Equillium Inc · Q1 2022 earnings

Briefing

Equillium reported financial results for Q1 2022 and provided corporate development and clinical program updates.

Equillium reported a net loss of $37.4 million, or $(1.17) per basic and diluted share, for the first quarter of 2022. The company's cash, cash equivalents, and short-term investments totaled $68.8 million as of March 31, 2022. They also acquired Bioniz Therapeutics, adding two clinical-stage assets to their pipeline.

• Initiated Phase 3 EQUATOR study of itolizumab in first-line aGVHD.
• Acquired Bioniz Therapeutics, adding two first-in-class clinical-stage assets to pipeline and proprietary product discovery platform.
• R&D expenses for the first quarter of 2022 were $10.8 million, compared with $5.9 million for the same period in 2021.
• Acquired in-process research and development expenses for the first quarter of 2022 were $23.0 million resulting from the accounting for the Bioniz acquisition.

Headline financials

Revenue & EPS history

Equillium anticipates several upcoming milestones and catalysts, including interim data from the EQUALISE Phase 1b study of itolizumab in patients with lupus nephritis expected mid-2022, and initiation of Phase 2 study of EQ101 in alopecia areata and Phase 1 study of EQ102 in normal healthy volunteers and celiac disease patients, both expected in 2H 2022.