EQ · Equillium, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | $12.16M | $13.85M | $10.69M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $2.99M | - | $1.30M | $4.08M | $5.92M | - | $9.56M | $10.81M | $9.74M | - |
| SG&A | $2.62M | - | $3.27M | $2.15M | $2.95M | - | $3.28M | $3.15M | $3.74M | - |
| Total Operating Expenses | $5.61M | - | $4.58M | $6.23M | $8.87M | - | $12.84M | $13.95M | $13.48M | - |
| D&A | $24.0K | - | - | - | $33.0K | - | - | - | $32.0K | - |
| Operating Income | ($5.61M) | - | ($4.58M) | ($6.23M) | ($8.87M) | - | ($679.0K) | ($100.0K) | ($2.79M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | - | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($5.31M) | - | ($4.23M) | ($5.74M) | ($8.65M) | - | ($7.0K) | $468.0K | ($2.73M) | - |
| EPS - Basic | ($0.06) | - | ($0.06) | ($0.16) | ($0.24) | - | $0.00 | $0.01 | ($0.08) | - |
| EPS - Diluted | ($0.06) | - | ($0.06) | ($0.16) | ($0.24) | - | $0.00 | $0.01 | ($0.08) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $61.32M | $30.28M | $33.12M | $11.49M | $14.50M | $18.09M | $15.45M | $11.06M | $11.57M | $23.22M |
| Accounts Receivable | - | - | - | - | - | $0 | $5.01M | $5.89M | $5.05M | $3.73M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $1.29M | $755.0K | $1.08M | $4.81M | $3.06M | $2.68M | $3.67M | $4.49M | $2.78M | $4.71M |
| Current Assets | $62.27M | $31.04M | $33.58M | $11.95M | $16.22M | $24.98M | $33.65M | $41.89M | $42.48M | $49.35M |
| Total Assets | $63.08M | $31.89M | $34.51M | $12.40M | $16.73M | $25.60M | $34.46M | $42.86M | $43.60M | $50.53M |
| Current Liabilities | $3.35M | $2.93M | $3.09M | $7.23M | $6.00M | $6.36M | $11.06M | $20.17M | $22.21M | $27.57M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.60M | $3.29M | $3.57M | $7.34M | $6.15M | $6.54M | $11.28M | $20.43M | $22.50M | $27.96M |
| Stockholders' Equity | $59.49M | $28.60M | $30.94M | $5.06M | $10.58M | $19.06M | $23.18M | $22.43M | $21.09M | $22.57M |
| Retained Earnings | ($221.52M) | ($216.21M) | ($212.43M) | ($208.20M) | ($202.46M) | ($193.81M) | ($188.01M) | ($188.01M) | ($188.47M) | ($185.74M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($4.30M) | - | - | - | ($8.17M) | - | - | - | ($8.80M) | - |
| Investing Cash Flow | ($3.0K) | - | - | - | $4.50M | - | - | - | ($2.83M) | - |
| Financing Cash Flow | $35.35M | - | - | - | $91.0K | - | - | - | - | - |
| CapEx | $3.0K | - | - | - | $4.0K | - | - | - | $19.0K | - |
| Free Cash Flow | ($4.30M) | - | - | - | ($8.17M) | - | - | - | ($8.82M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | -5.6% | -0.7% | -26.1% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | -25.8% | - |
| Net margin | - | - | - | - | - | - | -0.1% | 3.4% | -25.6% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | -82.5% | - |
| FCF / Net income | 0.81 | - | - | - | 0.94 | - | - | - | 3.23 | - |
| R&D / Revenue | - | - | - | - | - | - | 78.6% | 78.0% | 91.1% | - |
| SG&A / Revenue | - | - | - | - | - | - | 27.0% | 22.7% | 35.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | 0.0% | - | - |
| Return on assets | -8.4% | - | -12.3% | -46.3% | -51.7% | - | -0.0% | 1.1% | -6.3% | - |
| Return on equity | -8.9% | - | -13.7% | -113.5% | -81.8% | - | -0.0% | 2.1% | -13.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 18.62 | 10.58 | 10.85 | 1.65 | 2.70 | 3.93 | 3.04 | 2.08 | 1.91 | 1.79 |
| Quick ratio | 18.62 | 10.58 | 10.85 | 1.65 | 2.70 | 3.93 | 3.04 | 2.08 | 1.91 | 1.79 |
| Cash ratio | 18.33 | 10.32 | 10.70 | 1.59 | 2.42 | 2.85 | 1.40 | 0.55 | 0.52 | 0.84 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.06 | 1.12 | 1.12 | 2.45 | 1.58 | 1.34 | 1.49 | 1.91 | 2.07 | 2.24 |
| Liabilities / Assets | 0.06 | 0.10 | 0.10 | 0.59 | 0.37 | 0.26 | 0.33 | 0.48 | 0.52 | 0.55 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | 0.35 | 0.32 | 0.25 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | 150d | 155d | 172d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | 69.0x | - | - |
| P / B | 3.2x | - | 3.0x | 2.3x | 1.3x | - | 1.3x | 1.1x | 3.9x | - |
| P / S | - | - | - | - | - | - | 2.4x | 1.8x | 7.6x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | 37.1% | 51.8% | 20.4% | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 36.8% | - | -573.8% | -6128.0% | -217.8% | - | 81.3% | 97.2% | 32.1% | - |
| Net income growth (YoY) | 38.6% | - | -60328.6% | - | -216.5% | - | 99.8% | - | 30.6% | - |
| EPS growth (YoY) | 75.0% | - | - | - | -200.0% | - | - | - | 27.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 47.3% | - | - | - | 7.3% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 462.4% | 50.0% | 33.5% | -77.5% | -49.9% | -15.6% | -3.9% | -16.9% | -27.9% | -29.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Product / service
$41.10M totalResearch And Development Services$28.30M · 68.9%
Upfront Payment Amortization$12.80M · 31.1%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Equillium against the 5 most active filers in the same SIC group.