Equillium (NASDAQ: EQ) CSO Stephen Connelly sells 230,975 shares in open market

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Equillium, Inc. President and CSO Stephen Connelly reported open-market sales of company common stock. He sold 200,000 shares on June 4, 2026 at a weighted average price of $3.1638 per share, in multiple trades between $3.07 and $3.345.

On June 5, 2026, he sold an additional 30,975 shares at a weighted average price of $2.9401, in trades between $2.83 and $3.06. After these transactions, he directly holds 762,025 shares of Equillium common stock.

Insider Trade Summary

Net Seller: 230,975 shares ($723,830)

Net Sell 2 txns

Insider Connelly Stephen

Role President and CSO

Sold 230,975 shs ($724K)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,975	$2.9401	$91K
Sale	Common Stock	200,000	$3.1638	$633K

Holdings After Transaction: Common Stock — 762,025 shares (Direct, null)

Footnotes (1)

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.07 to $3.345, 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 ranges set forth in this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.83 to $3.06, 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 ranges set forth in this Form 4.

Key Figures

Shares sold June 4, 2026: 200,000 shares Weighted average price June 4, 2026: $3.1638 per share Shares sold June 5, 2026: 30,975 shares +3 more

6 metrics

Shares sold June 4, 2026 200,000 shares Open-market sale of common stock

Weighted average price June 4, 2026 $3.1638 per share Multiple transactions between $3.07 and $3.345

Shares sold June 5, 2026 30,975 shares Open-market sale of common stock

Weighted average price June 5, 2026 $2.9401 per share Multiple transactions between $2.83 and $3.06

Total shares sold 230,975 shares Sum of June 4 and June 5, 2026 sales

Shares owned after transactions 762,025 shares Direct holdings following June 5, 2026 sale

Key Terms

open-market sale, weighted average price, Common Stock, Form 4, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 regulatory

"within the ranges set forth in this Form 4."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

reporting person regulatory

"The reporting person undertakes to provide to the Issuer"

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Form 4 Insider Transactions: What Each Field Means →

06/05/2026 - 04:42 PM

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).

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^*

Connelly Stephen

(Last)

(First)

(Middle)

2223 AVENIDA DE LA PLAYA, SUITE 105

(Street)

LA JOLLA

CALIFORNIA

92037

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)
	President and CSO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/04/2026		S		200,000	D	$3.1638⁽¹⁾	793,000	D
Common Stock	06/05/2026		S		30,975	D	$2.9401⁽²⁾	762,025	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.07 to $3.345, 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 ranges set forth in this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.83 to $3.06, 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 ranges set forth in this Form 4.

	/s/ Stephen Connelly	06/05/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Equillium (EQ) report for Stephen Connelly?

Equillium’s President and CSO Stephen Connelly reported two open-market sales of common stock, totaling 230,975 shares. The trades occurred on June 4 and June 5, 2026, at weighted average prices of $3.1638 and $2.9401 per share, respectively.

How many Equillium (EQ) shares does Stephen Connelly still own after these sales?

After the reported sales, Stephen Connelly directly holds 762,025 shares of Equillium common stock. This figure comes from the Form 4 totals listed after his June 5, 2026 transaction and reflects his remaining direct ownership position.

At what prices did Stephen Connelly sell Equillium (EQ) shares?

For the June 4, 2026 sale, the weighted average price was $3.1638, with trades between $3.07 and $3.345. For June 5, 2026, the weighted average price was $2.9401, based on trades ranging from $2.83 to $3.06 per share.

How many Equillium (EQ) shares did Stephen Connelly sell on each date?

Stephen Connelly sold 200,000 shares of Equillium common stock on June 4, 2026, and 30,975 shares on June 5, 2026. Together, these transactions represent 230,975 shares sold in open-market trades according to the Form 4.

Were Stephen Connelly’s Equillium (EQ) stock sales single trades or multiple transactions?

Both reported sales were executed as multiple transactions at varying prices. Footnotes explain that the June 4 and June 5, 2026 trades occurred within specified price ranges, and detailed breakdowns are available upon request from the issuer or the SEC staff.