EQ Equillium, Inc.

Overview and Growth

In fiscal 2025, Equillium, Inc. reported net loss of $22.40M. The company reported diluted EPS of -$0.39, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 57.30M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 35.36M diluted shares in fiscal 2024, the current 57.30M base was 62.1% higher. At period end, total assets were $31.89M, framing the scale of the company’s operating and financing commitments.

Profitability

The reported operating result was an operating loss of $23.63M, reflecting costs that exceeded gross profit. The company ended the period with a net loss of $22.40M, extending the operating result through all remaining items. EBITDA was negative $23.52M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $22.40M, before the effect of income taxes. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 78.3%, placing the bottom-line deficit against shareholder capital. The net loss equaled 70.2% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit increased from $8.07M in fiscal 2024 to $22.40M.

Liquidity and Capital Structure

At period end, the $31.89M asset base was financed through $3.29M of liabilities and $28.60M of equity. At period end, current assets of $31.04M compared with current liabilities of $2.93M, defining the company’s short-term resource position. Current assets covered current liabilities by 10.58x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $30.28M, separating immediately recognizable cash resources from the rest of the current-asset base. The equity-to-assets relationship was 89.7%, placing book capital against the total resource base. Relative to total assets, liabilities measured 10.3%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 95.0%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 24.5% from $25.60M in fiscal 2024, leaving current total assets higher year over year. Against $19.06M of equity in fiscal 2024, the current book-equity balance moved 50.0% and ended higher. Compared with $18.09M in fiscal 2024, the current cash balance moved 67.4% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $22.75M, rather than cash generation from operations. Capital expenditures used $48.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $22.79M cash deficit after capital spending. Relative to total assets, the post-investment cash deficit measured 71.5%. Compared with a $19.03M operating cash outflow in fiscal 2024, the current outflow increased to $22.75M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.