Equillium reported fourth quarter 2025 revenue of $0 versus $4.4 million in the same period of 2024, with R&D expenses declining to $1.5 million from $7.3 million and G&A rising to $2.4 million from $1.8 million. Net loss narrowed to $3.8 million ($0.04 per share) from $5.8 million ($0.16 per share) in Q4 2024, while full-year net loss widened to $22.4 million ($0.39 per share) from $8.1 million ($0.23 per share) in 2024.

Cash, cash equivalents and short-term investments totaled $30.3 million as of December 31, 2025, up from $22.6 million a year earlier. The company raised $35 million in a March 2026 private placement and had secured up to $50 million in August 2025, providing funding for operations into 2029 under current projections.

Equillium sharpened its strategic focus on EQ504, a non-immunosuppressive aryl hydrocarbon receptor modulator designed for targeted oral delivery in ulcerative colitis and inhaled formulations for inflammatory lung diseases. The company plans to initiate a Phase 1 proof-of-mechanism study in mid-2026 with data expected six months thereafter.