Equillium, Inc., a clinical-stage biotechnology company focused on developing therapeutics for severe autoimmune and inflammatory disorders, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company generated revenue of $12.2 million for the three months ended September 30, 2024, an increase from $8.9 million in the same period in 2023. For the nine months ended September 30, 2024, revenue reached $36.7 million, up from $26.9 million year-over-year. This revenue primarily stemmed from development funding and deferred revenue related to the Asset Purchase Agreement with Ono Pharmaceutical Co., Ltd.
Despite the revenue growth, Equillium reported a net loss of $7,000 for the third quarter of 2024, a significant improvement compared to a net loss of $3.7 million in the same quarter of 2023. For the nine-month period, the net loss was $2.3 million, down from $11.0 million in the prior year. The company’s total operating expenses for the third quarter were $12.8 million, slightly higher than $12.5 million in the same quarter of 2023.
As of September 30, 2024, Equillium's cash and cash equivalents totaled $15.4 million, a decrease from $23.2 million at the end of 2023. The company has sufficient cash resources to fund operations into the fourth quarter of 2025, contingent on operational changes and cost-cutting measures, including the pausing of development activities for certain product candidates, EQ101 and EQ302, and a reduction in workforce by eliminating ten positions in October 2024.
Equillium's total current assets decreased to $33.6 million from $49.3 million at the end of 2023, while total liabilities also saw a reduction, dropping from $27.6 million to $11.1 million. The company’s total stockholders' equity increased to $23.2 million as of September 30, 2024, compared to $22.6 million at the end of the previous year.
Strategically, Equillium is focusing on advancing its lead product candidate, itolizumab (EQ001), which is currently in a Phase 3 study for acute graft-versus-host disease (aGVHD). Enrollment in this study was paused in October 2024 due to changes in business conditions, although the company is considering an accelerated timeline for topline data in early 2025. The company has also established an at-the-market facility with Jefferies LLC to raise up to $21.95 million, although no shares have been sold under this facility as of the filing date.
Overall, Equillium continues to navigate a challenging financial landscape while prioritizing its clinical development efforts and managing operational costs.
About Equillium, Inc.
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