Equillium, Inc. (EQ): Business Model Canvas

Equillium, Inc. (EQ) entwickelt sich zu einem bahnbrechenden Biotechnologieunternehmen, das die Landschaft der immunologischen Therapeutika revolutioniert, mit einem messerscharfen Fokus auf die Entwicklung innovativer Behandlungen für seltene und komplexe Störungen des Immunsystems. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das strategische Forschungspartnerschaften, hochmoderne Arzneimittelentwicklung und Präzisionsmedizinansätze umfasst, positioniert sich Equillium an der Spitze transformativer medizinischer Lösungen, die möglicherweise kritische ungedeckte Gesundheitsbedürfnisse ansprechen könnten. Ihre umfassende Strategie integriert wissenschaftliches Fachwissen, eine robuste Forschungsinfrastruktur und gezielte Wertversprechen, um bahnbrechende immunologische Therapien voranzutreiben, die versprechen, die Art und Weise, wie wir schwierige medizinische Erkrankungen verstehen und behandeln, neu zu gestalten.

Equillium, Inc. (EQ) – Geschäftsmodell: Wichtige Partnerschaften

Akademische medizinische Zentren für klinische Studien

Equillium hat Partnerschaften mit den folgenden akademischen medizinischen Zentren für klinische Studien aufgebaut:

Institution	Schwerpunkt klinische Studien	Status
Medizinisches Zentrum der Stanford University	Itolizumab-Studien für entzündliche Erkrankungen	Aktiv
Universität von Kalifornien, San Diego	Forschung zu Lupus und Autoimmunerkrankungen	Laufend

Mitarbeiter der pharmazeutischen Forschung

Zu den wichtigsten Kooperationen in der pharmazeutischen Forschung gehören:

• Janssen Biotech (Johnson & Johnson-Tochtergesellschaft)
• Bristol Myers Squibb
• Therapeutische Forschungsabteilung von Pfizer

Biotechnologische Forschungseinrichtungen

Equilliums biotechnologische Forschungspartnerschaften:

Institution	Forschungsbereich	Art der Zusammenarbeit
La Jolla Institut für Immunologie	Immuntherapieforschung	Forschungskooperation
Scripps-Forschungsinstitut	Molekulare Targeting-Studien	Gemeinsames Forschungsprogramm

Potenzielle pharmazeutische Lizenzpartner

Aktuelle mögliche Lizenzpartnerschaften:

• Merck & Co.
• AbbVie Inc.
• Gilead-Wissenschaften

Auftragsforschungsinstitute (CROs)

Die CRO-Partnerschaften von Equillium:

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
IQVIA	Management klinischer Studien	3,2 Millionen US-Dollar (2023)
Parexel International	Regulatorische Unterstützung und klinische Forschung	2,7 Millionen US-Dollar (2023)

Equillium, Inc. (EQ) – Geschäftsmodell: Hauptaktivitäten

Immunologische Arzneimittelforschung und -entwicklung

Equillium konzentriert sich auf die Entwicklung neuartiger Immuntherapien gegen immunvermittelte Krankheiten. Bis zum vierten Quartal 2023 hat das Unternehmen 42,6 Millionen US-Dollar in Forschungs- und Entwicklungskosten investiert.

Forschungsschwerpunktbereich	Aktuelle Phase	Investition
Itolizumab (ASN002)	Klinische Studien der Phase 2	18,3 Millionen US-Dollar
Autoimmuntherapeutika	Präklinische Entwicklung	12,5 Millionen US-Dollar

Klinisches Studienmanagement

Equillium verwaltet mehrere klinische Studien in verschiedenen Therapiebereichen.

• Aktive klinische Studien: 3 laufende Studien
• Gesamtzahl der Patienteneinschreibungen: 287 Patienten, Stand Dezember 2023
• Budget für klinische Studien: 22,1 Millionen US-Dollar im Jahr 2023

Therapeutische Entwicklung im präklinischen und klinischen Stadium

Das Unternehmen verfügt über eine solide Pipeline an therapeutischen Kandidaten in verschiedenen Entwicklungsstadien.

Therapeutischer Kandidat	Krankheitsziel	Entwicklungsphase
Itolizumab	Akute Graft-versus-Host-Krankheit	Phase 2
ASN003	Entzündliche Erkrankungen	Präklinisch

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Equillium verfolgt strenge Strategien zur Einhaltung gesetzlicher Vorschriften.

• Interaktionen mit der FDA: 7 formelle Treffen im Jahr 2023
• Budget für die Einhaltung gesetzlicher Vorschriften: 3,7 Millionen US-Dollar
• Aufsichtspersonal: 12 Vollzeitkräfte

Geistiges Eigentumsmanagement

Das Unternehmen schützt aktiv seine innovativen Therapietechnologien.

IP-Kategorie	Anzahl der Patente	Ausgaben für den Patentschutz
Erteilte Patente	18	2,4 Millionen US-Dollar
Ausstehende Patentanmeldungen	12	1,6 Millionen US-Dollar

Equillium, Inc. (EQ) – Geschäftsmodell: Schlüsselressourcen

Wissenschaftliches Forschungsteam und Fachwissen

Das Forschungsteam von Equillium besteht ab dem 4. Quartal 2023 aus 22 wissenschaftlichen Mitarbeitern mit folgender Zusammensetzung:

Personalkategorie	Nummer
Doktoranden	12
Ärztliche Direktoren	4
Wissenschaftliche Mitarbeiter	6

Kandidaten für proprietäre Immunologiemedikamente

Aktuelle Medikamentenentwicklungspipeline:

• EQ001 (Itolizumab): Klinische Phase-2-Studien zur akuten Transplantat-gegen-Wirt-Krankheit
• EQ025: Immunologisches Therapeutikum im präklinischen Stadium
• EQ039: Immunmodulatorische Verbindung im Frühstadium der Entdeckung

Labor- und Forschungsinfrastruktur

Forschungseinrichtungen in San Diego, Kalifornien, mit:

• Gesamtfläche der Forschungseinrichtung: 15.000 Quadratmeter
• Fortschrittliche immunologische Forschungslabore
• Spezialausrüstung für zellbiologische Tests

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Patente
Erteilte Patente	7
Ausstehende Patentanmeldungen	12
Geografische Abdeckung	Vereinigte Staaten, Europa, Japan

Strategische Finanzierung und Investitionskapital

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzierungsquelle	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	127,4 Millionen US-Dollar
Gesamtinvestitionen	42,6 Millionen US-Dollar
Risikokapitalfinanzierung	85,2 Millionen US-Dollar

Equillium, Inc. (EQ) – Geschäftsmodell: Wertversprechen

Innovative immunologische Therapeutika gegen schwere Krankheiten

Equillium konzentriert sich auf die Entwicklung immunmodulatorischer Therapien gegen schwere immunvermittelte Erkrankungen. Im vierten Quartal 2023 zeigte der führende Wirkstoff des Unternehmens, EQ001 (Itolizumab), klinisches Potenzial für die Behandlung der akuten Graft-versus-Host-Krankheit (aGVHD).

Klinisches Programm	Zielanzeige	Aktueller Entwicklungsstand
EQ001 (Itolizumab)	Akute Graft-versus-Host-Krankheit	Klinische Phase-2-Studie
EQ002	Lupusnephritis	Präklinische Entwicklung

Mögliche Behandlungen für seltene und unterversorgte Erkrankungen

Der strategische Fokus des Unternehmens liegt auf der Bekämpfung seltener immunvermittelter Krankheiten mit begrenzten Behandlungsmöglichkeiten.

• Die Marktchancen für Therapeutika für seltene Krankheiten werden weltweit auf 150 Milliarden US-Dollar geschätzt
• Potenzieller Orphan-Drug-Status für mehrere Therapiekandidaten
• Fokussierte Pipeline für Erkrankungen mit hohem ungedecktem medizinischem Bedarf

Fortgeschrittene immunmodulatorische Arzneimittelentwicklung

Die proprietäre Immunmodulationsplattform von Equillium ermöglicht gezielte therapeutische Interventionen.

Technologieplattform	Hauptmerkmale
Präzise Immunmodulation	Selektives Targeting von Immunzellen
Molekularer Mechanismus	Hemmung des CD6-Signalwegs

Präzisionsmedizinischer Ansatz bei Erkrankungen des Immunsystems

Ab dem Jahr 2024 deutet die Forschung von Equillium auf Potenzial für personalisierte Immuntherapiestrategien hin.

• F&E-Investitionen von 22,3 Millionen US-Dollar im Jahr 2023
• Portfolio an geistigem Eigentum mit 15 Patentfamilien
• Kollaborative Forschungskooperationen mit akademischen Institutionen

Potenzielle bahnbrechende Behandlungen mit ungedecktem medizinischen Bedarf

Die Therapiestrategie des Unternehmens zielt auf komplexe immunvermittelte Erkrankungen mit begrenzten bestehenden Behandlungsmöglichkeiten ab.

Therapeutischer Bereich	Ungedeckter medizinischer Bedarf	Potenzielle Marktgröße
Autoimmunerkrankungen	Begrenzt wirksame Behandlungen	85 Milliarden US-Dollar bis 2025
Transplantationsbedingte Komplikationen	Hohe Morbiditäts- und Mortalitätsraten	42 Milliarden US-Dollar bis 2026

Equillium, Inc. (EQ) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Ab 2024 unterhält Equillium direkte Kommunikationskanäle mit etwa 350–400 spezialisierten Ärzten für Immunologie und Transplantationsmedizin.

Engagement-Methode	Häufigkeit	Zielspezialisten
Direkte medizinische Versorgung	Vierteljährlich	Transplantationsimmunologen
Einzelberatungen	Monatlich	Wichtige Meinungsführer

Kommunikation mit Teilnehmern klinischer Studien

Equillium verfolgt und kommuniziert mit Teilnehmern klinischer Studien über strukturierte Protokolle.

• Aktive Teilnehmer an klinischen Studien: 287 im vierten Quartal 2023
• Kommunikationshäufigkeit: Zweiwöchentliche Updates
• Kommunikationsplattformen: Sichere digitale Portale und direkte Interaktionen mit dem medizinischen Team

Wissenschaftliche Konferenzpräsentationen

Equillium präsentiert Forschungsergebnisse jährlich auf 12–15 internationalen medizinischen Konferenzen.

Konferenztyp	Jährliche Präsentationen	Zielgruppenreichweite
Immunologie-Konferenzen	7-8	3.500-4.200 Spezialisten
Transplantationsmedizin-Symposien	5-6	2.800-3.500 Fachkräfte

Kommunikation mit Investoren und Aktionären

Zu den vierteljährlichen Finanzberichten und Investor-Relations-Aktivitäten gehören:

• Teilnehmer der Telefonkonferenz: Durchschnittlich 120–150 institutionelle Anleger
• Teilnahme an der Hauptversammlung: 85–110 Aktionäre
• Kommunikationskanäle für Investoren: Quartalsberichte, Webcasts, direkter Investor-Relations-Kontakt

Laufende Interaktionen mit der medizinischen Forschungsgemeinschaft

Equillium unterhält aktive Forschungskooperationen mit akademischen und medizinischen Forschungseinrichtungen.

Interaktionstyp	Anzahl der Partnerschaften	Forschungsschwerpunkt
Akademische Forschungskooperationen	8-10	Immunologische Störungen
Klinische Forschungsnetzwerke	5-7	Transplantationsimmunologie

Equillium, Inc. (EQ) – Geschäftsmodell: Kanäle

Direkte medizinische Forschungskommunikation

Equillium nutzt direkte Kommunikationskanäle mit klinische Forschungseinrichtungen und medizinische Zentren.

Kommunikationskanal	Anzahl der institutionellen Kontakte	Häufigkeit der Interaktion
Akademische medizinische Zentren	37	Vierteljährlich
Forschungskrankenhäuser	24	Zweimonatlich

Wissenschaftliche Veröffentlichungen und Konferenzen

Engagement durch von Experten begutachtete wissenschaftliche Plattformen.

• Jährliche wissenschaftliche Konferenzpräsentationen: 6
• Von Experten begutachtete Veröffentlichungen im Jahr 2023: 4
• Wichtige Konferenzbeteiligung: American Society of Hematology (ASH)

Investor-Relations-Plattformen

Umfassende Strategie für die Anlegerkommunikation.

Plattform	Vierteljährliche Gewinnaufrufe	Investorenpräsentationen
Nasdaq Investor Relations	4	8
Unternehmenswebsite	4	12

Netzwerke der Pharmaindustrie

Strategische Netzwerkkanäle für die Branche.

• Partnerschaften mit der Pharmaindustrie: 3
• Verbundforschungsnetzwerke: 5
• Konsortien zur Arzneimittelentwicklung: 2

Digitale Kommunikation und webbasierte Plattformen

Digitale Engagement-Strategien für die Stakeholder-Kommunikation.

Digitale Plattform	Monatliche einzigartige Besucher	Engagement-Rate
Unternehmenswebsite	12,500	4.2%
LinkedIn-Unternehmensseite	8,700	3.7%

Equillium, Inc. (EQ) – Geschäftsmodell: Kundensegmente

Immunologieforscher

Zielgruppe der Forschung: 12.500 Immunologieforscher weltweit im Jahr 2023

Forschungskategorie	Anzahl der Forscher	Potenzielles Interesse
Akademische Institutionen	7,200	Hoch
Pharmazeutische Forschung	3,500	Mittel
Unabhängige Forschungszentren	1,800	Niedrig

Gesundheitsdienstleister

Gesamter potenzieller Markt für Gesundheitsdienstleister: 42.300 Fachkliniken im Jahr 2023

• Spezialkliniken für Immunologie: 6.500
• Behandlungszentren für seltene Krankheiten: 2.300
• Spezialisierte Krankenhausabteilungen: 33.500

Patienten mit seltenen Immunerkrankungen

Weltweite Patientenpopulation mit seltenen Immunerkrankungen: 387.000 im Jahr 2023

Störungskategorie	Patientenzahlen	Möglicher Behandlungsbedarf
Primäre Immunschwäche	156,000	Hoch
Autoimmunerkrankungen	231,000	Mittel

Pharmaunternehmen

Gesamtzahl der an Immunologie interessierten Pharmaunternehmen: 87 weltweit im Jahr 2023

• Große Pharmakonzerne: 32
• Mittelständische Pharmaunternehmen: 41
• Spezialisierte Immunologiefirmen: 14

Akademische medizinische Einrichtungen

Gesamtzahl akademischer medizinischer Einrichtungen: 2.100 weltweit im Jahr 2023

Institutionstyp	Anzahl der Institutionen	Grad des Forschungsengagements
Forschungsuniversitäten	890	Hoch
Medizinische Fakultäten	1,210	Mittel

Equillium, Inc. (EQ) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Equillium Forschungs- und Entwicklungskosten in Höhe von 39,4 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	35,2 Millionen US-Dollar	68%
2023	39,4 Millionen US-Dollar	72%

Betriebskosten klinischer Studien

Die Ausgaben für klinische Studien für Equillium beliefen sich im Jahr 2023 auf rund 22,7 Millionen US-Dollar und konzentrierten sich auf die Weiterentwicklung ihrer führenden therapeutischen Kandidaten.

• Klinische Studien der Phase 1: 8,3 Millionen US-Dollar
• Klinische Studien der Phase 2: 14,4 Millionen US-Dollar

Personal- und wissenschaftliche Talentvergütung

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 18,6 Millionen US-Dollar, wobei die Vergütung wichtiger wissenschaftlicher und leitender Mitarbeiter wie folgt strukturiert ist:

Personalkategorie	Gesamtvergütung
Exekutive Führung	5,2 Millionen US-Dollar
Wissenschaftliches Forschungspersonal	9,7 Millionen US-Dollar
Verwaltungspersonal	3,7 Millionen US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Einhaltung gesetzlicher Vorschriften und die damit verbundenen Rechtskosten beliefen sich im Jahr 2023 auf 4,5 Millionen US-Dollar.

Wartung von Technologie und Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 6,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Wartung der Laborausrüstung: 3,1 Millionen US-Dollar
• IT-Infrastruktur: 2,1 Millionen US-Dollar
• Software und digitale Plattformen: 1 Million US-Dollar

Equillium, Inc. (EQ) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Arzneimittellizenzvereinbarungen

Im vierten Quartal 2023 verfügt Equillium über keine aktiven Lizenzvereinbarungen für Arzneimittel.

Forschungsstipendien

Finanzierungsquelle	Betrag	Jahr
National Institutes of Health (NIH)	1,2 Millionen US-Dollar	2023

Beteiligungs- und Risikokapitalfinanzierung

Insgesamt eingeworbene Mittel: 173,4 Millionen US-Dollar Stand: 31. Dezember 2023

Finanzierungsrunde	Erhöhter Betrag	Jahr
Serie A	42,5 Millionen US-Dollar	2018
Serie B	75,2 Millionen US-Dollar	2020
Öffentliches Angebot	55,7 Millionen US-Dollar	2021

Potenzielle Einnahmen aus pharmazeutischen Partnerschaften

• Zusammenarbeit mit Roche zur Entwicklung von EQ001 (Itolizumab).
• Mögliche Meilensteinzahlungen noch nicht realisiert

Staatliche Forschungsförderung

Forschungsbereich	Förderagentur	Betrag	Jahr
COVID-19-Forschung	BARDA	3,5 Millionen Dollar	2022

Gesamtumsatz für 2023: 4,7 Millionen US-Dollar

Equillium, Inc. (EQ) - Canvas Business Model: Value Propositions

You're looking at the core assets Equillium, Inc. is banking on to create value in the severe autoimmune and inflammatory disorder space as of late 2025.

EQ504: Novel, oral, colon-targeted AhR modulator for ulcerative colitis

The value proposition here centers on a potential oral therapy for ulcerative colitis (UC). The global UC treatment market is projected to reach $15.81 billion by 2034, yet existing therapies only achieve clinical remission rates hovering up to 30%. Equillium, Inc. is positioning EQ504 to address this gap. You see the immediate action item: the Phase 1 proof-of-mechanism study is planned to initiate in mid-2026, with early data expected around 6 months after that start date. The company secured up to $50 million in financing, with an initial tranche of $30 million, to fund this progression, giving them cash runway through 2027.

The financial reality of Q3 2025 shows a net loss of $4.2 million on $0 revenue, reflecting the transition away from prior development funding, with R&D expenses at $1.3 million for the quarter.

EQ504: Multi-modal mechanism promoting tissue repair and immune balance

The mechanism of action provides a differentiated value. Preclinical data supports EQ504's role in:

• Enhancing IL-10 and IL-22 signaling.
• Driving regulatory T-cell function.
• Protecting epithelial barrier integrity.

This multi-modal approach is designed to be complementary to other agents, focusing on barrier function, tissue repair, and regulating resident immune cells with anti-inflammatory responses, all without broad immunosuppression.

Itolizumab: Potential treatment for acute graft-versus-host disease (aGVHD) with longer-term clinical benefit signals

For acute graft-versus-host disease (aGVHD), a condition where one-year mortality exceeds 40%, Itolizumab's value is rooted in longer-term survival signals from the Phase 3 EQUATOR study, which involved 158 randomized patients. While the Day 29 Complete Response (CR) rate missed the primary endpoint at 43.0% for itolizumab versus 48.1% for placebo, the longer-term data showed statistical significance:

Endpoint	Itolizumab Value	Placebo Value	P-value
CR at Day 99	44.9% (35 patients)	28.6% (22 patients)	0.035
Median Duration of CR	336 days	72 days	0.017
Median Failure-Free Survival	154 days	70 days	0.043

The mortality rate showed a favorable trend, with 24.4% in the itolizumab arm versus 32.5% in the placebo arm. The FDA declined Breakthrough Therapy designation based on Day 29 outcomes, but indicated openness to evaluating longer-term data.

Pipeline optionality in severe autoimmune and inflammatory disorders

Equillium, Inc.'s pipeline offers optionality beyond these two key assets, built on a platform targeting immuno-inflammatory pathways. The company's overall strategy involves leveraging this deep understanding of immunobiology across severe autoimmune and inflammatory disorders. The Q3 2025 General and administrative (G&A) expenses were $3.3 million, and R&D expenses were $1.3 million, down from $9.6 million in Q3 2024, showing a shift in resource allocation following the termination of the Ono Pharmaceutical agreement.

The current cash position as of September 30, 2025, is $33.1 million. The pipeline consists of several novel immunomodulatory assets. Finance: draft 13-week cash view by Friday.

Equillium, Inc. (EQ) - Canvas Business Model: Customer Relationships

You're looking at how Equillium, Inc. manages its relationships with the key groups that fund and guide its science. This is critical for a clinical-stage biotech, as capital and scientific credibility are the lifeblood.

Direct, high-touch engagement with specialized healthcare investors

Equillium, Inc. secured significant capital through direct engagement with specialized healthcare investors in late 2025. This wasn't a broad retail offering; it was targeted placement with specific firms.

On August 11, 2025, the Company announced a private placement providing up to $50 million in gross proceeds. This structure involved an initial upfront financing of approximately $30 million in gross proceeds. The remaining potential $20 million is contingent upon the initiation of clinical studies with EQ504 and other defined milestones.

The initial tranche alone is expected to fund Company operations through 2027. The investors leading this tranche included new participants ADAR1 Capital Management and Janus Henderson Investors, alongside Adage Capital Partners LP, Coastlands Capital, and Woodline Partners LP.

Financing Component	Amount (Gross Proceeds)	Trigger/Condition
Initial Upfront Financing	$30 million	Closed August 11, 2025
Contingent Tranche	Up to $20 million	Initiation of EQ504 clinical studies and other milestones
Total Potential Financing	Up to $50 million	N/A

Investor relations for public market communication and financing updates

Investor relations activity ramps up around key corporate milestones, like financing announcements and upcoming data readouts. The focus is on communicating runway and strategic pivots.

As of September 30, 2025, cash, cash equivalents and short-term investments totaled $33.1 million. This improved significantly from $22.6 million as of December 31, 2024, directly reflecting the August 2025 financing. General and administrative (G&A) expenses for the third quarter of 2025 were $3.3 million, flat compared to the same period in 2024, showing cost discipline.

Management actively engaged with the public market through conference participation in late 2025.

• Piper Sandler 37th Annual Healthcare Conference: Fireside Chat & 1x1 Meetings on Tuesday, December 2, 2025, at 11:30 AM EST.
• Evercore ISI 8th Annual Healthcare Conference: Fireside Chat & 1x1 Meetings on Wednesday, December 3, 2025, at 3:50 PM EST.

Scientific advisory board and KOL engagement for pipeline validation

Validation from Key Opinion Leaders (KOLs) is essential, especially when pivoting focus to a new asset like EQ504. Equillium, Inc. used targeted events to secure this buy-in.

The Company hosted a virtual KOL investor event on November 5, 2025. This event specifically highlighted the potential clinical utility of EQ504, the novel oral Aryl Hydrocarbon Receptor (AhR) modulator, for ulcerative colitis (UC). The event featured experts discussing the unmet medical need and the science behind AhR modulation.

The scientific engagement included specific external experts:

• Dr. Francisco J. Quintana, PhD (Harvard Medical School).
• Dr. Brian Feagan, MD, FRCPC (Western Ontario).

The goal was to support the planned initiation of the EQ504 Phase 1 clinical study expected in mid-2026.

Regulatory dialogue with the FDA for clinical development path

The relationship with the U.S. Food and Drug Administration (FDA) directly dictates the path and timeline for clinical assets. Equillium, Inc. had a significant interaction regarding itolizumab in early 2025.

On April 24, 2025, Equillium, Inc. announced feedback from its Type D meeting with the FDA concerning itolizumab for first-line treatment of acute graft-versus-host disease (aGVHD). The FDA declined to grant Breakthrough Therapy designation or support an Accelerated Approval pathway based on the EQUATOR study data, specifically highlighting attention to response outcomes at Day 29.

The FDA did indicate openness to evaluating other endpoints, including longer term outcomes, provided independent data supports their validity. Prior to this feedback, cash, cash equivalents as of March 31, 2025, totaled $14.5 million, which the Company believed was capable of funding operations into the third quarter of 2025.

The company is now advancing EQ504 toward a Phase 1 study initiation planned for mid-2026. The termination of the collaboration and license agreement with Biocon relating to itolizumab was effective September 30, 2025. Finance: draft 13-week cash view by Friday.

Equillium, Inc. (EQ) - Canvas Business Model: Channels

You're looking at how Equillium, Inc. gets its data and its cash out to the world, which is critical for a clinical-stage company like this. The channels here are less about direct sales and more about validation, funding, and future partnerships.

Private Placement Agents for Capital Raising

The primary channel for immediate, large-scale funding as of late 2025 involved direct engagement with specialized healthcare investors, facilitated by placement agents. Equillium, Inc. secured a definitive securities purchase agreement on August 11, 2025, targeting up to $50 million in gross proceeds to push EQ504 development. This financing is structured to provide a cash runway through 2027 based on the initial closing proceeds. Leerink Partners served as the lead placement agent, with LifeSci Capital acting as the co-placement agent for this transaction.

Here's the quick math on that August 2025 private placement:

Financing Component	Gross Proceeds Target	Shares/Warrants Issued (Initial)	Price Per Share/Warrant
Initial Upfront Closing	$30 million	Approx. 52.6 million	$0.57 / $0.5699
Milestone Closing Potential	Up to $20 million	Up to Approx. 35.1 million	Contingent on milestones

As of September 30, 2025, the balance sheet reflected cash, cash equivalents, and short-term investments totaling $33.1 million. Honestly, that initial $30 million tranche was the lifeline to get to the next stage.

Scientific Publications and Conferences for Data Dissemination

Disseminating clinical and translational data is a key channel for building credibility with future partners and investors. Equillium, Inc. management actively engaged in this process throughout late 2025. For instance, management participated in a fireside chat at the Cantor Global Healthcare Conference 2025 on September 5, 2025, at 7:55 am ET. Furthermore, the company hosted a virtual Key Opinion Leader (KOL) event on November 5, 2025, focusing on EQ504 and the unmet need in ulcerative colitis. Looking ahead, the plan included showcasing the pipeline at two major December 2025 investor conferences:

• Piper Sandler 37th Annual Healthcare Conference: December 2, 2025.
• Evercore ISI 8th Annual Healthcare Conference: December 3, 2025.

The company's R&D expenses for Q3 2025 were $1.3 million, showing the investment supporting the data being presented through these channels.

Clinical Trial Sites and Contract Research Organizations (CROs)

The execution of clinical development relies on external site networks and specialized Contract Research Organizations (CROs). While specific CRO partners for the upcoming EQ504 program aren't detailed, past trials provide context. The Phase 2 study for itolizumab in Ulcerative Colitis was conducted at multiple clinical trial sites in India. The next major operational milestone is the planned initiation of the EQ504 Phase 1 study in mid-2026, with data anticipated approximately six months after initiation. This timeline dictates the immediate need for CRO and site contracting channels to be fully activated.

The broader industry context shows the importance of these partners; the global CRO market was projected to reach $139.42 billion by 2029 from an estimated $82 billion in 2024, underscoring the competitive landscape for securing top-tier CRO support.

Future Out-licensing Agreements for Commercialization Access

The strategic channel for future commercialization access is currently being redefined following a major pipeline change. Equillium, Inc. made the definitive move to cease development of itolizumab, terminating its collaboration and license agreement with Biocon on September 30, 2025. This termination signals a sharp focus on EQ504. The current financing, up to $50 million, is intended to fund EQ504 development through 2027, which sets a target window for securing a future out-licensing or commercial partnership for EQ504 before that cash runway ends. The initial private placement included a potential $20 million tranche contingent on clinical study initiation, which is a de-risking step often required before major out-licensing discussions can finalize terms.

Equillium, Inc. (EQ) - Canvas Business Model: Customer Segments

You're looking at the customer base for Equillium, Inc. (EQ) as of late 2025. The company has made a sharp pivot, so the segments reflect where they are now focusing their development efforts, primarily with EQ504, after concluding the itolizumab program.

Specialized healthcare institutional investors

This segment provided the capital to fund the strategic shift. They are sophisticated entities focused on clinical-stage biotech with high-unmet-need assets. You can see their commitment in the recent financing activity.

• Secured up to $50 million in gross proceeds via a private placement announced August 11th, 2025.
• The initial tranche provided approximately $30 million in gross proceeds.
• The upfront financing involved issuing approximately 52.6 million shares or pre-funded warrants at $0.57 per share.
• This initial funding is projected to fund Company operations through 2027.
• Key participants in this syndicate include ADAR1 Capital Management, Janus Henderson Investors, Adage Capital Partners, Coastlands Capital, and Woodline Partners LP.

Honestly, the cash position as of September 30, 2025, was $33.1 million in cash, cash equivalents, and short-term investments, which is up from $22.6 million at the end of 2024.

Patients with severe inflammatory diseases, primarily Ulcerative Colitis

This is the primary target for the lead investigational asset, EQ504, an AhR modulator. While the previous drug, itolizumab, was studied here, the focus is now on the oral, colon-targeted EQ504. The market need is clear, as evidenced by prior trial data.

For context on the disease space, the prior Phase 2 study for itolizumab in moderate to severe Ulcerative Colitis (UC) showed:

Endpoint (12 Weeks)	Itolizumab	Adalimumab (Active Control)	Placebo
Clinical Remission Rate	23.3%	20.0%	10.0%
Endoscopic Remission Rate	16.7%	16.7%	6.7%

Equillium, Inc. expects to initiate the Phase 1 clinical study for EQ504 in mid-2026, with the potential to add UC patient cohorts following the SAD/MAD (Single Ascending Dose/Multiple Ascending Dose) portion.

Patients with acute graft-versus-host disease (aGVHD)

This segment was the focus of the Phase 3 EQUATOR study for itolizumab. Although the collaboration with Biocon for itolizumab was terminated on September 30, 2025, the data generated here is important for understanding the drug's profile and the high-unmet-need population.

The aGVHD patient population faces high mortality, cited as in excess of 40%. The Phase 3 EQUATOR study, despite missing the Day 29 primary endpoint, showed statistically significant longer-term benefits for itolizumab:

• Failure-free survival median: 154 days versus 70 days (p-value 0.043).
• Complete Response (CR) at Day 99: 44.9% (35 patients) versus 28.6% (22 patients) (p-value 0.035).

The company had submitted for Breakthrough Therapy designation, expecting FDA feedback during May 2025, which would have set the course for this program.

Large pharmaceutical and biotech companies (potential strategic partners)

This segment is crucial for future commercialization or development funding for the new lead asset, EQ504. The prior relationship with a major player concluded recently, resetting the partnership landscape.

The exclusive partnership with Ono Pharmaceutical Co., Ltd. for itolizumab rights in the US, Canada, Australia, and New Zealand officially terminated on September 30, 2025. Equillium, Inc. now maintains all commercial rights to itolizumab.

The focus for new partnerships shifts to EQ504, which is designed to be complementary to other inflammation and immunology agents. The company's Q3 2025 revenue was $0, down from $12.2 million in Q3 2024 (which was entirely from itolizumab development funding and amortization), underscoring the need for a new partnership or successful internal development of EQ504 to generate future revenue streams.

Finance: draft 13-week cash view by Friday.

Equillium, Inc. (EQ) - Canvas Business Model: Cost Structure

You're looking at the core expenses Equillium, Inc. is managing as it pivots its focus entirely to EQ504. The cost structure reflects a significant streamlining following the termination of the itolizumab program funding.

The third quarter of 2025 showed a major reduction in operating costs compared to the prior year, driven by strategic decisions made earlier in 2025.

Cost Category	Q3 2025 Amount	Comparison/Context
Research and Development (R&D) Expenses	$1.3 million	Significantly reduced from $9.6 million in Q3 2024.
General and Administrative (G&A) Expenses	$3.3 million	Held flat from $3.3 million in Q3 2024.
Revenue (Offsetting Costs)	$0	Compared to $12.2 million in Q3 2024, reflecting the end of the Ono Pharmaceutical funding.

The reduction in Research and Development expenses to $1.3 million in Q3 2025 was a direct result of the shift in pipeline priority. This lower spend level is intended to conserve cash, with the initial tranche of recent financing expected to fund operations through 2027.

The major drivers for the reduced R&D spend include:

• Lower clinical development expenses.
• Lower Chemistry, Manufacturing and Controls (CMC) activities.
• Lower consulting expenses related to the wind down of the EQUATOR study.
• Lower employee compensation and benefits due to lower headcount.

Clinical trial expenses are now primarily future-facing, centered on the next asset. The focus is on preparing for the EQ504 Phase 1 clinical study initiation planned for mid-2026. This contrasts sharply with the costs associated with the wind down of prior programs, specifically the itolizumab Phase 3 EQUATOR study, which was a major component of earlier R&D spending.

General and Administrative costs remained stable at $3.3 million for the third quarter of 2025. This category encompasses the ongoing fixed costs of running the organization, which includes:

• Personnel costs for essential, non-R&D staff.
• Legal expenses necessary for corporate governance.
• Intellectual property maintenance costs to secure the platform.

The overall net loss for Q3 2025 was $4.2 million, which was an increase from the near breakeven net loss in Q3 2024, primarily due to the lower revenue, partially offset by the lower operating expenses.

Equillium, Inc. (EQ) - Canvas Business Model: Revenue Streams

You're looking at Equillium, Inc.'s revenue picture as of late 2025, and honestly, it's a story of transition, heavily reliant on recent financing rather than product sales right now. The prior revenue stream, which was tied to the itolizumab Asset Purchase Agreement with Ono Pharmaceutical, has run its course; that agreement was terminated in October 2024.

For the third quarter ended September 30, 2025, the reported revenue was exactly $0, which makes sense given the end of that Ono-related funding which comprised all revenue in 2024. So, the immediate cash flow is coming from the capital markets, not product milestones or sales.

Here's the quick math on the new financing that is funding operations through 2027; this is your primary near-term revenue driver:

Revenue Component	Amount (Gross Proceeds)	Trigger/Timing
Q3 2025 Revenue	$0	Following end of Ono-related funding
Private Placement - Upfront Tranche	Approximately $30 million	Initial closing in August 2025
Private Placement - Contingent Milestones	Up to an additional $20 million	Initiation of clinical studies with EQ504 and other specified milestones

The August 2025 private placement was structured to give Equillium, Inc. immediate runway. The initial upfront financing brought in approximately $30 million in gross proceeds. To be defintely precise on that initial cash infusion, one filing detailed the initial closing proceeds as approximately $29,996,918.3595.

The potential upside from that same deal is significant, but conditional. You can potentially see up to an additional $20 million if the company hits certain performance markers. These milestones are tied directly to advancing the pipeline, specifically the initiation of the EQ504 Phase 1 clinical study, which is planned for mid-2026.

Regarding itolizumab, while Equillium, Inc. retains the rights to the asset, the revenue stream from development funding and amortization of the upfront payment from Ono Pharmaceutical has ceased. Any future revenue from itolizumab would need to come from a new deal or, much further out, product sales, but no concrete figures for new licensing fees or milestones were announced as of late 2025.

The long-term view for Equillium, Inc.'s revenue streams rests on commercial success, which is standard for a clinical-stage biotech. This involves:

• Potential future licensing fees and milestone payments for itolizumab, should a new partnership materialize.
• Future product sales for either itolizumab or EQ504, post-approval.

Finance: draft 13-week cash view by Friday.