Equillium (NASDAQ: EQ) trims Q1 2026 loss and extends cash runway into 2029
Rhea-AI Filing Summary
Equillium, Inc. reported first quarter 2026 results and highlighted progress on its immunology pipeline, led by EQ504. For the quarter ended March 31, 2026, net loss was $5.3 million, or $(0.06) per share, improving from a net loss of $8.7 million, or $(0.24) per share, a year earlier as operating expenses declined.
Research and development expenses fell to $3.0 million from $5.9 million, mainly due to winding down prior clinical studies, while general and administrative expenses declined to $2.6 million from $2.9 million on lower legal and professional fees. Cash and cash equivalents increased to $61.3 million as of March 31, 2026 from $30.3 million at year-end 2025, helped by a $35 million private placement completed in March.
The company expects its cash position to fund currently planned operations into 2029. Equillium plans to start a Phase 1 proof-of-mechanism study of EQ504 in mid-2026, with data anticipated about six months later, and is also evaluating further advancement of its EQ302 program.
Positive
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Negative
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Insights
Lower burn and stronger cash extend Equillium’s runway into 2029.
Equillium cut quarterly operating expenses to $5.6M from $8.9M, mainly by winding down older clinical studies. Net loss narrowed to $5.3M, while a $35M private placement lifted cash to $61.3M as of March 31, 2026.
Management states this cash should fund currently planned operations into 2029, which is meaningful for a clinical-stage company with no product revenue. This reduces near-term financing pressure while they advance EQ504 into a Phase 1 proof-of-mechanism study and consider further development of EQ302.
Future disclosures on EQ504’s Phase 1 initiation and the approximately six-month readout timeline, along with any decisions on EQ302 advancement, will shape how this expanded runway translates into clinical value.
8-K Event Classification
Key Figures
Key Terms
Phase 1 proof-of-mechanism study financial
private placement financing financial
aryl hydrocarbon receptor (AhR) modulator technical
non-immunosuppressive therapeutic approach technical
forward-looking statements regulatory
Earnings Snapshot
Equillium believes its cash and cash equivalents as of March 31, 2026 can fund currently planned operations into 2029.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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Item 2.02 Results of Operations and Financial Condition.
On May 13, 2026, Equillium, Inc. (the “Company”) announced its financial results for the first quarter ended March 31, 2026 in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in this Item 2.02 of this Current Report on 8-K, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, whether made before or after today’s date, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific references in such filing.
Item 9.01 Financial Statements and Exhibits.
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Description. |
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99.1 |
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Press release, dated May 13, 2026. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EQUILLIUM, INC. |
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Date: May 13, 2026 |
By: /s/ Bruce D. Steel |
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Bruce D. Steel |
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Chief Executive Officer |
Exhibit 99.1
Equillium Reports First Quarter 2026 Financial Results and Corporate Highlights
Phase 1 proof-of-mechanism study of EQ504 on track to initiate in mid-2026, with data expected approximately six months thereafter
Equillium appoints Snehal Naik, Ph.D., as Chief Development Officer to lead clinical development and medical strategy
Cash and cash equivalents expected to fund currently planned operations into 2029
LA JOLLA, California, May 13, 2026 – Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders, today reported financial results for the first quarter ended March 31, 2026, and provided a corporate update highlighting continued progress in support of EQ504, its potent and selective aryl hydrocarbon receptor (AhR) modulator.
“Following our March year-end update and financing, we have remained focused on advancing EQ504 toward the clinic while continuing to expand the scientific foundation supporting its differentiated profile,” said Bruce Steel, Chief Executive Officer of Equillium. “Recent preclinical data presented at IMMUNOLOGY2026 further strengthen our growing body of evidence for EQ504’s ability to modulate immune responses while promoting epithelial repair and barrier restoration. We believe these attributes reinforce the potential of EQ504 as a potentially differentiated, non-immunosuppressive therapeutic approach in ulcerative colitis and other inflammatory diseases.
We are also pleased to welcome Snehal Naik, Ph.D., as Chief Development Officer of Equillium. Snehal brings deep expertise leading integrated clinical and medical development strategies across immunology programs, including extensive experience in gastrointestinal diseases, and we welcome her addition to our leadership team as we advance EQ504 into the clinic and expand our development pipeline.”
Recent Corporate & Clinical Highlights:
First Quarter 2026 Financial Results
Research and development (R&D) expenses for the first quarter of 2026 were $3.0 million, compared with $5.9 million for the same period in 2025. The significant decrease in R&D expenses was primarily driven by the wind down of our clinical studies in 2025.
General and administrative (G&A) expenses for the first quarter of 2026 were $2.6 million, compared with $2.9 million for the same period in 2025. The decrease in G&A expenses was primarily driven by lower legal and other professional fees.
Net loss for the first quarter of 2026 was $5.3 million, or $(0.06) per basic and diluted share, compared with a net loss of $8.7 million, or $(0.24) per basic and diluted share for the same period in 2025. Net loss decreased primarily as a result of lower R&D and G&A expenses, as described above.
Cash and cash equivalents totaled $61.3 million as of March 31, 2026, compared to $30.3 million as of December 31, 2025. Equillium believes that its cash and cash equivalents on the balance sheet as of March 31, 2026 are capable of funding its currently planned operations into 2029, based on certain assumptions and estimates that may prove to be inaccurate.
About EQ504
EQ504 is an investigational potent and selective aryl hydrocarbon receptor (AhR) modulator with a multi-modal, non-immunosuppressive mechanism of action designed to be complementary to other inflammation and immunology agents. AhR is critical to barrier organ tissue physiology and immunology, maintaining barrier function and promoting tissue repair and regeneration, while regulating resident immune cells with anti-inflammatory responses. EQ504’s preclinical properties provide the potential for targeted, local delivery via enteric coating for the treatment of ulcerative colitis and other gastrointestinal diseases or inhaled formulations for the treatment of inflammatory lung diseases.
About Equillium
Equillium is a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need. The company’s pipeline consists of several novel immunomodulatory assets and product platform targeting immuno-inflammatory pathways.
For more information, visit www.equilliumbio.com.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future”, “potential” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements include, but are not limited to, statements regarding Equillium’s belief that the cash and cash equivalents on its balance sheet as of March 31, 2026 are capable of funding its currently planned operations into 2029; Equillium’s ability to advance EQ504 through key clinical milestones and continue to execute Equillium’s development strategy; EQ504’s potential as a promising therapeutic candidate for ulcerative colitis; the ability to further advance EQ302; the potential benefits of Equillium’s product candidates; and other statements that are not historical facts. These statements are based on Equillium’s current plans, objectives, estimates, expectations and intentions, are not guarantees of future performance and inherently involve significant risks and uncertainties. Because such statements are subject to risks and uncertainties, many of which are outside of Equillium’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include, but are not limited to: market conditions; volatility in the trading price of Equillium’s common stock; the sufficiency of Equillium’s capital resources and need for additional capital to achieve its goals; Equillium’s ability to raise additional capital on terms acceptable to Equillium, or at all; Equillium’s ability to continue as a going concern; risks inherent in achieving clinical milestones and stock price thresholds; Equillium’s ability to initiate or progress a Phase 1 clinical study, or any clinical trials, or the ability of such Phase I clinical study or any clinical trials to generate favorable data, on the anticipated timelines, if at all; Equillium’s ability to execute its plans and strategies; risks related to performing clinical and pre-clinical
studies, if and when initiated; whether the results from clinical and pre-clinical studies will validate and support the safety and efficacy of Equillium’s product candidates; changes in the competitive landscape; and changes in Equillium’s strategic plans. The foregoing list of risk factors is not exhaustive. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in Equillium's filings and reports with the Securities and Exchange Commission (SEC), which may be accessed for free by visiting the SEC’s website at www.sec.gov, and on Equillium’s website under the heading “Investors.” Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. Equillium undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Investor Contact
PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com
Equillium, Inc. |
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Condensed Consolidated Balance Sheets |
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(In thousands) |
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(unaudited) |
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Cash and cash equivalents |
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$ |
61,322 |
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$ |
30,277 |
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Prepaid expenses and other assets |
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1,194 |
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952 |
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Operating lease right-of-use assets |
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567 |
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658 |
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Total assets |
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$ |
63,083 |
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$ |
31,887 |
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Current liabilities |
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Accounts payable and other current liabilities |
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$ |
3,345 |
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$ |
2,934 |
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Total current liabilities |
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3,345 |
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2,934 |
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Long-term operating lease liabilities |
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251 |
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356 |
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Total liabilities |
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3,596 |
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3,290 |
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Total stockholders' equity |
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59,487 |
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28,597 |
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Total liabilities and stockholders' equity |
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$ |
63,083 |
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$ |
31,887 |
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Equillium, Inc. |
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Condensed Consolidated Statements of Operations |
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(In thousands, except share and per share data) |
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(unaudited) |
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Three Months Ended |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
$ |
2,991 |
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$ |
5,924 |
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General and administrative |
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2,619 |
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2,946 |
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Total operating expenses |
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5,610 |
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8,870 |
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Loss from operations |
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(5,610 |
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(8,870 |
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Total other income, net |
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299 |
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216 |
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Net loss |
$ |
(5,311 |
) |
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$ |
(8,654 |
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Net loss per share, basic and diluted |
$ |
(0.06 |
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$ |
(0.24 |
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Weighted-average number of common shares outstanding, basic and diluted |
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96,279,216 |
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35,586,861 |
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