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Sep 30, 2022
Equillium Q3 2022 Earnings Report
Reported financial results for the third quarter of 2022 and provided an update on its clinical development programs.
Key Takeaways
Equillium reported a net loss of $13.7 million for Q3 2022. The company announced a pending acquisition of Metacrine, expected to add $35 million in cash and extend operating runway into 2024. They also initiated Phase 2 study of EQ101 and Phase 1 study of EQ102.
Announced positive interim results from the EQUALISE study of itolizumab in highly proteinuric lupus nephritis patients.
Announced the pending acquisition of Metacrine, expected to add $35 million in cash at closing and extend operating runway into 2024.
Initiated Phase 2 study of EQ101 in alopecia areata and Phase 1 study of EQ102 in healthy volunteers and celiac disease patients.
R&D expenses increased to $8.8 million, and G&A expenses increased to $4.5 million.
Forward Guidance
Equillium anticipates several milestones and catalysts in the near future.
Positive Outlook
- Topline data from the Type B part of the itolizumab EQUALISE Phase 1b study in patients with lupus nephritis expected mid-2023.
- Data from the EQ101 Phase 2 study in subjects with alopecia areata expected in 2023.
- Data from the EQ102 Phase 1 study in healthy volunteers and subjects with celiac disease expected in 2023.
- The Metacrine acquisition will add approximately $35 million to the balance sheet.
- The Metacrine acquisition will extend the company's cash runway into 2024.
Challenges Ahead
- There are no guarantees that any of Equillium's ongoing or planned clinical studies will show safety or efficacy.
- Delays in the commencement, enrollment, and completion of clinical studies and the reporting of data therefrom are possible.
- Studies may not be completed as planned.
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