Equillium, Inc. reported revenue of $12.2 million for the third quarter of 2024, an increase from $8.9 million in the same period of 2023. This revenue consisted entirely of itolizumab development funding and amortization from the former Ono partnership.
The company reported a net loss of approximately $7,000, or $(0.00) per basic and diluted share, for Q3 2024, a significant improvement from a net loss of $3.7 million, or $(0.11) per share, in Q3 2023. This reduction in net loss was primarily due to higher revenue and lower income tax expense.
As of September 30, 2024, Equillium held $25.9 million in cash, cash equivalents, and short-term investments. The company believes this cash position is sufficient to fund operations into the fourth quarter of 2025, assuming certain operational changes including accelerating the completion of the Phase 3 EQUATOR study and pausing development activities for EQ101 and EQ302.
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