Decheng Capital entities and Xiangmin Cui filed an amendment to a Schedule 13G/A reporting beneficial ownership of common stock of EQ. The filing states ownership figures "as of March 31, 2026" and ties the percentage calculations to March 20, 2026 outstanding shares.
The filing says Fund IV directly holds "3,285,710 shares" and warrants exercisable for "985,713 shares," and Healthcare directly holds "1,161,598 shares" and warrants exercisable for "300,000 shares." The cover rows report 5,733,021 shares (8.9%) for Dr. Cui based on "63,226,556 shares outstanding as of March 20, 2026." Signatures show the report was signed on 05/15/2026.
Positive
None.
Negative
None.
Insights
Filing documents ownership stakes and voting/dispositive allocations within a connected investor group.
The amendment to the Schedule 13G/A itemizes beneficial holdings for Decheng Capital Fund IV, Healthcare, their general partners, and Dr. Xiangmin Cui, with specific share and warrant counts and shared voting/dispositive power figures recorded as of March 31, 2026. Percentages are calculated using March 20, 2026 outstanding shares.
Key dependencies include warrant exercise assumptions and the common-stock outstanding base of March 20, 2026. Subsequent filings could update percentages if outstanding shares change or warrants are exercised.
Amendment clarifies beneficial ownership and internal voting/dispositive authority across related entities.
The filing explicitly states shared voting and dispositive powers (for example, shared dispositive power of "4,271,423" for certain entities) and incorporates cover-page rows by reference. It preserves disclaimers that the Reporting Persons "expressly disclaim status as a 'group'."
Material items to watch are any future amendments that change ownership counts, warrant exercise notices, or a change in the outstanding share base used for percentage calculations.
Key Figures
Shares outstanding used for percent:63,226,556 sharesDr. Cui beneficial ownership:5,733,021 sharesDr. Cui percent of class:8.9%+4 more
7 metrics
Shares outstanding used for percent63,226,556 sharesas of March 20, 2026 (per issuer Form 10-K)
Dr. Cui beneficial ownership5,733,021 sharesreported as of March 31, 2026
Dr. Cui percent of class8.9%based on 63,226,556 shares outstanding as of March 20, 2026
Fund IV direct holdings3,285,710 sharesdirectly held by Fund IV as of March 31, 2026
Fund IV warrants985,713 shareswarrants exercisable into common stock held by Fund IV
Healthcare direct holdings1,161,598 sharesdirectly held by Healthcare as of March 31, 2026
Healthcare warrants300,000 shareswarrants exercisable into common stock held by Healthcare
Key Terms
beneficially owned, shared dispositive power, warrants exercisable, expressly disclaim status as a "group"
4 terms
beneficially ownedregulatory
"Row 9 of each Reporting Person's cover page to this Schedule 13G/A sets forth the aggregate number"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Row 8 of each Reporting Person's cover page to this Schedule 13G/A sets forth the shared power to dispose"
warrants exercisablefinancial
"warrants exercisable for up to 985,713 shares of common stock directly held by Fund IV"
expressly disclaim status as a "group"regulatory
"The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G/A"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
EQUILLIUM, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
29446K106
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
29446K106
1
Names of Reporting Persons
Decheng Capital Management IV (Cayman), LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,271,423.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,271,423.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,271,423.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.7 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
29446K106
1
Names of Reporting Persons
Decheng Capital Global Life Sciences Fund IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,271,423.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,271,423.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,271,423.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
29446K106
1
Names of Reporting Persons
Decheng Capital Global Healthcare Fund (Master), LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,461,598.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,461,598.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,461,598.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
29446K106
1
Names of Reporting Persons
Decheng Capital Global Healthcare GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,461,598.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,461,598.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,461,598.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
29446K106
1
Names of Reporting Persons
Xiangmin Cui
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,733,021.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,733,021.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,733,021.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
EQUILLIUM, INC.
(b)
Address of issuer's principal executive offices:
2223 AVENIDA DE LA PLAYA, SUITE 105, LA JOLLA, CA, 92037.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
Decheng Capital Global Life Sciences Fund IV, L.P. ("Fund IV")
Decheng Capital Management IV (Cayman), LLC ("GP IV")
Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare")
Decheng Capital Global Healthcare GP, LLC ("Healthcare GP")
Xiangmin Cui ("Dr. Cui")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
3000 Sand Hill Road, Building 2, Suite 110
Menlo Park, CA 94025
(c)
Citizenship:
Fund IV Cayman Islands
GP IV Cayman Islands
Healthcare Cayman Islands
Healthcare GP Cayman Islands
Dr. Cui United States
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
29446K106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities consists of (i) 3,285,710 shares of common stock and warrants ("Warrants") exercisable for up to 985,713 shares of common stock directly held by Fund IV and (ii) 1,161,598 shares of common stock and Warrants exercisable for up to 300,000 shares of common stock directly held by Healthcare. GP IV is the general partner of Fund IV and shares voting and investment authority over the shares held by Fund IV. Healthcare GP is the general partner of Healthcare and shares voting and investment authority over the shares held by Healthcare. Dr. Cui is the manager of GP IV and the indirect managing member and ultimate beneficial owner of Healthcare GP. Dr. Cui shares voting and investment authority over the shares held by each of Fund IV and Healthcare.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference. The percentage set forth in each row 11 is based upon 63,226,556 shares of the Issuer's common stock outstanding as of March 20, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 25, 2026, and assume the exercise of Warrants held by each Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of March 31, 2026 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Decheng Capital Management IV (Cayman), LLC
Signature:
/s/ Xiangmin Cui
Name/Title:
By Xiangmin Cui, Manager
Date:
05/15/2026
Decheng Capital Global Life Sciences Fund IV, L.P.
Signature:
/s/ Xiangmin Cui
Name/Title:
By Decheng Capital Management IV (Cayman), LLC, its General Partner, By Xiangmin Cui, Manager
Date:
05/15/2026
Decheng Capital Global Healthcare Fund (Master), LP
Signature:
/s/ Xiangmin Cui
Name/Title:
By Decheng Capital Global Healthcare GP, LLC, its General Partner, By Decheng Capital LLC, its Manager, By Xiangmin Cui, Manager
Date:
05/15/2026
Decheng Capital Global Healthcare GP, LLC
Signature:
/s/ Xiangmin Cui
Name/Title:
By Decheng Capital LLC, its Manager, By Xiangmin Cui, Manager
Date:
05/15/2026
Xiangmin Cui
Signature:
/s/ Xiangmin Cui
Name/Title:
Xiangmin Cui
Date:
05/15/2026
Exhibit Information
Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit A to the Reporting Persons' Schedule 13G filed with the SEC on November 14, 2024).
What stake does Decheng Capital Fund IV report in EQ?
Fund IV reports direct holdings of 3,285,710 shares and warrants exercisable for 985,713 shares. The filing lists these counts as part of the Fund IV position as of March 31, 2026 and uses the issuer's outstanding share base dated March 20, 2026 for percentage calculations.
How much does Xiangmin Cui beneficially own in EQ?
The cover rows report 5,733,021 shares beneficially owned by Dr. Cui, representing 8.9% of common stock on the filing's stated basis. Percentages are calculated using 63,226,556 shares outstanding as of March 20, 2026 per the cited Form 10-K.
Do the filings include warrants and how are they treated?
Yes; the amendment discloses warrants exercisable into common stock—e.g., Fund IV has warrants exercisable for 985,713 shares and Healthcare for 300,000 shares. The filing states percentages that "assume the exercise of Warrants held by each Reporting Person."
Which entities share voting or dispositive power over the reported shares?
The filing shows shared voting and dispositive power among related entities: for example, shared voting/dispositive power of 4,271,423 for certain Decheng entities; GP IV and Healthcare GP are identified as general partners sharing authority, with Dr. Cui the manager.
What outstanding share count does the filing use to compute percentages?
The percentages are based on 63,226,556 shares of common stock outstanding as of March 20, 2026, as reported in the issuer's Form 10-K filed March 25, 2026; the Schedule 13G/A states percentages assume warrant exercises.
