Equillium, Inc.
EQHealthcare|Biotechnology|US
$1.51
+0.18 (+13.53%)
DCF Value
$0.32
Tangible Book / Share
$0.50
Cash / Share
$0.51
Financials
Financial Snapshot
Market Cap
$95.7M
Enterprise Value
$39.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$18.0M
Cash & Investments
$57.2M
Net Cash
$56.6M
Free Cash Flow (TTM)
-$20.1M
Operating CF (TTM)
-$20.0M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$57.2M
Quarterly Burn
$5.0M
Monthly Burn
$1.7M
Est. Runway
~11.4 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.1M | $65.9M | $53.1M | $82.2M | $80.7M | $71.0M | $40.9M | $22.6M | $30.3M | $57.2M | |
| Operating Cash Flow | -$662.2K | -$7.5M | -$22.9M | -$24.6M | -$32.1M | -$8.7M | -$21.8M | -$19.0M | -$22.7M | -$20.0M | |
| Free Cash Flow | -$664.4K | -$7.6M | -$23.0M | -$24.8M | -$32.1M | -$9.0M | -$21.8M | -$19.1M | -$22.8M | -$20.1M | |
| Capital Expenditure | -$2.2K | -$34.9K | -$74.0K | -$202.0K | -$57.0K | -$279.0K | -$50.0K | -$85.0K | -$48.0K | -$118.0K | |
| Financing Cash Flow | $7.8M | $66.4M | $9.8M | $53.9M | $31.1M | -$1.2M | -$9.2M | $164.0K | $30.4M | $65.7M |
R&D Spending
R&D (TTM)
$8.6M
R&D Intensity
—
R&D Growth vs Prior
-33.2%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.8M | $36.1M | $41.1M | $0.00 | $0.00 | |
| R&D Expense | $1.3M | $4.9M | $17.6M | $19.4M | $26.4M | $37.5M | $37.0M | $37.4M | $12.8M | $8.6M | |
| R&D % of Revenue | — | — | — | — | — | 238.3% | 102.6% | 91.1% | — | — | |
| SG&A | $378.2K | $3.7M | $9.1M | $10.1M | $11.4M | $17.2M | $13.6M | $11.9M | $10.8M | $10.7M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.8M | $36.1M | $41.1M | $0.00 | $0.00 | |
| Cost of Revenue | $122.00 | $6.1K | $23.0K | $45.0K | $0.00 | $0.00 | $0.00 | $0.00 | $116.0K | $47.0K | |
| Gross Profit | -$122.00 | -$6.1K | -$23.0K | -$45.0K | $0.00 | $15.8M | $36.1M | $41.1M | -$116.0K | -$47.0K | |
| R&D | $1.3M | $4.9M | $17.6M | $19.4M | $26.4M | $37.5M | $37.0M | $37.4M | $12.8M | $8.6M | |
| SG&A | $378.2K | $3.7M | $9.1M | $10.1M | $11.4M | $17.2M | $13.6M | $11.9M | $10.8M | $10.7M | |
| Operating Income | -$1.7M | -$8.6M | -$26.7M | -$29.5M | -$37.8M | -$62.1M | -$14.5M | -$8.3M | -$23.6M | -$19.3M | |
| Interest Expense | $379.4K | $2.6M | $279.0K | $1.1M | $1.1M | $1.1M | $491.0K | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$2.3M | -$13.3M | -$25.6M | -$29.8M | -$39.1M | -$62.4M | -$12.8M | -$7.7M | -$22.4M | -$18.0M | |
| Net Income | -$2.3M | -$13.3M | -$25.6M | -$29.8M | -$39.0M | -$62.4M | -$13.3M | -$8.1M | -$22.4M | -$18.0M | |
| EPS (Diluted) | -0.19 | -1.09 | -1.47 | -1.46 | -1.35 | -3.19 | -0.38 | -0.23 | -0.39 | -0.26 | |
| EBITDA | -$1.9M | -$10.7M | -$25.3M | -$28.7M | -$37.9M | -$61.3M | -$12.1M | -$7.6M | -$22.3M | -$18.3M | |
| Shares Out. (M) | 11.68 | 12.19 | 17.38 | 20.36 | 28.81 | 33.73 | 34.73 | 35.36 | 91.88 | 111.81 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.1M | $28.5M | $13.2M | $24.0M | $50.4M | $59.1M | $23.2M | $18.1M | $30.3M | $57.2M | |
| Short-Term Investments | $0.00 | $37.4M | $39.9M | $58.2M | $30.3M | $11.9M | $17.6M | $4.5M | $0.00 | $0.00 | |
| Total Current Assets | $7.1M | $67.2M | $55.5M | $85.2M | $83.4M | $76.7M | $49.3M | $25.0M | $30.3M | $58.0M | |
| Total Assets | $7.2M | $67.2M | $55.5M | $85.4M | $85.4M | $78.4M | $50.5M | $25.6M | $31.9M | $58.7M | |
| Total Current Liabilities | $568.8K | $2.0M | $3.9M | $7.2M | $8.9M | $32.0M | $27.6M | $6.4M | $2.9M | $2.5M | |
| Long-Term Debt | $8.1M | $0.00 | $9.7M | $8.3M | $8.8M | $3.2M | $0.00 | $0.00 | $356.0K | $172.0K | |
| Total Liabilities | $9.4M | $2.2M | $13.7M | $15.6M | $18.9M | $46.5M | $28.0M | $6.5M | $3.3M | $2.6M | |
| Stockholders' Equity | -$2.3M | $64.9M | $41.8M | $69.9M | $66.5M | $31.9M | $22.6M | $19.1M | $28.6M | $56.0M | |
| Retained Earnings | -$2.3M | -$15.5M | -$41.1M | -$70.9M | -$110.0M | -$172.4M | -$185.7M | -$193.8M | -$216.2M | -$226.2M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$662.2K | -$7.5M | -$22.9M | -$24.6M | -$32.1M | -$8.7M | -$21.8M | -$19.0M | -$22.7M | -$20.0M | |
| Capital Expenditure | -$2.2K | -$34.9K | -$74.0K | -$202.0K | -$57.0K | -$279.0K | -$50.0K | -$85.0K | -$48.0K | -$118.0K | |
| Free Cash Flow | -$664.4K | -$7.6M | -$23.0M | -$24.8M | -$32.1M | -$9.0M | -$21.8M | -$19.1M | -$22.8M | -$20.1M | |
| Investing Cash Flow | -$2.2K | -$37.4M | -$2.2M | -$18.6M | $27.4M | $18.7M | -$4.8M | $13.8M | $4.5M | -$106.0K | |
| Financing Cash Flow | $7.8M | $66.4M | $9.8M | $53.9M | $31.1M | -$1.2M | -$9.2M | $164.0K | $30.4M | $65.7M | |
| Issuance of Stock | $100.00 | $64.5M | $0.00 | $53.8M | $29.9M | $214.0K | $0.00 | $164.0K | $30.4M | $65.7M | |
| Repurchase of Stock | $0.00 | $0.00 | -$156.0K | $0.00 | $0.00 | $0.00 | -$260.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $7.8M | $1.6M | $9.9M | $0.00 | $0.00 | -$1.4M | -$9.1M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $441.9K | $2.3M | $3.8M | $4.4M | $4.8M | $4.0M | $3.8M | $2.3M | $3.2M | |
| Net Change in Cash | $7.1M | $21.4M | -$15.3M | $10.8M | $26.4M | $8.7M | -$35.9M | -$5.1M | $12.2M | $45.7M |
Dilution Tracker
Shares outstanding grew 351.4% over 5 years — significant dilution
Shares Outstanding
63M
5-Year Share Growth
+351.4%
Stock Issuance (TTM)
$65.7M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.68 | 12.19 | 17.38 | 20.36 | 28.81 | 33.73 | 34.73 | 35.36 | 91.88 | 111.81 | |
| Change vs Prior % | — | 4.4% | 42.6% | 17.1% | 41.5% | 17.1% | 3.0% | 1.8% | 159.9% | 21.7% | |
| Stock Issuance | $100.00 | $64.5M | $0.00 | $53.8M | $29.9M | $214.0K | $0.00 | $164.0K | $30.4M | $65.7M | |
| Stock Repurchase | $0.00 | $0.00 | -$156.0K | $0.00 | $0.00 | $0.00 | -$260.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $441.9K | $2.3M | $3.8M | $4.4M | $4.8M | $4.0M | $3.8M | $2.3M | $3.2M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 100.0% | 100.0% | 100.0% | — | — | |
| Operating Margin % | — | — | — | — | — | -393.9% | -40.2% | -20.1% | — | — | |
| Net Margin % | — | — | — | — | — | -396.1% | -37.0% | -19.6% | — | — | |
| EBITDA Margin % | — | — | — | — | — | -388.7% | -33.6% | -18.4% | — | — | |
| FCF Margin % | — | — | — | — | — | -57.2% | -60.5% | -46.5% | — | — | |
| ROE % | 100.4% | -20.4% | -61.1% | -42.7% | -58.6% | -195.4% | -59.1% | -42.3% | -78.3% | -41.2% | |
| ROA % | -31.6% | -19.7% | -46.1% | -34.9% | -45.6% | -79.6% | -26.4% | -31.5% | -70.2% | -30.7% | |
| ROIC % | -26.0% | -13.2% | -51.6% | -37.0% | -48.3% | -118.2% | -62.1% | -42.5% | -83.3% | -34.1% | |
| R&D / Revenue % | — | — | — | — | — | 238.3% | 102.6% | 91.1% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 129.0% | 13.9% | -100.0% | |
| Gross Profit | 0.0% | -4901.6% | -276.9% | -95.7% | 100.0% | 0.0% | 129.0% | 13.9% | -100.3% | |
| Operating Income | 0.0% | -403.2% | -210.2% | -10.6% | -27.9% | -64.3% | 76.6% | 43.1% | -185.8% | |
| Net Income | 0.0% | -485.8% | -93.0% | -16.6% | -30.7% | -60.2% | 78.6% | 39.5% | -177.6% | |
| EPS (Diluted) | 0.0% | -473.7% | -34.9% | 0.7% | 7.5% | -136.3% | 88.1% | 39.5% | -69.6% | |
| Operating Cash Flow | 0.0% | -1036.6% | -204.9% | -7.3% | -30.3% | 72.8% | -149.4% | 12.7% | -19.6% | |
| Free Cash Flow | 0.0% | -1038.0% | -204.5% | -7.8% | -29.5% | 72.0% | -142.3% | 12.5% | -19.3% | |
| R&D Expense | 0.0% | 270.6% | 256.9% | 9.9% | 36.1% | 42.3% | -1.4% | 1.1% | -65.7% | |
| SG&A Expense | 0.0% | 870.9% | 147.5% | 11.4% | 12.7% | 51.1% | -21.3% | -12.0% | -9.6% | |
| Total Assets | 0.0% | 839.2% | -17.3% | 53.8% | -0.0% | -8.2% | -35.6% | -49.3% | 24.5% | |
| Book Value / Share | 0.0% | 2862.5% | -54.8% | 42.5% | -32.7% | -59.0% | -31.4% | -17.1% | -42.3% | |
| Debt | 0.0% | -97.5% | 4740.5% | 2.7% | 18.6% | -13.6% | -91.9% | -53.4% | 87.2% | |
| Diluted Shares | 0.0% | 4.4% | 42.6% | 17.1% | 41.5% | 17.1% | 3.0% | 1.8% | 159.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.64 / 0.70 / 2.27
P/B3.01
10Y Low / Med / High1.11 / 1.53 / 4.98
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.32
Tangible Book / Share
$0.50
Net Current Assets / Share
$0.87
Graham Net-Net
$0.49
Cash / Share
$0.51
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -107.69 | -7.49 | -2.30 | -3.66 | -2.79 | -0.33 | -1.90 | -3.25 | -3.97 | -5.89 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.27 | 0.70 | 0.64 | 0.00 | 0.00 | |
| P/B Ratio | -72.60 | 1.53 | 1.40 | 1.56 | 1.63 | 1.12 | 1.11 | 1.39 | 4.98 | 3.01 | |
| EV/EBITDA | -87.37 | -6.66 | -2.18 | -3.31 | -1.85 | 0.22 | -0.22 | -1.16 | -5.06 | -2.14 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.84 | 0.08 | 0.21 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
16.38
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $15.6M | $16.5M | $51.7M |
| Net Income | -$18.4M | -$24.2M | -$26.7M |
| EPS | $-0.20 | $-0.23 | $-0.27 |
| # Analysts (EPS) | 7 | 7 | 8 |