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Mar 31, 2024
Equillium Q1 2024 Earnings Report
Reported first quarter 2024 financial results and provided recent clinical highlights.
Key Takeaways
Equillium reported revenue of $10.7 million and a net loss of $2.7 million for the first quarter of 2024. The company's cash balance was $32.3 million as of March 31, 2024, expected to provide cash runway into 2H 2025.
Announced positive topline data from Phase 1b EQUALISE study of itolizumab in lupus nephritis patients.
Completed enrollment in Phase 2 study of EQ101 for the treatment of moderate to severe alopecia areata.
Expect to announce results of the interim review of Phase 3 EQUATOR study of itolizumab in patients with acute graft-versus-host disease in Q3 2024.
Ono's option exercise decision for itolizumab is anticipated in 2H 2024.
Revenue by Geographic Location
Forward Guidance
Equillium anticipates several milestones in 2024, including topline data from the EQ101 Phase 2 study in alopecia areata, the interim review of the EQUATOR Phase 3 study of itolizumab in acute graft-versus-host disease, and Ono's option exercise decision for itolizumab.
Positive Outlook
- Positive topline data from Phase 1b EQUALISE study of itolizumab in lupus nephritis patients.
- Completion of enrollment in Phase 2 study of EQ101 for the treatment of moderate to severe alopecia areata.
- Potential exercise payment of approximately $321 million from Ono if they exercise their option to acquire rights to itolizumab.
- Additional milestone payments of approximately $101 million eligible to be received if Ono exercises their option.
- Cash balance expected to fund operations into the second half of 2025.
Challenges Ahead
- Risks related to Ono's financial condition and decision to exercise its option.
- Uncertainties related to Equillium's capital requirements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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