secwatch.observer — SEC 8-K summary
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Issuer:     Equillium, Inc. (EQ)
CIK:        0001746466
Form:       8-K
Filed at:   2026-03-25T23:59:59+00:00
Accession:  0001193125-26-124107
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1746466/000119312526124107/0001193125-26-124107-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1746466/000119312526124107/eq-20260325.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-124107

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer