Equillium, Inc.
EQ evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for EQ—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · EQ
Equillium, Inc. is a clinical-stage biotechnology company developing novel therapies for severe autoimmune and inflammatory disorders, with a primary focus on advancing its aryl hydrocarbon receptor modulator EQ504 into and through clinical development.
Key risk: Clinical-stage with no approved products
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 4 clinical trials for Equillium, Inc..
Equillium, Inc. is a clinical-stage biotechnology company developing novel therapies for severe autoimmune and inflammatory disorders, with a primary focus on advancing its aryl hydrocarbon receptor modulator EQ504 into and through clinical development.
- Equillium is a clinical-stage biotechnology innovator focused on developing therapies for severe autoimmune and inflammatory disorders [sec_mda · as of 2026-08-13].
- As of June 30, 2026, the company reported cash and cash equivalents of $57.2 million [sec_mda · as of 2026-08-13].
- The company's primary goal is to advance EQ504, a novel aryl hydrocarbon receptor (AhR) modulator, into and through clinical development [sec_mda · as of 2026-08-13].
- From inception through June 30, 2026, Equillium has incurred operating losses, with a net loss of $4.7 million for the quarter ended June 30, 2026 [latest reported financials].
- The company has an accumulated deficit of $221.5 million as of March 31, 2026 [sec_mda · as of 2026-05-13].
What works
- Equillium has a clear strategic focus on advancing EQ504, a novel AhR modulator, which represents a differentiated approach in autoimmune and inflammatory disorders [sec_mda · as of 2026-08-13].
- The company maintains a cash position of $57.2 million as of June 30, 2026, providing a runway to support near-term development activities [sec_mda · as of 2026-08-13].
- Equillium has a multi-cytokine targeting drug discovery platform that could generate additional preclinical candidates [sec_mda · as of 2026-03-25].
What to weigh
- Equillium has a history of operating losses and an accumulated deficit of $221.5 million as of March 31, 2026, with expectations of continued significant expenses [sec_mda · as of 2026-05-13].
- The company's future capital requirements are uncertain and depend on factors such as clinical trial costs, regulatory timelines, and macroeconomic conditions [sec_mda · as of 2026-03-25].
- Equillium has paused activities on EQ101 and EQ302, concentrating resources on EQ504, which increases pipeline concentration risk [sec · filed 2024-10-31].
- The company is a clinical-stage entity with no approved products or revenue, and profitability is not guaranteed [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
Equillium's primary goal is to advance EQ504 into clinical development.
“Our primary goal is to advance EQ504, our novel aryl hydrocarbon receptor, or AhR, modulator, into and through clinical development.”
SEC MD&A · August 13, 2026
Cash and cash equivalents as of June 30, 2026.
“As of June 30, 2026, we had $57.2 million in cash and cash equivalents.”
SEC MD&A · August 13, 2026
Accumulated deficit as of March 31, 2026.
“As of March 31, 2026, we had an accumulated deficit of $221.5 million.”
SEC MD&A · May 13, 2026
The company expects to continue incurring significant operating losses.
“We expect to continue to incur significant expenses and operating losses into the foreseeable future.”
SEC MD&A · August 13, 2026
Risks & what to watch (4)›
Key risks
- Clinical-stage with no approved products — Equillium has no approved products or revenue, and its future depends on successful development and regulatory approval of EQ504 [sec_mda · as of 2026-08-13].
- Significant accumulated deficit — Accumulated deficit of $221.5 million as of March 31, 2026, with continued losses expected [sec_mda · as of 2026-05-13].
- Pipeline concentration on EQ504 — Pausing of EQ101 and EQ302 activities increases reliance on the success of EQ504 [sec · filed 2024-10-31].
- Uncertain capital requirements — Future capital needs depend on clinical progress, regulatory outcomes, and macroeconomic factors [sec_mda · as of 2026-03-25].
What to watch
- Initiation and progress of clinical trials for EQ504, the company's lead AhR modulator [sec_mda · as of 2026-08-13].
- Updates on cash runway and any future financing activities, given the $57.2M cash position as of June 30, 2026 [sec_mda · as of 2026-08-13].
- Any resumption of development activities for EQ302 or other pipeline candidates [sec_mda · as of 2026-08-13].
- Regulatory milestones or data readouts that could impact the valuation of EQ504 [sec_mda · as of 2026-08-13].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Equillium, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Equillium, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
41.9 months
D/E 0.05 · 0% dilution
Lead: Phase 3
4 candidates
No upcoming catalysts tracked
0 buys · 10 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
46
Total value held
$72.2M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 12,989,142 | $25.9M |
| adage capital partners gp, l.l.c. | 5,329,416 | $10.7M |
| adar1 capital management, llc | 3,726,659 | $7.5M |
| vanguard capital management llc | 3,568,944 | $7.1M |
| ra capital management, l.p. | 3,096,336 | $6.2M |
| balyasny asset management l.p. | 1,638,770 | $3.3M |
| affinity asset advisors, llc | 1,226,310 | $2.5M |
| renaissance technologies llc | 656,964 | $1.3M |
| diadema partners lp | 433,844 | $868K |
| hudson bay capital management lp | 428,538 | $857K |
Showing top 10 of 46 institutional holders of Equillium, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 5.5%
- Days to cover
- 4.4
- Shares short
- 2,727,834
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
EQ short interestGovernance
Frequently asked questions
What is the AI investment thesis for Equillium, Inc.?
Equillium, Inc. is a clinical-stage biotechnology company developing novel therapies for severe autoimmune and inflammatory disorders, with a primary focus on advancing its aryl hydrocarbon receptor modulator EQ504 into and through clinical development.
What is Equillium, Inc.'s lead drug candidate?
Equillium, Inc.'s most advanced tracked candidate is eq101 (Phase 2) for Alopecia Areata.
Who is the CEO of Equillium, Inc.?
Mr. Bruce Steel is the chief executive officer of Equillium, Inc. (EQ).
Where is Equillium, Inc. headquartered?
Equillium, Inc. (EQ) is headquartered in La Jolla, CA, United States.
What therapeutic areas does Equillium, Inc. focus on?
Equillium, Inc. develops therapies across Immunology, Respiratory, Nephrology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.