Equillium Reports Q2 2024 Estimated Cash and Investments

Equillium, Inc. (Nasdaq: EQ), a biotechnology company at the clinical stage, specializes in developing innovative treatments for severe autoimmune and inflammatory conditions. Recently, Equillium reported its estimated cash, cash equivalents, and short-term investments for the second quarter of 2024, amounting to approximately $33.3 million. This marks an increase of roughly $1.0 million from the first quarter of 2024. The rise in funds is primarily attributed to a tax credit of about $2.7 million received from the Australian tax authority for research and development expenditures in 2023. The company plans to release its full financial results for the second quarter of 2024 around August 8.

The reported figures are preliminary and are subject to final adjustments during the company’s financial closing procedures. These figures have not been audited, reviewed, or compiled by Equillium’s independent registered public accounting firm. Therefore, these estimates should not be seen as a replacement for financial statements prepared in accordance with U.S. generally accepted accounting principles and may not necessarily indicate future results.

Equillium focuses on leveraging its in-depth knowledge of immunobiology to create novel therapeutics for treating serious autoimmune and inflammatory diseases with significant unmet needs. The company’s pipeline includes several innovative first-in-class immunomodulatory assets and a product platform that targets immuno-inflammatory pathways.

EQ101 is one of Equillium's leading assets. It is a selective tri-specific cytokine inhibitor that targets IL-2, IL-9, and IL-15. Positive results were recently announced from a Phase 2 proof-of-concept clinical study of patients with alopecia areata, conducted by Equillium’s Australian subsidiary in Australia and New Zealand. EQ302, another promising asset, is an orally delivered, selective bi-specific cytokine inhibitor targeting IL-15 and IL-21 and is currently in pre-clinical development.

Equillium's multi-cytokine platform is designed to create composite peptides that selectively block key cytokines at the shared receptor level, targeting pathogenic cytokine redundancies and synergies while preserving non-pathogenic signaling. This platform aims to provide more targeted and effective treatments for autoimmune and inflammatory diseases.

Another significant asset in Equillium’s portfolio is itolizumab, a monoclonal antibody that targets the CD6-ALCAM signaling pathway. This pathway plays a crucial role in the modulation of effector T cells. Itolizumab is currently being evaluated in a Phase 3 clinical study for patients with acute graft-versus-host disease (aGVHD). In April 2024, positive data was announced from a Phase 1b clinical study of itolizumab in patients with lupus/lupus nephritis. Equillium obtained the rights to itolizumab through an exclusive partnership with Biocon Limited and has established a strategic partnership with Ono Pharmaceutical Co., Ltd. (Ono) for its development and commercialization under an option and asset purchase agreement.

Equillium’s commitment to addressing severe autoimmune and inflammatory disorders is reflected in its robust pipeline and strategic partnerships. The company continues to make significant strides in developing therapies that could potentially transform the treatment landscape for patients experiencing these challenging conditions.