Equillium, Inc. (Eq): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Equillium, Inc. (EQ) surge como uma empresa inovadora de biotecnologia que revoluciona o cenário da terapêutica imunológica, com um foco nítido no desenvolvimento de tratamentos inovadores para distúrbios imunológicos raros e complexos. Ao alavancar uma sofisticada tela de modelo de negócios que abrange parcerias estratégicas de pesquisa, desenvolvimento de medicamentos de ponta e abordagens de medicina de precisão, a Equillium está se posicionando na vanguarda de soluções médicas transformadoras que poderiam atender às necessidades críticas de saúde não atendidas. Sua estratégia abrangente integra conhecimentos científicos, infraestrutura de pesquisa robusta e proposições de valor direcionadas para impulsionar terapias imunológicas inovadoras que prometem remodelar como entendemos e tratamos condições médicas desafiadoras.

Equillium, Inc. (Eq) - Modelo de Negócios: Principais Parcerias

Centros Médicos Acadêmicos para Ensaios Clínicos

A Equillium estabeleceu parcerias com os seguintes centros médicos acadêmicos para ensaios clínicos:

Instituição	Foco no ensaio clínico	Status
Centro Médico da Universidade de Stanford	Ensaios de iTolizumab para doenças inflamatórias	Ativo
Universidade da Califórnia, San Diego	Lupus e pesquisa de transtorno autoimune	Em andamento

Colaboradores de pesquisa farmacêutica

As principais colaborações de pesquisa farmacêutica incluem:

• Janssen Biotech (Johnson & Subsidiária Johnson)
• Bristol Myers Squibb
• Divisão de Pesquisa Terapêutica da Pfizer

Instituições de pesquisa de biotecnologia

Parcerias de Pesquisa de Biotecnologia da Equillium:

Instituição	Área de pesquisa	Tipo de colaboração
La Jolla Institute for Immunology	Pesquisa de imunoterapia	Colaboração de pesquisa
Scripps Research Institute	Estudos de direcionamento molecular	Programa de pesquisa conjunta

Potenciais parceiros de licenciamento farmacêutico

Parcerias de licenciamento potenciais atuais:

• Merck & Co.
• AbbVie Inc.
• Gilead Sciences

Organizações de pesquisa contratada (CROs)

As parcerias CRO da Equillium:

Nome do CRO	Serviços prestados	Valor do contrato
Iqvia	Gerenciamento de ensaios clínicos	US $ 3,2 milhões (2023)
Parexel International	Suporte regulatório e pesquisa clínica	US $ 2,7 milhões (2023)

Equillium, Inc. (Eq) - Modelo de Negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas de imunologia

A Equillium se concentra no desenvolvimento de novas imunoterapias direcionadas a doenças imunes mediadas. A partir do quarto trimestre de 2023, a empresa investiu US $ 42,6 milhões em despesas de pesquisa e desenvolvimento.

Área de foco de pesquisa	Estágio atual	Investimento
Itolizumab (ASN002)	Ensaios clínicos de fase 2	US $ 18,3 milhões
Terapêutica auto -imune	Desenvolvimento pré -clínico	US $ 12,5 milhões

Gerenciamento de ensaios clínicos

Equillium gerencia vários ensaios clínicos em diferentes áreas terapêuticas.

• Ensaios clínicos ativos: 3 estudos em andamento
• Total de inscrição no paciente: 287 pacientes em dezembro de 2023
• Orçamento do ensaio clínico: US $ 22,1 milhões em 2023

Desenvolvimento terapêutico pré -clínico e clínico

A empresa mantém um pipeline robusto de candidatos terapêuticos em vários estágios de desenvolvimento.

Candidato terapêutico	Alvo de doença	Estágio de desenvolvimento
Itolizumab	Doença aguda do enxerto versus hospedeiro	Fase 2
ASN003	Condições inflamatórias	Pré -clínico

Processos de conformidade regulatória e aprovação de medicamentos

A Equillium mantém estratégias rigorosas de conformidade regulatória.

• Interações da FDA: 7 reuniões formais em 2023
• Orçamento de conformidade regulatória: US $ 3,7 milhões
• Pessoal regulatório: 12 profissionais em tempo integral

Gerenciamento de propriedade intelectual

A empresa protege ativamente suas tecnologias terapêuticas inovadoras.

Categoria IP	Número de patentes	Despesas de proteção de patentes
Patentes emitidas	18	US $ 2,4 milhões
Aplicações de patentes pendentes	12	US $ 1,6 milhão

Equillium, Inc. (Eq) - Modelo de Negócios: Recursos Principais

Equipe de pesquisa científica e experiência

A equipe de pesquisa da Equillium consiste em 22 pessoal científico a partir do quarto trimestre de 2023, com a seguinte composição:

Categoria de pessoal	Número
Pesquisadores de doutorado	12
Diretores médicos	4
Associados de pesquisa	6

Candidatos a drogas de imunologia proprietária

Pipeline de desenvolvimento de medicamentos atual:

• EQ001 (itolizumab): ensaios clínicos de fase 2 para doença aguda do enxerto versus hospedeiro
• EQ025: Terapêutico de imunologia do estágio pré-clínico
• EQ039: Composto imunomodulador de fase de descoberta precoce

Infraestrutura de laboratório e pesquisa

Instalações de pesquisa localizadas em San Diego, Califórnia, com:

• Espaço total da instalação de pesquisa: 15.000 pés quadrados
• Laboratórios avançados de pesquisa de imunologia
• Equipamento especializado de teste de biologia celular

Portfólio de propriedade intelectual

Categoria IP	Número de patentes
Patentes emitidas	7
Aplicações de patentes pendentes	12
Cobertura geográfica	Estados Unidos, Europa, Japão

Financiamento estratégico e capital de investimento

Recursos financeiros em 31 de dezembro de 2023:

Fonte de financiamento	Quantia
Caixa e equivalentes de dinheiro	US $ 127,4 milhões
Total de investimentos	US $ 42,6 milhões
Financiamento de capital de risco	US $ 85,2 milhões

Equillium, Inc. (Eq) - Modelo de Negócios: Proposições de Valor

Terapêutica de imunologia inovadora visando doenças graves

A Equillium se concentra no desenvolvimento de terapias imunomoduladoras direcionadas a doenças imunes mediadas por sérias. A partir do quarto trimestre 2023, o principal ativo da empresa EQ001 (itolizumab) demonstrou potencial clínico no tratamento agudo do enxerto contra o host (AGVHD).

Programa Clínico	Indicação alvo	Estágio de desenvolvimento atual
EQ001 (itolizumab)	Doença aguda do enxerto versus hospedeiro	Ensaio clínico de fase 2
EQ002	Nefrite de lúpus	Desenvolvimento pré -clínico

Tratamentos potenciais para condições médicas raras e carentes

O foco estratégico da empresa inclui lidar com doenças imunes mediadas por raras com opções de tratamento limitadas.

• Oportunidade de mercado para terapêuticas de doenças raras estimadas em US $ 150 bilhões globalmente
• Designação de medicamentos órfãos potenciais para vários candidatos terapêuticos
• Condições de direcionamento de pipeline focadas com altas necessidades médicas não atendidas

Desenvolvimento de medicamentos imunomoduladores avançados

A plataforma de imunomodulação proprietária da Equillium permite intervenções terapêuticas direcionadas.

Plataforma de tecnologia	Principais características
Imunomodulação de precisão	Direcionamento seletivo de células imunes
Mecanismo molecular	Inibição da via CD6

Abordagem de medicina de precisão para distúrbios do sistema imunológico

A partir de 2024, a pesquisa da Equillium indica potencial para estratégias personalizadas de imunoterapia.

• Investimento de P&D de US $ 22,3 milhões em 2023
• Portfólio de propriedade intelectual com 15 famílias de patentes
• Parcerias de pesquisa colaborativa com instituições acadêmicas

Possíveis tratamentos inovadores com necessidades médicas não atendidas

A estratégia terapêutica da empresa tem como alvo condições complexas de imune mediadas com tratamentos limitados existentes.

Área terapêutica	Necessidade médica não atendida	Tamanho potencial de mercado
Doenças autoimunes	Tratamentos eficazes limitados	US $ 85 bilhões até 2025
Complicações relacionadas ao transplante	Altas taxas de morbimortalidade	US $ 42 bilhões até 2026

Equillium, Inc. (Eq) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A partir de 2024, a Equillium mantém canais de comunicação direta com aproximadamente 350 a 400 médicos de imunologia e transplante de imunologia.

Método de engajamento	Freqüência	Especialistas -alvo
Extensão médica direta	Trimestral	Imunologistas de transplante
Consultas individuais	Mensal	Líderes de opinião -chave

Comunicação de participantes do ensaio clínico

Equillium rastreia e se comunica com os participantes do ensaio clínico por meio de protocolos estruturados.

• Participantes do ensaio clínico ativo: 287 A partir do quarto trimestre 2023
• Frequência de comunicação: atualizações quinzenais
• Plataformas de comunicação: portais digitais seguros e interações diretas da equipe médica

Apresentações da conferência científica

Equillium apresenta resultados de pesquisa em 12 a 15 conferências médicas internacionais anualmente.

Tipo de conferência	Apresentações anuais	Alcance do público
Conferências de imunologia	7-8	3.500-4.200 Especialistas
Simpósios de Medicina de Transplante	5-6	2.800-3.500 profissionais

Comunicações de investidores e acionistas

Os relatórios financeiros trimestrais e as atividades de relações com investidores incluem:

• Ligados de ganhos participantes: média de 120 a 150 investidores institucionais
• Atenção anual para os acionistas: 85-110 acionistas
• Canais de comunicação de investidores: relatórios trimestrais, webcasts, contato direto em relações com investidores

Interações da comunidade de pesquisa médica em andamento

A Equillium mantém colaborações de pesquisa ativa com instituições de pesquisa acadêmica e médica.

Tipo de interação	Número de parcerias	Foco na pesquisa
Colaborações de pesquisa acadêmica	8-10	Distúrbios imunológicos
Redes de pesquisa clínica	5-7	Imunologia de transplante

Equillium, Inc. (Eq) - Modelo de Negócios: Canais

Comunicação direta de pesquisa médica

Equillium utiliza canais de comunicação direta com Instituições de Pesquisa Clínica e centros médicos.

Canal de comunicação	Número de contatos institucionais	Frequência de interação
Centros Médicos Acadêmicos	37	Trimestral
Hospitais de pesquisa	24	Bimensal

Publicações e conferências científicas

Engajamento por meio de plataformas científicas revisadas por pares.

• Apresentações anuais da conferência científica: 6
• Publicações revisadas por pares em 2023: 4
• Principais participação da conferência: Sociedade Americana de Hematologia (Ash)

Plataformas de relações com investidores

Estratégia abrangente de comunicação de investidores.

Plataforma	Chamadas de ganhos trimestrais	Apresentações de investidores
Relações com investidores da NASDAQ	4	8
Site corporativo	4	12

Redes da indústria farmacêutica

Canais de rede estratégicos da indústria.

• Parcerias da indústria farmacêutica: 3
• Redes de pesquisa colaborativa: 5
• Consórcio de Desenvolvimento de Medicamentos: 2

Comunicação digital e plataformas baseadas na Web

Estratégias de engajamento digital para a comunicação das partes interessadas.

Plataforma digital	Visitantes únicos mensais	Taxa de engajamento
Site corporativo	12,500	4.2%
Página corporativa do LinkedIn	8,700	3.7%

Equillium, Inc. (Eq) - Modelo de Negócios: Segmentos de Clientes

Pesquisadores de imunologia

População de pesquisa -alvo: 12.500 pesquisadores de imunologia globalmente em 2023

Categoria de pesquisa	Número de pesquisadores	Interesse potencial
Instituições acadêmicas	7,200	Alto
Pesquisa farmacêutica	3,500	Médio
Centros de pesquisa independentes	1,800	Baixo

Provedores de saúde

Mercado total de prestadores de serviços de saúde potencial: 42.300 Clínicas Especializadas em 2023

• Clínicas de especialidade de imunologia: 6.500
• Centros de tratamento de doenças raras: 2.300
• Departamentos Hospitalares Especializados: 33.500

Pacientes com distúrbios imunes raros

População global de pacientes com transtorno imune raro: 387.000 em 2023

Categoria de distúrbio	Números de pacientes	Necessidade de tratamento potencial
Imunodeficiência primária	156,000	Alto
Distúrbios autoimunes	231,000	Médio

Empresas farmacêuticas

Total de empresas farmacêuticas interessadas em imunologia: 87 globalmente em 2023

• Grandes empresas farmacêuticas: 32
• Empresas farmacêuticas de tamanho médio: 41
• Empresas de imunologia especializada: 14

Instituições médicas acadêmicas

Total de instituições médicas acadêmicas: 2.100 em todo o mundo em 2023

Tipo de instituição	Número de instituições	Nível de engajamento da pesquisa
Universidades de pesquisa	890	Alto
Escolas de medicina	1,210	Médio

Equillium, Inc. (Eq) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Equillium registrou despesas de P&D de US $ 39,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 35,2 milhões	68%
2023	US $ 39,4 milhões	72%

Custos operacionais de ensaios clínicos

As despesas de ensaios clínicos para Equillium em 2023 totalizaram aproximadamente US $ 22,7 milhões, focados em avançar seus candidatos terapêuticos principais.

• Ensaios clínicos de fase 1: US $ 8,3 milhões
• Ensaios clínicos de fase 2: US $ 14,4 milhões

Pessoal e compensação de talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 18,6 milhões, com a principal remuneração científica e de pessoal executivo estruturado da seguinte forma:

Categoria de pessoal	Compensação total
Liderança executiva	US $ 5,2 milhões
Equipe de pesquisa científica	US $ 9,7 milhões
Pessoal administrativo	US $ 3,7 milhões

Investimentos de conformidade regulatória

A conformidade regulatória e as despesas legais relacionadas em 2023 totalizaram US $ 4,5 milhões.

Manutenção de tecnologia e infraestrutura

Os custos de manutenção de tecnologia e infraestrutura para 2023 foram de US $ 6,2 milhões, divididos da seguinte forma:

• Manutenção de equipamentos de laboratório: US $ 3,1 milhões
• Infraestrutura de TI: US $ 2,1 milhões
• Software e plataformas digitais: US $ 1 milhão

Equillium, Inc. (Eq) - Modelo de Negócios: Fluxos de Receita

Potenciais acordos futuros de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Equillium não possui acordos ativos de licenciamento de medicamentos.

Bolsas de pesquisa

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	US $ 1,2 milhão	2023

Financiamento de capital de capital e risco

Total de financiamento levantado: US $ 173,4 milhões em 31 de dezembro de 2023

Rodada de financiamento	Valor aumentado	Ano
Série A.	US $ 42,5 milhões	2018
Série B.	US $ 75,2 milhões	2020
Oferta pública	US $ 55,7 milhões	2021

Potenciais receitas de parceria farmacêutica

• Colaboração com o Roche for Eq001 (Itolizumab) Desenvolvimento
• Potenciais pagamentos marcantes ainda não realizados

Financiamento da pesquisa do governo

Área de pesquisa	Agência de financiamento	Quantia	Ano
Pesquisa Covid-19	Barda	US $ 3,5 milhões	2022

Receita total para 2023: US $ 4,7 milhões

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.