Equillium, Inc. announced on August 10, 2025, a definitive securities purchase agreement for up to $50 million in gross proceeds from leading healthcare investors. This financing is led by ADAR1 Capital Management and Janus Henderson Investors, with participation from other new investors.
The financing includes an initial upfront closing of approximately $30 million in gross proceeds, in exchange for approximately 52.6 million shares of common stock or pre-funded warrants at a purchase price of $0.57 per share. An additional $20 million is available, contingent on achieving specified clinical study initiation and share price milestones.
Equillium intends to use the proceeds to fund the further development of EQ504, an aryl hydrocarbon receptor modulator, and for general corporate purposes. The company expects the net proceeds from the initial closing to extend its cash runway through 2027, and it is prioritizing the development of EQ504, not initiating its previously announced cryptocurrency treasury reserve strategy.
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