Equillium Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow rather than red: there is no documented threat to the substance of the company. The balance sheet as of March 31, 2026 shows $61.322 million of cash against $3.596 million of liabilities, no financial debt whatsoever, equity of $59.487 million and no going-concern doubt; the Nasdaq minimum bid price proceeding has been closed since August 29, 2025, no delisting risk for financial reasons is documented, and even on the pessimistic calculation the cash runway is seven and a half quarters. Yellow rather than green: there is no product, no revenue and no pipeline beyond the preclinical stage. The former lead product has been back with the licensor since September 30, 2025, the first study in humans was announced for mid-2026 and is confirmed in no filing as of July 30, 2026, and the share count grows faster than the cash: 63.2 million visible, 111.7 million economic, 164.7 million potential shares against an authorized capital that has stood at 400 million since May 28, 2026. Whoever buys here buys a well-filled cash box plus a hope — and should know that his slice of that cash gets smaller with every financing round. That the stock costs roughly $225 million economically at the documented price anchor is a price argument and does not set the color, but it belongs on the table. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Equillium is the cash illusion in its purest form: $61.3 million of cash as of March 31, 2026, no financial debt, no going-concern qualification — and behind it a company with 14 employees, no revenue, no product and two preclinical compounds. The $41.1 million of 2024 revenue was the wind-down of a single contract whose purchase option expired on October 30, 2024; on September 30, 2025 every right to the former lead product reverted to Biocon. The full cash box was paid for with stock: on top of the 63.2 million visible shares sit 48.5 million pre-funded warrants that the company itself counts, plus reservations taking the total to 164.7 million — and since May 28, 2026 an authorized capital of 400 million. Buying here means buying a well-filled cash box plus the hope for a molecule whose first study in humans no document has yet confirmed. Not investment advice.
Balance sheet and funding
As of March 31, 2026 there is $61.322 million of cash ($60.390 million of it in money market funds) against $3.596 million of liabilities, consisting solely of supplier invoices, accruals and lease obligations. There is no loan, no credit line and no convertible note; the old $10 million loan was repaid in full on May 25, 2023. The audit opinion for fiscal 2025 contains no going-concern doubt.
Business and pipeline
Revenue fell from $41.1 million (2024) to zero (2025) and stays there — the income statement has had no revenue line for five quarters. The cause is the expiry of the Ono purchase option on October 30, 2024. On September 30, 2025 all itolizumab rights reverted to Biocon; in return Equillium's own obligation to pay Biocon up to $30 million plus $565 million of milestones lapsed — together with any prospect of ever triggering it. What remains are two preclinical candidates; the Phase 1 start announced for mid-2026 is confirmed in no filing as of July 30, 2026.
Dilution
The quoted price counts 63,226,556 shares (May 8, 2026), the company itself 96,279,216 weighted shares in the first quarter of 2026, because 48,515,298 pre-funded warrants at $0.0001 enter the basic loss per share. Economically there are 111,741,854 shares, potentially 164,704,477. Reservations rose in 2025 from 13.3 million to 80.7 million; the first quarter of 2026 alone added 4.48 million new options — for 14 employees.
Governance and capital authority
The annual meeting of May 28, 2026 doubled authorized capital from 200 million to 400 million shares (executed by certificate of amendment, 11,570,307 votes against = roughly 21 percent of the 54,287,329 shares represented) and granted authority for a reverse split of 1-for-2 to 1-for-20 through December 31, 2027 at the board's sole discretion — with no Nasdaq pressure, since the minimum bid price requirement has been satisfied since August 29, 2025. On top: no dedicated finance chief, and a sale of 230,975 founder shares by the president and chief scientific officer on June 4 and 5, 2026 without a pre-arranged trading plan.
Use of funds
Of $12.8 million of research expense in 2025, $1.301 million went to the declared lead project EQ504, $4.827 million to winding down the failed legacy study and $6.530 million to indirect costs; beside that sit $10.8 million of administrative expense for 14 employees. The cryptocurrency treasury approved in August 2025 remains unimplemented as of July 30, 2026, and its risk chapter runs to roughly 25,500 characters — more than twice the product description (roughly 10,900).
Data quality and verifiability
Metric databases carry $130,000 of 2025 revenue while the filing reports zero; every price-to-sales, enterprise-value and growth figure derived from it is unusable. The feed market value also counts only the 63.2 million shares outstanding and therefore prices the company roughly 43 percent below its economic size (roughly $127 million instead of roughly $225 million at the documented price of $2.01 on April 6, 2026). Only dated filing prices hold up.
Worth Noting
EQ reached the research list through the Reddit hype watch run of our in-house stock scanner, cut-off date July 30, 2026 — that is, through the sheer frequency of mentions in investor forums. That is a reason to read the original documents, not a quality signal. Classic metric screens do not apply here anyway: no profit, so no P/E; no revenue, so no P/S.
Recency gate: the most recent periodic report is the quarterly report (10-Q) as of March 31, 2026, filed May 13, 2026; the same-day results release (8-K, Item 2.02) has been evaluated. Every filing after that was reviewed individually — two ownership filings of May 15, 2026, the current report 8-K of May 29, 2026 on the annual meeting plus seven insider filings (Form 4), and a further insider filing (Form 4) and notices of proposed insider sales (Form 144) of June 4 and 5, 2026. Nothing after that through July 30, 2026. Important: the quarterly report still states 200,000,000 authorized shares — that figure has been outdated since May 28, 2026 (400,000,000).
Valuation figures dated and evergreen: documented filing prices of $1.55 (December 31, 2025), $2.01 (April 6, 2026) and $3.1638 (average of an insider sale on June 4, 2026). Market value is deliberately stated twice (roughly $127 million narrow, roughly $225 million economic as of April 6, 2026), because any calculation without the 48,515,298 pre-funded warrants comes out roughly 43 percent below the economic figure. Risk of confusion: the going-concern paragraph reprinted in the report for 2025 comes from the predecessor auditor and relates to 2024 and 2023 — for 2025 itself there is none.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at EQ since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.84 $ to 3.20 $ · Last price: 1.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Equillium Inc EQ | 0.1 | – | 0.1 | 100.0 | 0.0 | -99.7 | 23.5 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 59.1 | 20.7 | 5.1 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 0 | -2 | -2 | -0.14 | -1 | -2 | 7 |
| 2018 | 0 | -9 | -13 | -1.09 | -8 | 65 | 67 |
| 2019 | 0 | -27 | -26 | -1.47 | -23 | 42 | 56 |
| 2020 | 0 | -30 | -30 | -1.46 | -25 | 70 | 85 |
| 2021 | 0 | -38 | -39 | -1.35 | -32 | 67 | 85 |
| 2022 | 16 | -62 | -62 | -1.85 | -9 | 32 | 78 |
| 2023 | 36 | -15 | -13 | -0.38 | -22 | 23 | 51 |
| 2024 | 41 | -8 | -8 | -0.23 | -19 | 19 | 26 |
| 2025 | 0 | -24 | -22 | -0.24 | -23 | 29 | 32 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.01 | 110.00 | 14 | 51.80 | 3.40 | 1 | 1 |
| 2024: Q3 | 0.00 | 99.80 | 12 | 37.10 | -0.10 | -8 | -8 |
| 2024: Q4 | -0.16 | -128.60 | 4 | -52.30 | -131.90 | -3 | -3 |
| 2025: Q1 | -0.24 | -200.00 | 0 | -100.00 | – | -8 | -8 |
| 2025: Q2 | -0.16 | -1,700.00 | 0 | -100.00 | – | -3 | -3 |
| 2025: Q3 | -0.06 | -29,900.00 | 0 | -100.00 | – | -8 | -8 |
| 2025: Q4 | -0.04 | 75.00 | 0 | -100.00 | – | -3 | -3 |
| 2026: Q1 | -0.06 | 75.00 | 0 | – | – | -4 | -4 |
| 2026: Q2 | -0.04 | 75.00 | – | – | – | -4 | -4 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.21 | -0.22 – -0.17 | 0 | 47.3% | 7 |
| 12/31/2027 | -0.23 | -0.36 – -0.13 | 0 | -13.9% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Equillium ist ein klinisches Biotech-Unternehmen rund um den AhR-Modulator EQ504 ohne KI-Produkt und ohne KI-Umsatz, bestätigt aber seit dem Quartalsbericht vom Mai 2025 durchgehend wörtlich, dass Beschäftigte generative künstliche Intelligenz und maschinelles Lernen für ihre Arbeit einsetzen und dass ein Wegfall dieser Werkzeuge das eigene Geschäft weniger effizient machen und Wettbewerbsnachteile bringen würde.
View the full file — quotes, sources, reviewed filings
„Our employees and personnel use generative artificial intelligence, or AI, or machine learning, or ML, technologies to perform their work, and the disclosure and use of personal data in generative AI technologies is subject to various privacy laws and other privacy obligations."
Unsere Angestellten und Mitarbeiter setzen generative künstliche Intelligenz (KI) beziehungsweise maschinelles Lernen (ML) ein, um ihre Arbeit zu verrichten, und die Offenlegung und Nutzung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
10-K · 2026-03-25 · View SEC filing
„If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages."
Sollten wir generative KI nicht nutzen können, könnte dies unser Geschäft weniger effizient machen und zu Wettbewerbsnachteilen führen.
10-K · 2026-03-25 · View SEC filing
„Regulatory or contractual obligations related to AI/ML may make it harder for us to conduct our business using AI/ML, lead to regulatory fines or penalties, require us to change our business practices, or prevent or limit our use of AI/ML."
Regulatorische oder vertragliche Pflichten im Zusammenhang mit KI/ML können es uns erschweren, unser Geschäft unter Einsatz von KI/ML zu betreiben, zu Bußgeldern oder Strafen der Aufsicht führen, uns zur Änderung unserer Geschäftspraktiken zwingen oder unseren Einsatz von KI/ML verhindern oder begrenzen.
10-Q · 2026-05-13 · View SEC filing
Filings Reviewed: 10-Q 2026-05-13 · 10-K 2026-03-25 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-Q 2025-05-14 · 10-K 2025-03-27
Rated on July 30, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -79.8%
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 39.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -17,633.5%
- Gross margin at 40% or higher and without meaningful erosion -89.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 30 m net cash
- Operating cash flow covers the profits of the last three years -20 m
- Return on capital at 15% or higher, or up versus two years ago -81.6%
- Insiders hold at least 10% or are net buyers 16.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -78.3%
- ROCE > 15% -81.6%
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Equillium, Inc., a clinical-stage biotechnology company, develops therapeutics to treat severe autoimmune and inflammatory, or immuno-inflammatory disorders in the United States. The company develops EQ504, a novel AhR modulator that is in preclinical-stage for the treatment of ulcerative colitis and lung inflammation diseases. It also develops EQ302, a bi-specific inhibitor of IL-15 and IL-21 formulated for oral delivery for the treatment of celiac diseases. The company was formerly known as Attenuate Biopharmaceuticals, Inc. and changed its name to Equillium, Inc. in May 2017. Equillium, Inc. was incorporated in 2017 and is headquartered in La Jolla, California.
- Employees
- 14
- Headquarters
- La Jolla, CA
- Address
- 2223 Avenida De La Playa, 92037 La Jolla, United States
- Phone
- 858 240 1200
- Website
- equilliumbio.com
- IPO Date
- 10/11/2018
- ISIN
- US29446K1060
Management
| Name | Title | Birth Year |
|---|---|---|
| Bruce Steel | Co-Founder, CEO & Director | 1966 |
| Stephen Connelly Ph.D. | Chief Scientific Officer & President | 1981 |
| Christine Zedelmayer M.B.A., P.M.P. | Senior VP & COO | 1970 |
| Penny Tom CPA | Senior VP of Finance & Principal Accounting Officer | – |
| Michael Moore | Vice President of Investor Relations & Corporate Communications | – |
| Snehal Naik Ph.D. | Chief Development Officer | – |
| Lisette Acevedo | Vice President of Clinical Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/13/2026 Equillium, Inc. (EQ): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.