Loading...
•
Dec 31, 2022
Equillium Q4 2022 Earnings Report
Equillium reported financial results for the fourth quarter and full year 2022 and provided corporate and clinical development updates.
Key Takeaways
Equillium reported Q4 2022 revenue of $15.8 million derived from the asset purchase agreement with Ono, and a net income of $2.8 million, or $0.08 per basic and diluted share. The company's cash balance at the end of 2022 was $71.0 million, expected to provide cash runway into 2025. Equillium also highlighted the acquisition of Bioniz Therapeutics and a strategic partnership with Ono Pharmaceutical.
Equillium achieved several significant objectives during 2022, transforming into a company with a diversified pipeline.
Bioniz Therapeutics was acquired, expanding the pipeline with EQ101 and EQ102, which have advanced into clinical studies.
A strategic partnership with Ono Pharmaceutical was secured for itolizumab, providing payments and funding to Equillium.
Equillium anticipates data from EQ101 and EQ102 development programs and will continue to advance itolizumab under the Ono partnership.
Equillium
Equillium
Forward Guidance
Equillium expects to fund operations into 2025 based on a strong cash balance and reduced operating burn from the Ono partnership.
Positive Outlook
- EQ101: Phase 2 clinical study in subjects with alopecia areata – initial data anticipated in 2H 2023, topline data anticipated in mid-2024
- EQ102: Phase 1 first-in-human study in healthy volunteers and subjects with celiac disease – SAD/MAD data anticipated in 2H 2023, celiac disease patient data anticipated in 2024
- Itolizumab: EQUALISE lupus nephritis topline data anticipated in 1H 2024
- Itolizumab: EQUATOR aGVHD interim review anticipated in 2024
- Cash balance of $71.0 million expected to provide cash runway into 2025
Challenges Ahead
- Potential delays in the commencement, enrollment and completion of clinical studies and the reporting of data therefrom
- The risk that studies will not be completed as planned
- Risks related to Ono’s financial condition, willingness to continue to fund the development of itolizumab, and decision to exercise its option to purchase itolizumab or terminate the asset purchase agreement
- Uncertainties related to Equillium’s capital requirements
- Having to use cash in ways or on timing other than expected and the impact of market volatility on cash reserves