Equillium SEC Filings

Equillium, Inc. (EQ) reporting person Stephen Connelly, Chief Scientific Officer and Director, received an employee stock option award covering 1,025,000 shares on 08/29/2025 with an exercise price of $1.74. The filing shows the option as acquired (code A) and lists 1,025,000 shares beneficially owned following the transaction. The explanatory note states standard time-based vesting: 25% vest on the first anniversary of the vesting commencement date and the remainder vests in 36 equal monthly installments thereafter.

Tom Penny, Principal Accounting Officer and director at Equillium, Inc. (EQ), was granted an employee stock option on 08/29/2025. The option permits purchase of 525,000 shares of common stock at an exercise price of $1.74 per share and expires on 08/28/2035. Under the stated vesting schedule, 25% of the option vests on the first anniversary of the vesting commencement date and the remainder vests monthly over the following three years. The shares reported as beneficially owned following the grant are 525,000, held directly by the reporting person.

Equillium, Inc. (EQ) insider filing reports an equity award granted to Christine Zedelmayer, Sr. Vice President and COO. The Form 4 shows an employee stock option transaction dated 08/29/2025 for 725,000 options with an exercise price of $1.74. Following the grant, the filing reports 725,000 shares underlying the option as beneficially owned by the reporting person.

The filing includes a vesting schedule: 25% of the option shares vest on the first anniversary of the vesting commencement date, with the remainder vesting in 36 equal monthly installments thereafter. The option entry lists an associated date of 08/28/2035 in the table for exercisability/expiration fields as provided in the filing.

Bruce D. Steel, who is identified as President and CEO, Director and a 10% owner of Equillium, Inc. (EQ), reported a grant of an employee stock option on 08/29/2025. The option covers 1,695,000 shares of common stock at an exercise price of $1.74 per share and is exercisable through 08/28/2035. The report was signed on 09/02/2025.

The option vests with 25% vesting on the first anniversary of the vesting commencement date and the remainder vesting in 36 equal monthly installments over the following three years. The filing indicates direct beneficial ownership of the underlying shares following the grant.

Equillium entered a Securities Purchase Agreement to sell 21,814,874 shares at $0.57 and pre-funded warrants to purchase up to 30,816,705 Warrant Shares at $0.5699, raising approximately $30.0 million at the anticipated Initial Closing. The agreement also permits a Milestone Closing to raise up to approximately $20.0 million if specified clinical or dosing milestones occur and a $2.50 VWAP price condition is met or waived by the investors.

Pre-funded warrants are exercisable at $0.0001 per share with net cashless exercise and beneficial ownership limits to restrict post-exercise holdings. The company agreed to file registration statements within 30 days of closings and faces cash penalties for registration failures. Equillium expects the net proceeds from the Initial Closing to extend its cash runway through 2027, is prioritizing development of EQ504, and has not initiated its announced cryptocurrency treasury reserve strategy.

Equillium, Inc. (EQ) filed an 8-K reporting an amendment to its Open Market Sale Agreement, preliminary cash of approximately $11.5 million as of June 30, 2025, and authorization of a cryptocurrency treasury reserve strategy.

The filing states that on August 3, 2025 the Company replaced Jefferies LLC with LifeSci Capital LLC as sales agent under its ATM Agreement (Amendment filed as Exhibit 10.1). On August 4, 2025 Equillium furnished a press release (Exhibit 99.1) disclosing preliminary, unaudited cash and a strategic expansion to integrate a cryptocurrency treasury reserve strategy; the Company has not purchased any cryptocurrency as of the filing. Equillium expects current cash to fund operations into the fourth quarter of 2025 based on certain assumptions and supplemented its risk factors relating to the crypto strategy (Exhibit 99.2).

Equillium, Inc. (NASDAQ: EQ) has filed a Form 144 indicating a proposed insider sale. Affiliate Jason Andrew Keyes plans to dispose of up to 88,913 common shares through broker Maxim Group on or about 07 July 2025. The filing lists an aggregate market value of $28,452.16, implying a reference price near $0.32 per share. Equillium has 35.72 million shares outstanding; the planned sale therefore represents roughly 0.25 % of the float, a modest fraction unlikely to create meaningful dilution.

The seller acquired the shares on 29 June 2018 via the company’s Employee Stock Purchase Plan and paid cash. Over the past three months, Keyes has already sold 10,000 shares on 12 June 2025 for gross proceeds of $3,860 (about $0.39 per share). The Form 144 includes the customary representation that the filer is unaware of undisclosed material adverse information about Equillium.

While Form 144 notices are routine for insiders wishing to avail themselves of Rule 144 resale exemptions, investors often monitor them for sentiment clues. The limited size of this transaction and the relatively low dollar amount suggest minimal direct market impact, though persistent insider selling may weigh on investor perception.