Equillium Inc (EQ)
NASDAQ:EQ
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Equillium
(NASDAQ:EQ)
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Rating:54Neutral
Price Target:
$2.00
▼(-2.44% Downside)
Action:Reiterated
Date:05/14/26
The score is held down primarily by weak financial performance—near-zero TTM revenue, ongoing losses, and significant cash burn—despite the benefit of low leverage. Offsetting factors include improving technical momentum (price above key moving averages with supportive MACD/RSI) and a positive corporate event that strengthens funding runway, while valuation remains constrained by unprofitability and the lack of a dividend.
Positive Factors
Focused immunomodulatory pipeline
Equillium’s strategy centers on targeted immunomodulatory biologics (itolizumab and EQ504), a durable scientific niche. A focused pipeline increases chances for clinical validation, partnership interest, and milestone-based financing, supporting long-term value creation if trials progress.
Negative Factors
Collapse to near-zero revenue
Revenue has effectively disappeared, removing any self-funding from operations and signaling loss of prior partner or commercial receipts. Sustained zero revenue forces reliance on external capital and means the business lacks recurring cash generation while clinical programs mature.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused immunomodulatory pipeline
Equillium’s strategy centers on targeted immunomodulatory biologics (itolizumab and EQ504), a durable scientific niche. A focused pipeline increases chances for clinical validation, partnership interest, and milestone-based financing, supporting long-term value creation if trials progress.
Read all positive factors
Equillium (EQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$137.83M
Dividend YieldN/A
Average Volume (3M)883.61K
Price to Earnings (P/E)―
Beta (1Y)-0.29
Revenue Growth-100.00%
EPS Growth18.25%
CountryUS
Employees35
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.38
Shares Outstanding63,226,555
10 Day Avg. Volume862,141
30 Day Avg. Volume883,611
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)4.98
Price to Sales (P/S)0.00
P/FCF Ratio-6.25
Enterprise Value/Market Cap0.12
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-212.74
Enterprise Value/Ebitda-0.83
Forecast
1Y Price Target
$7.67Price Target Upside273.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.23
Revenue Forecast (FY)N/A
Equillium Business Overview & Revenue Model
Company Description
Equillium, Inc., a clinical-stage biotechnology company, develops and sells products to treat severe autoimmune and inflammatory, or immuno-inflammatory disorders with unmet medical need. The company's lead product candidate is itolizumab (EQ001),...
How the Company Makes Money
Equillium does not have a broadly disclosed, established product-sales business model; as a clinical-stage biotech, it typically funds operations primarily through external financing rather than recurring commercial revenue. Material revenue, to t...
Equillium Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 41.09M | 36.08M | 15.76M | 0.00 |
| Gross Profit | -79.00K | 0.00 | 41.09M | 36.08M | 15.76M | -72.00K |
| EBITDA | -20.27M | -23.52M | -7.57M | -12.14M | -61.26M | -37.91M |
| Net Income | -19.05M | -22.40M | -8.07M | -13.34M | -62.43M | -38.98M |
Balance Sheet | ||||||
| Total Assets | 63.08M | 31.89M | 25.60M | 50.53M | 78.42M | 85.41M |
| Cash, Cash Equivalents and Short-Term Investments | 61.32M | 30.28M | 22.57M | 40.87M | 71.02M | 80.71M |
| Total Debt | 692.00K | 719.00K | 384.00K | 824.00K | 10.19M | 11.79M |
| Total Liabilities | 3.60M | 3.29M | 6.54M | 27.96M | 46.48M | 18.90M |
| Stockholders Equity | 59.49M | 28.60M | 19.06M | 22.57M | 31.94M | 66.50M |
Cash Flow | ||||||
| Free Cash Flow | -18.93M | -22.79M | -19.11M | -21.83M | -9.01M | -32.14M |
| Operating Cash Flow | -18.88M | -22.75M | -19.03M | -21.78M | -8.73M | -32.08M |
| Investing Cash Flow | -35.00K | 4.46M | 13.81M | -4.76M | 18.68M | 27.41M |
| Financing Cash Flow | 65.68M | 30.43M | 164.00K | -9.23M | -1.22M | 31.06M |
Equillium Technical Analysis
Positive
2.05
Price Trends
1.88
Positive
1.54
Positive
1.34
Positive
Market Momentum
0.01
Negative
54.51
Neutral
69.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQ, the sentiment is Positive. The current price of 2.05 is above the 20-day moving average (MA) of 1.95, above the 50-day MA of 1.88, and above the 200-day MA of 1.34, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 54.51 is Neutral, neither overbought nor oversold. The STOCH value of 69.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EQ.
Equillium Risk Analysis
Equillium disclosed 82 risk factors in its most recent earnings report. Equillium reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We are a "smaller reporting company" and a "non-accelerated filer" and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to smaller reporting companies or non-accelerated filers could make our common stock less attractive to investors. Q4, 2023
2.
We cannot guarantee that our stock repurchase program will be further consummated or will enhance stockholder value, and share repurchases could affect the price of our common stock. Q4, 2023
3.
Adverse developments affecting the financial services industry could adversely affect our current and projected business operations and our financial condition and results of operations. Q4, 2023
Equillium Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $645.75M | -2.12 | 275.30% | ― | 49.94% | 44.76% | |
55 Neutral | $108.46M | -12.04 | 111.73% | ― | ― | 36.33% | |
54 Neutral | $137.83M | -9.06 | -61.43% | ― | -100.00% | 18.25% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $282.25M | -6.79 | -118.24% | ― | 138.86% | 42.14% | |
46 Neutral | $55.59M | -6.63 | -63.13% | ― | -24.34% | 83.13% |
* Healthcare Sector Average
EQ
Equillium
2.18
1.80
467.71%
NRXP
NRX Pharmaceuticals
3.28
0.84
34.43%
STRO
Sutro Biopharma
38.97
30.19
343.70%
HYFT
MindWalk Holdings
1.19
0.70
143.85%
PRLD
Prelude Therapeutics
4.48
3.56
386.96%
Equillium Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Equillium Raises Capital Through Private Equity Securities Sale
Positive
Mar 13, 2026
On March 11, 2026, Equillium, Inc. entered into a securities purchase agreement with RA Capital Healthcare Fund, L.P. for a private placement of 1,179,508 common shares and a pre-funded warrant for up to 17,698,593 additional shares, priced off th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.