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Equillium Inc. (EQ) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $8.1 million for the year, compared to a net loss of $13.3 million in the previous year. The company attributes the decrease in net loss to increased revenue from its Asset Purchase Agreement with Ono Pharmaceutical Co., Ltd., which contributed $41.1 million in revenue for the year.
Research and development expenses were $37.4 million, slightly up from $37.0 million in the previous year, primarily due to increased preclinical and clinical development activities.
General and administrative expenses decreased to $11.9 million from $13.6 million, reflecting lower employee compensation and reduced professional fees.
Equillium highlighted the topline results from its Phase 3 EQUATOR study of itolizumab (EQ001) in patients with acute graft-versus-host disease (aGVHD). The study did not meet the primary outcome of complete response at Day 29 but showed clinically meaningful improvements in durable complete response from Day 29 to 99 and statistically significant evidence of clinical benefit on secondary endpoints.
The company is seeking feedback from the FDA in May 2025 regarding the sufficiency of the EQUATOR study data to support a Biologics License Application (BLA) for itolizumab (EQ001) in aGVHD. Pending positive feedback and additional funding, Equillium plans to submit a BLA in the first half of 2026.
Equillium has paused development activities related to its preclinical-stage product EQ302, pending additional funding or partnering opportunities.
The company ended the year with $22.6 million in cash, cash equivalents, and short-term investments, which it believes will fund operations into the third quarter of 2025. Equillium acknowledges substantial doubt about its ability to continue as a going concern without additional capital.
Equillium's future capital requirements will depend on various factors, including the initiation and progress of clinical studies, regulatory feedback, and the potential resumption of development activities for EQ302.
The company is actively exploring additional sources of capital, including its at-the-market facility with Jefferies, and may need to implement further cost-cutting measures if it is unable to secure additional funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Equillium Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.