Equillium, Inc. (EQ) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EQ SEC filings page.
This page shows Equillium, Inc. (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 accounts show a development-stage business funded externally, with cash use rising even after research spending fell.
The unusual shift is that R&D spending fell from$37.4M in FY2024 to$12.8M in FY2025, yet net loss widened from$8.1M to$22.4M ; reducing research expense alone did not determine the latest result.
Cash conversion remains nearly one-for-one negative: FY2025 operating cash flow was
External funding, not operations, rebuilt liquidity: financing provided
Financial Health Signals
Equillium, Inc. 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, Inc. 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, Inc. 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, Inc.'s EBITDA was -$5.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.2% from the same quarter a year earlier. Against the prior quarter it is up 8.2%.
Equillium, Inc. reported -$4.7M in net income in Q2 2026. This represents an increase of 18.2% from the same quarter a year earlier. Against the prior quarter it is up 11.6%.
Equillium, Inc. earned -$0.04 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 33.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
Equillium, Inc. recorded an outflow of $4.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 38.7% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.
Equillium, Inc. held $57.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Equillium, Inc.'s ROE was -8.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 105.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Equillium, Inc. invested $2.7M in research and development in Q2 2026. This represents a decrease of 32.7% from the same quarter a year earlier. Against the prior quarter it is down 8.1%.
Equillium, Inc. invested $71K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 2266.7%.
Not reported for Q2 2026.
EQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $4.4M-52.3% | $12.2M+37.1% |
| R&D Expenses | $2.7M-32.7% | $3.0M-49.5% | N/A | $1.3M-86.4% | $4.1M-62.2% | $5.9M-39.2% | $7.3M-20.3% | $9.6M+6.6% |
| SG&A Expenses | $2.4M+12.2% | $2.6M-11.1% | N/A | $3.3M-0.1% | $2.1M-31.8% | $2.9M-21.2% | $1.8M-45.0% | $3.3M-6.8% |
| Operating Income | -$5.2M+17.2% | -$5.6M+36.8% | N/A | -$4.6M-573.8% | -$6.2M-6128.0% | -$8.9M-217.8% | -$4.7M-46.8% | -$679K+81.3% |
| EBITDA | -$5.1M+17.2% | -$5.6M+36.8% | N/A | -$4.5M-606.1% | -$6.2M-9432.3% | -$8.8M-220.3% | -$4.7M | -$644K+82.1% |
| Income Tax | N/A | N/A | N/A | $0 | $0 | $0 | $361K+2156.3% | $0-100.0% |
| Net Income | -$4.7M+18.2% | -$5.3M+38.6% | N/A | -$4.2M-60328.6% | -$5.7M-1326.3% | -$8.7M-216.5% | -$5.8M-147.4% | -$7K+99.8% |
| EPS (Basic) | -$0.04+75.0% | -$0.06+75.0% | $0.02+111.8% | -$0.06 | -$0.16-1700.0% | -$0.24-200.0% | -$0.17-183.3% | $0.00+100.0% |
| EPS (Diluted) | -$0.04 | -$0.06 | $0.02+111.8% | -$0.06 | -$0.16-1700.0% | -$0.24-200.0% | -$0.17-183.3% | $0.00+100.0% |
| Diluted Shares (Avg) | 112M | 96M | N/A | 65M+84.4% | 36M-2.4% | 36M+0.9% | N/A | 35M+1.6% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
EQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $58.7M+373.2% | $63.1M+277.1% | $31.9M+24.5% | $34.5M+0.1% | $12.4M-71.1% | $16.7M-61.6% | $25.6M-49.3% | $34.5M-37.6% |
| Current Assets | $58.0M+385.1% | $62.3M+284.0% | $31.0M+24.3% | $33.6M-0.2% | $12.0M-71.5% | $16.2M-61.8% | $25.0M-49.4% | $33.6M-37.6% |
| Cash & Equivalents | $57.2M+397.3% | $61.3M+322.9% | $30.3M+67.4% | $33.1M+114.4% | $11.5M+4.0% | $14.5M+25.4% | $18.1M-22.1% | $15.4M-55.1% |
| Short-Term Investments | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $4.5M-74.6% | $10.4M-12.5% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $5.0M+32.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.6M-63.9% | $3.6M-41.5% | $3.3M-49.7% | $3.6M-68.4% | $7.3M-64.1% | $6.2M-72.7% | $6.5M-76.6% | $11.3M-63.7% |
| Current Liabilities | $2.5M-65.7% | $3.3M-44.3% | $2.9M-53.8% | $3.1M-72.0% | $7.2M-64.1% | $6.0M-73.0% | $6.4M-76.9% | $11.1M-60.8% |
| Non-Current Liabilities | $172K+57.8% | $251K+68.5% | $356K+90.4% | $473K+112.1% | $109K-57.9% | $149K-49.5% | $187K-51.3% | $223K-92.4% |
| Total Equity | $56.0M+1007.9% | $59.5M+462.4% | $28.6M+50.0% | $30.9M+33.5% | $5.1M-77.5% | $10.6M-49.9% | $19.1M-15.6% | $23.2M-3.9% |
| Retained Earnings | -$226.2M-8.6% | -$221.5M-9.4% | -$216.2M-11.6% | -$212.4M-13.0% | -$208.2M-10.7% | -$202.5M-7.4% | -$193.8M-4.3% | -$188.0M-2.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M-36.3% | -$4.3M+47.3% | -$3.1M+5.0% | -$8.4M-10.1% | -$3.0M-512.7% | -$8.2M+7.2% | -$3.3M+41.8% | -$7.7M-301.1% |
| Depreciation & Amortization | $26K-18.8% | $24K-27.3% | $23K-34.3% | $28K-20.0% | $32K-8.6% | $33K+3.1% | $35K+6.1% | $35K+12.9% |
| Stock-Based Compensation | $1.1M+93.3% | $930K+49.8% | N/A | $401K-60.1% | $563K-40.9% | $621K-36.1% | N/A | $1.0M+2.7% |
| Capital Expenditures | $71K | $3K-25.0% | $44K+1000.0% | $0 | $0-100.0% | $4K-78.9% | $4K-88.6% | $0 |
| Free Cash Flow | -$4.2M-38.7% | -$4.3M+47.3% | -$3.2M+3.8% | -$8.4M-10.1% | -$3.0M-551.0% | -$8.2M+7.3% | -$3.3M+42.0% | -$7.7M |
| Investing Cash Flow | -$71K | -$3K-100.1% | -$32K-100.5% | $0-100.0% | $0+100.0% | $4.5M+258.8% | $6.0M+207.7% | $12.0M+9.2% |
| Financing Cash Flow | $42K+362.5% | $35.3M+38741.8% | $283K+287.7% | $30.1M | -$16K | $91K | $73K-7.6% | $0+100.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
EQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | -107.0% | -5.6%+35.3pp |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -131.9% | -0.1%+41.8pp |
| Return on Equity | -8.4%+105.1pp | -8.9%+72.9pp | N/A | -13.7%-13.6pp | -113.5%-115.6pp | -81.8%-68.9pp | -30.4%-20.0pp | 0.0%+15.4pp |
| Return on Assets | -8.0%+38.3pp | -8.4%+43.3pp | N/A | -12.3%-12.2pp | -46.3%-47.4pp | -51.7%-45.5pp | -22.6%-18.0pp | 0.0%+6.7pp |
| Current Ratio | 23.40+21.7x | 18.62+15.9x | 10.58+6.6x | 10.85+7.8x | 1.65-0.4x | 2.70+0.8x | 3.93+2.1x | 3.04+1.1x |
| Debt-to-Equity | 0.05-1.4x | 0.06-0.5x | 0.12-0.2x | 0.12-0.4x | 1.45+0.5x | 0.58-0.5x | 0.34-0.9x | 0.49-0.8x |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 0.170.0x | 0.35+0.2x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -75.2%-13.3pp | -63.0% |
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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Equillium, Inc. EQ | FY2025 | N/A | -$22.4M | N/A | $91.3M | — |
| Biomea Fusion, Inc. BMEA | FY2025 | N/A | -$61.8M | N/A | $95.7M | — |
| Fate Therapeutics, Inc. FATE | FY2025 | $6.6M | -$136.3M | N/A | $257.6M | 54/100 |
| Corbus Pharmaceuticals Holdings, Inc. CRBP | FY2025 | N/A | -$78.5M | N/A | $106.2M | — |
| Avalo Therapeutics, Inc. AVTX | FY2025 | $59K | -$78.3M | N/A | $728.3M | — |
| Zura Bio Limited ZURA | FY2025 | N/A | -$68.7M | N/A | $399.6M | — |
Where Equillium, Inc. Ranks
Frequently Asked Questions
Is Equillium, Inc. profitable?
No, Equillium, Inc. (EQ) reported a net income of -$22.4M in fiscal year 2025.
What is Equillium, Inc.'s EBITDA?
Equillium, Inc. (EQ) had EBITDA of -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Equillium, Inc.'s return on equity (ROE)?
Equillium, Inc. (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, Inc.'s free cash flow?
Equillium, Inc. (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, Inc.'s operating cash flow?
Equillium, Inc. (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, Inc.'s total assets?
Equillium, Inc. (EQ) had $31.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Equillium, Inc.'s capital expenditures?
Equillium, Inc. (EQ) invested $48K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Equillium, Inc. spend on research and development?
Equillium, Inc. (EQ) invested $12.8M in research and development during fiscal year 2025.
What is Equillium, Inc.'s current ratio?
Equillium, Inc. (EQ) had a current ratio of 10.58 as of fiscal year 2025, which is generally considered healthy.
What is Equillium, Inc.'s debt-to-equity ratio?
Equillium, Inc. (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, Inc.'s return on assets (ROA)?
Equillium, Inc. (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, Inc.'s P/E ratio?
Equillium, Inc. (EQ) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $91.3M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Equillium, Inc.'s price-to-sales ratio?
Equillium, Inc. (EQ) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $91.3M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Equillium, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Equillium, Inc. (EQ) held $30.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $22.7M over that year. Dividing the one by the other, the reported balance equals about 16 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Equillium, Inc.'s Piotroski F-Score?
Equillium, Inc. (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, Inc.'s earnings high quality?
Equillium, Inc. (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.