Business
Equillium Reports Second Quarter 2024 Financial Results and Provides Recent Corporate and Clinical Highlights
$33.3 million cash balance at the end of Q2 2024, representing a $1.0 million increase from the end of Q1 2024 Triggered Ono option exercise period to
About this update from Equillium, Inc.
[{"type":"text","content":"\n$33.3 million cash balance at the end of Q2 2024, representing a $1.0 million increase from the end of Q1 2024\n\n\nTriggered Ono option exercise period to acquire Equillium’s rights to itolizumab, decision expected before the end of October 2024\n\n\nAnnounced positive interim analysis of Phase 3 EQUATOR study of itolizumab in acute graft-versus-host disease subjects\n\n\nAnnounced positive topline data from Phase 1b EQUALISE study of itolizumab in lupus nephritis subjects\n\n\nAnnounced positive topline data from Phase 2 study of EQ101 in alopecia areata subjects\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, today announced financial results for the second quarter 2024 and provided an update on corporate and clinical highlights.\n\n\n“We recently announced a positive interim review of the Phase 3 EQUATOR study by the Independent Data Monitoring Committee, which raised no safety or futility concerns and recommended that the study proceed as planned,” said Bruce Steel, chief executive officer at Equillium. “We have delivered the blinded interim data, along with the data monitoring committee’s recommendation, to our partner Ono Pharmaceutical, who now has until the end of October 2024 to make its decision to acquire our rights to itolizumab. Should Ono exercise its option, Equillium would receive a one-time payment of JPY 5.0 billion, or approximately $35.0 million based on the currency exchange rate on August 5, 2024, significantly extending the company’s cash runway. Equillium would also be eligible to receive up to USD $101.4 million upon the achievement of certain clinical, regulatory, and commercialization milestones, as well as continued reimbursement of itolizumab-related expenses.”\n\n\nMr. Steel continued, “We continue to advance our multi-cytokine assets and platform. Following positive topline data from the Phase 2 study of EQ101 in subjects with alopecia areata, we are proceeding with preparations to conduct a Phase 2b placebo-controlled study, which would include transitioning from intravenous to subcutaneous delivery and dose optimization. In parallel, we continue to advance EQ302, a novel orally available bi-specific ...