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Friday 6 November 2026
Export EQ’s income statement to Excel — free account
Equillium, Inc.
Equillium, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $41.1 million, up 13.9% from fiscal 2023.
- Revenue
- −52.3%
- EPS
- +75.0%
- Free cash flow
- −38.7%
Quarter to June 2026, against a year earlier
1.34
0.06
−4.29%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 16 | 36 | 41 | — | 41 | +61.5% | 8 | 8 | — | 0.0% | |
| Gross margin, % | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | — | 100.00 | +100.0 pt | ||||||
| EBT | — | (2) | (13) | (26) | (30) | (39) | (62) | (13) | (8) | (22) | (18) | +33.2% | ||||||
| EBT margin, % | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (396.14) | (35.35) | (18.75) | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | — | (2) | (13) | (26) | (30) | (39) | (62) | (13) | (8) | (22) | (18) | +33.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.47 | 1.04 | 1.16 | 0.00 | 0.00 | n/m | |||||
| Earnings | — | (0.22) | (1.09) | (1.47) | (1.46) | (1.36) | (1.85) | (0.38) | (0.23) | (0.39) | (0.20) | +7.2% | ||||||
| Cash flow | — | (0.07) | (0.62) | (1.32) | (1.21) | (1.11) | (0.26) | (0.63) | (0.54) | (0.40) | (0.18) | +25.3% | ||||||
| Capex | — | 0.00 | 0.00 | 0.00 | (0.01) | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 | +14.7% | ||||||
| Free cash flow | — | (0.07) | (0.62) | (1.32) | (1.22) | (1.12) | (0.27) | (0.63) | (0.54) | (0.40) | (0.18) | +25.2% | ||||||
| Book value | — | (0.22) | 5.33 | 2.41 | 3.43 | 2.31 | 0.95 | 0.65 | 0.54 | 0.50 | 0.50 | n/m | ||||||
| Shares, m | — | 10 | 12 | 17 | 20 | 29 | 34 | 35 | 35 | 57 | 83 | +24.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 0.70 | 0.65 | — | 3.65 | 0.4 | ||||||
| P/B | — | — | — | — | — | — | 1.12 | 1.12 | 1.39 | — | 2.67 | 1.2 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | (0.22) | 0.28 | — | 2.44 | 0.0 | ||||||
| EV/FCF | — | — | — | — | — | — | 2.92 | 0.36 | (0.60) | — | (4.99) | 0.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (1) | (8) | (23) | (25) | (32) | (9) | (22) | (19) | (23) | (20) | +55.6% | |||||
| Capex | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | +41.8% | ||||||
| Free cash flow | — | (1) | (8) | (23) | (25) | (32) | (9) | (22) | (19) | (23) | (20) | +55.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 7 | 65 | 52 | 78 | 74 | 45 | 22 | 19 | 28 | 55 | +19.9% | |||||
| Net debt | — | 1 | (66) | (43) | (72) | (71) | (62) | (41) | (23) | (30) | (57) | n/m | ||||||
| Shareholders’ equity | — | (2) | 65 | 42 | 70 | 67 | 32 | 23 | 19 | 29 | 56 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (6.09) | (35.66) | (41.73) | (42.30) | (45.72) | (76.21) | (20.68) | (21.19) | (77.92) | (50.68) | (71.8) pt | |||||
| ROIC | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | (7.22) | (42.28) | (47.95) | (53.38) | (57.28) | (126.83) | (48.92) | (38.75) | (93.99) | (58.98) | (86.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 7 | 11 | 16 | 31 | 45 | 36 | 44 | 35 | 14 | — | +9.1% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.44 | 0.82 | 1.17 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2024 · latest quarter Dec 2024
Equillium, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VXRT VAXART, INC. | $92.4M | 2.8× | — (loss-making) | −85.33% (below 0%: shrinking) | n/m | +117.38% (above 0%: growing) | 100.00% | (162.74%) | Compare |
| KZIA Novogen Limited | $92.4M | — (loss-making) | — (loss-making) | — | −32.67% (below 0%: shrinking) | −51.71% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| PLYX Polaryx Therapeutics, Inc. | $89.7M | — (loss-making) | — | — | n/m | −93.09% (below 0%: shrinking) | — | 0.00% | Compare |
| EQ Equillium, Inc. | $88.8M | — (loss-making) | — (loss-making) | −52.32% (below 0%: shrinking) | n/m | −38.67% (below 0%: shrinking) | 100.00% | 0.00% | |
| GNLX Genelux Corporation | $88.7M | — (loss-making) | — (loss-making) | — | n/m | −11.18% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| TNXP Tonix Pharmaceuticals Holding Corp. | $87.6M | — (loss-making) | — (loss-making) | +577.88% (above 0%: growing) | n/m | −178.84% (below 0%: shrinking) | 94.81% | (314.05%) | Compare |
| NRXS Neuraxis, Inc. | $86.2M | — (loss-making) | — (loss-making) | +115.71% (above 0%: growing) | n/m | +29.76% (above 0%: growing) | 85.87% | (110.16%) | Compare |
| RLYB Rallybio Corporation | $85.6M | 3.3× | — (loss-making) | 0.00% | n/m | +65.25% (above 0%: growing) | 100.00% | 0.00% | Compare |
| CLLS Cellectis S.A. | $84.6M | — (loss-making) | — | −62.05% (below 0%: shrinking) | n/m | −36.95% (below 0%: shrinking) | 100.00% | (340.69%) | Compare |
| Median of peers | $88.2M | — | — | 0.00% | — | −24.06% | 100.00% | (55.08%) |
Pay and ownership Proxy statement filed 15 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.26m | 4.48m | 146.23 |
| 2024 | 684.39k | 754.07k | 70.58 |
| 2023 | 1.35m | 1.03m | 68.21 |
Ownership
Directors and executive officers, together
17.84%
Adage Capital Partners LP
9.99%
Entities affiliated with ADAR1 Capital Management, LLC
9.99%
Janus Henderson Group plc
9.99%
RA Capital Healthcare Fund, L.P.
9.90%
Bruce D. Steel
8.18%
Decheng Capital Management III (Cayman) LLC
7.03%
Daniel M. Bradbury
6.34%
Woodline Master Fund LP
5.55%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement