Equillium (EQ)
Develops EQ504, an investigational AhR modulator for ulcerative colitis and other inflammatory diseases.
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Builds an immunology pipeline around EQ504, an investigational selective AhR modulator acquired through Ariagen. The company is preparing the program for clinical development in ulcerative colitis and other gastrointestinal diseases, with inflammatory-lung expansion also contemplated.
Develops EQ504, an investigational selective aryl hydrocarbon receptor (AhR) modulator, as its focused immunology program. Exclusive worldwide rights were obtained through the Ariagen acquisition, with initial development aimed at ulcerative colitis and other gastrointestinal diseases.
EQ504 is designed for potential enteric-coated delivery in ulcerative colitis or pouchitis, while inhaled formulations may extend the program to inflammatory lung disease. The company is preparing a healthy-volunteer study before a later ulcerative-colitis study; these are development plans rather than established clinical results.
Operations are concentrated in La Jolla, California, around bringing EQ504 into the clinic after it discontinued itolizumab development. Progress depends on clinical-development execution and key personnel.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 13, 2026 | Piper Sandler | Initiate | Rating: — | |
| May 28, 2026 | Raymond James | Target | Target: $6 | Target: $7 |
| May 28, 2026 | Stifel Nicolaus | Target | Target: — | Target: $5 |
| May 28, 2026 | Leerink Partners | Upgrade | Target: $1 | Target: $6 |
| Apr 23, 2026 | Oppenheimer | Target | Target: — | Target: $7 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $57.2M · Total debt $584.0K · Total assets $58.7M · Shareholders' equity $56.0M
- Revenue
- $0
- Operating income
- −$5.2M
- Net income
- −$4.7M
No dividends on record.
| Institutions | 65.60% | 41.60M shares | |
|---|---|---|---|
| 66 holders · as of Jun 30, 2026 | |||
| Insiders | 1.50% | 951.2K shares | |
| 3 holders · as of Jun 5, 2026 | |||
| Strategic holders | 16.33% | 10.35M shares | |
| 2 holders · as of May 15, 2026 | |||
| Other | 16.57% | 10.51M shares | |
| remainder | |||
63.41M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jupiter Topco LLCInstitution | 10.24% | 6.49M | as of Jun 30, 2026 |
Janus Henderson Group PLCStrategic | 9.59% | 6.08M | filed Feb 6, 2026 |
Adage Capital Management, L.P.Institution | 9.48% | 6.01M | filed Nov 13, 2025 |
Decheng Capital LLCInstitution | 7.01% | 4.45M | as of Jun 30, 2026 |
Decheng Capital Management IV (Cayman), LLCStrategic | 6.74% | 4.27M | filed May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 5, 2026 | Stephen Connelly | officer: President and CSO | −30,975 | $2.94 |
| Jun 4, 2026 | Stephen Connelly | officer: President and CSO | −200,000 | $3.16 |
| Jun 5, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −14,584 | $2.93 |
| May 27, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −9,821 | $2.70 |
| May 28, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −86,012 | $2.80 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equillium | $1.74 | −9.89% | $122.0M | — | — | — | — |
| Takeda (ADR) | $18.83 | −0.66% | $60.30B | 52.9 | 59.9 | 2.0 | +4.2% |
| AbbVie | $265.15 | −0.02% | $468.77B | 74.8 | 17.4 | 7.3 | +10.2% |
| Johnson & Johnson | $268.66 | −0.20% | $648.72B | 31.2 | 22.6 | 6.6 | +6.6% |
| Eli Lilly | $1,156.13 | −1.20% | $1.10T | 39.3 | 28.3 | 13.8 | +47.7% |
| Pfizer | $28.04 | +0.41% | $159.19B | 36.9 | 10.0 | 2.5 | +2.6% |
| Median | 39.3 | 22.6 | 6.6 | +6.6% |