Equillium Q4 2025 revenue $0, net loss $3.8M; cash runway into 2029 after $35M financing

Equillium, Inc.

Q4 2025 revenue $0 (vs $4.4M Q4 2024); FY2025 revenue $0 (vs $41.1M FY2024 from Ono deal).
Net loss Q4 2025 $3.8M ($0.04/share); full year 2025 loss $22.4M ($0.39/share), up from $8.1M loss in 2024.
Cash & equivalents $30.3M at Dec 31, 2025; plus $35M private placement from RA Capital in March 2026.
EQ504 Phase 1 proof-of-mechanism study expected to start mid-2026 with data ~6 months later.
Company believes cash runway funds planned operations into 2029.

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