Equillium Financials
This page shows Equillium (EQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Equillium’s latest filings show a cash-funded research model sustained by equity recapitalization rather than recurring operations.
In FY2025, R&D spending dropped sharply, but operating cash burn still worsened to-$22.7M from-$19.0M . That gap was bridged by a financing inflow of$30.4M while shares outstanding expanded to 61.5M, indicating the balance sheet was refreshed by new equity rather than by the business turning more cash-efficient.
FY2025 ended with cash nearly equal to the asset base:
The closeness of free cash flow and operating cash flow in FY2025—
Financial Health Signals
Equillium does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Equillium passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Equillium reported a net loss of $22.4M while operations used $22.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Equillium's EBITDA was -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 189.2% from the prior year.
Equillium reported -$22.4M in net income in fiscal year 2025. This represents a decrease of 177.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Equillium recorded an outflow of $22.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 19.3% from the prior year.
Equillium held $30.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Equillium's ROE was -78.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 36.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Equillium invested $12.8M in research and development in fiscal year 2025. This represents a decrease of 65.7% from the prior year.
Equillium invested $48K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.5% from the prior year.
Not reported for fiscal year 2025.
EQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $41.1M+13.9% | $36.1M+129.0% | $15.8M | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $12.8M-65.7% | $37.4M+1.1% | $37.0M-1.4% | $37.5M+42.3% | $26.4M+36.1% | $19.4M+9.9% | $17.6M+256.9% | $4.9M |
| SG&A Expenses | N/A | $10.8M-9.6% | $11.9M-12.0% | $13.6M-21.3% | $17.2M+51.1% | $11.4M+12.2% | $10.2M+11.9% | $9.1M+147.5% | $3.7M |
| Operating Income | N/A | -$23.6M-185.8% | -$8.3M+43.1% | -$14.5M+76.6% | -$62.1M-64.3% | -$37.8M-27.9% | -$29.5M-10.6% | -$26.7M-210.2% | -$8.6M |
| Interest Expense | N/A | N/A | N/A | $491K-53.4% | $1.1M-1.9% | $1.1M-2.4% | $1.1M+293.9% | $279K-89.1% | $2.6M |
| Income Tax | N/A | $0-100.0% | $361K-37.8% | $580K | $0 | $0 | $0 | N/A | N/A |
| Net Income | N/A | -$22.4M-177.6% | -$8.1M+39.5% | -$13.3M+78.6% | -$62.4M-59.9% | -$39.1M-31.0% | -$29.8M-16.5% | -$25.6M-93.2% | -$13.3M |
| EPS (Diluted) | — | -$0.39 | -$0.23+39.5% | -$0.38+79.5% | -$1.85-36.0% | -$1.36 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $31.9M+24.5% | $25.6M-49.3% | $50.5M-35.6% | $78.4M-8.2% | $85.4M0.0% | $85.4M+53.8% | $55.5M-17.3% | $67.2M |
| Current Assets | $31.0M+24.3% | $25.0M-49.4% | $49.3M-35.7% | $76.7M-8.0% | $83.4M-2.1% | $85.2M+53.7% | $55.4M-17.4% | $67.1M |
| Cash & Equivalents | $30.3M+67.4% | $18.1M-22.1% | $23.2M-60.7% | $59.1M+17.4% | $50.4M+110.0% | $24.0M+81.4% | $13.2M-53.6% | $28.5M |
| Accounts Receivable | N/A | $0-100.0% | $3.7M+31.6% | $2.8M | $0 | N/A | N/A | N/A |
| Total Liabilities | $3.3M-49.7% | $6.5M-76.6% | $28.0M-39.9% | $46.5M+145.9% | $18.9M+21.4% | $15.6M+13.8% | $13.7M+514.5% | $2.2M |
| Current Liabilities | $2.9M-53.8% | $6.4M-76.9% | $27.6M-13.9% | $32.0M+259.4% | $8.9M+23.1% | $7.2M+86.6% | $3.9M+91.5% | $2.0M |
| Long-Term Debt | N/A | N/A | N/A | $3.2M-63.0% | $8.8M+5.7% | $8.3M-14.5% | $9.7M | N/A |
| Total Equity | $28.6M+50.0% | $19.1M-15.6% | $22.6M-29.3% | $31.9M-52.0% | $66.5M-4.8% | $69.9M+66.9% | $41.8M-35.6% | $64.9M |
| Retained Earnings | -$216.2M-11.6% | -$193.8M-4.3% | -$185.7M-7.7% | -$172.4M-56.8% | -$110.0M-55.1% | -$70.9M-72.5% | -$41.1M-165.0% | -$15.5M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
EQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.0M | -$22.7M-19.6% | -$19.0M+12.7% | -$21.8M-149.4% | -$8.7M+72.8% | -$32.1M-30.3% | -$24.6M-7.3% | -$22.9M-204.9% | -$7.5M |
| Capital Expenditures | $118K | $48K-43.5% | $85K+70.0% | $50K-82.1% | $279K+389.5% | $57K-71.8% | $202K+173.0% | $74K+111.4% | $35K |
| Free Cash Flow | -$20.1M | -$22.8M-19.3% | -$19.1M+12.5% | -$21.8M-142.3% | -$9.0M+72.0% | -$32.1M-29.5% | -$24.8M-7.8% | -$23.0M-204.5% | -$7.6M |
| Investing Cash Flow | -$106K | $4.5M-67.7% | $13.8M+390.1% | -$4.8M-125.5% | $18.7M-31.8% | $27.4M+247.4% | -$18.6M-758.4% | -$2.2M+94.2% | -$37.4M |
| Financing Cash Flow | $65.7M | $30.4M+18453.0% | $164K+101.8% | -$9.2M-659.5% | -$1.2M-103.9% | $31.1M-42.4% | $53.9M+448.4% | $9.8M-85.2% | $66.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Share Buybacks | N/A | N/A | N/A | $260K | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -20.1%+20.1pp | -40.2% | -393.9% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | -19.6%+17.3pp | -37.0% | -396.1% | N/A | N/A | N/A | N/A |
| Return on Equity | -78.3%-36.0pp | -42.3%+16.8pp | -59.1%+136.4pp | -195.4%-136.7pp | -58.7%-16.0pp | -42.7%+18.5pp | -61.2%-40.8pp | -20.4% |
| Return on Assets | -70.2%-38.7pp | -31.5%-5.1pp | -26.4%+53.2pp | -79.6%-33.9pp | -45.7%-10.8pp | -34.9%+11.2pp | -46.1%-26.4pp | -19.7% |
| Current Ratio | 10.58+6.6x | 3.93+2.1x | 1.79-0.6x | 2.40-7.0x | 9.35-2.4x | 11.76-2.5x | 14.28-18.8x | 33.09 |
| Debt-to-Equity | 0.12-0.2x | 0.34-0.9x | 1.24+1.1x | 0.100.0x | 0.130.0x | 0.12-0.1x | 0.23+0.2x | 0.03 |
| FCF Margin | N/A | -46.5%+14.0pp | -60.5%-3.3pp | -57.2% | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Where Equillium Ranks
Frequently Asked Questions
Is Equillium profitable?
No, Equillium (EQ) reported a net income of -$22.4M in fiscal year 2025.
What is Equillium's EBITDA?
Equillium (EQ) had EBITDA of -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Equillium's return on equity (ROE)?
Equillium (EQ) has a return on equity of -78.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Equillium's free cash flow?
Equillium (EQ) recorded an outflow of $22.8M in free cash flow during fiscal year 2025. This represents a -19.3% 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) recorded an outflow of $22.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Equillium's total assets?
Equillium (EQ) had $31.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Equillium's capital expenditures?
Equillium (EQ) invested $48K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Equillium spend on research and development?
Equillium (EQ) invested $12.8M in research and development during fiscal year 2025.
What is Equillium's current ratio?
Equillium (EQ) had a current ratio of 10.58 as of fiscal year 2025, which is generally considered healthy.
What is Equillium's debt-to-equity ratio?
Equillium (EQ) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, 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 -70.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Equillium's cash runway?
Based on fiscal year 2025 data, Equillium (EQ) had $30.3M in cash against an annual operating cash burn of $22.7M. This gives an estimated cash runway of approximately 16 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 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Equillium's earnings high quality?
Equillium (EQ) reported a net loss of $22.4M while operations used $22.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.