Equillium Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Equillium has an operating margin of -20.1%, meaning the company retains $-20 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -40.2% the prior year.
Equillium's revenue grew 13.9% year-over-year to $41.1M, a solid pace of expansion. This earns a growth score of 68/100.
Equillium carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.93, Equillium holds $3.93 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Equillium generated -$19.0M in operating cash flow, capex of $85K consumed most of it, leaving -$19.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Equillium passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Equillium generates $2.36 in operating cash flow (-$19.0M OCF vs -$8.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Equillium (EQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Equillium generated $41.1M in revenue in fiscal year 2024. This represents an increase of 13.9% from the prior year.
Equillium's EBITDA was -$8.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 43.5% from the prior year.
Equillium generated -$19.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 12.5% from the prior year.
Equillium reported -$8.1M in net income in fiscal year 2024. This represents an increase of 39.5% from the prior year.
Equillium earned $-0.23 per diluted share (EPS) in fiscal year 2024. This represents an increase of 39.5% from the prior year.
Equillium held $18.1M in cash against $0 in long-term debt as of fiscal year 2024.
Equillium had 36M shares outstanding in fiscal year 2024. This represents an increase of 0.9% from the prior year.
Equillium's operating margin was -20.1% in fiscal year 2024, reflecting core business profitability. This is up 20.1 percentage points from the prior year.
Equillium's net profit margin was -19.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 17.3 percentage points from the prior year.
Equillium invested $37.4M in research and development in fiscal year 2024. This represents an increase of 1.1% from the prior year.
Equillium invested $85K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 70.0% from the prior year.
EQ Income Statement
| Metric | Q3'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $4.4M-68.3% | $13.9M+29.6% | $10.7M+16.0% | $9.2M+3.8% | $8.9M-2.8% | $9.1M+2.8% | $8.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $1.3M-82.2% | $7.3M-32.3% | $10.8M+10.9% | $9.7M+6.1% | $9.2M+2.3% | $9.0M-6.6% | $9.6M+3.6% | $9.3M |
| SG&A Expenses | $3.3M+84.3% | $1.8M-43.5% | $3.1M-15.8% | $3.7M+15.8% | $3.2M-8.3% | $3.5M+13.3% | $3.1M-16.4% | $3.7M |
| Operating Income | -$4.6M+2.6% | -$4.7M-4599.0% | -$100K+96.4% | -$2.8M+12.8% | -$3.2M+11.7% | -$3.6M-0.9% | -$3.6M+12.6% | -$4.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $259K+11.6% | $232K |
| Income Tax | $0-100.0% | $361K | $0 | $0-100.0% | $16K-96.8% | $496K+6100.0% | $8K-86.7% | $60K |
| Net Income | -$4.2M+27.0% | -$5.8M-1338.0% | $468K+117.1% | -$2.7M-16.7% | -$2.3M+36.9% | -$3.7M-11.0% | -$3.3M+15.2% | -$3.9M |
| EPS (Diluted) | $-0.06+62.5% | $-0.16-1700.0% | $0.01+112.5% | $-0.08-33.3% | $-0.06+45.5% | $-0.11-10.0% | $-0.10+9.1% | $-0.11 |
EQ Balance Sheet
| Metric | Q3'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.5M+34.8% | $25.6M-40.3% | $42.9M-1.7% | $43.6M-13.7% | $50.5M-8.5% | $55.2M-6.0% | $58.8M-18.1% | $71.8M |
| Current Assets | $33.6M+34.4% | $25.0M-40.4% | $41.9M-1.4% | $42.5M-13.9% | $49.3M-8.5% | $53.9M-6.0% | $57.4M-18.3% | $70.2M |
| Cash & Equivalents | $33.1M+83.1% | $18.1M+63.6% | $11.1M-4.4% | $11.6M-50.2% | $23.2M-32.5% | $34.4M+34.2% | $25.6M+4.6% | $24.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $0-100.0% | $5.9M+16.7% | $5.0M+35.2% | $3.7M-0.9% | $3.8M+0.7% | $3.7M+9.3% | $3.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.6M-45.5% | $6.5M-68.0% | $20.4M-9.2% | $22.5M-19.5% | $28.0M-10.2% | $31.1M-2.1% | $31.8M-25.3% | $42.5M |
| Current Liabilities | $3.1M-51.3% | $6.4M-68.5% | $20.2M-9.2% | $22.2M-19.5% | $27.6M-2.2% | $28.2M+11.8% | $25.2M-21.2% | $32.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.8M |
| Total Equity | $30.9M+62.3% | $19.1M-15.0% | $22.4M+6.3% | $21.1M-6.6% | $22.6M-6.4% | $24.1M-10.6% | $27.0M-7.8% | $29.3M |
| Retained Earnings | -$212.4M-9.6% | -$193.8M-3.1% | -$188.0M+0.2% | -$188.5M-1.5% | -$185.7M-1.3% | -$183.4M-2.1% | -$179.7M-1.9% | -$176.3M |
EQ Cash Flow Statement
| Metric | Q3'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.4M-155.6% | -$3.3M-551.9% | $730K+108.3% | -$8.8M-55.4% | -$5.7M-196.7% | -$1.9M+69.3% | -$6.2M+22.3% | -$8.0M |
| Capital Expenditures | $0-100.0% | $4K-93.5% | $62K+226.3% | $19K-45.7% | $35K | N/A | N/A | N/A |
| Free Cash Flow | -$8.4M-155.3% | -$3.3M-594.5% | $668K+107.6% | -$8.8M-54.7% | -$5.7M | N/A | N/A | N/A |
| Investing Cash Flow | $0-100.0% | $6.0M+543.8% | -$1.4M+52.3% | -$2.8M+49.1% | -$5.6M-150.7% | $11.0M-26.8% | $15.0M+159.6% | -$25.2M |
| Financing Cash Flow | $30.1M+41090.4% | $73K | N/A | N/A | $79K+130.4% | -$260K+96.6% | -$7.6M-433.1% | -$1.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
EQ Financial Ratios
| Metric | Q3'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -107.0%-106.3pp | -0.7%+25.4pp | -26.1%+8.6pp | -34.7%+6.1pp | -40.8%-1.5pp | -39.4%+6.9pp | -46.3% |
| Net Margin | N/A | -131.9%-135.3pp | 3.4%+29.0pp | -25.6%-0.2pp | -25.4%+16.4pp | -41.8%-5.2pp | -36.6%+7.7pp | -44.4% |
| Return on Equity | N/A | N/A | 2.1% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -12.3%+10.4pp | -22.6%-23.7pp | 1.1%+7.4pp | -6.3%-1.6pp | -4.6%+2.1pp | -6.7%-1.0pp | -5.7%-0.2pp | -5.5% |
| Current Ratio | 10.85+6.9 | 3.93+1.9 | 2.08+0.2 | 1.91+0.1 | 1.79-0.1 | 1.91-0.4 | 2.27+0.1 | 2.19 |
| Debt-to-Equity | 0.12-0.2 | 0.34-0.6 | 0.91-0.2 | 1.07-0.2 | 1.24-0.1 | 1.29+0.1 | 1.18+1.1 | 0.06 |
| FCF Margin | N/A | -75.2%-80.0pp | 4.8%+87.3pp | -82.5%-20.6pp | -61.9% | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Equillium's annual revenue?
Equillium (EQ) reported $41.1M in total revenue for fiscal year 2024. This represents a 13.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Equillium's revenue growing?
Equillium (EQ) revenue grew by 13.9% year-over-year, from $36.1M to $41.1M in fiscal year 2024.
Is Equillium profitable?
No, Equillium (EQ) reported a net income of -$8.1M in fiscal year 2024, with a net profit margin of -19.6%.
What is Equillium's earnings per share (EPS)?
Equillium (EQ) reported diluted earnings per share of $-0.23 for fiscal year 2024. This represents a 39.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Equillium's EBITDA?
Equillium (EQ) had EBITDA of -$8.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Equillium's operating margin?
Equillium (EQ) had an operating margin of -20.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Equillium's net profit margin?
Equillium (EQ) had a net profit margin of -19.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Equillium's free cash flow?
Equillium (EQ) generated -$19.1M in free cash flow during fiscal year 2024. This represents a 12.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Equillium's operating cash flow?
Equillium (EQ) generated -$19.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Equillium's total assets?
Equillium (EQ) had $25.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Equillium's capital expenditures?
Equillium (EQ) invested $85K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Equillium spend on research and development?
Equillium (EQ) invested $37.4M in research and development during fiscal year 2024.
How many shares does Equillium have outstanding?
Equillium (EQ) had 36M shares outstanding as of fiscal year 2024.
What is Equillium's current ratio?
Equillium (EQ) had a current ratio of 3.93 as of fiscal year 2024, which is generally considered healthy.
What is Equillium's debt-to-equity ratio?
Equillium (EQ) had a debt-to-equity ratio of 0.34 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Equillium's return on assets (ROA)?
Equillium (EQ) had a return on assets of -31.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Equillium's cash runway?
Based on fiscal year 2024 data, Equillium (EQ) had $18.1M in cash against an annual operating cash burn of $19.0M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Equillium's Piotroski F-Score?
Equillium (EQ) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Equillium's earnings high quality?
Equillium (EQ) has an earnings quality ratio of 2.36x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Equillium?
Equillium (EQ) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.