Traders should monitor the initiation of the EQ504 Phase 1 trial in mid-2026 as the next major catalyst. Despite the revenue collapse, the extended cash runway reduces near-term dilution risk, but long-term value hinges entirely on EQ504's clinical progress.
Price Chart
Executive Summary
Equillium reported $0 revenue for Q4 and full-year 2025, a sharp decline from $4.4M and $41.1M in the prior year due to the conclusion of its Ono Pharmaceutical agreement. Net loss widened to $22.4M for the year, but the company secured $35M in March 2026 financing, extending its cash runway into 2029 to fund development of EQ504. The focus has shifted to advancing its Phase 1 study of EQ504, planned for mid-2026.
Key Financial Metrics
Key Facts
- Revenue was $0 for Q4 and full-year 2025, down from $4.4M (Q4) and $41.1M (full year) in 2024 due to the end of the Ono Pharmaceutical agreement.
- R&D expenses dropped to $12.8M in 2025 from $37.4M in 2024 as clinical studies wound down.
- Net loss increased to $22.4M in 2025 from $8.1M in 2024, primarily due to lost revenue.
- Cash, cash equivalents, and short-term investments were $30.3M as of December 31, 2025, up from $22.6M in 2024.
- Company completed a $35M private placement in March 2026 with RA Capital Management, extending operating runway into 2029.
- Phase 1 proof-of-mechanism study for EQ504 planned for mid-2026, with data expected ~6 months later.
Financial Impact
Revenue declined by $41.1M year-over-year; net loss increased by $14.3M. However, $35M financing in March 2026 significantly improves liquidity.
Risk Factors
- No current revenue stream; future depends entirely on EQ504 development success.
- Clinical trial delays or failure could severely impact valuation given lack of diversified pipeline.
- Forward-looking statements about funding into 2029 depend on assumptions that may prove inaccurate.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3262562 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $1.29 | awaiting T+60 | — | $1.35 (−4.66%) |
Oct 26, 2026 1d ago | Press Release | $1.12 | awaiting T+60 | — | $1.35 (+20.51%) |
Oct 5, 2026 21d ago | 8-K | $1.42 | awaiting T+60 | — | $1.35 (−4.92%) |
Oct 5, 2026 21d ago | Press Release | $1.42 | awaiting T+60 | — | $1.35 (−4.92%) |
Sep 29, 2026 27d ago | Press Release | $1.63 | awaiting T+60 | — | $1.35 (−16.92%) |
Jun 11, 2026 19w ago | Institutional Cluster | $2.81 $2.21 | ▼ −21.35% | ▼ −25.75% | $1.35 (−51.95%) |
Jun 5, 2026 20w ago | Insider Cluster | $2.77 $2.21 | ▲ +20.40% | ▲ +23.45% | $1.35 (+51.26%) |
May 29, 2026 21w ago | Insider Cluster | $3.08 $2.18 | ▼ −29.22% | ▼ −30.45% | $1.35 (−56.17%) |
May 20, 2026 22w ago | Press Release | $2.21 | awaiting T+60 | — | $1.35 (−38.91%) |
Apr 17, 2026 27w ago | EFFECT | $2.05 $2.76 | ▲ +34.63% | ▲ +28.49% | $1.35 (−34.14%) |
US Market Status
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