[Form 4] Equillium, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Equillium, Inc. (EQ) insider filing reports an equity award granted to Christine Zedelmayer, Sr. Vice President and COO. The Form 4 shows an employee stock option transaction dated 08/29/2025 for 725,000 options with an exercise price of $1.74. Following the grant, the filing reports 725,000 shares underlying the option as beneficially owned by the reporting person.

The filing includes a vesting schedule: 25% of the option shares vest on the first anniversary of the vesting commencement date, with the remainder vesting in 36 equal monthly installments thereafter. The option entry lists an associated date of 08/28/2035 in the table for exercisability/expiration fields as provided in the filing.

Positive

• Employee stock option granted: 725,000 options reported acquired on 08/29/2025 at an exercise price of $1.74
• Vesting schedule disclosed: 25% vests at first anniversary, remainder vests in 36 equal monthly installments thereafter

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider option grant to a named officer of 725,000 options at $1.74 with a multi-year vesting schedule; disclosure is routine but material to share count.

The filing documents a non-derivative disclosure of an employee stock option awarded to the company's Sr. Vice President and COO. The grant size (725,000 options) is explicitly stated and the vesting schedule is detailed, which is important for understanding potential future dilution and incentives. The table notes an identifying date of 08/28/2035 in the exercisability/expiration column as presented. This disclosure is a standard Section 16 filing that reports the transaction and ownership level rather than providing additional commentary or valuation beyond the exercise price.

Compensation Analyst

TL;DR: The grant details and vesting timetable are disclosed; the filing is a routine compensation-related transaction that impacts outstanding option positions.

The Form 4 clearly lists an exercise price of $1.74 and the number of options (725,000) acquired on 08/29/2025. The vesting mechanics—25% at the first anniversary then monthly over three years—are provided verbatim, allowing precise modeling of when options may become exercisable. No cash value, grant date fair value, or additional compensation context is included in the filing; it strictly records the ownership change under Section 16.

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
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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^*

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)
08/29/2025

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)	$1.74	08/29/2025		A		725,000		(1)	08/28/2035	Common Stock	725,000	$0	725,000	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/ Daniel M. Bradbury, Attorney-in-Fact	09/02/2025
	** 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 insider Christine Zedelmayer acquire according to the Form 4?

The Form 4 reports an employee stock option for 725,000 underlying shares acquired on 08/29/2025 at an exercise price of $1.74.

What is the vesting schedule for the option granted to the COO (EQ)?

The filing states 25% of the option vests on the first anniversary of the vesting commencement date, with the remainder vesting in 36 equal monthly installments thereafter.

How many shares does Christine Zedelmayer beneficially own after the reported transaction?

Following the reported transaction the Form 4 shows 725,000 shares underlying the option as beneficially owned by the reporting person.

What exercise price and dates are shown in the Form 4 for the option?

The Form 4 lists an exercise price of $1.74 and includes a date of 08/28/2035 in the table fields for exercisability/expiration as presented in the filing.

Who filed the Form 4 on behalf of the reporting person?

The signature block shows the form was signed /s/ Daniel M. Bradbury, Attorney-in-Fact on 09/02/2025.