Equillium, Inc. (EQ): Business Model Canvas [Jan-2025 Mise à jour]

Equillium, Inc. (EQ) apparaît comme une entreprise de biotechnologie révolutionnaire révolutionnant le paysage de la thérapeutique immunologique, avec un accent accéléré de rasoir sur le développement de traitements innovants pour des troubles du système immunitaire rares et complexes. En tirant parti d'une toile de modèle commercial sophistiqué qui s'adresse à des partenariats de recherche stratégique, à un développement de médicaments de pointe et à des approches de médecine de précision, Equillium se positionne à l'avant-garde des solutions médicales transformatrices qui pourraient potentiellement répondre aux besoins critiques des soins de santé non satisfaits. Leur stratégie complète intègre une expertise scientifique, une infrastructure de recherche robuste et des propositions de valeur ciblées pour stimuler les thérapies immunologiques révolutionnaires qui promettent de remodeler la façon dont nous comprenons et traitons les conditions médicales difficiles.

Equillium, Inc. (EQ) - Modèle d'entreprise: partenariats clés

Centres médicaux universitaires pour les essais cliniques

Equillium a établi des partenariats avec les centres médicaux académiques suivants pour les essais cliniques:

Institution	Focus des essais cliniques	Statut
Centre médical de l'Université de Stanford	Essais d'itolizumab pour les maladies inflammatoires	Actif
Université de Californie, San Diego	Lupus et recherche sur les troubles auto-immunes	En cours

Collaborateurs de la recherche pharmaceutique

Les principales collaborations de recherche pharmaceutique comprennent:

• Janssen Biotech (Johnson & Filiale Johnson)
• Bristol Myers Squibb
• Division de recherche thérapeutique Pfizer

Institutions de recherche en biotechnologie

Partenariats de recherche sur la biotechnologie d'Equillium:

Institution	Domaine de recherche	Type de collaboration
La Jolla Institute for Immunology	Recherche d'immunothérapie	Collaboration de recherche
Institut de recherche Scripps	Études de ciblage moléculaire	Programme de recherche conjoint

Partenaires potentiels de licence pharmaceutique

Partenariats actuels de licence potentielle:

• Miserrer & Co.
• AbbVie Inc.
• Sciences de Gilead

Organisations de recherche contractuelle (CROS)

Partenariats CRO d'Equillium:

Nom de CRO	Services fournis	Valeur du contrat
Iqvia	Gestion des essais cliniques	3,2 millions de dollars (2023)
Parexel International	Soutien réglementaire et recherche clinique	2,7 millions de dollars (2023)

Equillium, Inc. (EQ) - Modèle d'entreprise: activités clés

Recherche et développement en médicaments immunologiques

Equillium se concentre sur le développement de nouvelles immunothérapies ciblant les maladies à médiation immunitaire. Au quatrième trimestre 2023, la société a investi 42,6 millions de dollars dans les dépenses de recherche et développement.

Domaine de mise au point de recherche	Étape actuelle	Investissement
Itolizumab (asn002)	Essais cliniques de phase 2	18,3 millions de dollars
Thérapeutique auto-immune	Développement préclinique	12,5 millions de dollars

Gestion des essais cliniques

Equillium gère plusieurs essais cliniques dans différentes zones thérapeutiques.

• Essais cliniques actifs: 3 études en cours
• Inscription totale des patients: 287 patients en décembre 2023
• Budget des essais cliniques: 22,1 millions de dollars en 2023

Développement thérapeutique de stade préclinique et clinique

La société maintient un pipeline robuste de candidats thérapeutiques à divers stades de développement.

Candidat thérapeutique	Cible de la maladie	Étape de développement
Itolizumab	Maladie de greffe aiguë contre l'hôte	Phase 2
ASN003	Conditions inflammatoires	Préclinique

Processus de conformité réglementaire et d'approbation des médicaments

Equillium maintient des stratégies de conformité réglementaire rigoureuses.

• Interactions de la FDA: 7 réunions officielles en 2023
• Budget de conformité réglementaire: 3,7 millions de dollars
• Personnel réglementaire: 12 professionnels à temps plein

Gestion de la propriété intellectuelle

L'entreprise protège activement ses technologies thérapeutiques innovantes.

Catégorie IP	Nombre de brevets	Dépenses de protection des brevets
Brevets délivrés	18	2,4 millions de dollars
Demandes de brevet en instance	12	1,6 million de dollars

Equillium, Inc. (EQ) - Modèle d'entreprise: Ressources clés

Équipe de recherche scientifique et expertise

L'équipe de recherche d'Equillium se compose de 22 membres du personnel scientifique au quatrième trimestre 2023, avec la composition suivante:

Catégorie de personnel	Nombre
Chercheurs de doctorat	12
Directeurs médicaux	4
Associés de recherche	6

Candidats à l'immunologie propriétaire

Pipeline de développement de médicaments:

• EQ001 (itolizumab): phase 2 essais cliniques pour la maladie de greffe aiguë contre l'hôte
• EQ025: Immunologie de scène préclinique thérapeutique
• EQ039: composé immunomodulatoire au stade de découverte précoce

Infrastructure de laboratoire et de recherche

Installations de recherche situées à San Diego, en Californie, avec:

• Espace total des installations de recherche: 15 000 pieds carrés
• Laboratoires de recherche avancée en immunologie
• Équipement de test de biologie cellulaire spécialisé

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre de brevets
Brevets délivrés	7
Demandes de brevet en instance	12
Couverture géographique	États-Unis, Europe, Japon

Financement stratégique et capital d'investissement

Ressources financières au 31 décembre 2023:

Source de financement	Montant
Equivalents en espèces et en espèces	127,4 millions de dollars
Investissements totaux	42,6 millions de dollars
Financement du capital-risque	85,2 millions de dollars

Equillium, Inc. (EQ) - Modèle d'entreprise: propositions de valeur

Immunologie innovante thérapeutique ciblant les maladies graves

Equillium se concentre sur le développement de thérapies immunomodulatrices ciblant de graves maladies à médiation immunitaire. Depuis le quatrième trimestre 2023, l'actif principal de la société EQ001 (itolizumab) a démontré un potentiel clinique dans le traitement aigu du greffon contre l'hôte (AGVHD).

Programme clinique	Indication cible	Étape de développement actuelle
Eq001 (itolizumab)	Maladie de greffe aiguë contre l'hôte	Essai clinique de phase 2
EQ002	Néphrite lupus	Développement préclinique

Traitements potentiels pour les conditions médicales rares et mal desservies

L'objectif stratégique de l'entreprise comprend la lutte contre les maladies à médiation immunitaire rares avec des options de traitement limitées.

• Opportunité de marché pour les thérapies par maladies rares estimées à 150 milliards de dollars dans le monde entier
• Désignation potentielle de médicament orphelin pour plusieurs candidats thérapeutiques
• Conditions de ciblage des pipelines concentrés avec des besoins médicaux non satisfaits

Développement avancé des médicaments immunomodulatoires

La plate-forme d'immunomodulation propriétaire d'Equillium permet des interventions thérapeutiques ciblées.

Plate-forme technologique	Caractéristiques clés
Immunomodulation de précision	Ciblage sélectif des cellules immunitaires
Mécanisme moléculaire	Inhibition de la voie CD6

Approche de la médecine de précision des troubles du système immunitaire

Depuis 2024, les recherches d'Equillium indiquent un potentiel de stratégies d'immunothérapie personnalisées.

• Investissement en R&D de 22,3 millions de dollars en 2023
• Portfolio de propriété intellectuelle avec 15 familles de brevets
• Partenariats de recherche collaborative avec les établissements universitaires

Traitements de percée potentielles avec des besoins médicaux non satisfaits

La stratégie thérapeutique de l'entreprise cible des conditions complexes à médiation immunitaire avec des traitements existants limités.

Zone thérapeutique	Besoin médical non satisfait	Taille du marché potentiel
Maladies auto-immunes	Traitements efficaces limités	85 milliards de dollars d'ici 2025
Complications liées à la transplantation	Taux de morbidité et de mortalité élevés	42 milliards de dollars d'ici 2026

Equillium, Inc. (EQ) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

En 2024, Equillium maintient les canaux de communication directs avec environ 350 à 400 médecins d'immunologie spécialisée et de médecine de transplantation.

Méthode d'engagement	Fréquence	Spécialistes de la cible
Sensibilisation médicale directe	Trimestriel	Immunologues de transplantation
Consultations individuelles	Mensuel	Leaders d'opinion clés

Communication des participants à l'essai clinique

Equillium suit et communique avec les participants à l'essai clinique à travers des protocoles structurés.

• Participants à l'essai clinique actif: 287 au quatrième trimestre 2023
• Fréquence de communication: mises à jour bihebdomadaires
• Plateformes de communication: portails numériques sécurisés et interactions d'équipe médicale directe

Présentations de la conférence scientifique

Equillium présente les résultats de la recherche à 12-15 conférences médicales internationales par an.

Type de conférence	Présentations annuelles	Poutenir
Conférences d'immunologie	7-8	3 500-4 200 spécialistes
Symposium de médecine de transplantation	5-6	2 800-3 500 professionnels

Communications des investisseurs et des actionnaires

Les activités trimestrielles d'information financière et de relations avec les investisseurs comprennent:

• Généralités des participants: moyenne 120-150 investisseurs institutionnels
• Assemblée des actionnaires annuelle présence: 85-110 actionnaires
• Canaux de communication des investisseurs: rapports trimestriels, webdiffusions, contact avec les relations avec les investisseurs directs

Interactions de la communauté de recherche médicale en cours

Equillium maintient des collaborations de recherche active avec des établissements de recherche universitaires et médicaux.

Type d'interaction	Nombre de partenariats	Focus de recherche
Collaborations de recherche universitaire	8-10	Troubles immunologiques
Réseaux de recherche clinique	5-7	Immunologie de transplantation

Equillium, Inc. (EQ) - Modèle commercial: canaux

Communication de recherche médicale directe

Equillium utilise des canaux de communication directs avec Institutions de recherche clinique et centres médicaux.

Canal de communication	Nombre de contacts institutionnels	Fréquence d'interaction
Centres médicaux académiques	37	Trimestriel
Hôpitaux de recherche	24	Bimensuel

Publications et conférences scientifiques

Engagement grâce à des plateformes scientifiques évaluées par des pairs.

• Présentations annuelles de la conférence scientifique: 6
• Publications évaluées par des pairs en 2023: 4
• Participation majeure de la conférence: American Society of Hematology (ASH)

Plateformes de relations avec les investisseurs

Stratégie de communication complète des investisseurs.

Plate-forme	Appels de résultats trimestriels	Présentations des investisseurs
Relations avec les investisseurs du NASDAQ	4	8
Site Web de l'entreprise	4	12

Réseaux de l'industrie pharmaceutique

Canaux de réseautage stratégique de l'industrie.

• Partenariats de l'industrie pharmaceutique: 3
• Réseaux de recherche collaborative: 5
• Consortiums de développement de médicaments: 2

Communication numérique et plateformes Web

Stratégies d'engagement numérique pour la communication des parties prenantes.

Plate-forme numérique	Visiteurs uniques mensuels	Taux d'engagement
Site Web de l'entreprise	12,500	4.2%
Page d'entreprise LinkedIn	8,700	3.7%

Equillium, Inc. (EQ) - Modèle d'entreprise: segments de clientèle

Chercheurs en immunologie

Population de recherche cible: 12 500 chercheurs en immunologie dans le monde en 2023

Catégorie de recherche	Nombre de chercheurs	Intérêt potentiel
Institutions universitaires	7,200	Haut
Recherche pharmaceutique	3,500	Moyen
Centres de recherche indépendants	1,800	Faible

Fournisseurs de soins de santé

Marché total des prestataires de soins de santé potentiels: 42 300 cliniques spécialisées en 2023

• Cliniques spécialisées de l'immunologie: 6 500
• Centres de traitement des maladies rares: 2 300
• Départements hospitaliers spécialisés: 33 500

Patients souffrant de troubles immunitaires rares

Population de patients du trouble immunitaire rare mondial: 387 000 en 2023

Catégorie de troubles	Nombres de patients	Besoin de traitement potentiel
Immunodéficience primaire	156,000	Haut
Troubles auto-immunes	231,000	Moyen

Sociétés pharmaceutiques

Total des sociétés pharmaceutiques intéressées par l'immunologie: 87 dans le monde en 2023

• Grands sociétés pharmaceutiques: 32
• Sociétés pharmaceutiques de taille moyenne: 41
• Spécialités d'immunologie: 14

Établissements médicaux académiques

Institutions médicales académiques totales: 2 100 dans le monde en 2023

Type d'institution	Nombre d'institutions	Niveau d'engagement de la recherche
Universités de recherche	890	Haut
Écoles de médecine	1,210	Moyen

Equillium, Inc. (EQ) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Equillium a déclaré des frais de R&D de 39,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	35,2 millions de dollars	68%
2023	39,4 millions de dollars	72%

Coûts opérationnels des essais cliniques

Les dépenses d'essais cliniques pour Equillium en 2023 ont totalisé environ 22,7 millions de dollars, axée sur la progression de leurs candidats thérapeutiques principaux.

• Essais cliniques de phase 1: 8,3 millions de dollars
• Essais cliniques de phase 2: 14,4 millions de dollars

Personnel et compensation des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 18,6 millions de dollars, avec une rémunération clé du personnel scientifique et exécutif structuré comme suit:

Catégorie de personnel	Compensation totale
Leadership exécutif	5,2 millions de dollars
Personnel de recherche scientifique	9,7 millions de dollars
Personnel administratif	3,7 millions de dollars

Investissements de conformité réglementaire

La conformité réglementaire et les dépenses juridiques connexes pour 2023 s'élevaient à 4,5 millions de dollars.

Maintenance de technologie et d'infrastructure

Les coûts de maintenance de la technologie et des infrastructures pour 2023 étaient de 6,2 millions de dollars, en panne comme suit:

• Entretien de l'équipement de laboratoire: 3,1 millions de dollars
• Infrastructure informatique: 2,1 millions de dollars
• Plateformes logicielles et numériques: 1 million de dollars

Equillium, Inc. (EQ) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Equillium n'a aucun accord de licence de médicament actif.

Subventions de recherche

Source de financement	Montant	Année
National Institutes of Health (NIH)	1,2 million de dollars	2023

Financement des capitaux propres et du capital-risque

Financement total collecté: 173,4 millions de dollars Au 31 décembre 2023

Ronde de financement	Montant recueilli	Année
Série A	42,5 millions de dollars	2018
Série B	75,2 millions de dollars	2020
Offre publique	55,7 millions de dollars	2021

Revenus potentiels de partenariat pharmaceutique

• Collaboration avec Roche pour le développement EQ001 (Itolizumab)
• Paiements de jalons potentiels non encore réalisés

Financement de la recherche gouvernementale

Domaine de recherche	Agence de financement	Montant	Année
Recherche Covid-19	Barda	3,5 millions de dollars	2022

Revenu total pour 2023: 4,7 millions de dollars

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.