Equillium reports Q3 net loss of $4.2M; announces $50M financing and EQ504 Phase 1 plan for mid-2026

Equillium, Inc.

2025-Q3 EPS reported -$0.41 vs consensus -$0.15 ▼ miss (-174.6%)

Q3 2025 revenue $0 vs $12.2M in prior year; net loss $4.2M ($0.06 per share) vs $7,000 loss in Q3 2024.
Closed private placement of up to $50M; initial $30M tranche funded by ADAR1, Janus Henderson, Adage, Coastlands, Woodline.
Cash and investments $33.1M at Sep 30, 2025 vs $22.6M at Dec 31, 2024; expected runway through 2027.
EQ504 (AhR modulator) for ulcerative colitis Phase 1 study expected to initiate mid-2026.

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