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]

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]