EQ · Equillium, Inc.

Equillium's Q1 2026 results reflect a significant improvement in financial performance, with net loss narrowing to $5.3 million from $8.7 million in the prior year quarter, driven primarily by a 49% reduction in R&D expenses to $3.0 million following the wind down of clinical studies completed in 2025. G&A expenses also declined modestly to $2.6 million from $2.9 million, attributed to lower legal and professional fees. CEO Bruce Steel highlighted continued focus on advancing EQ504, supported by recent preclinical data presented at IMMUNOLOGY2026 demonstrating immune modulation, anti-inflammatory effects, and epithelial repair potential, differentiating it from other AhR agents for ulcerative colitis and inflammatory diseases. The appointment of Snehal Naik, Ph.D., as Chief Development Officer brings substantial expertise from Ventyx Biosciences in immunology and GI programs, positioning the company to execute on EQ504's Phase 1 proof-of-mechanism study initiation in mid-2026, with data anticipated six months later. Balance sheet strength was bolstered by a $35 million private placement with RA Capital in March 2026, lifting cash to $61.3 million from $30.3 million at year-end, sufficient to fund operations into 2029 based on current plans. EQ302 advancement for GI indications including celiac disease is under evaluation, underscoring pipeline progression amid cost discipline.