Equillium(US:EQ)2025-11-13 21:15Financial Position - As of September 30, 2025, the company had $33.1 million in cash and cash equivalents and an accumulated deficit of $212.4 million[105]. - The company had an accumulated deficit of $212.4 million as of September 30, 2025[143]. - Cash and cash equivalents totaled $33.1 million as of September 30, 2025[143]. - Cash used in operating activities for the nine months ended September 30, 2025, was $19.6 million, compared to $15.7 million for the same period in 2024[158]. - Net cash provided by financing activities totaled $30.1 million during the nine months ended September 30, 2025, primarily from a Private Placement transaction totaling $28.1 million[161]. - Cash provided by investing activities was $4.5 million for the nine months ended September 30, 2025, primarily from maturities of short-term investments[159]. - The global credit and financial markets have experienced extreme volatility, which may affect the company's ability to obtain financing[154]. - The company has experienced negative cash flows from operating activities since inception and expects this trend to continue as it incurs costs related to product development[154]. Revenue and Losses - For the nine months ended September 30, 2025, the company reported a net loss of $18.6 million, compared to a net loss of $2.3 million for the same period in 2024[113]. - Revenue for the three months ended September 30, 2025, was $0, a decrease of $12.2 million compared to $12.2 million for the same period in 2024[132]. - The company has not generated any revenues from product sales, with past revenues derived from an upfront payment of $26.4 million under the Asset Purchase Agreement with Ono[118]. - The company expects to incur significant expenses and operating losses into the foreseeable future, with existing cash expected to fund operations through 2027[114]. - As of September 30, 2025, the company has an accumulated deficit of $212.4 million and expects to continue incurring net losses into the foreseeable future[154]. Research and Development - The company plans to commence a Phase 1 proof-of-mechanism study for EQ504 by mid-2026, with data expected approximately six months thereafter[108]. - The company plans to continue incurring substantial research and development expenses as it advances the development of EQ504 and potentially EQ302[124]. - The company expects research and development expenses to increase due to the advancement of EQ504 into clinical development[138]. - The company anticipates that future capital requirements will depend on the progress and costs of clinical studies for product candidates EQ504 and EQ302[153]. Financing Activities - The company entered into a Securities Purchase Agreement on August 10, 2025, resulting in gross proceeds of approximately $30.0 million from the initial closing[106]. - The company raised approximately $30.0 million in gross proceeds from a Private Placement on August 12, 2025[146]. - The company entered into an at-the-market facility with Jefferies LLC for an aggregate offering price of up to $21.95 million in October 2023[148]. - The company expects to finance cash needs through equity offerings, debt financings, and collaboration agreements, which may lead to dilution for existing stockholders[154]. Collaborations and Acquisitions - The company terminated its collaboration and license agreement with Biocon Limited, reverting all licenses related to itolizumab back to Biocon[109]. - The company acquired exclusive worldwide rights to EQ302 through the acquisition of Bioniz Therapeutics in February 2022, targeting gastrointestinal diseases[110].