Detailed financial statements for Equillium, Inc. (EQ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Equillium, Inc. is a clinical-stage biopharmaceutical company focused on developing and bringing to market products designed to address severe autoimmune and inflammatory (immuno-inflammatory) disorders where current treatment options are insufficient. The company's primary drug candidate is itolizumab (EQ001), a monoclonal antibody in clinical development that targets the novel CD6 immune checkpoint receptor.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.85, EQ has negative trailing earnings (P/E not meaningful) and an ROE of -41.15%. Market capitalisation stands at $117M.
Balance sheet quality for EQ: current ratio of 10.3, net cash position of $29.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $15.8M | $36.1M | $41.1M | 0 |
| Cost of Revenue | $122 | $6102 | $23000 | $45000 | 0 | 0 | 0 | 0 | $116000 |
| Gross Profit | -$122 | -$6102 | -$23000 | -$45000 | 0 | $15.8M | $36.1M | $41.1M | -$116000 |
| Research & Development | $1.3M | $4.9M | $17.6M | $19.4M | $26.4M | $37.5M | $37.0M | $37.4M | $12.8M |
| Selling, General & Admin | $378206 | $3.7M | $9.1M | $10.1M | $11.4M | $17.2M | $13.6M | $11.9M | $10.8M |
| Operating Expenses | $1.7M | $8.6M | $26.7M | $29.5M | $37.8M | $77.8M | $50.6M | $49.4M | $23.6M |
| Operating Income | -$1.7M | -$8.6M | -$26.7M | -$29.5M | -$37.8M | -$62.1M | -$14.5M | -$8.3M | -$23.6M |
| EBITDA | -$1.9M | -$10.7M | -$25.3M | -$28.7M | -$37.9M | -$61.3M | -$12.1M | -$7.6M | -$22.3M |
| Interest Expense | $379385 | $2.6M | $279000 | $1.1M | $1.1M | $1.1M | $491000 | 0 | 0 |
| Pre-tax Income | -$2.3M | -$13.2M | -$25.6M | -$29.8M | -$39.1M | -$62.4M | -$12.8M | -$7.7M | -$22.4M |
| Income Tax | -$2 | $140512 | 0 | 0 | 0 | 0 | $580000 | $361000 | 0 |
| Net Income | -$2.3M | -$13.2M | -$25.6M | -$29.8M | -$39.0M | -$62.4M | -$13.3M | -$8.1M | -$22.4M |
| EPS | $-0.13 | $-1.09 | $-1.47 | $-1.46 | $-1.35 | $-3.19 | $-0.38 | $-0.23 | $-0.39 |
| EPS (Diluted) | $-0.19 | $-1.09 | $-1.47 | $-1.46 | $-1.35 | $-3.19 | $-0.38 | $-0.23 | $-0.39 |
| Shares Outstanding (Diluted) | $11.7M | $12.2M | $17.4M | $20.4M | $28.8M | $33.7M | $34.7M | $35.4M | $91.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$23000 | -$24000 | 0 |
| Operating Income | -$4.6M | -$4.0M | -$5.6M | -$5.2M |
| EBITDA | -$4.2M | -$3.8M | -$5.3M | -$5.1M |
| Net Income | -$4.2M | -$3.8M | -$5.3M | -$4.7M |
| EPS | $-0.12 | $-0.04 | $-0.06 | $-0.04 |
| EPS (Diluted) | $-0.12 | $-0.04 | $-0.06 | $-0.04 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.1M | $28.5M | $13.2M | $24.0M | $50.4M | $59.1M | $23.2M | $18.1M | $30.3M |
| Short-term Investments | 0 | $37.4M | $39.9M | $58.2M | $30.3M | $11.9M | $17.6M | $4.5M | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | $4.1M | $6.3M | $1.1M | $108000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $7.1M | $67.2M | $55.5M | $85.2M | $83.4M | $76.7M | $49.3M | $25.0M | $30.3M |
| Property, Plant & Equipment | $2077 | $63515 | $93000 | $239000 | $1.9M | $1.6M | $1.1M | $626000 | $658000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7.2M | $67.2M | $55.5M | $85.4M | $85.4M | $78.4M | $50.5M | $25.6M | $31.9M |
| Accounts Payable | $243741 | $1.1M | $1.9M | $2.8M | $1.2M | $4.0M | $4.7M | $2.7M | $755000 |
| Short-term Debt | 0 | 0 | 0 | $1.7M | $1.4M | $5.7M | 0 | $197000 | $363000 |
| Total Current Liabilities | $568820 | $2.0M | $3.9M | $7.2M | $8.9M | $32.0M | $27.6M | $6.4M | $2.9M |
| Long-term Debt | $8.1M | 0 | $9.7M | $8.3M | $8.8M | $3.2M | 0 | 0 | $356000 |
| Total Liabilities | $9.4M | $2.2M | $13.7M | $15.6M | $18.9M | $46.5M | $28.0M | $6.5M | $3.3M |
| Retained Earnings | -$2.3M | -$15.5M | -$41.1M | -$70.9M | -$110.0M | -$172.4M | -$185.7M | -$193.8M | -$216.2M |
| Total Equity | -$2.3M | $64.9M | $41.8M | $69.9M | $66.5M | $31.9M | $22.6M | $19.1M | $28.6M |
| Total Debt | $8.1M | $200000 | $9.7M | $9.9M | $11.8M | $10.2M | $824000 | $384000 | $719000 |
| Net Debt | $955313 | -$65.7M | -$43.5M | -$72.2M | -$68.9M | -$60.8M | -$40.0M | -$22.2M | -$29.6M |
| Working Capital | $6.6M | $65.1M | $51.7M | $77.9M | $74.5M | $44.7M | $21.8M | $18.6M | $27.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $33.1M | $30.3M | $61.3M | $57.2M |
| Total Assets | $34.5M | $31.9M | $63.1M | $58.7M |
| Total Liabilities | $3.6M | $3.3M | $3.6M | $2.6M |
| Total Equity | $30.9M | $28.6M | $59.5M | $56.0M |
| Total Debt | $745000 | $719000 | $692000 | $584000 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.3M | -$13.3M | -$25.6M | -$29.8M | -$39.1M | -$62.4M | -$13.3M | -$8.1M | -$22.4M |
| Depreciation & Amortization | $122 | $6102 | $23000 | $45000 | $72000 | $118000 | $126000 | $137000 | $116000 |
| Stock-based Compensation | 0 | $441914 | $2.3M | $3.8M | $4.4M | $4.8M | $4.0M | $3.8M | $2.3M |
| Change in Working Capital | $434635 | $301005 | $713000 | $1.3M | $1.7M | $19000 | -$2.5M | $842000 | -$2.3M |
| Operating Cash Flow | -$662201 | -$7.5M | -$22.9M | -$24.6M | -$32.1M | -$8.7M | -$21.8M | -$19.0M | -$22.7M |
| Capital Expenditure | -$2199 | -$34858 | -$74000 | -$202000 | -$57000 | -$279000 | -$50000 | -$85000 | -$48000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $700000 | 0 | 0 | $12000 |
| Stock Repurchased | 0 | 0 | -$156000 | 0 | 0 | 0 | -$260000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$664400 | -$7.6M | -$23.0M | -$24.8M | -$32.1M | -$9.0M | -$21.8M | -$19.1M | -$22.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$8.4M | -$3.1M | -$4.3M | -$4.1M |
| Capital Expenditure | 0 | -$44000 | -$3000 | -$71000 |
| Free Cash Flow | -$8.4M | -$3.2M | -$4.3M | -$4.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $401000 | $737000 | $930000 | $1.1M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | +129.0% | +13.9% | -100.0% |
| Net Income Growth (YoY) | | -485.8% | -93.0% | -16.6% | -30.7% | -60.2% | +78.6% | +39.5% | -177.6% |
| EPS Growth (YoY) | | -738.5% | -34.9% | +0.7% | +7.5% | -136.3% | +88.1% | +39.5% | -69.6% |
| Shares Change (YoY) | | +4.4% | +42.6% | +17.1% | +41.5% | +17.1% | +3.0% | +1.8% | +159.9% |
| FCF Growth (YoY) | | -1038.0% | -204.5% | -7.8% | -29.5% | +72.0% | -142.3% | +12.5% | -19.3% |
| Gross Margin | | | | | | 100.0% | 100.0% | 100.0% | |
| Operating Margin | | | | | | -393.9% | -40.2% | -20.1% | |
| EBITDA Margin | | | | | | -388.7% | -33.6% | -18.4% | |
| Net Margin | | | | | | -396.1% | -37.0% | -19.6% | |
| FCF Margin | | | | | | -57.2% | -60.5% | -46.5% | |
| Effective Tax Rate | 0.0% | -1.1% | -0.0% | -0.0% | -0.0% | -0.0% | -4.5% | -4.7% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.06 | $-0.62 | $-1.32 | $-1.22 | $-1.12 | $-0.27 | $-0.63 | $-0.54 | $-0.25 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.7M | $12.2M | $17.4M | $20.4M | $28.8M | $33.7M | $34.7M | $35.4M | $91.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -41.15% |
| Return on Invested Capital | -34.10% |
| Return on Assets | -30.70% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 23.40 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -107.69 | -7.49 | -2.30 | -3.66 | -2.79 | -0.33 | -1.90 | -3.25 | -3.97 |
| P/B | -72.60 | 1.53 | 1.40 | 1.56 | 1.63 | 1.12 | 1.11 | 1.39 | 4.98 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.27 | 0.70 | 0.64 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -393.9% | -40.2% | -20.1% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -396.1% | -37.0% | -19.6% | 0.0% |