Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company, announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported no revenue for Q4 2025, compared to $4.4 million in the same period of 2024. For the full year, Equillium also reported no revenue, down from $41.1 million in 2024 due to the wind down of clinical studies. Research and development expenses for Q4 2025 were $1.5 million, significantly lower than $7.3 million in Q4 2024, while full-year R&D expenses totaled $12.8 million, down from $37.4 million in 2024. General and administrative expenses increased to $2.4 million in Q4 2025 from $1.8 million in Q4 2024, with full-year G&A expenses slightly decreasing to $10.8 million from $11.9 million in 2024. The net loss for Q4 2025 was $3.8 million, or $(0.04) per share, compared to a net loss of $5.8 million, or $(0.16) per share in Q4 2024. For the full year, the net loss was $22.4 million, or $(0.39) per share, compared to a net loss of $8.1 million, or $(0.23) per share in 2024. As of December 31, 2025, Equillium reported cash and cash equivalents of $30.3 million, up from $22.6 million a year earlier. The company believes its current cash position, along with a recent $35 million financing, will fund operations into 2029. Equillium is focusing on advancing EQ504, a selective AhR modulator, with plans to initiate a Phase 1 study in mid-2026. The company aims to address significant unmet needs in inflammatory diseases, particularly ulcerative colitis, with EQ504's differentiated approach. CEO Bruce Steel emphasized the transformative nature of 2025 for Equillium, highlighting the strategic focus on EQ504 and the strengthened financial position to support its clinical development.

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