Equillium (EQ) details Q2 2026 results, $57.2M cash and EQ504 trial plans
Rhea-AI Filing Summary
Equillium, Inc. reported second quarter 2026 results and highlighted progress on EQ504, its aryl hydrocarbon receptor modulator for autoimmune and inflammatory diseases. A Phase 1 proof-of-mechanism study in healthy volunteers in Australia is expected to start in the fourth quarter of 2026, with topline data anticipated about six months later. IND-enabling work also began for EQ504 as an inhaled therapy for inflammatory lung diseases and for EQ302 in celiac disease, and a Clinical Advisory Board was established to guide the EQ504 ulcerative colitis program.
Cash and cash equivalents were $57.2 million at June 30, 2026, compared with $61.3 million at March 31, 2026, and $30.3 million at December 31, 2025; the company believes this cash can fund planned operations into 2029. Second quarter 2026 research and development expense was $2.8 million versus $4.1 million a year earlier, while general and administrative expense was $2.4 million versus $2.1 million. Net loss for the quarter was $4.7 million, or $(0.04) per share, compared with $5.7 million, or $(0.16) per share, in 2025. Total assets were $58.7 million and stockholders’ equity was $56.0 million at June 30, 2026.
Positive
- Cash runway into 2029: Cash and cash equivalents of $57.2 million as of June 30, 2026 are expected to fund currently planned operations into 2029.
- Reduced operating loss: Second quarter 2026 net loss of $4.7 million compares favorably to $5.7 million in 2025, with R&D expenses declining to $2.8 million from $4.1 million.
- Strengthened balance sheet: Total assets increased to $58.7 million and stockholders’ equity to $56.0 million at June 30, 2026, up from $31.9 million and $28.6 million at December 31, 2025.
Negative
- None.
Filing Explained
The filing shows 111.8 million versus 35.7 million weighted-average shares, but does not establish a current dilution amount.
This Form 8-K furnishes Equillium’s second-quarter results and reports
Form 8-K reports specified material events within four business days; here, Item 2.02 furnishes the company’s results rather than describing a completed financing or share issuance.
The filing’s per-share table therefore establishes a changed share-count measure used for the reported per-share results, but not a quantified current holder dilution event.
These cumulative figures place the quarterly results in a six-month operating context.
8-K Event Classification
Key Figures
Key Terms
Phase 1 proof-of-mechanism study medical
single and multiple ascending dose study medical
aryl hydrocarbon receptor medical
enteric coating medical
IND-enabling development activities regulatory
Clinical Advisory Board medical
Earnings Snapshot
The company believes its cash and cash equivalents can fund currently planned operations into 2029.
FAQ
What were Equillium (EQ)’s key clinical development plans discussed in Q2 2026?
How much cash did Equillium (EQ) report as of June 30, 2026?
How did Equillium (EQ)’s operating expenses change in Q2 2026 versus 2025?
What are Equillium (EQ)’s balance sheet totals as of June 30, 2026?
What pipeline programs beyond EQ504 did Equillium (EQ) highlight?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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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
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, Equillium, Inc. (the “Company”) announced its financial results for the second quarter ended June 30, 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 August 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: August 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 Second Quarter 2026 Financial Results and Recent Corporate Highlights
Phase 1 proof-of-mechanism study of EQ504 initiation expected in Q4 2026, with data expected approximately six months thereafter
Cash and cash equivalents of $57.2 million expected to fund operations into 2029
LA JOLLA, California, August 13, 2026 – Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology innovator with a mission to develop highly impactful therapies to treat severe autoimmune and inflammatory disorders, today reported financial results for the second quarter ended June 30, 2026, and provided a corporate update highlighting continued progress in support of EQ504, its potent and selective aryl hydrocarbon receptor (AhR) modulator.
“We continue to make meaningful progress advancing EQ504 toward the clinic," said Bruce Steel, Chief Executive Officer of Equillium. "Our colon-targeted formulated product has been manufactured, and we plan to submit the dossier for our Phase 1 study in Australia imminently. We expect to initiate this study in the fourth quarter of 2026 and report topline data approximately six months thereafter. The study is designed as a conventional randomized, double-blind, placebo-controlled single and multiple ascending dose study (SAD/MAD) in healthy volunteers, focused on safety, tolerability, pharmacokinetics and pharmacodynamics to assess proof of mechanism. Subject to supportive Phase 1 data, we anticipate expeditiously initiating a placebo-controlled study to assess the safety, tolerability, and efficacy of EQ504 in patients with moderately to severely active ulcerative colitis. Key study parameters are intended to leverage other AhR modulator clinical datasets in ulcerative colitis to facilitate an efficient patient proof-of-concept study.”
Recent Corporate & Clinical Highlights:
Second Quarter 2026 Financial Results
Cash and cash equivalents totaled $57.2 million as of June 30, 2026, compared to $61.3 million as of March 31, 2026. Equillium believes that its cash and cash equivalents on the balance sheet as of June 30, 2026, are capable of funding its currently planned operations into 2029.
Research and development (R&D) expenses for the second quarter of 2026 were $2.8 million, compared with $4.1 million for the same period in 2025.
General and administrative (G&A) expenses for the second quarter of 2026 were $2.4 million, compared with $2.1 million for the same period in 2025.
Net loss for the second quarter of 2026 was $4.7 million, or $(0.04) per basic and diluted share, compared with a net loss of $5.7 million, or $(0.16) per basic and diluted share for the same period in 2025.
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 biotechnology innovator with a mission to develop highly impactful therapies to treat severe autoimmune and inflammatory disorders.
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 plans and strategies with respect to the advancement of EQ504 toward the clinic; the timing for the submission of Equillium’s dossier for its Phase 1 study in Australia, the timing of the initiation of the study, and the timing for the reporting of topline data from the study, if initiated; Equillium’s initiation of a placebo-controlled study to assess the safety, tolerability, and efficacy of EQ504 in patients, and the timing of the study if initiated; Equillium’s ability to leverage other AhR modulator clinical datasets in ulcerative colitis to facilitate an efficient proof-of-concept study; Equillium’s development of EQ504 as a potential inhaled
therapy to treat inflammatory lung diseases; Equillium’s development of EQ302 for celiac disease; and the ability of Equillium’s cash runway to fund its currently planned operations into 2029. 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: Equillium’s ability to raise additional capital on terms acceptable to Equillium, or at all; Equillium’s ability to continue as a going concern; Equillium’s ability to execute its plans and strategies, and to execute its plans and strategies within its budgets; risks related to performing clinical and pre-clinical studies; 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. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in Equillium's filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website 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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June 30, |
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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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$ |
57,164 |
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$ |
30,277 |
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Prepaid expenses and other assets |
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1,027 |
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952 |
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Operating lease right-of-use assets |
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475 |
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658 |
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Total assets |
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$ |
58,666 |
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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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$ |
2,478 |
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$ |
2,934 |
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Total current liabilities |
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2,478 |
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2,934 |
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Long-term operating lease liabilities |
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172 |
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356 |
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Total liabilities |
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2,650 |
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3,290 |
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Total stockholders' equity |
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56,016 |
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28,597 |
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Total liabilities and stockholders' equity |
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$ |
58,666 |
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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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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
$ |
2,749 |
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$ |
4,083 |
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$ |
5,740 |
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$ |
10,007 |
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General and administrative |
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2,406 |
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2,145 |
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5,025 |
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5,091 |
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Total operating expenses |
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5,155 |
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6,228 |
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10,765 |
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15,098 |
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Loss from operations |
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(5,155 |
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(6,228 |
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(10,765 |
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(15,098 |
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Total other income, net |
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462 |
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489 |
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761 |
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705 |
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Net loss |
$ |
(4,693 |
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$ |
(5,739 |
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$ |
(10,004 |
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$ |
(14,393 |
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Net loss per share, basic and diluted |
$ |
(0.04 |
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$ |
(0.16 |
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$ |
(0.10 |
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$ |
(0.40 |
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Weighted-average number of common shares outstanding, basic and diluted |
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111,805,635 |
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35,719,317 |
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104,085,316 |
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35,653,455 |
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