Equillium Raises $35 Million via 18.9 Million Shares at $1.854 in PIPE Deal
Equillium will issue approximately 18.9 million common shares and pre-funded warrants at $1.854 per unit in a $35 million PIPE financing led by RA Capital Management. The net proceeds, combined with existing cash, are expected to extend cash runway into 2029 and advance clinical development of EQ504 for ulcerative colitis.
1. PIPE Financing Details
Equillium entered a definitive securities purchase agreement with RA Capital Management to issue approximately 18.9 million common shares and pre-funded warrants at $1.854 per unit, generating $35 million in gross proceeds before expenses.
2. Use of Proceeds
Net proceeds from the financing will fund the clinical development of EQ504, support working capital needs, and cover general corporate purposes as the company advances its pipeline of autoimmune and inflammatory therapies.
3. Cash Runway Extension
Combined with existing cash, the additional capital is expected to extend the company’s cash runway into 2029, providing financial visibility for ongoing and planned clinical studies.
4. EQ504 Clinical Program
EQ504 is an orally delivered aryl hydrocarbon receptor modulator designed for colon-targeted treatment of ulcerative colitis, with potential as a standalone therapy or in combination approaches for gastrointestinal and inflammatory lung diseases.