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EQEQUILLIUM, INC.

Is Equillium struggling financially?

Yes, by its own account. Equillium told the SEC on 15 Apr 2026, in Form DEF 14A, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed Apr 2026

30/100

Fragile

Sector
Biotech/Pharma
Market cap
$146.5M
Source filing
DEF 14A 15 Apr 2026
Balance sheet
30 Jun 2026

Cash runway

  • 25months

    If the burn speeds up

    Empty by Jul 2028

  • 35months

    If it eases off

    Empty by May 2029

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$57.2M

÷

Cash burned over the last 12 months

$22.8M

What Equillium told the SEC

…2023 contained a separate paragraph stating that “The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered significant operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include…

EQUILLIUM, INC., Form DEF 14A, filed 15 Apr 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 191.9% share-count increase The company issued stock. Each share now owns 65.7% less of the business than a year ago, before any change in the price.
  • Cash burn is narrowing It is spending 41% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Biotech/Pharma companies that filed the doubt