Equillium (EQ)
Develops EQ504, an investigational AhR modulator for ulcerative colitis and other inflammatory diseases.
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Builds an immunology pipeline around EQ504, an investigational selective AhR modulator acquired through Ariagen. The company is preparing the program for clinical development in ulcerative colitis and other gastrointestinal diseases, with inflammatory-lung expansion also contemplated.
Develops EQ504, an investigational selective aryl hydrocarbon receptor (AhR) modulator, as its focused immunology program. Exclusive worldwide rights were obtained through the Ariagen acquisition, with initial development aimed at ulcerative colitis and other gastrointestinal diseases.
EQ504 is designed for potential enteric-coated delivery in ulcerative colitis or pouchitis, while inhaled formulations may extend the program to inflammatory lung disease. The company is preparing a healthy-volunteer study before a later ulcerative-colitis study; these are development plans rather than established clinical results.
Operations are concentrated in La Jolla, California, around bringing EQ504 into the clinic after it discontinued itolizumab development. Progress depends on clinical-development execution and key personnel.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 13, 2026 | Piper Sandler | Initiate | Overweight | |||
| May 28, 2026 | Raymond James | Target | $6 | $7 | ||
| May 28, 2026 | Stifel Nicolaus | Target | $5 | |||
| May 28, 2026 | Leerink Partners | Upgrade | Market Perform | Outperform | $1 | $6 |
| Apr 23, 2026 | Oppenheimer | Target | $7 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $57.2M · Total debt $584.0K · Total assets $58.7M · Shareholders' equity $56.0M
- Revenue
- $0
- Operating income
- −$5.2M
- Net income
- −$4.7M
No dividends on record.
| Institutions52 holders · as of Mar 31, 2026 | 63.87% | 40.50M shares | |
| Insiders3 holders · as of Jun 5, 2026 | 1.50% | 951.2K shares | |
| Strategic holders1 holder · as of May 15, 2026 | 6.74% | 4.27M shares | |
| Otherremainder | 27.89% | 17.69M shares |
63.41M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Janus Henderson Group PLCInstitution | 10.24% | 6.49M | 13Fas of Mar 31, 2026 |
Adage Capital Management, L.P.Institution | 9.48% | 6.01M | 13Gfiled Nov 13, 2025 ↗ |
Adage Capital Partners GP, L.L.C.Institution | 8.40% | 5.33M | 13Fas of Mar 31, 2026 |
Decheng Capital LLCInstitution | 7.01% | 4.45M | 13Fas of Mar 31, 2026 |
Decheng Capital Management IV (Cayman), LLCStrategic | 6.74% | 4.27M | 13Gfiled May 15, 2026 ↗ |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 5, 2026 | Stephen Connelly | officer: President and CSO | −30,975 | $2.94 |
| Jun 4, 2026 | Stephen Connelly | officer: President and CSO | −200,000 | $3.16 |
| Jun 5, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −14,584 | $2.93 |
| May 27, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −9,821 | $2.70 |
| May 28, 2026 | Christine Zedelmayer | officer: Sr. Vice President and COO | −86,012 | $2.80 |
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ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equillium | $2.05 | −9.29% | $142.3M | — | — | — | — |
| Takeda (ADR) | $18.73 | +1.55% | $58.65B | 51.2 | 56.7 | 2.0 | +5.8% |
| AbbVie | $264.00 | +0.88% | $462.37B | 73.7 | 17.2 | 7.2 | +10.2% |
| Johnson & Johnson | $275.35 | +0.04% | $663.23B | 31.9 | 23.1 | 6.8 | +6.6% |
| Eli Lilly | $1,167.77 | +0.72% | $1.09T | 38.9 | 28.4 | 13.7 | +47.7% |
| Pfizer | $28.98 | −0.17% | $165.40B | 38.3 | 10.4 | 2.6 | +2.6% |
| Median | 38.9 | 23.1 | 6.8 | +6.6% |