its pipeline with EQ101 and EQ102 programs, though these remain in earlier stages of development. Financially, the company has been managing its cash resources while funding these clinical advances. The significant reduction in cash position from $59.1 million at the end of 2022 to $14.5 million in Q1 2025 reflects the substantial investment required to advance clinical trials, particularly the expensive Phase III program. The company achieved brief profitability in Q2 2024, likely due to milestone payments, but has returned to losses as clinical expenses continue.
EQ company profile · for informational purposes only — not investment advice.
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