Equillium Announces Second Quarter 2024 Estimated Cash and Investments Balance

Rhea-AI Summary

Equillium Inc (Nasdaq: EQ), a clinical-stage biotech company, has announced its estimated Q2 2024 financial position. The company's cash, cash equivalents, and short-term investments totaled approximately $33.3 million at the end of Q2, marking an increase of about $1.0 million from Q1 2024. This increase is primarily attributed to a $2.7 million tax credit received from the Australian tax authority for 2023 R&D expenses.

Equillium plans to release its complete Q2 2024 financial results around August 8. The company emphasizes that these figures are preliminary and subject to final adjustments. The data has not been audited or reviewed by an independent accounting firm and should not be considered a substitute for official financial statements.

Positive

• Increased cash position by $1.0 million in Q2 2024
• Received $2.7 million tax credit for R&D expenses

Negative

• None.

Q2 ending cash, cash equivalents and short-term investments totaled approximately $33.3 million, an increase of approximately $1.0 million compared to the amount at the end of Q1

LA JOLLA, Calif.--(BUSINESS WIRE)-- Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company focused on developing novel therapeutics to treat severe autoimmune and inflammatory disorders, today announced second quarter 2024 estimated ending cash, cash equivalents and short-term investments of approximately $33.3 million, representing an increase of approximately $1.0 million from the end of the first quarter of 2024. The increase is primarily the result of receiving a tax credit of approximately $2.7 million from the Australian tax authority for research and development expenses for calendar year 2023. The company expects to announce its complete second quarter 2024 financial results on approximately August 8.

The actual amounts that the company reports will be subject to the company’s financial closing procedures and any final adjustments that may be made prior to the time its financial results for the quarter ended June 30, 2024 are finalized and filed with the Securities and Exchange Commission. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. This estimate should not be viewed as a substitute for financial statements prepared in accordance with accounting principles generally accepted in the United States and it is not necessarily indicative of the results to be achieved in any future period.

About Equillium

Equillium is a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need. The company’s pipeline consists of the following novel first-in-class immunomodulatory assets and product platform targeting immuno-inflammatory pathways. EQ101: a selective tri-specific cytokine inhibitor targeting IL-2, IL-9, and IL-15; recently announced positive results from a Phase 2 proof-of-concept clinical study of patients with alopecia areata in Australia and New Zealand by Equillium’s Australian subsidiary as the trial sponsor. EQ302: an orally delivered, selective bi-specific cytokine inhibitor targeting IL-15 and IL-21; currently in pre-clinical development. The multi-cytokine platform: generates rationally designed composite peptides that selectively block key cytokines at the shared receptor level targeting pathogenic cytokine redundancies and synergies while preserving non-pathogenic signaling. Itolizumab: a monoclonal antibody that targets the CD6-ALCAM signaling pathway which plays a central role in the modulation of effector T cells; currently under evaluation in a Phase 3 clinical study of patients with acute graft-versus-host disease (aGVHD) and announced positive data from a Phase 1b clinical study of patients with lupus/lupus nephritis in April 2024. Equillium acquired rights to itolizumab through an exclusive partnership with Biocon Limited and has entered a strategic partnership with Ono Pharmaceutical Co., Ltd. (Ono), for the development and commercialization of itolizumab under an option and asset purchase agreement.

For more information, visit www.equilliumbio.com.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", “could”, “continue”, "expect", "estimate", “may”, "plan", "outlook", “future” and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements include, but are not limited to, statements regarding the company’s preliminary estimates of unaudited cash, cash equivalents and short-term investments as of June 30, 2024. Because such statements are subject to risks and uncertainties, many of which are outside of Equillium’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: risks related to preliminary financial results, including the risks that the preliminary financial results reported herein reflect information available to the company only at this time and may differ from actual results, including in connection with the company’s completion of financial closing procedures, risks and uncertainties associated with the company’s business and finances in general. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in Equillium's filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website at www.sec.gov and on Equillium’s website under the heading “Investors.” Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. Equillium undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240718854113/en/

Investor Contact

Michael Moore

Vice President, Investor Relations & Corporate Communications

619-302-4431

ir@equilliumbio.com

Source: Equillium, Inc.

FAQ

What was Equillium's (EQ) estimated cash balance at the end of Q2 2024?

Equillium (EQ) reported an estimated cash, cash equivalents, and short-term investments balance of approximately $33.3 million at the end of Q2 2024.

How much did Equillium's (EQ) cash position increase in Q2 2024?

Equillium's (EQ) cash position increased by approximately $1.0 million in Q2 2024 compared to the end of Q1 2024.

What was the main reason for Equillium's (EQ) increased cash balance in Q2 2024?

The main reason for Equillium's (EQ) increased cash balance was a $2.7 million tax credit received from the Australian tax authority for 2023 research and development expenses.

When will Equillium (EQ) release its complete Q2 2024 financial results?

Equillium (EQ) expects to announce its complete Q2 2024 financial results on or around August 8, 2024.