Affinity Asset Advisors reports 4.1M Equillium (EQ) shares, a 6.5% stake

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and its managing member Michael Cho report beneficial ownership of Equillium Inc. common stock. As of June 30, 2026, they beneficially own 4,100,000 shares of Equillium common stock, representing 6.5% of the shares outstanding, held through Affinity Healthcare Fund, LP. They have sole voting and dispositive power over these 4,100,000 shares and no shared voting or dispositive power. The ownership percentage is based on 63,226,556 shares of Equillium common stock outstanding as of May 8, 2026.

Key Figures

Beneficially owned shares: 4,100,000 shares Ownership percentage: 6.5% Shares outstanding baseline: 63,226,556 shares +2 more

5 metrics

Beneficially owned shares 4,100,000 shares Equillium common stock beneficially owned as of June 30, 2026

Ownership percentage 6.5% Portion of Equillium common stock class beneficially owned as of June 30, 2026

Shares outstanding baseline 63,226,556 shares Equillium common stock outstanding as of May 8, 2026, used to calculate 6.5%

Sole voting power 4,100,000 shares Shares over which reporting persons have sole power to vote or direct vote

Sole dispositive power 4,100,000 shares Shares over which reporting persons have sole power to dispose or direct disposition

Key Terms

beneficially own, sole voting power, sole dispositive power, dispositive power, +1 more

5 terms

beneficially own financial

"may be deemed to beneficially own the securities reported herein held by the Fund"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

sole voting power financial

"the Reporting Persons have sole power to vote or to direct the vote of 4,100,000 shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"the Reporting Persons have sole power to dispose or to direct the disposition of 4,100,000 shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

dispositive power financial

"sole power to dispose or to direct the disposition of 4,100,000 shares of Common Stock"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment manager financial

"Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund"

FAQ

How many Equillium Inc. (EQ) shares does Affinity Asset Advisors beneficially own?

Affinity Asset Advisors and Michael Cho beneficially own 4,100,000 shares of Equillium Inc. common stock. These shares are held through Affinity Healthcare Fund, LP, with the reporting persons exercising sole voting and investment power over the position.

What percentage of Equillium Inc. (EQ) does Affinity Asset Advisors own?

Affinity Asset Advisors and Michael Cho report beneficial ownership of approximately 6.5% of Equillium Inc. common stock. This percentage is calculated using 63,226,556 shares outstanding as of May 8, 2026, as referenced in Equillium’s quarterly report.

Who are the reporting persons in this Equillium Inc. (EQ) Schedule 13G?

The reporting persons are Affinity Asset Advisors, LLC and Michael Cho. The securities are directly held by Affinity Healthcare Fund, LP, with Affinity Asset Advisors as investment manager and Michael Cho as managing member, each deemed beneficial owners.

Does Affinity Asset Advisors share voting power over Equillium Inc. (EQ) shares?

No. As of June 30, 2026, the reporting persons have sole voting power and sole dispositive power over 4,100,000 shares of Equillium common stock. They report 0 shares with shared voting or shared dispositive power.

What share count did Equillium Inc. (EQ) use to calculate Affinity’s ownership percentage?

The reported 6.5% beneficial ownership is based on 63,226,556 shares of Equillium common stock outstanding. This outstanding share figure comes from Equillium’s Form 10-Q, which stated the count as of May 8, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/13/2026 - 04:13 PM Accepted by SEC EDGAR 08/13/2026 - 04:11 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Equillium Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

29446K106

(CUSIP Number)

06/30/2026

(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

Affinity Asset Advisors, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,100,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,100,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,100,000.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 29446K106

1

Names of Reporting Persons

Michael Cho

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 4,100,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,100,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,100,000.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

IN, HC

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, California, 92037
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 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: The securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund. As of June 30, 2026, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 4,100,000 shares of common stock, par value $0.0001 per share ("Common Stock"), of Equillium, Inc. (the "Issuer").
(b)	Percent of class: As of June 30, 2026, the Reporting Persons beneficially own approximately 6.5% of the Common Stock outstanding. The percentages disclosed above are based on 63,226,556 shares of Common Stock of the Issuer outstanding as of May 8, 2026, as set forth in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 13, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of June 30, 2026, the Reporting Persons have sole power to vote or to direct the vote of 4,100,000 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: As of June 30, 2026, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of June 30, 2026, the Reporting Persons have sole power to dispose or to direct the disposition of 4,100,000 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: As of June 30, 2026, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock.
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 acquired and are held in the ordinary course of business and 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.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	08/13/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	08/13/2026