Equillium maintains a conservative debt profile with a D/E ratio of 0.03 as of 2025Q4, though the equity base is pressured by an accumulated deficit of $216.2 million.
| Total Current Assets | 62.27M | 30.28M | 24.98M | 49.35M | 76.73M | 83.37M | 85.17M | 55.54M | 67.16M | 7.15M |
| Cash & Short-Term Investments | 61.32M | 30.28M | 22.57M | 40.87M | 71.02M | 80.71M | 82.16M | 53.14M | 65.91M | 7.1M |
| Cash Only | 61.32M | 30.28M | 18.09M | 23.22M | 59.11M | 50.37M | 23.98M | 13.22M | 28.51M | 7.1M |
| Short-Term Investments | 0 | 0 | 4.49M | 17.65M | 11.92M | 30.34M | 58.18M | 39.92M | 37.4M | 0 |
| Accounts Receivable | 0 | 108K | 1.14M | 6.29M | 4.11M | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | 10.16 | 63.58 | 95.26 | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 953K | -547K | 429K | 235K | 8K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 808K | 658K | 626K | 1.18M | 1.69M | 2.04M | 254K | 108K | 63.52K | 2.08K |
| Property, Plant & Equipment | 781K | 658K | 626K | 1.11M | 1.58M | 1.88M | 239K | 93K | 63.52K | 2.08K |
| Fixed Asset Turnover | 0.00x | - | 65.65x | 32.48x | 9.96x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 27K | 0 | 0 | 70K | 104K | 153K | 15K | -93K | 0 | 0 |
| Total Assets | 63.08M | 31.89M | 25.6M | 50.53M | 78.42M | 85.41M | 85.43M | 55.54M | 67.16M | 7.15M |
| Asset Turnover | 0.00x | - | 1.61x | 0.71x | 0.20x | - | - | - | - | - |
| Asset Growth % | 230.7% | 24.54% | -49.33% | -35.57% | -8.18% | -0.03% | 53.82% | -17.31% | 839.15% | - |
| Total Current Liabilities | 3.35M | 2.93M | 6.36M | 27.57M | 32.04M | 8.91M | 7.25M | 3.88M | 2.03M | 568.82K |
| Accounts Payable | 1.29M | 755K | 2.68M | 4.71M | 3.98M | 1.23M | 2.77M | 1.87M | 1.12M | 243.74K |
| Days Payables Outstanding | 9.18K | 2.38K | - | - | - | - | 22.44K | 29.72K | 66.93K | 729.23K |
| Short-Term Debt | 441K | 363K | 197K | 0 | 5.71M | 1.43M | 1.67M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 15.73M | 14.7M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.61M | 1.82M | 2.68M | 3.64M | 0 | 3.38M | 0 | 795K | 349.46K | 0 |
| Current Ratio | 18.62x | 10.32x | 3.93x | 1.79x | 2.40x | 9.35x | 11.76x | 14.30x | 33.12x | 12.57x |
| Quick Ratio | 18.62x | 10.32x | 3.93x | 1.79x | 2.40x | 9.35x | 11.76x | 14.30x | 33.12x | 12.57x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 251K | 356K | 187K | 384K | 14.44M | 9.98M | 8.33M | 9.81M | 200K | 8.83M |
| Long-Term Debt | 251K | 356K | 0 | 0 | 3.24M | 8.75M | 8.28M | 9.68M | 0 | 8.06M |
| Capital Lease Obligations | 109K | 0 | 187K | 384K | 824K | 1.24M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 54K | 127K | 0 | 775.84K |
| Total Liabilities | 3.6M | 3.29M | 6.54M | 27.96M | 46.48M | 18.9M | 15.57M | 13.69M | 2.23M | 9.4M |
| Total Debt | 692K | 719K | 384K | 824K | 10.19M | 11.79M | 9.94M | 9.68M | 200K | 8.06M |
| Net Debt | -60.63M | -29.56M | -17.7M | -22.39M | -48.92M | -38.58M | -14.04M | -3.54M | -28.31M | 955.31K |
| Debt / Equity | 0.01x | 0.03x | 0.02x | 0.04x | 0.32x | 0.18x | 0.14x | 0.23x | 0.00x | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.99x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | -24.98x | -58.29x | -35.40x | -26.13x | -90.76x | -4.18x | -4.96x |
| Total Equity | 59.49M | 28.6M | 19.06M | 22.57M | 31.94M | 66.5M | 69.85M | 41.85M | 64.94M | -2.25M |
| Equity Growth % | 468.42% | 50.03% | -15.56% | -29.33% | -51.97% | -4.79% | 66.92% | -35.55% | 2983.33% | - |
| Book Value per Share | 0.62 | 0.31 | 0.54 | 0.65 | 0.95 | 2.31 | 3.43 | 2.41 | 5.33 | -0.19 |
| Total Shareholders' Equity | 59.49M | 28.6M | 19.06M | 22.57M | 31.94M | 66.5M | 69.85M | 41.85M | 64.94M | -2.25M |
| Common Stock | 5K | 5K | 3K | 3K | 3K | 2K | 2K | 1K | 789 | 124 |
| Retained Earnings | -221.52M | -216.21M | -193.81M | -185.74M | -172.41M | -109.98M | -70.92M | -41.11M | -15.51M | -2.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 370K | 363K | 781K | 140K | 76K | -138K | -297K | 21K | 5.28K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial filings, Equillium's cash and equivalents dropped to $30.3 million by 2025Q4, a significant decline from the $61.3 million peak observed in 2026Q1, which highlights the company's precarious liquidity position as it continues to fund intensive, late-stage clinical trial development programs.
The current ratio of 10.32 appears deceptively high, as it is heavily influenced by the rapid depletion of cash reserves against minimal current liabilities. Investors should monitor the burn rate closely, as the lack of recurring revenue suggests that the current liquidity buffer may be insufficient to support long-term Phase III trial requirements without further external financing.
Based on the company's reported figures, accumulated deficit has ballooned to $216.2 million as of 2025Q4, reflecting a consistent pattern of value destruction that has significantly pressured the equity base and necessitated periodic capital raises to maintain the firm's operational viability during its clinical development phase.
The steady decline in equity, punctuated by periods of volatility, underscores the high cost of R&D-driven growth in the absence of commercial product sales. This trend suggests that shareholders face ongoing dilution risk, as the company must continuously tap equity markets to offset the negative retained earnings that characterize its current business model.
According to the balance sheet data, Equillium's total assets have contracted to $31.9 million in 2025Q4, with the asset mix almost entirely comprised of cash and minimal property, plant, and equipment, confirming an asset-light model that is entirely dependent on the successful clinical validation of its lead pipeline assets.
The absence of significant tangible assets or goodwill indicates that the company's valuation is tied exclusively to the intangible potential of its clinical programs. This structure leaves little room for balance sheet recovery in the event of negative clinical trial readouts, as there are no substantial hard assets to provide a floor for the company's valuation.
As indicated by the historical balance sheet, the complete disappearance of deferred revenue by 2025Q4 from a high of $15.7 million in 2023Q4 suggests that the company has exhausted its previous collaboration-based inflows, leaving it exposed to the full weight of its operational expenses without non-dilutive support.
The reliance on milestone-based revenue creates a lumpy and unpredictable balance sheet profile that masks the underlying structural burn. Investors should be wary of interpreting past milestone payments as a sign of sustainable commercial demand, as the current lack of deferred revenue highlights the urgent need for new partnership agreements to stabilize the financial position.
Quick answers to the most common questions about buying EQ stock.
As of 2025, Equillium, Inc. (EQ) had total assets of $31.9M including $30.3M in current assets.
Equillium, Inc. (EQ) carries total debt of $0.7M, offset by $30.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Equillium, Inc. (EQ) has total shareholders' equity (book value) of $28.6M ($0.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Equillium, Inc. (EQ) reported a current ratio of 10.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.