Equillium, Inc.

Equillium, Inc. (EQ) reported a net loss of $22.4 million for the fiscal year ended December 31, 2025, widening from $8.1 million in 2024, driven by the absence of revenue following the termination of the Asset Purchase Agreement with Ono Pharmaceutical. Revenue dropped to $0 from $41.1 million YoY, as all upfront and development funding was recognized by 2024. Operating expenses totaled $23.6 million, with research and development at $12.8 million (down 66% from $37.4 million due to wind-down of itolizumab studies like EQUATOR and EQUALISE) and general and administrative at $10.8 million (down 10% from $11.9 million). Loss from operations was $23.6 million, offset partially by $1.2 million in other income, resulting in a $22.4 million pre-tax and net loss. Balance sheet reflects strong liquidity with $30.3 million in cash and cash equivalents and $4.5 million in short-term investments, total assets of $31.9 million, and stockholders' equity of $28.6 million. Cash flows showed $22.7 million used in operations, $4.5 million provided by investing, and $30.4 million from financing, primarily $27.9 million net from an August 2025 private placement. Management anticipates existing cash plus March 2026 proceeds will fund operations into 2029, prioritizing EQ504 Phase 1 study initiation in mid-2026 for ulcerative colitis.

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