Equillium, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | $41.1M | $36.1M | $15.8M | — |
| Research and development | $12.8M | $37.4M | $37.0M | $37.5M | $26.4M |
| Operating expenses | $23.6M | $49.4M | $50.6M | $77.8M | $37.8M |
| Operating income | -$23.6M | -$8.3M | -$14.5M | -$62.1M | -$37.8M |
| Pretax income | -$22.4M | -$7.7M | -$12.8M | -$62.4M | -$39.1M |
| Income tax expense | $0 | $361,000 | $580,000 | $0 | $0 |
| Net income | -$22.4M | -$8.1M | -$13.3M | -$62.4M | -$39.1M |
| Balance Sheet | |||||
| Cash and equivalents | $30.3M | $18.1M | $23.2M | $59.1M | $50.4M |
| Current assets | $31.0M | $25.0M | $49.3M | $76.7M | $83.4M |
| Total assets | $31.9M | $25.6M | $50.5M | $78.4M | $85.4M |
| Current liabilities | $2.9M | $6.4M | $27.6M | $32.0M | $8.9M |
| Total liabilities | $3.3M | $6.5M | $28.0M | $46.5M | $18.9M |
| Stockholders' equity | $28.6M | $19.1M | $22.6M | $31.9M | $66.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$22.7M | -$19.0M | -$21.8M | -$8.7M | -$32.1M |
| Depreciation and amortization | $116,000 | $137,000 | $126,000 | $118,000 | $72,000 |
| Stock-based compensation | $2.3M | $3.8M | $4.0M | $4.8M | $4.4M |
| Capital expenditure | $48,000 | $85,000 | $50,000 | $279,000 | $57,000 |
| Free cash flow | -$22.8M | -$19.1M | -$21.8M | -$9.0M | -$32.1M |
| Share repurchases | — | — | $260,000 | — | — |
Shares outstanding 63.2M · Free float 65.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.