The company has transitioned to a zero-revenue state as of 2025Q1, with R&D expenses remaining the primary cost driver, fluctuating between $1.3 million and $10.8 million per quarter.
| Sales/Revenue | 0 | 0 | 41.09M | 36.08M | 15.76M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | -100% | 13.89% | 128.97% | - | - | - | - | - | - |
| Cost of Goods Sold | 79K | 116K | 0 | 0 | 0 | 0 | 45K | 23K | 6.1K | 122 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -79K | -116K | 41.09M | 36.08M | 15.76M | 0 | -45K | -23K | -6.1K | -122 |
| Gross Margin % | - | - | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | -100.28% | 13.89% | 128.97% | - | 100% | -95.65% | -276.93% | -4901.64% | - |
| Operating Expenses | 20.3M | 23.63M | 49.36M | 50.61M | 77.83M | 37.79M | 29.5M | 26.73M | 8.62M | 1.71M |
| OpEx % of Revenue | - | - | 120.12% | 140.25% | 493.91% | - | - | - | - | - |
| Selling, General & Admin | 10.46M | 10.79M | 11.94M | 13.57M | 17.24M | 11.41M | 10.12M | 9.09M | 3.67M | 378.21K |
| SG&A % of Revenue | - | - | 29.04% | 37.6% | 109.39% | - | - | - | - | - |
| Research & Development | 9.91M | 12.84M | 37.43M | 37.04M | 37.55M | 26.38M | 19.38M | 17.64M | 4.94M | 1.33M |
| R&D % of Revenue | - | - | 91.08% | 102.65% | 238.26% | - | - | - | - | - |
| Other Operating Expenses | -79K | 0 | 0 | 0 | 23.05M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -20.38M | -23.63M | -8.27M | -14.52M | -62.08M | -37.79M | -29.55M | -26.73M | -8.62M | -1.71M |
| Operating Margin % | - | - | -20.12% | -40.24% | -393.91% | - | - | - | - | - |
| Operating Income Growth % | - | -185.81% | 43.06% | 76.61% | -64.28% | -27.88% | -10.55% | -210.24% | -403.2% | - |
| EBITDA | -20.27M | -23.52M | -8.13M | -14.4M | -61.96M | -37.71M | -29.5M | -26.7M | -8.61M | -1.71M |
| EBITDA Margin % | - | - | -19.79% | -39.9% | -393.16% | - | - | - | - | - |
| EBITDA Growth % | -42.64% | -189.2% | 43.51% | 76.76% | -64.28% | -27.83% | -10.48% | -210.19% | -402.88% | - |
| D&A (Non-Cash Add-back) | 107K | 116K | 137K | 126K | 118K | 72K | 45K | 23K | 6.1K | 122 |
| EBIT | -20.38M | -23.63M | -7.71M | -12.26M | -61.38M | -37.98M | -28.71M | -25.32M | -10.69M | -1.88M |
| Net Interest Income | 969K | 833K | 1.38M | 1.84M | -633K | -1.02M | -623K | 1.11M | -2.22M | 0 |
| Interest Income | 969K | 833K | 1.38M | 2.33M | 420K | 57K | 476K | 1.39M | 339.62K | 0 |
| Interest Expense | 0 | 0 | 0 | 491K | 1.05M | 1.07M | 1.1M | 279K | 2.56M | 379.38K |
| Other Income/Expense | 1.32M | 1.24M | 563K | 1.77M | -352K | -1.27M | -265K | 1.13M | -4.63M | -549.82K |
| Pretax Income | -19.05M | -22.4M | -7.71M | -12.76M | -62.43M | -39.05M | -29.81M | -25.6M | -13.25M | -2.26M |
| Pretax Margin % | - | - | -18.75% | -35.35% | -396.14% | - | - | - | - | - |
| Income Tax | 0 | 0 | 361K | 580K | 0 | 0 | 0 | 0 | 140.51K | -2 |
| Effective Tax Rate % | 0% | 0% | -4.68% | -4.55% | 0% | 0% | 0% | 0% | -1.06% | 0% |
| Net Income | -19.05M | -22.4M | -8.07M | -13.34M | -62.43M | -38.98M | -29.81M | -25.58M | -13.25M | -2.26M |
| Net Margin % | - | - | -19.63% | -36.96% | -396.14% | - | - | - | - | - |
| Net Income Growth % | -36.23% | -177.65% | 39.51% | 78.64% | -60.15% | -30.75% | -16.56% | -93.03% | -485.8% | - |
| Net Income (Continuing) | -19.05M | -22.4M | -8.07M | -13.34M | -62.43M | -39.05M | -29.81M | -25.6M | -13.25M | -2.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.39 | -0.23 | -0.38 | -3.19 | -1.35 | -1.46 | -1.47 | -1.09 | -0.19 |
| EPS Growth % | 2.87% | -69.57% | 39.47% | 88.09% | -136.3% | 7.53% | 0.68% | -34.86% | -473.68% | - |
| EPS (Basic) | - | -0.39 | -0.23 | -0.38 | -3.19 | -1.35 | -1.46 | -1.47 | -1.09 | -0.13 |
| Diluted Shares Outstanding | 96.28M | 91.88M | 35.36M | 34.73M | 33.73M | 28.81M | 20.36M | 17.38M | 12.19M | 11.68M |
| Basic Shares Outstanding | 96.28M | 91.88M | 35.36M | 34.73M | 33.73M | 28.81M | 20.36M | 17.38M | 12.19M | 11.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As indicated by the most recent quarterly filings, Equillium has transitioned to a zero-revenue state, with the last recorded top-line contribution occurring in 2024Q4, underscoring the company's current reliance on milestone-dependent inflows rather than consistent commercial product sales to sustain its ongoing clinical development programs.
The absence of recurring revenue suggests that the company remains entirely dependent on external capital or sporadic partnership payments. Investors should monitor whether the lack of top-line growth persists, as it necessitates continuous equity dilution to fund the pipeline.
Based on the provided income statement data, R&D expenses remain the primary driver of the company's cost structure, with quarterly outlays fluctuating between $1.3 million and $10.8 million, reflecting the inherent volatility and high capital intensity associated with advancing late-stage clinical assets through complex regulatory pathways.
The high concentration of spending in R&D indicates that management is prioritizing pipeline advancement over operational efficiency. This cost structure appears to leave little room for error, as any delay in trial enrollment directly exacerbates the quarterly cash burn.
According to the historical income statement, Equillium exhibits no meaningful operating leverage, as the company consistently reports negative operating margins that track closely with R&D spending levels, confirming that the business model is currently structured to consume capital rather than generate scalable operating income from its activities.
The lack of operating leverage is typical for a pre-commercial biotech, yet it highlights the company's vulnerability to market sentiment. Without a transition to a royalty-based model, the firm appears unlikely to achieve self-sustaining operations in the near term.
Financial statements reveal that with cash reserves reported at approximately $30.3 million, the company faces a precarious runway, suggesting that the current burn rate may necessitate a capital raise or strategic milestone achievement within the next twelve months to avoid significant dilution for existing equity holders.
The reliance on non-recurring milestone payments creates a binary risk profile for investors. If the Ono Pharmaceutical option is not exercised or if clinical milestones are missed, the company may find its financing options increasingly constrained in the current interest rate environment.
Quick answers to the most common questions about buying EQ stock.
For fiscal year 2025, Equillium, Inc. (EQ) reported total revenue of $0.0M.
Equillium, Inc. (EQ) reported a net loss of $22.4M for the fiscal year ending 2025.