---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-172207"
form_type: "8-K"
ticker: "EQ"
cik: "0001746466"
company_name: "Equillium, Inc."
filed_at: "2025-08-04T23:59:59+00:00"
generated_at: "2026-05-17T21:30:50.304464+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-172207
- form_type: 8-K
- ticker: EQ
- cik: 0001746466
- company_name: Equillium, Inc.
- filed_at: 2025-08-04T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1746466/000119312525172207/0001193125-25-172207-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1746466/000119312525172207/d113174d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-172207
- JSON: https://secwatch.observer/filing/0001193125-25-172207.json
- Plain text: https://secwatch.observer/filing/0001193125-25-172207.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.