Business
Equillium Reports Second Quarter 2023 Financial Results and Provides Corporate and Clinical Updates
$48.4 million in cash at the end of Q2 2023 expected to provide operating runway into 2025 Fully prepaid and retired debt facility Authorized $7.5 million
About this update from Equillium, Inc.
[{"type":"text","content":"\n$48.4 million in cash at the end of Q2 2023 expected to provide operating runway into 2025\n\n\nFully prepaid and retired debt facility\n\n\nAuthorized $7.5 million stock repurchase program\n\n\n LA JOLLA, Calif.--(BUSINESS WIRE)--\nEquillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company leveraging a deep understanding of immunobiology to develop novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need, today announced financial results for the second quarter 2023 and provided corporate and clinical development updates.\n\n\n“We continue to advance our pipeline of wholly-owned and partnered clinical programs, and have deleveraged our balance sheet through the prepayment of our outstanding debt in the second quarter of 2023,” said Bruce Steel, chief executive officer at Equillium. “Additionally, we recently announced a stock repurchase program which demonstrates our belief in the intrinsic value and potential of Equillium, particularly in light of our strong cash position, reduced operating burn and potential for additional near-term cash income related to our strategic partnership with Ono Pharmaceutical. We believe the stock repurchase program can potentially create stockholder value without meaningfully affecting our cash runway and has the potential to be accretive if Ono exercises its option to acquire itolizumab.”\n\n\nMr. Steel added, “We also have multiple anticipated upcoming milestones, including initial data from the EQ101 Phase 2 study in alopecia areata expected before the end of this year. While we continue to view the multi-cytokine programs as a significant source of long-term value, we remain highly engaged in the ongoing development of itolizumab and plan to report topline data from the EQUALISE study in lupus nephritis, which is fully enrolled, in early 2024, and remain on track for the interim review of the Phase 3 EQUATOR study during 2024. The EQUALISE and EQUATOR milestones will establish Ono’s option exercise timeline for itolizumab, which if exercised would result in a payment of approximately $351 million and significantly extend Equillium’s cash runway.”\n\n\n\n\n1\n\n\n\n\n\n\n\nOption exercise payment is denominated in Japanese yen (5 billion) and subject to currency exchange rates at the time of payment.\n\n\n\n\n\n\n\nHighlights Since Begin...