Equillium Inc (EQ)
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At first glance Equillium looks reassuring: $61.3 million in cash as of March 31, 2026, $60.4 million of it in money market funds, no financial debt, no auditor doubting that the company can keep going. The second glance, into the filings with the U.S. securities regulator, the SEC, shows where that cash came from — and what is left of the company underneath it. The $41.1 million of revenue booked in 2024 came from a single contract whose purchase option expired on October 30, 2024; on September 30, 2025 every right to the former lead drug itolizumab reverted to the licensor Biocon. What remains is 14 employees, two preclinical compounds — and a share count the quoted price shows only half of: on top of the 63.2 million shares outstanding sit 48.5 million pre-funded warrants that the company itself folds into its own loss per share. Not investment advice — just the arithmetic of who really owns this cash.
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AI Rating
Uses AIEquillium ist ein klinisches Biotech-Unternehmen rund um den AhR-Modulator EQ504 ohne KI-Produkt und ohne KI-Umsatz, bestätigt aber seit dem Quartalsbericht vom Mai 2025 durchgehend wörtlich, dass Beschäftigte generative künstliche Intelligenz und maschinelles Lernen für ihre Arbeit einsetzen und dass ein Wegfall dieser Werkzeuge das eigene Geschäft weniger effizient machen und Wettbewerbsnachteile bringen würde.
View the full file — quotes, sources, reviewed filings
„Our employees and personnel use generative artificial intelligence, or AI, or machine learning, or ML, technologies to perform their work, and the disclosure and use of personal data in generative AI technologies is subject to various privacy laws and other privacy obligations."
Unsere Angestellten und Mitarbeiter setzen generative künstliche Intelligenz (KI) beziehungsweise maschinelles Lernen (ML) ein, um ihre Arbeit zu verrichten, und die Offenlegung und Nutzung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
„If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages."
Sollten wir generative KI nicht nutzen können, könnte dies unser Geschäft weniger effizient machen und zu Wettbewerbsnachteilen führen.
„Regulatory or contractual obligations related to AI/ML may make it harder for us to conduct our business using AI/ML, lead to regulatory fines or penalties, require us to change our business practices, or prevent or limit our use of AI/ML."
Regulatorische oder vertragliche Pflichten im Zusammenhang mit KI/ML können es uns erschweren, unser Geschäft unter Einsatz von KI/ML zu betreiben, zu Bußgeldern oder Strafen der Aufsicht führen, uns zur Änderung unserer Geschäftspraktiken zwingen oder unseren Einsatz von KI/ML verhindern oder begrenzen.
Filings Reviewed: 10-Q 2026-05-13 · 10-K 2026-03-25 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-Q 2025-05-14 · 10-K 2025-03-27
Rated on July 30, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.01 | 110.00 | 14 | 51.80 | 3.40 | 1 | 1 |
| 2024: Q3 | 0.00 | 99.80 | 12 | 37.10 | -0.10 | -8 | -8 |
| 2024: Q4 | -0.16 | -128.60 | 4 | -52.30 | -131.90 | -3 | -3 |
| 2025: Q1 | -0.24 | -200.00 | 0 | -100.00 | – | -8 | -8 |
| 2025: Q2 | -0.16 | -1,700.00 | 0 | -100.00 | – | -3 | -3 |
| 2025: Q3 | -0.06 | -29,900.00 | 0 | -100.00 | – | -8 | -8 |
| 2025: Q4 | -0.04 | 75.00 | 0 | -100.00 | – | -3 | -3 |
| 2026: Q1 | -0.06 | 75.00 | 0 | – | – | -4 | -4 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
As of March 31, 2026 there is $61.322 million of cash ($60.390 million of it in money market funds) against $3.596 million of liabilities, consisting solely of supplier invoices, accruals and lease obligations. There is no loan, no credit line and no convertible note; the old $10 million loan was repaid in full on May 25, 2023. The audit opinion for fiscal 2025 contains no going-concern doubt.
Revenue fell from $41.1 million (2024) to zero (2025) and stays there — the income statement has had no revenue line for five quarters. The cause is the expiry of the Ono purchase option on October 30, 2024. On September 30, 2025 all itolizumab rights reverted to Biocon; in return Equillium's own obligation to pay Biocon up to $30 million plus $565 million of milestones lapsed — together with any prospect of ever triggering it. What remains are two preclinical candidates; the Phase 1 start announced for mid-2026 is confirmed in no filing as of July 30, 2026.
The quoted price counts 63,226,556 shares (May 8, 2026), the company itself 96,279,216 weighted shares in the first quarter of 2026, because 48,515,298 pre-funded warrants at $0.0001 enter the basic loss per share. Economically there are 111,741,854 shares, potentially 164,704,477. Reservations rose in 2025 from 13.3 million to 80.7 million; the first quarter of 2026 alone added 4.48 million new options — for 14 employees.
The annual meeting of May 28, 2026 doubled authorized capital from 200 million to 400 million shares (executed by certificate of amendment, 11,570,307 votes against = roughly 21 percent of the 54,287,329 shares represented) and granted authority for a reverse split of 1-for-2 to 1-for-20 through December 31, 2027 at the board's sole discretion — with no Nasdaq pressure, since the minimum bid price requirement has been satisfied since August 29, 2025. On top: no dedicated finance chief, and a sale of 230,975 founder shares by the president and chief scientific officer on June 4 and 5, 2026 without a pre-arranged trading plan.
Of $12.8 million of research expense in 2025, $1.301 million went to the declared lead project EQ504, $4.827 million to winding down the failed legacy study and $6.530 million to indirect costs; beside that sit $10.8 million of administrative expense for 14 employees. The cryptocurrency treasury approved in August 2025 remains unimplemented as of July 30, 2026, and its risk chapter runs to roughly 25,500 characters — more than twice the product description (roughly 10,900).
Metric databases carry $130,000 of 2025 revenue while the filing reports zero; every price-to-sales, enterprise-value and growth figure derived from it is unusable. The feed market value also counts only the 63.2 million shares outstanding and therefore prices the company roughly 43 percent below its economic size (roughly $127 million instead of roughly $225 million at the documented price of $2.01 on April 6, 2026). Only dated filing prices hold up.
Equillium is the cash illusion in its purest form: $61.3 million of cash as of March 31, 2026, no financial debt, no going-concern qualification — and behind it a company with 14 employees, no revenue, no product and two preclinical compounds. The $41.1 million of 2024 revenue was the wind-down of a single contract whose purchase option expired on October 30, 2024; on September 30, 2025 every right to the former lead product reverted to Biocon. The full cash box was paid for with stock: on top of the 63.2 million visible shares sit 48.5 million pre-funded warrants that the company itself counts, plus reservations taking the total to 164.7 million — and since May 28, 2026 an authorized capital of 400 million. Buying here means buying a well-filled cash box plus the hope for a molecule whose first study in humans no document has yet confirmed. Not investment advice.
- EQ reached the research list through the Reddit hype watch run of our in-house stock scanner, cut-off date July 30, 2026 — that is, through the sheer frequency of mentions in investor forums. That is a reason to read the original documents, not a quality signal. Classic metric screens do not apply here anyway: no profit, so no P/E; no revenue, so no P/S.
- Recency gate: the most recent periodic report is the quarterly report (10-Q) as of March 31, 2026, filed May 13, 2026; the same-day results release (8-K, Item 2.02) has been evaluated. Every filing after that was reviewed individually — two ownership filings of May 15, 2026, the current report 8-K of May 29, 2026 on the annual meeting plus seven insider filings (Form 4), and a further insider filing (Form 4) and notices of proposed insider sales (Form 144) of June 4 and 5, 2026. Nothing after that through July 30, 2026. Important: the quarterly report still states 200,000,000 authorized shares — that figure has been outdated since May 28, 2026 (400,000,000).
- Valuation figures dated and evergreen: documented filing prices of $1.55 (December 31, 2025), $2.01 (April 6, 2026) and $3.1638 (average of an insider sale on June 4, 2026). Market value is deliberately stated twice (roughly $127 million narrow, roughly $225 million economic as of April 6, 2026), because any calculation without the 48,515,298 pre-funded warrants comes out roughly 43 percent below the economic figure. Risk of confusion: the going-concern paragraph reprinted in the report for 2025 comes from the predecessor auditor and relates to 2024 and 2023 — for 2025 itself there is none.
About the Company
Equillium, Inc., a clinical-stage biotechnology company, develops therapeutics to treat severe autoimmune and inflammatory, or immuno-inflammatory disorders in the United States. The company develops EQ504, a novel AhR modulator that is in preclinical-stage for the treatment of ulcerative colitis and lung inflammation diseases. It also develops EQ302, a bi-specific inhibitor of IL-15 and IL-21 formulated for oral delivery for the treatment of celiac diseases. The company was formerly known as Attenuate Biopharmaceuticals, Inc. and changed its name to Equillium, Inc. in May 2017. Equillium, Inc. was incorporated in 2017 and is headquartered in La Jolla, California.
| IPO Year | 2018 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.