Overview

* Equillium ( EQ ) posts lower-than-expected net loss and loss per share for Q3

* Company reported Q3 revenue of $0, down from $12.2 mln in 2024

* Closed financing of up to $50 mln to fund operations through 2027

Outlook

* Equillium ( EQ ) expects to initiate EQ504 Phase 1 study in mid-2026

* Company's cash reserves expected to fund operations through 2027

* Equillium ( EQ ) could receive additional $20 mln upon milestone achievements

Result Drivers

* REVENUE - Fell to $0 as year-ago revenue consisted entirely of itolizumab development funding and amortization of upfront payment from Ono Pharmaceutical related to asset purchase agreement that was terminated in October 2024

* R&D EXPENSES - Fell to $1.3 mln from $9.6 mln due to

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS Beat -$0.06 -$0.14

(3

Analysts

)

Q3 Net Beat -$4.23 -$7.26

Income mln mln (3

Analysts

)

Q3 Beat -$4.58 -$6.93

Operatin mln mln (3

g Income Analysts

)

Q3 Basic -$0.06

EPS

Q3 $4.58

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Equillium Inc ( EQ ) is $2.50, about 63% above its November 12 closing price of $0.92

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)