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Mar 31, 2023
Equillium Q1 2023 Earnings Report
Equillium reported first quarter 2023 financial results and provided clinical updates.
Key Takeaways
Equillium reported revenue of $8.9 million for the first quarter of 2023, derived from itolizumab development funding and amortization of the upfront payment from Ono Pharmaceutical Co, Ltd. The company's net loss for the quarter was $3.9 million, or $(0.11) per share. Cash, cash equivalents and short-term investments totaled $62.0 million as of March 31, 2023, expected to fund operations into 2025.
Advanced EQ101 and EQ102 in clinical programs for alopecia areata and first-in-human development, respectively.
Continued to advance the pivotal Phase 3 EQUATOR study in aGVHD and Phase 1b EQUALISE study in lupus nephritis.
Focused on achieving near-term milestones in the multi-cytokine programs before the end of the year, including initial data from the EQ101 Phase 2 study in alopecia areata.
Topline data from the EQUALISE study in lupus nephritis is expected in the first half of 2024, and the interim review of the Phase 3 EQUATOR study is expected later in 2024.
Equillium
Equillium
Forward Guidance
Equillium anticipates several milestones for its clinical programs.
Positive Outlook
- Initial data from the EQ101 Phase 2 clinical study in subjects with alopecia areata is anticipated in 2H 2023.
- Topline data from the EQ101 Phase 2 clinical study in subjects with alopecia areata is anticipated in mid-2024.
- Single ascending dose/multiple ascending dose data from the EQ102 Phase 1 first-in-human study in healthy volunteers and subjects with celiac disease is anticipated in 2H 2023.
- Celiac disease patient data from the EQ102 Phase 1 first-in-human study is anticipated in 2024.
- Topline data from the Itolizumab EQUALISE lupus nephritis study is anticipated in 1H 2024.
Challenges Ahead
- Interim review of the Itolizumab EQUATOR aGVHD study is anticipated in 2024.
- Ono may not exercise its option to purchase itolizumab.
- Equillium may receive no further payments under the asset purchase agreement other than those already received.
- Fluctuations in the foreign exchange rate could impact payments.
- Market volatility may impact cash reserves.