Equillium (EQ) COO exercises options, sells 181,219 shares under 10b5-1 plan

Rhea-AI Filing Summary

Equillium, Inc. senior vice president and COO Christine Zedelmayer exercised stock options and sold shares in a planned transaction. On March 9, 2026 she exercised options for a total of 152,361 shares of common stock at an exercise price of $0.785 per share.

The same day she sold 181,219 shares of common stock at a weighted average price of $2.00 per share, with individual sale prices ranging from $2.00 to $2.015, under a Rule 10b5-1 trading plan adopted on August 27, 2025. After these transactions she directly owned 62,586 shares of Equillium common stock.

Insider Trade Summary 10b5-1

Net Seller: 181,219 shares ($362,438)

Net Sell 7 txns

Insider Zedelmayer Christine

Role Sr. Vice President and COO

Sold 181,219 shs ($362K)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	35,695	$0.00	--
Exercise	Employee Stock Option (right to buy)	41,666	$0.00	--
Exercise	Employee Stock Option (right to buy)	75,000	$0.00	--
Exercise	Common Stock	35,695	$0.785	$28K
Exercise	Common Stock	41,666	$0.785	$33K
Exercise	Common Stock	75,000	$0.785	$59K
Sale	Common Stock	181,219	$2.00	$362K

Holdings After Transaction: Employee Stock Option (right to buy) — 0 shares (Direct); Common Stock — 127,139 shares (Direct)

Footnotes (1)

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.00 to $2.015, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. Twenty-five percent of the shares subject to the option vests on the first anniversary of the vesting commencement date, and the remainder vests in 36 equal monthly installments thereafter for the following three years.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zedelmayer Christine

(Last) (First) (Middle)

2223 AVENIDA DE LA PLAYA, SUITE 105

(Street)

LA JOLLA CA 92037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Equillium, Inc. [ EQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. Vice President and COO

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/09/2026		M		35,695	A	$0.785	127,139	D
Common Stock	03/09/2026		M		41,666	A	$0.785	168,805	D
Common Stock	03/09/2026		M		75,000	A	$0.785	243,805	D
Common Stock	03/09/2026		S(1)		181,219	D	$2(2)	62,586	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$0.785	03/09/2026		M			35,695	(3)	09/12/2028	Common Stock	35,695	$0	0	D
Employee Stock Option (right to buy)	$0.785	03/09/2026		M			41,666	(3)	02/12/2029	Common Stock	41,666	$0	0	D
Employee Stock Option (right to buy)	$0.785	03/09/2026		M			75,000	(3)	12/09/2029	Common Stock	75,000	$0	0	D

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.00 to $2.015, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

3. Twenty-five percent of the shares subject to the option vests on the first anniversary of the vesting commencement date, and the remainder vests in 36 equal monthly installments thereafter for the following three years.

	/s/ Christine Zedelmayer	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Equillium (EQ) executive Christine Zedelmayer report in this Form 4?

She reported exercising employee stock options for 152,361 Equillium common shares at $0.785 per share and selling 181,219 shares around $2.00 per share, resulting in direct ownership of 62,586 shares after the transactions.

How many Equillium (EQ) shares did the COO sell and at what price?

Christine Zedelmayer sold 181,219 Equillium common shares at a weighted average price of $2.00 per share, with individual sale prices ranging from $2.00 to $2.015, as disclosed in the Form 4 footnotes.

How many Equillium (EQ) stock options did the COO exercise?

She exercised employee stock options covering 152,361 shares of Equillium common stock at an exercise price of $0.785 per share, converting these derivative awards into directly held common shares on March 9, 2026.

How many Equillium (EQ) shares does Christine Zedelmayer own after these trades?

Following the option exercises and subsequent sale, Christine Zedelmayer directly owns 62,586 shares of Equillium common stock, according to the post-transaction holdings reported in the Form 4 filing.

Was the Equillium (EQ) COO’s share sale pre-planned under a Rule 10b5-1 plan?

Yes. The Form 4 states the 181,219-share sale was effected under a Rule 10b5-1 trading plan adopted by Christine Zedelmayer on August 27, 2025, indicating the disposition was pre-arranged rather than timed discretionarily.

What vesting terms apply to the Equillium (EQ) stock options exercised by the COO?

A footnote explains that 25% of the option vests on the first anniversary of the vesting commencement date, with the remaining 75% vesting in 36 equal monthly installments over the following three years, defining the option’s service-based vesting schedule.