Equillium

Q2 FY2026 EarningsQ2 FY26 beat consensus on EPS despite ongoing clinical-stage losses. GAAP EPS of -$0.04 outperformed the -$0.05 mean estimate, driven by a significant reduction in R&D expenses ($2.75M vs. $4.08M YoY) as the Equator study wound down. Revenue remained $0, in line with expectations for this clinical-stage innovator. Cash reserves of $57.2M, bolstered by a $35M private placement in March, provide a stable runway into 2029, mitigating immediate funding risks ahead of the Phase 1 proof-of-mechanism study for EQ504 expected in Q4 2026.