Equillium (EQ) CEO receives 1.75M stock options grant disclosure

Rhea-AI Filing Summary

Equillium, Inc. reported that its Chief Executive Officer, director and 10% owner, Bruce D. Steel, was granted an employee stock option on 01/07/2026. The option covers 1,750,000 shares of common stock at an exercise price of $1.31 per share and expires on 01/06/2036. According to the vesting terms, 25% of the shares 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, Steel beneficially holds 1,750,000 derivative securities directly.

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

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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^*

Steel Bruce D.

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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		1,750,000		(1)	01/06/2036	Common Stock	1,750,000	$0	1,750,000	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/ Bruce D. Steel	01/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Equillium (EQ) report for Bruce D. Steel?

Equillium reported that Chief Executive Officer and director Bruce D. Steel received a grant of employee stock options covering 1,750,000 shares of common stock.

What is the exercise price and term of the new Equillium (EQ) stock options?

The employee stock option has an exercise price of $1.31 per share and an expiration date of 01/06/2036.

How do the newly granted Equillium (EQ) stock options vest?

The filing states that 25% of the option shares vest on the first anniversary of the vesting commencement date, and the remaining shares vest in 36 equal monthly installments over the following three years.

What is Bruce D. Steel’s role and status at Equillium (EQ)?

Bruce D. Steel is identified as a Director, Chief Executive Officer, and a 10% Owner of Equillium, Inc.

How many derivative securities does Bruce D. Steel beneficially own after this Equillium (EQ) transaction?

Following this option grant, Bruce D. Steel beneficially owns 1,750,000 derivative securities directly.

Was the Equillium (EQ) option grant to Bruce D. Steel reported as a direct or indirect holding?

The option grant was reported as a direct (D) ownership position by Bruce D. Steel.