Equillium reports Q2 EPS 1c, consensus (15c)

Reports Q2 revenue $13.9M, consensus $6.3M. “We recently announced a positive interim review of the Phase 3 EQUATOR study by the Independent Data Monitoring Committee, which raised no safety or futility concerns and recommended that the study proceed as planned,” said Bruce Steel, chief executive officer at Equillium. “We have delivered the blinded interim data, along with the data monitoring committee’s recommendation, to our partner Ono Pharmaceutical, who now has until the end of October 2024 to make its decision to acquire our rights to itolizumab. Should Ono exercise its option, Equillium would receive a one-time payment of JPY 5.0 billion, or approximately $35.0 million based on the currency exchange rate on August 5, 2024, significantly extending the company’s cash runway. Equillium would also be eligible to receive up to USD $101.4 million upon the achievement of certain clinical, regulatory, and commercialization milestones, as well as continued reimbursement of itolizumab-related expenses.”