EQ Stock — Equillium Inc.: Cash, EV, Pipeline

What they do

We are a biotechnology innovator developing novel therapies to treat severe autoimmune and inflammatory disorders with the mission to develop life-changing therapeutics for patients. Our primary goal is to advance EQ504, a novel aryl hydrocarbon receptor, or AhR, modulator, into and through clinical development.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.51

Market cap

$118.3M

Cash

$57.2M

Enterprise value

$61.1M

Balance sheet

Cash	$57.2M
Debt	$0.0M
Net cash	$57.2M
Enterprise value	$61.1M
Basic shares	63.4M shares
Fully diluted shares	129.2M shares
Fully diluted market cap	$195.1M
Cash per share	$0.90
Quarterly burn	$4.1M
Cash runway	13.9 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

63.4M

Pre-funded warrants

48.5M

Options

15.5M

RSUs

0.0M

Warrants

0.1M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.7M

FDSO

129.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

EQ504 · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	EQ504 Phase 1 proof-of-mechanism	Phase 1	Not disclosed	approximately six months after Q4 2026 initiation

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

EQ504

Preclinical · Active Modality: AhR modulator

Target AhR (aryl hydrocarbon receptor)

Indications

ulcerative colitis (Stage not disclosed)
other gastrointestinal diseases (Stage not disclosed)
inflammatory lung diseases (potential expansion) (Stage not disclosed)

Catalysts

— None

Status note Preclinical-stage AhR modulator. Phase 1 proof-of-mechanism study initiation planned for the fourth quarter of 2026.

EQ302

Preclinical · Active Modality: bi-specific IL-15/IL-21 inhibitor; oral delivery formulation

Target IL-15 / IL-21

Partnerships Bioniz Therapeutics (acquired February 2022; exclusive worldwide rights; up to $5M regulatory milestones for EQ302)

Indications

celiac disease (Stage not disclosed)
gastrointestinal diseases (Stage not disclosed)

Status note Bi-specific IL-15/IL-21 inhibitor formulated for oral delivery. IND-enabling development activities initiated.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	EQ504
Lead indication	Ulcerative Colitis
Lead phase	Phase 1
Active trials	0

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	3,758,569	+31,910	0.57%	2026-08-14
RA Capital Management	3,096,336	no change	0.09%	2026-08-14
Ikarian Capital	303,555	no change	0.16%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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EQ — Equillium Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Specialist fund holders

Latest news

EQ — Equillium Inc.