EQ Form 144: 88.9k-Share Insider Sale Worth $28.5k Planned

Rhea-AI Filing Summary

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.

Positive

• None.

Negative

• Insider disposition: Filing signals intent to sell 88,913 shares; continuous insider selling can pressure sentiment despite small relative size.

Insights

Equity Research Analyst

TL;DR: Small insider sale (0.25% float) appears routine; negligible fundamental impact but may modestly influence sentiment.

The filing shows Jason Andrew Keyes intends to sell 88.9k shares worth $28.5k. Given Equillium’s 35.7 million shares outstanding, the transaction is immaterial to share count and cash balance. Insider sales via ESPP shares are common for diversification. Still, some investors view any insider disposition as a bearish data point, especially following a recent 10k-share sale. With no accompanying operational update, I view the impact as neutral. Monitor for additional filings that could indicate a broader liquidation trend.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Maxim Group 300 Park Ave 16th Floor New York NY 10022	88913	28452.16	35719317	07/07/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	06/29/2018	Employee Stock Purchase Plan	Issuer			88913	07/07/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Jason Andrew Keyes 2223 Avenida de la Playa, Suite 105 La Jolla CA 92037	Common Stock	06/12/2025	10000	3860.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Equillium (EQ) shares are being sold under this Form 144?

The notice covers 88,913 common shares to be sold.

What is the estimated market value of the proposed EQ share sale?

The aggregate market value is listed as $28,452.16.

When is the approximate sale date for the Equillium shares?

The filer intends to sell on or about 07 July 2025.

Who is the seller named in Equillium’s Form 144 filing?

The filing identifies Jason Andrew Keyes as the seller.

How significant is the planned sale relative to Equillium’s shares outstanding?

The 88,913 shares equal roughly 0.25 % of Equillium’s 35.7 million outstanding shares.

Has the seller disposed of Equillium stock recently?

Yes, Keyes sold 10,000 shares on 12 June 2025 for $3,860.