Financial Performance - Revenue for Q2 2024 was $13.9 million, up from $9.1 million in Q2 2023, with development funding at $9.2 million and amortization of upfront payment at $4.7 million[3] - Net income for Q2 2024 was $0.5 million, or $0.01 per share, compared to a net loss of $3.3 million, or $(0.10) per share, in Q2 2023[4] - Revenue for June 2024 reached $13,853,000, a 52.1% increase from $9,124,000 in June 2023[12] - Net income for June 2024 was $468,000, a significant improvement from a net loss of $3,343,000 in June 2023[12] - Basic net income per share for June 2024 was $0.01, compared to a loss of $0.10 per share in June 2023[12] - Income (loss) before income taxes improved to $468,000 in June 2024 from a loss of $3,335,000 in June 2023[12] - The company reported a loss from operations of $100,000 in June 2024, compared to a loss of $3,591,000 in June 2023[12] Research and Development - R&D expenses for Q2 2024 were $10.8 million, compared to $9.6 million in Q2 2023, primarily due to increased CMC activities for itolizumab[4] - The company is advancing its multi-cytokine platform, targeting key cytokines to develop customized treatment strategies for autoimmune diseases[6] - Anticipated milestones include transitioning EQ101 to subcutaneous delivery and initiating a Phase 2b study in 2025, and starting Phase 1 study for EQ302 in the second half of 2025[3] - Positive topline data from Phase 2 study of EQ101 showed 29% of subjects with moderate to severe alopecia areata achieving SALT ≤ 20[2] Cash and Liabilities - Cash balance at the end of Q2 2024 was $33.3 million, a $1.0 million increase from Q1 2024[1] - Total liabilities as of June 30, 2024, were $20.4 million, down from $28.0 million at the end of 2023[11] - Equillium expects its cash reserves to fund operations for at least the next 12 months, assuming no further stock repurchases[5] Operating Expenses - Total operating expenses for June 2024 were $13,953,000, up 9.7% from $12,715,000 in June 2023[12] - Research and development expenses increased to $10,808,000 in June 2024, compared to $9,610,000 in June 2023, reflecting a 12.4% rise[12] - General and administrative expenses slightly increased to $3,145,000 in June 2024 from $3,105,000 in June 2023[12] - Total other income, net, rose to $568,000 in June 2024, up from $256,000 in June 2023[12] Shareholder Information - The weighted-average number of basic common shares outstanding increased to 35,292,035 in June 2024 from 34,449,769 in June 2023[12] - Ono Pharmaceutical has until the end of October 2024 to decide on acquiring rights to itolizumab, which could yield a one-time payment of approximately $35.0 million[2]
Equillium(EQ) - 2024 Q2 - Quarterly Results