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Equillium Reports Third Quarter 2023 Financial Results and Provides Corporate and Clinical Updates
$46.3 million in cash at the end of Q3 2023 expected to provide operating runway into 2025 $1.9 million of cash used in operating activities in Q3 2023 LA
About this update from Equillium, Inc.
[{"type":"text","content":"\n$46.3 million in cash at the end of Q3 2023 expected to provide operating runway into 2025\n\n\n$1.9 million of cash used in operating activities in Q3 2023\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 third quarter 2023 and provided corporate and clinical development updates.\n\n\n“The third quarter was focused on clinical execution and expanding education on our multi-cytokine platform and clinical programs ahead of initial data expected later this year,” said Bruce Steel, chief executive officer at Equillium. “We have completed enrollment in the Phase 1b EQUALISE study of itolizumab in patients with lupus nephritis and presented current data from that study at the annual meeting of the American Society of Nephrology earlier this month. We plan to provide the topline data to Ono in early 2024, which along with the interim review of the Phase 3 EQUATOR study in acute graft-versus-host disease, expected in 2024, comprise the data deliverables that will trigger Ono’s option decision. If Ono exercises its option, it would result in a payment of approximately $331 million and significantly extend Equillium’s cash runway. We also recently completed enrollment of the Phase 2 study of EQ101 in alopecia areata and expect to announce initial data from that study, as well as data from the SAD/MAD portion of the Phase 1 study of EQ102 before the end of the year. We believe Equillium is well positioned to create shareholder value with near-term milestones and a strong balance sheet that we expect to provide cash runway into 2025.”\n\n\nHighlights Since Beginning of Third Quarter:\n\n\n\nHosted an Analyst & Investor Day featuring Arash Mostaghimi, MD, MPA, MPH, associate professor of dermatology at Harvard Medical School, that highlighted Equillium’s pipeline, the multi-cytokine platform and clinical-stage multi-cytokine inhibitors, with a focus on EQ101, currently in a Phase 2 clinical trial for moderate to severe alopecia areata that is now fully-enrolled.\n\n\n\nAnnounced a presentation at the 18th Annual Peptide Therapeutics Symposium highlighting EQ302, a second generation orally deliverable mul...