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Equillium

EQ on Nasdaq. Pharmaceutical preparations. Market value $92m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
-17.0%low

For every $100 of what the whole company costs, it produced $-17.04 of spare cash last year. A savings account pays about $4.

Price to profit
n/a

The filings do not give us enough to work this out.

Return on capital
n/a

The filings do not give us enough to work this out.

Quality score: 50 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

-0.0
-0.0
-0.0
202220232024
Revenue
$16m$36m$41m
Operating margin
-393.9%-40.2%-20.1%
Debt to equity
0.10n/an/a
Shares outstanding
0.03bn0.03bn0.04bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.11× equity
  • Revenue growth, five yearsStrong, 61.5% a year
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

None of the long-term investors we follow own it. 60 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • 10.0%0.0 pts
    Since 30 January 2026
  • at least 9.9%0.0 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • at least 9.9%
    (filed with 3 related holders)
    Since 13 March 2026
  • Xiangmin Cui
    Passive investor
    at least 8.9%
    (filed with 4 related holders)
    Since 31 March 2026
  • Adage Capital Management, L.P.
    Passive investor
    at least 7.2%−2.7 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • at least 6.5%
    (filed with 1 related holder)
    Since 30 June 2026
  • Woodline Partners LP
    Passive investor
    5.9%
    Since 30 September 2025
  • Aberdeen Group plc
    Passive investor
    at least 5.3%
    (filed with 1 related holder)
    Since 1 April 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $2m, $2m of it under preset trading plans.

  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    14,584
    Price
    $2.93
    Value
    $42,731
  • Connelly Stephen
    President and CSO
    Sold
    Date
    5 June 2026
    Shares
    30,975
    Price
    $2.94
    Value
    $91,067
  • Connelly Stephen
    President and CSO
    Sold
    Date
    4 June 2026
    Shares
    200,000
    Price
    $3.16
    Value
    $632,000
  • Tom Penny
    Principal Accounting Officer
    Sold
    under a preset trading plan
    Date
    28 May 2026
    Shares
    65,000
    Price
    $2.95
    Value
    $191,750
  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    28 May 2026
    Shares
    86,012
    Price
    $2.80
    Value
    $240,693
  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    27 May 2026
    Shares
    9,821
    Price
    $2.70
    Value
    $26,517
  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    13 March 2026
    Shares
    120,312
    Price
    $2.50
    Value
    $300,780
  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    9 March 2026
    Shares
    181,219
    Price
    $2.00
    Value
    $362,438
  • Zedelmayer Christine
    Sr. Vice President and COO
    Sold
    under a preset trading plan
    Date
    19 February 2026
    Shares
    185,937
    Price
    $1.76
    Value
    $327,905
  • Tom Penny
    Principal Accounting Officer
    Sold
    under a preset trading plan
    Date
    8 January 2026
    Shares
    6,533
    Price
    $1.29
    Value
    $8,428

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 4 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On September 30, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of Equillium, Inc. (the “Company”) approved dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm, with such dismissal to become effective on September 30, 2025.”

    From an 8-K filed 6 October 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.