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what it is
Equillium is a 35-person biotech trying to turn immune-system science into drugs for severe autoimmune disease.
how it gets paid
Last year Equillium made $41M in revenue. itolizumab-related collaboration revenue was the main engine at $37M, or 90% of sales.
what just happened
The quarter was all about $37M of revenue, but the company still posted a loss.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
-$0.23 fy2024 eps est
$41M fy2024 rev est
20.1% operating margin
xvary composite: 34/100 — weak
What they do
Equillium is a 35-person biotech trying to turn immune-system science into drugs for severe autoimmune disease.
This is not a scale story. It is an asset story. Equillium has three named programs and $0 million of long-term debt, which means your upside depends more on trial wins than balance-sheet stress.
How they make money
$41M
annual revenue
itolizumab-related collaboration revenue
$37M
+202%
other collaboration and license revenue
$4M
flat
eq504 program revenue
$0M
flat
eq302 and platform revenue
$0M
flat
The products that matter
Phase 3 autoimmune drug candidate
Itolizumab
1 core asset · tied to a $150M equity story
itolizumab is the company. with one Phase 3 candidate and no approved in-house commercial product base shown in this snapshot, you are underwriting one clinical program, not a diversified pipeline.
binary outcome
Key numbers
n/a
net margin
Prior margin KPI failed sanity check — verify in filings. Net margin → profit after everything → so what: this number is accounting noise, because operating margin was -20.1%, which means the core business still lost money.
20.1%
operating margin
Operating margin → profit from the actual business → so what: the core operation is still burning money.
$0M
long-term debt
Long-term debt → borrowed money due later → so what: Equillium's pressure comes from dilution, not lenders.
$41M
annual revenue
Annual revenue → total money booked for the year → so what: for a $150M biotech, every quarter can swing the story.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
- net profit margin 504.0% — keeps 504 cents of every dollar in revenue
C++ — net profit margin looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for EQ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was all about $37M of revenue, but the company still posted a loss.
EDGAR lists latest-quarter revenue at $37M, up 202% vs. prior year, with EPS of -$0.41. Yahoo Finance shows last earnings at -$0.06, so your data sources are not lining up cleanly.
$37M
revenue
$0.41
eps
n/a
n/a
the number that mattered
$37M mattered because it equals about 90% of the $41M annual revenue base, which tells you this story is concentrated.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Phase 3 failure for itolizumab. This is not a diversified biotech where one setback gets buried inside a larger portfolio. One asset carries most of the narrative weight here.
med
itolizumab clinical failure
Equillium's core value proposition is tied to one Phase 3 drug candidate. If the trial disappoints, the market is left reassessing a $150M company with no proven in-house commercial engine.
Impact: this directly pressures the entire equity story because one program is doing most of the work.
med
cash burn and repeat dilution
The company had $33M in cash in the most recent quarter, then raised another $35M. For a clinical-stage biotech, that is breathing room, not permanent safety.
Impact: if the next catalyst slips, another equity raise can arrive before the thesis is de-risked, which means more dilution at a fragile share price.
med
Biocon-related contract and currency exposure
This snapshot flags forward and option contracts tied to Biocon Biologics. That adds partner and foreign-exchange complexity to a story that is already clinically high risk.
Impact: management has indicated roughly $4M–$6M of potential revenue exposure from exchange-rate moves.
A failed trial hits the thesis, continued cash burn hits your ownership percentage, and partner-related exposure adds another variable to a company that already has enough of them.
source: institutional data · regulatory filings · risk analysis
Pay attention to
cash runway
did the $35M raise actually buy enough time
The company had $33M in cash before the financing. Your first question from here is simple: does that combined capital get them to the next meaningful itolizumab milestone without coming back to market again.
earnings
march 26, 2026 earnings update
Consensus expects -$0.26 EPS. You want trial-timing clarity and cash commentary more than precision on the quarterly loss.
volatility
whether the stock keeps trading like a funding vehicle
A 52-week range of $0–$3 tells you sentiment can reprice fast. When financing is part of the story, price action is often a referendum on runway, not fundamentals.
analyst spread
the $1–$5 target range is still wide
That gap tells you analysts do not agree on what clinical progress is worth. Small changes in confidence can move the stock a lot when the market cap is only $150M.
Analyst rankings
earnings predictability
40 / 100
low predictability. in human-speak, analysts do not have a steady operating model to anchor on, so surprises are normal.
beta
1.3
market sensitivity: the stock has historically moved more than the index. For a small biotech, that usually means headlines hit hard.
source: institutional data
Institutional activity
institutional ownership data for EQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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