Equillium adopts crypto treasury strategy; cash $11.5M, runway into Q4 2025; going concern doubt

Equillium, Inc.

Cash and cash equivalents $11.5M as of June 30, 2025; expects to fund operations into Q4 2025.
Amended investment policy to allow cryptocurrency purchases; no crypto purchased yet, plans updates in Q3 2025.
Pipeline paused: preparing EQ504 for clinical development subject to raising capital; development activities paused.
Replaced ATM sales agent from Jefferies to LifeSci Capital; $21.95M available under ATM facility.
Going concern doubt: substantial doubt about ability to continue; need additional capital immediately.

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