Equillium posts narrower-than-expected Q3 net loss; expects cash runway to fund operations into 2029

Overview

• US biotech firm's Q3 net loss and loss per share both both came narrower than expected

• Company ended Q3 with $53.3 mln cash, expects runway into 2029 after $20 mln financing

• Initiated Phase 1 trial of lead candidate EQ504 in October

Outlook

• Equillium expects proof-of-mechanism data for EQ504 in Q2 2027

• Company plans to initiate proof-of-concept ulcerative colitis study in H2 2027, subject to results

• Equillium expects cash runway to fund operations into 2029

Result Drivers

• R&D SPENDING - Higher research and development expenses driven by advancement of EQ504 into Phase 1 clinical trial

• CLINICAL PROGRESS - Initiation of first-in-human Phase 1 trial for EQ504 marked as a key milestone, per CEO Bruce Steel

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Equillium Inc is $7.00, about 393% above its November 11 closing price of $1.42

Reuters Recommended Reads

• Nov 12 - Century Therapeutics Q3 net loss narrows, beats analyst expectations

• Nov 12 - Altimmune posts higher than expected Q3 loss

• Nov 12 - Taysha Gene Therapies Q3 net loss widens on higher R&D costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)