Equillium (EQ) awards 1,150,000 stock options to President and CSO

Rhea-AI Filing Summary

Equillium, Inc. granted its President and Chief Scientific Officer, Stephen Connelly, an employee stock option to buy 1,150,000 shares of common stock at an exercise price of $1.31 per share on 01/07/2026. The option has an expiration date of 01/06/2036 and was received at no cost, as reflected by a derivative security price of $0.

According to the vesting terms, 25% of the shares under the option vest on the first anniversary of the vesting commencement date, with the remaining shares vesting in 36 equal monthly installments over the following three years. After this grant, Connelly beneficially holds 1,150,000 stock options directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Connelly Stephen

Role President and CSO

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	1,150,000	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 1,150,000 shares (Direct)

Footnotes (1)

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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).

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 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CSO

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

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

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)	$1.31	01/07/2026		A		1,150,000		(1)	01/06/2036	Common Stock	1,150,000	$0	1,150,000	D

Explanation of Responses:

1. 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/ Stephen Connelly	01/09/2026
	** 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

Who received the new stock option grant reported for EQ?

The grant was made to Stephen Connelly, who serves as President and Chief Scientific Officer of Equillium, Inc. and is also a director.

How many shares are covered by Stephen Connelly’s new Equillium (EQ) option?

The employee stock option covers 1,150,000 shares of Equillium, Inc. common stock.

What is the exercise price and term of Stephen Connelly’s Equillium option grant?

The option has an exercise price of $1.31 per share and an expiration date of 01/06/2036, giving it a long-dated term.

How does the new Equillium (EQ) option grant to Stephen Connelly vest?

Per the disclosure, 25% of the option vests on the first anniversary of the vesting commencement date, and the remaining 75% vests in 36 equal monthly installments over the next three years.

How many derivative securities does Stephen Connelly hold after this Equillium grant?

Following this grant, Stephen Connelly beneficially owns 1,150,000 derivative securities (stock options) directly.

Was there any purchase price paid for the Equillium (EQ) option itself?

The option was granted with a derivative security price of $0, meaning there was no purchase price for receiving the option; value is realized only upon exercise at $1.31 per share.