Equillium, Inc.
EQ · Pharmaceutical Preparations · 63.2M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $260K, SBC $4M)
Reference price $2.93 · est. market cap ~$185M — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C57Pre-clinical immuno-inflammation biotech recently recapitalized, funded into 2029 but years from revenue.
Strengths
- Strong liquidity (current ratio 10.6, 82nd pct) and recent ~$65M of private placements funding ops into 2029
- Loss narrowing sharply (net income growth 91st pct)
Risks
- Both lead assets (EQ504, EQ302) still pre-clinical; $216M accumulated deficit
- Negative returns (ROE -0.78, ROA -0.70); prior Nasdaq compliance and dilution risk
Notable findings
- Cash burnNegative free cash flow (-22.8M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Revenue declineRevenue -63.9% YoY
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: FMR LLC
- Insider sellingInsider selling — 15 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-78.3%
Return on assets
-70.2%
Revenue growth (QoQ)
-63.9%
Current ratio
10.6×
Free cash flow
-$23M
Tangible book value
$29M
Cash & investments
$30M
Cash runway
5q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Connelly Stephen | Sell | 31K | $2.94 |
| 2026-06-05 | Zedelmayer Christine | Sell | 15K | $2.93 |
| 2026-06-05 | Zedelmayer Christine | Option exercise | 15K | $0.79 |
| 2026-06-04 | Connelly Stephen | Sell | 200K | $3.16 |
| 2026-05-28 | Zedelmayer Christine | Sell | 56K | $2.70 |
| 2026-05-28 | Tom Penny | Option exercise | 65K | $0.79 |
| 2026-05-28 | Tom Penny | Sell | 65K | $2.95 |
| 2026-05-28 | Zedelmayer Christine | Option exercise | 7.3K | $0.73 |
| 2026-05-28 | Zedelmayer Christine | Option exercise | 49K | $0.77 |
| 2026-05-28 | Zedelmayer Christine | Sell | 200 | $2.71 |
| 2026-05-28 | Zedelmayer Christine | Option exercise | 15K | $0.79 |
| 2026-05-28 | Zedelmayer Christine | Option exercise | 16K | $0.79 |
| 2026-05-28 | Zedelmayer Christine | Sell | 30K | $2.98 |
| 2026-05-27 | Zedelmayer Christine | Sell | 9.8K | $2.70 |
| 2026-05-27 | Zedelmayer Christine | Option exercise | 9.8K | $0.77 |
| 2026-03-13 | Zedelmayer Christine | Sell | 120K | $2.50 |
| 2026-03-13 | Zedelmayer Christine | Option exercise | 120K | $0.79 |
| 2026-03-09 | Zedelmayer Christine | Sell | 181K | $2.00 |
| 2026-03-09 | Zedelmayer Christine | Option exercise | 42K | $0.79 |
| 2026-03-09 | Zedelmayer Christine | Option exercise | 36K | $0.79 |
| 2026-03-09 | Zedelmayer Christine | Option exercise | 75K | $0.79 |
| 2026-02-19 | Zedelmayer Christine | Sell | 109K | $1.78 |
| 2026-02-19 | Zedelmayer Christine | Option exercise | 109K | $0.79 |
| 2026-02-19 | Zedelmayer Christine | Option exercise | 77K | $0.73 |
| 2026-02-19 | Zedelmayer Christine | Sell | 77K | $1.74 |
| 2026-02-19 | Zedelmayer Christine | Option exercise | 109K | $0.79 |
| 2026-02-19 | Zedelmayer Christine | Sell | 109K | $1.78 |
| 2026-02-19 | Zedelmayer Christine | Option exercise | 77K | $0.73 |
| 2026-02-19 | Zedelmayer Christine | Sell | 77K | $1.74 |
| 2026-01-08 | Tom Penny | Sell | 6.5K | $1.29 |
| 2025-12-23 | Zedelmayer Christine | Option exercise | 100K | $0.79 |
| 2025-12-23 | Zedelmayer Christine | Sell | 100K | $1.50 |
| 2025-12-15 | Zedelmayer Christine | Sell | 12K | $1.31 |
| 2025-12-12 | Zedelmayer Christine | Sell | 24K | $1.34 |
| 2025-11-25 | Zedelmayer Christine | Sell | 100 | $0.98 |
| 2025-11-25 | Zedelmayer Christine | Sell | 8.0K | $0.95 |
| 2025-01-23 | Keyes Jason A | Sell | 10K | $0.65 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-29 | Shareholder voteExhibits | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-03-25 | ResultsExhibits | filing ↗ |
| 2026-03-13 | Material agreement3.02Exhibits | filing ↗ |
| 2025-11-13 | ResultsExhibits | filing ↗ |
| 2025-10-24 | Auditor change | filing ↗ |
| 2025-10-06 | Auditor changeExec/director changeOtherExhibits | filing ↗ |
| 2025-09-19 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-29 | 2026-05-28 | 0001193125-26-248246 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001193125-26-221595 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001193125-26-221625 ↗ |
| 10-K | 2026-03-25 | 2025-12-31 | 0001193125-26-124143 ↗ |
| 8-K | 2026-03-25 | 2026-03-25 | 0001193125-26-124107 ↗ |
| 8-K | 2026-03-13 | 2026-03-11 | 0001193125-26-105083 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-280173 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001193125-25-280202 ↗ |
| 8-K/A | 2025-10-24 | 2025-09-30 | 0001193125-25-249953 ↗ |
| 8-K | 2025-10-06 | 2025-09-30 | 0001193125-25-231860 ↗ |
| 8-K | 2025-09-19 | 2025-09-19 | 0001193125-25-209068 ↗ |
| 8-K | 2025-09-04 | 2025-08-29 | 0000950170-25-113023 ↗ |