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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38692 EQUILLIUM, INC. (Exact name of registrant as specified in its Charter) Delaware 82-1554746 (State or other jurisdiction of inco ...

Equillium Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Corporate and Clinical Highlights Initiation of Phase 1 proof-of-mechanism study of EQ504 planned for mid-2026, with data expected approximately six months thereafter Cash and cash equivalents, inclusive of the March 2026 financing, expected to fund operations into 2029 LA JOLLA, California, March 25, 2026 – Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to ...

Initiation of Phase 1 proof-of-mechanism study of EQ504 planned for mid-2026, with data expected approximately six months thereafter Cash and cash equivalents, inclusive of the March 2026 financing, expected to fund operations into 2029 LA JOLLA, Calif, March 25, 2026 (GLOBE NEWSWIRE) -- Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders, today announced fina ...

Equillium, Inc. (NASDAQ:EQ) is one of the 10 Best High-Risk Penny Stocks to Buy Right Now. On March 13, Roth Capital analyst Adam Walsh initiated coverage of Equillium, Inc. (NASDAQ:EQ), assigning a Buy rating and a price target of $12. The firm’s assigned price target suggests a compelling 458% upside from the current levels. The firm noted that Equillium’s EQ504, an oral colon-targeted therapy, is entering Phase 1 trials for ulcerative colitis, using a mechanism that has already been validated. Despite t ...

Core Viewpoint - Equillium, Inc. is actively engaging with investors at the upcoming 38th Annual Roth Conference for Growth Companies, highlighting its commitment to transparency and investor relations [1]. Company Overview - Equillium is a biotechnology innovator focused on developing novel therapies for severe autoimmune and inflammatory disorders [2]. - The company's lead therapeutic candidate, EQ504, is designed as a potent and selective aryl hydrocarbon receptor modulator with a non-immunosuppressive mechanism of action [2]. - EQ504 has potential applications for targeted local delivery in treating ulcerative colitis and other gastrointestinal diseases, as well as inhaled formulations for inflammatory lung diseases [2].

Core Viewpoint - Equillium, Inc. has secured approximately $35 million in gross proceeds through a definitive securities purchase agreement with RA Capital Management, which will support the advancement of its investigational therapy EQ504 and extend its cash runway into 2029 [1][4][12] Financing Details - The company will issue approximately 18.9 million shares of common stock at a purchase price of $1.854 per share, based on the average closing price over the five trading days prior to the financing [2] - The gross proceeds from this financing are expected to be $35 million before expenses [2] Use of Proceeds - The net proceeds from the financing will be utilized to further advance the clinical development of EQ504, for working capital, and for general corporate purposes [3] Product Information - EQ504 is an investigational aryl hydrocarbon receptor (AhR) modulator designed for oral administration, targeting ulcerative colitis (UC) with potential as a standalone therapy or in combination with other treatments [4][8] - The product is designed to provide targeted, local delivery for gastrointestinal diseases and may also have applications in inflammatory lung diseases [8] Advisory and Compliance - LifeSci Capital is acting as the financial advisor for Equillium [5] - The securities issued in this financing are part of a private placement and have not been registered under the Securities Act of 1933, meaning they cannot be sold in the U.S. without proper registration or exemption [6]

Group 1 - The article discusses the Biotech Analysis Central service, which provides in-depth analysis of pharmaceutical companies and offers a model portfolio of small and mid-cap stocks [1][2] - The service includes over 600 articles on biotech investing, live chat, and various analysis and news reports to assist healthcare investors [2] - A promotional offer is available for new subscribers, including a two-week free trial and a discounted annual subscription price [1] Group 2 - The previous discussion on Equillium (EQ) focused on its drug candidate EQ504 for ulcerative colitis (UC) [2] - The author emphasizes the importance of utilizing an applied science background to generate long-term value in the healthcare sector [2]

Core Viewpoint - Equillium, Inc. is actively engaging with investors and showcasing its innovative therapeutic developments at the upcoming Leerink Partners 2026 Global Healthcare Conference [1] Group 1: Company Overview - Equillium is a biotechnology innovator focused on developing novel therapies for severe autoimmune and inflammatory disorders [2] - The company's lead therapeutic candidate, EQ504, is a potent and selective aryl hydrocarbon receptor (AhR) modulator designed to have a multi-modal, non-immunosuppressive mechanism of action [2] - EQ504 has potential applications for targeted local delivery in treating ulcerative colitis and other gastrointestinal diseases, as well as inhaled formulations for inflammatory lung diseases [2] Group 2: Investor Engagement - Management from Equillium will participate in a fireside chat at the Leerink Partners 2026 Global Healthcare Conference on March 11, 2026, at 10:40 am ET [1] - The management team will also be available for meetings with registered investors attending the conference [1]

Equillium Conference Call Summary Company Overview - **Company**: Equillium (NasdaqCM:EQ) - **Lead Asset**: EQ504, a selective oral aryl hydrocarbon receptor (AhR) modulator with colon-specific delivery Key Points Industry and Product Differentiation - EQ504 is positioned as a unique treatment for ulcerative colitis (UC) by targeting immune dysregulation, impaired barrier function, and mucosal healing, which are critical in IBD [3][4] - Current treatments have a clinical remission rate capped at approximately 30%, highlighting the need for new therapies that can improve mucosal healing [3] - EQ504 is the only known molecule that addresses all three axes of disease pathophysiology, unlike competitors such as AbbVie's obefazimod, which primarily target immune cells [4] Mechanism of Action - AhR is a well-characterized receptor involved in translating chemical signals into biological functions, crucial for maintaining tissue homeostasis [5] - Clinical proof of concept exists for AhR modulators in treating skin inflammation and ulcerative colitis, with data supporting their efficacy [6] Competitive Landscape - Other companies, including Takeda and Eli Lilly, are developing AhR modulators, but challenges remain in finding potent and selective molecules that can effectively target tissues without toxicity [9][10] - EQ504 is derived from ITE, a gold standard selective AhR modulator, and is designed to have strong activity and selectivity [9] Preclinical Data and Clinical Development - Preclinical studies show that activating AhR can improve inflammation in various tissues, including skin and gut, and restore immune homeostasis [12][13] - The company is preparing for a Phase 1 study, with IND enabling studies completed, and is currently focused on finalizing the drug formulation [16][21] - The formulation aims to deliver the drug directly to the colon, enhancing safety and tolerability by minimizing systemic exposure [17][18] Phase 1 Study Design - The Phase 1 study will include single ascending dose (SAD) and multiple ascending dose (MAD) cohorts, focusing on safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) [22][24] - Flex sigmoidoscopy will be used to assess tissue exposure in the colon, providing valuable data on drug engagement [24][26] Financial Position and Funding - Equillium announced a $50 million financing in August, with $30 million received upfront and an additional $20 million contingent on starting the clinical study [39][40] - Current cash is expected to last through the end of 2027, with the additional tranche extending the runway into 2028 [39][40] Future Opportunities - Beyond IBD, there are potential applications for EQ504 in lung diseases such as COPD and IPF, leveraging its properties for nebulization [54][55] - The company is also considering expanding its formulation to target higher regions of the GI tract for conditions like Crohn's disease [56] Conclusion - Equillium is positioned to advance its lead asset EQ504 through clinical trials, with a focus on addressing unmet needs in ulcerative colitis and exploring additional therapeutic areas. The company is well-funded to support its development efforts and is optimistic about the potential of AhR modulation in various indications [57][58]