What is Equillium's operating income?

Equillium's total operating income in 2025 was -$23.63 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $23.63 million

Equillium (EQ) Financials

$2.96 -0.19 (-6.03%)

Closing price 04:00 PM Eastern

Extended Trading

$3.06 +0.10 (+3.21%)

As of 07:33 PM Eastern

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Annual Income Statements for Equillium

This table shows Equillium's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-26	-30	-39	-62	-13	-8.07	-22
Consolidated Net Income / (Loss)	-13	-26	-30	-39	-62	-13	-8.07	-22
Net Income / (Loss) Continuing Operations	-13	-26	-30	-39	-62	-13	-8.07	-22
Total Pre-Tax Income	-13	-26	-30	-39	-62	-13	-7.71	-22
Total Operating Income	-8.62	-27	-30	-38	-62	-15	-8.27	-24
Total Gross Profit	0.00	0.00	0.00	0.00	16	36	41	0.00
Total Revenue	0.00	0.00	0.00	0.00	16	36	41	0.00
Operating Revenue	-	-	-	0.00	16	36	41	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	8.62	27	30	38	78	51	49	24
Selling, General & Admin Expense	3.67	9.09	10	11	17	14	12	11
Research & Development Expense	4.94	18	19	26	61	37	37	13
Total Other Income / (Expense), net	-4.64	1.13	-0.27	-1.02	-0.35	1.77	0.56	1.24
Interest & Investment Income	0.34	1.39	0.48	0.06	0.42	2.33	1.38	0.83
Other Income / (Expense), net	-2.42	0.02	0.36	-	0.28	-0.08	-0.82	0.40
Income Tax Expense	-	-	-	-	0.00	0.58	0.36	0.00
Basic Earnings per Share	($1.09)	($1.47)	($1.46)	($1.36)	($1.85)	($0.38)	($0.23)	($0.39)
Weighted Average Basic Shares Outstanding	12.19M	17.38M	20.36M	28.81M	33.73M	34.73M	35.36M	57.30M
Diluted Earnings per Share	($1.09)	($1.47)	($1.46)	($1.36)	($1.85)	($0.38)	($0.23)	($0.39)
Weighted Average Diluted Shares Outstanding	12.19M	17.38M	20.36M	28.81M	33.73M	34.73M	35.36M	57.30M
Weighted Average Basic & Diluted Shares Outstanding	12.19M	17.38M	20.36M	28.81M	34.41M	35.25M	35.61M	63.23M

This table shows Equillium's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.59	-2.50	-2.73	0.47	-0.01	-5.79	-8.65	-5.74	-4.23	-3.78	-5.31
Consolidated Net Income / (Loss)	-3.71	-2.34	-2.73	0.47	-0.01	-5.79	-8.65	-5.74	-4.23	-3.78	-5.31
Net Income / (Loss) Continuing Operations	-3.71	-2.34	-2.73	0.47	-0.01	-5.79	-8.65	-5.74	-4.23	-3.78	-5.31
Total Pre-Tax Income	-3.21	-2.33	-2.73	0.47	-0.01	-5.43	-8.65	-5.74	-4.23	-3.78	-5.31
Total Operating Income	-3.62	-3.20	-2.79	-0.10	-0.68	-4.70	-8.87	-6.23	-4.58	-3.96	-5.61
Total Gross Profit	8.87	9.21	11	14	12	4.39	0.00	0.00	0.00	-	0.00
Total Revenue	8.87	9.21	11	14	12	4.39	0.00	0.00	0.00	-	0.00
Operating Revenue	8.87	9.21	11	14	12	4.39	0.00	0.00	0.00	-	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	12	12	13	14	13	9.09	8.87	6.23	4.58	3.96	5.61
Selling, General & Admin Expense	3.52	3.23	3.74	3.15	3.28	1.78	2.95	2.15	3.27	2.43	2.62
Research & Development Expense	8.97	9.18	9.74	11	9.56	7.32	5.92	4.08	1.30	1.54	2.99
Total Other Income / (Expense), net	0.41	0.87	0.06	0.57	0.67	-0.73	0.22	0.49	0.35	0.19	0.30
Interest & Investment Income	0.55	0.52	0.44	0.37	0.33	0.24	0.17	0.12	0.24	0.30	0.31
Other Income / (Expense), net	-0.14	0.36	-0.38	0.20	0.34	-0.97	0.04	0.37	0.11	-0.12	-0.01
Basic Earnings per Share	($0.11)	($0.06)	($0.08)	$0.01	$0.00	($0.16)	($0.24)	($0.16)	($0.06)	$0.07	($0.06)
Weighted Average Basic Shares Outstanding	34.88M	34.73M	35.25M	35.29M	35.42M	35.36M	35.59M	35.72M	65.32M	57.30M	96.28M
Diluted Earnings per Share	($0.11)	($0.06)	($0.08)	$0.01	$0.00	($0.16)	($0.24)	($0.16)	($0.06)	$0.07	($0.06)
Weighted Average Diluted Shares Outstanding	34.88M	34.73M	35.25M	36.59M	35.42M	35.36M	35.59M	35.72M	65.32M	57.30M	96.28M
Weighted Average Basic & Diluted Shares Outstanding	35.12M	35.25M	35.25M	35.42M	35.43M	35.61M	35.72M	59.50M	60.89M	63.23M	63.23M

This table details how cash moves in and out of Equillium's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	21	-15	11	26	8.74	-36	-5.13	12
Net Cash From Operating Activities	-7.53	-23	-25	-32	-8.73	-22	-19	-23
Net Cash From Continuing Operating Activities	-7.53	-23	-25	-32	-8.81	-22	-19	-23
Net Income / (Loss) Continuing Operations	-13	-26	-30	-39	-62	-13	-8.07	-22
Consolidated Net Income / (Loss)	-13	-26	-30	-39	-62	-13	-8.07	-22
Depreciation Expense	0.01	0.02	0.05	0.07	0.12	0.13	0.14	0.12
Amortization Expense	-	-0.32	0.36	0.55	0.33	-0.73	-0.75	-0.01
Non-Cash Adjustments To Reconcile Net Income	5.42	2.23	3.53	4.65	28	4.06	4.54	1.87
Changes in Operating Assets and Liabilities, net	0.30	0.71	1.26	1.74	25	-12	-15	-2.36
Net Cash From Investing Activities	-37	-2.17	-19	27	19	-4.76	14	4.46
Net Cash From Continuing Investing Activities	-37	-2.17	-19	27	19	-4.76	14	4.46
Purchase of Property, Plant & Equipment	-0.04	-0.07	-0.20	-0.06	-0.28	-0.05	-0.09	-0.05
Purchase of Investments	-37	-55	-56	-33	-15	-55	-18	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.01
Sale and/or Maturity of Investments	-	53	37	60	33	50	32	4.50
Net Cash From Financing Activities	66	9.84	54	31	-1.22	-9.23	0.16	30
Net Cash From Continuing Financing Activities	66	9.84	54	31	-1.22	-9.23	0.16	30
Issuance of Common Equity	64	0.04	54	30	0.21	0.17	0.16	29
Other Financing Activities, net	0.29	0.07	0.01	0.89	-	0.00	0.00	1.84
Effect of Exchange Rate Changes	-	-0.01	0.03	-0.00	0.01	-	-0.08	0.05
Cash Income Taxes Paid	-	-	-	-	0.00	0.58	0.00	0.35

This table details how cash moves in and out of Equillium's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	8.76	-11	-12	-0.51	4.39	2.64	-3.58	-3.01	22	-2.84	31
Net Cash From Operating Activities	-1.91	-5.66	-8.80	0.73	-7.66	-3.30	-8.17	-3.01	-8.43	-3.13	-4.30
Net Cash From Continuing Operating Activities	-1.88	-5.69	-8.80	0.74	-7.66	-3.29	-8.17	-3.01	-8.41	-3.20	-4.30
Net Income / (Loss) Continuing Operations	-3.71	-2.34	-2.73	0.47	-0.01	-5.79	-8.65	-5.74	-4.23	-3.78	-5.31
Consolidated Net Income / (Loss)	-3.71	-2.34	-2.73	0.47	-0.01	-5.79	-8.65	-5.74	-4.23	-3.78	-5.31
Depreciation Expense	0.03	0.03	0.03	0.04	0.04	0.04	0.03	0.03	0.03	0.02	0.02
Amortization Expense	-0.15	-0.17	-0.28	-0.24	-0.17	-0.07	-0.01	-	-	-	0.00
Non-Cash Adjustments To Reconcile Net Income	6.01	0.69	1.36	0.73	0.66	1.80	0.57	0.19	0.29	0.81	0.94
Changes in Operating Assets and Liabilities, net	-4.06	-3.90	-7.17	-0.25	-8.19	0.74	-0.10	2.50	-4.50	-0.26	0.05
Net Cash From Investing Activities	11	-5.57	-2.83	-1.35	12	6.00	4.50	-	-	-0.03	-0.00
Net Cash From Continuing Investing Activities	11	-5.57	-2.83	-1.35	12	6.00	4.50	-	-	-0.03	-0.00
Purchase of Property, Plant & Equipment	-0.02	-0.04	-0.02	-0.06	-	-0.00	-0.00	-	-	-0.04	-0.00
Acquisitions	-	-	-	-	-	-	-	-	-	-	0.00
Purchase of Investments	-	-18	-7.31	-10	-	-	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	11	12	4.50	9.00	12	6.00	4.50	-	-	-	0.00
Net Cash From Financing Activities	-0.26	0.08	0.00	0.09	-	0.07	0.09	-0.02	30	0.28	35
Net Cash From Continuing Financing Activities	-0.26	0.08	0.00	0.09	-	0.07	0.09	-0.02	30	0.28	35
Issuance of Common Equity	-	0.08	0.00	0.09	-	0.07	0.05	-0.02	29	-0.32	35
Other Financing Activities, net	-	-	0.00	-	-	0.00	0.04	-	1.19	0.60	0.45

This table presents Equillium's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7.15	67	56	85	85	78	51	26	32
Total Current Assets	7.15	67	55	85	83	77	49	25	31
Cash & Equivalents	7.10	29	13	24	50	59	23	18	30
Short-Term Investments	0.00	37	40	58	30	12	18	4.49	0.00
Prepaid Expenses	0.05	1.19	2.29	3.01	2.66	2.87	4.75	2.40	0.76
Plant, Property, & Equipment, net	0.00	0.06	0.09	0.24	0.24	0.39	0.32	0.26	0.16
Total Noncurrent Assets	0.00	0.00	0.02	0.02	1.80	1.30	0.87	0.36	0.69
Other Noncurrent Operating Assets	-	-	0.02	0.02	1.80	1.30	0.87	0.36	0.69
Total Liabilities & Shareholders' Equity	7.15	67	56	85	85	78	51	26	32
Total Liabilities	9.40	2.23	14	16	19	46	28	6.54	3.29
Total Current Liabilities	0.57	2.03	3.88	7.25	8.92	32	28	6.36	2.93
Accounts Payable	0.24	1.12	1.87	2.77	1.23	3.98	4.71	2.68	0.76
Accrued Expenses	0.33	0.91	2.01	2.81	5.89	7.24	6.70	3.48	1.82
Other Current Liabilities	-	-	-	-	0.38	0.41	0.44	0.20	0.36
Total Noncurrent Liabilities	8.83	0.20	9.81	8.33	9.99	14	0.38	0.19	0.36
Other Noncurrent Operating Liabilities	0.78	0.20	0.13	0.05	1.24	0.82	0.38	0.19	0.36
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-2.25	65	42	70	67	32	23	19	29
Total Preferred & Common Equity	-2.25	65	42	70	67	32	23	19	29
Total Common Equity	-2.25	65	42	70	67	32	23	19	29
Common Stock	0.01	80	83	141	177	204	208	212	244
Retained Earnings	-2.26	-16	-41	-71	-110	-172	-186	-194	-216
Accumulated Other Comprehensive Income / (Loss)	0.00	0.01	0.02	-0.30	-0.14	0.08	0.14	0.78	0.36

This table presents Equillium's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	55	44	43	34	17	12	35	63
Total Current Assets	54	42	42	34	16	12	34	62
Cash & Equivalents	34	12	11	15	15	11	33	61
Short-Term Investments	12	21	22	10	0.00	0.00	0.00	0.00
Prepaid Expenses	3.84	5.15	2.70	2.76	1.71	0.46	0.46	0.95
Plant, Property, & Equipment, net	0.31	0.36	0.33	0.29	0.23	0.20	0.17	0.21
Total Noncurrent Assets	1.00	0.76	0.65	0.52	0.28	0.25	0.75	0.59
Other Noncurrent Operating Assets	1.00	0.76	0.65	0.52	0.28	0.25	0.75	0.59
Total Liabilities & Shareholders' Equity	55	44	43	34	17	12	35	63
Total Liabilities	31	23	20	11	6.15	7.34	3.57	3.60
Total Current Liabilities	28	22	20	11	6.00	7.23	3.09	3.35
Accounts Payable	3.64	2.78	4.49	3.67	3.06	4.81	1.08	1.30
Accrued Expenses	8.30	5.65	6.90	5.05	2.80	2.27	1.74	1.61
Other Current Liabilities	0.43	0.42	0.35	0.27	0.15	0.15	0.27	0.44
Total Noncurrent Liabilities	2.92	0.30	0.26	0.22	0.15	0.11	0.47	0.25
Other Noncurrent Operating Liabilities	0.50	0.30	0.26	0.22	0.15	0.11	0.47	0.25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24	21	22	23	11	5.06	31	59
Total Preferred & Common Equity	24	21	22	23	11	5.06	31	59
Total Common Equity	24	21	22	23	11	5.06	31	59
Common Stock	207	209	210	211	212	213	243	281
Retained Earnings	-183	-188	-188	-188	-202	-208	-212	-222
Accumulated Other Comprehensive Income / (Loss)	0.46	0.42	0.25	-0.00	0.73	0.39	0.27	0.37

This table displays calculated financial ratios and metrics derived from Equillium's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	17,376,236.00	17,376,236.00	24,727,544.00	29,390,898.00	34,352,084.00	35,119,248.00	35,430,763.00	60,893,283.00
DEI Adjusted Shares Outstanding	17,376,236.00	17,376,236.00	24,727,544.00	29,390,898.00	34,352,084.00	35,119,248.00	35,430,763.00	60,893,283.00
DEI Earnings Per Adjusted Shares Outstanding	-0.76	-1.47	-1.21	-1.32	-1.82	-0.38	-0.23	-0.37
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	128.97%	13.89%	-100.00%
EBITDA Growth	0.00%	-144.93%	-6.57%	-29.12%	-65.08%	75.21%	36.18%	-138.35%
EBIT Growth	0.00%	-142.13%	-9.28%	-29.45%	-63.54%	76.38%	37.75%	-155.65%
NOPAT Growth	0.00%	-210.24%	-10.55%	-27.88%	-64.28%	76.61%	43.06%	-185.81%
Net Income Growth	0.00%	-93.21%	-16.46%	-30.99%	-59.86%	78.64%	39.51%	-177.65%
EPS Growth	0.00%	-34.86%	0.68%	6.85%	-36.03%	79.46%	39.47%	-69.57%
Operating Cash Flow Growth	0.00%	-204.93%	-7.30%	-30.28%	72.78%	-149.43%	12.66%	-19.55%
Free Cash Flow Firm Growth	0.00%	0.00%	-10.27%	-24.39%	30.00%	-26.78%	6.51%	10.65%
Invested Capital Growth	0.00%	-65.03%	-46.72%	-70.10%	-647.96%	39.28%	80.79%	52.19%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-15.36%	-10.50%	-100.00%
EBITDA Q/Q Growth	0.00%	-15.81%	-3.07%	-4.11%	17.16%	-63.86%	-39.19%	6.67%
EBIT Q/Q Growth	0.00%	-14.46%	-3.53%	-3.90%	17.06%	-63.82%	-45.23%	6.42%
NOPAT Q/Q Growth	0.00%	-14.52%	-4.80%	-3.90%	16.68%	-56.49%	-22.14%	3.03%
Net Income Q/Q Growth	0.00%	-11.19%	-4.75%	-4.56%	17.67%	-62.23%	-74.80%	8.27%
EPS Q/Q Growth	0.00%	-6.52%	6.41%	-3.03%	21.28%	-100.00%	-76.92%	37.10%
Operating Cash Flow Q/Q Growth	0.00%	-29.35%	3.07%	-6.23%	81.26%	-287.69%	11.06%	0.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	4.48%	-6.74%	65.90%	-327.51%	15.14%	-4.54%
Invested Capital Q/Q Growth	0.00%	55.94%	6.59%	15.54%	-399.47%	17.59%	-30.15%	22.97%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	-389.28%	-42.14%	-23.61%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	-393.91%	-40.25%	-20.12%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	-392.13%	-40.46%	-22.11%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	-396.14%	-36.96%	-19.63%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.64%	100.00%	104.55%	104.68%	100.00%
Interest Burden Percent	120.11%	95.84%	102.13%	102.69%	101.02%	87.38%	84.80%	96.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-42.28%	-47.95%	-53.38%	-57.28%	-126.83%	-48.92%	-38.75%	-93.99%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	-75.44%	-22.64%	-23.87%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	-76.21%	-20.68%	-21.19%	0.00%
Return on Common Equity (ROCE)	-42.28%	-47.95%	-53.38%	-57.28%	-126.83%	-48.92%	-38.75%	-93.99%
Return on Equity Simple (ROE_SIMPLE)	-20.41%	-61.17%	-42.68%	-58.72%	-195.44%	-59.08%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.03	-19	-21	-26	-43	-10	-5.79	-17
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-275.74%	-28.17%	-14.09%	0.00%
Net Nonoperating Expense Percent (NNEP)	-10.95%	-12.60%	-15.78%	-17.66%	-28.62%	-6.16%	-7.18%	-22.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-45.03%	-30.37%	-57.85%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	109.39%	37.60%	29.04%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	384.52%	102.65%	91.08%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	493.91%	140.25%	120.12%	0.00%
Earnings before Interest and Taxes (EBIT)	-11	-27	-29	-38	-62	-15	-9.09	-23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	-27	-29	-37	-61	-15	-9.70	-23
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.18	1.40	1.89	1.67	1.14	1.12	1.39	3.30
Price to Tangible Book Value (P/TBV)	2.18	1.40	1.89	1.67	1.14	1.12	1.39	3.30
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	2.31	0.70	0.65	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.23	0.14	0.15	0.28	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.23	0.12	0.13	0.10	0.00	0.00	0.00
Financial Leverage	-1.02	-1.02	-1.04	-1.05	-1.35	-1.89	-1.52	-1.11
Leverage Ratio	1.19	1.15	1.26	1.25	1.66	2.37	1.83	1.21
Compound Leverage Factor	1.42	1.10	1.29	1.29	1.68	2.07	1.55	1.16
Debt to Total Capital	0.00%	18.79%	12.46%	13.27%	21.89%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	2.09%	1.86%	13.97%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	18.79%	10.37%	11.41%	7.92%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	81.21%	87.54%	86.73%	78.11%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-0.36	-0.35	-0.27	-0.15	0.00	0.00	0.00
Net Debt to EBITDA	0.00	1.61	2.51	1.90	1.01	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-0.36	-0.29	-0.24	-0.05	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.52	-0.48	-0.38	-0.21	0.00	0.00	0.00
Net Debt to NOPAT	0.00	2.32	3.49	2.67	1.43	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-0.52	-0.40	-0.33	-0.07	0.00	0.00	0.00
Altman Z-Score	38.48	1.06	3.90	1.30	-4.32	-4.32	-6.86	6.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	33.09	14.28	11.76	9.35	2.40	1.79	3.93	10.58
Quick Ratio	32.50	13.69	11.34	9.05	2.31	1.62	3.55	10.32
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-18	-20	-25	-17	-22	-21	-18
Operating Cash Flow to CapEx	-21,502.86%	-31,012.16%	-12,190.10%	-56,282.46%	-3,130.11%	-43,566.00%	-22,383.53%	-63,183.33%
Free Cash Flow to Firm to Interest Expense	0.00	-64.78	-18.13	-23.10	-16.48	-44.81	0.00	0.00
Operating Cash Flow to Interest Expense	-2.94	-82.25	-22.41	-29.90	-8.29	-44.36	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.96	-82.52	-22.59	-29.95	-8.56	-44.47	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.19	0.56	1.08	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	10.98	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	50.19	102.22	142.44	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	33.24	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	33.24	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	-0.98	-1.61	-2.37	-4.03	-30	-18	-3.51	-1.68
Invested Capital Turnover	0.00	0.00	0.00	0.00	-0.92	-1.49	-3.77	0.00
Increase / (Decrease) in Invested Capital	0.00	-0.64	-0.75	-1.66	-26	12	15	1.83
Enterprise Value (EV)	76	15	60	40	-26	-15	3.93	64
Market Capitalization	142	59	132	111	36	25	27	94
Book Value per Share	$3.74	$2.41	$2.82	$2.26	$0.93	$0.64	$0.54	$0.47
Tangible Book Value per Share	$3.74	$2.41	$2.82	$2.26	$0.93	$0.64	$0.54	$0.47
Total Capital	65	52	80	77	41	23	19	29
Total Debt	0.00	9.68	9.94	10	8.95	0.00	0.00	0.00
Total Long-Term Debt	0.00	9.68	8.28	8.75	3.24	0.00	0.00	0.00
Net Debt	-66	-43	-72	-71	-62	-41	-23	-30
Capital Expenditures (CapEx)	0.04	0.07	0.20	0.06	0.28	0.05	0.09	0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.84	-1.60	-2.57	-4.83	-21	-19	-3.95	-2.17
Debt-free Net Working Capital (DFNWC)	65	52	80	76	50	22	19	28
Net Working Capital (NWC)	65	52	78	74	45	22	19	28
Net Nonoperating Expense (NNE)	7.22	6.89	9.13	13	19	3.17	2.28	5.85
Net Nonoperating Obligations (NNO)	-66	-43	-72	-71	-62	-41	-23	-30
Total Depreciation and Amortization (D&A)	0.01	-0.29	0.41	0.62	0.45	-0.61	-0.62	0.10
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-130.80%	-52.90%	-9.62%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	319.89%	60.35%	45.31%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	283.63%	60.35%	45.31%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.09)	($1.47)	($1.46)	($1.36)	($1.85)	($0.38)	($0.23)	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	17.38M	17.62M	29.04M	34.28M	33.73M	34.73M	35.36M	57.30M
Adjusted Diluted Earnings per Share	($1.09)	($1.47)	($1.46)	($1.36)	($1.85)	($0.38)	($0.23)	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	17.38M	17.62M	29.04M	34.28M	33.73M	34.73M	35.36M	57.30M
Adjusted Basic & Diluted Earnings per Share	($1.09)	($1.47)	($1.46)	($1.36)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.19M	17.38M	20.36M	28.81M	34.41M	35.25M	35.61M	63.23M
Normalized Net Operating Profit after Tax (NOPAT)	-6.03	-19	-21	-26	-43	-10	-5.79	-17
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-275.74%	-28.17%	-14.09%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	-396.14%	-35.35%	-18.75%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.31	-95.74	-26.56	-35.22	-58.68	-29.73	0.00	0.00
NOPAT to Interest Expense	-2.36	-67.06	-18.82	-24.65	-41.27	-20.70	0.00	0.00
EBIT Less CapEx to Interest Expense	-4.33	-96.01	-26.74	-35.27	-58.95	-29.83	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.37	-67.32	-19.00	-24.70	-41.53	-20.81	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.61%	0.00%	0.00%	0.00%	-1.95%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Equillium's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	34,568,500.00	35,119,248.00	35,254,752.00	35,254,752.00	35,424,388.00	35,430,763.00	35,609,907.00	35,719,317.00	59,503,223.00	60,893,283.00	63,226,556.00
DEI Adjusted Shares Outstanding	34,568,500.00	35,119,248.00	35,254,752.00	35,254,752.00	35,424,388.00	35,430,763.00	35,609,907.00	35,719,317.00	59,503,223.00	60,893,283.00	63,226,556.00
DEI Earnings Per Adjusted Shares Outstanding	-0.10	-0.07	-0.08	0.01	0.00	-0.16	-0.24	-0.16	-0.07	-0.06	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-41.55%	20.39%	51.83%	37.10%	-52.32%	-100.00%	-100.00%	-100.00%	0.00%	0.00%
EBITDA Growth	71.01%	-200.81%	24.39%	97.15%	87.93%	-91.83%	-157.62%	-5,247.71%	-846.06%	28.95%	36.47%
EBIT Growth	72.15%	-199.96%	25.99%	102.62%	91.02%	-99.54%	-178.19%	-6,142.27%	-1,221.01%	28.12%	36.33%
NOPAT Growth	72.63%	-209.70%	32.06%	96.02%	81.26%	-46.84%	-217.81%	-4,259.60%	-573.79%	15.71%	36.75%
Net Income Growth	72.83%	-184.46%	30.61%	114.00%	99.81%	-147.40%	-216.53%	-1,326.28%	-60,328.57%	34.85%	38.63%
EPS Growth	72.50%	-146.15%	27.27%	110.00%	100.00%	-166.67%	-200.00%	-1,700.00%	0.00%	143.75%	75.00%
Operating Cash Flow Growth	85.39%	-120.43%	-10.07%	111.75%	-301.10%	41.75%	7.17%	-512.74%	-10.11%	5.03%	47.35%
Free Cash Flow Firm Growth	270.31%	-150.01%	-197.58%	-189.59%	-246.54%	-28.37%	15.41%	17.35%	81.37%	74.50%	55.36%
Invested Capital Growth	-268.00%	39.28%	55.53%	49.22%	87.84%	80.79%	64.94%	40.74%	19.22%	52.19%	53.24%
Revenue Q/Q Growth	-2.78%	3.84%	16.05%	29.60%	-12.21%	-63.88%	-100.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-1.65%	23.44%	-14.92%	96.81%	-330.28%	-1,116.84%	-54.34%	33.82%	23.88%	8.61%	-38.00%
EBIT Q/Q Growth	-1.67%	24.49%	-11.61%	103.06%	-448.45%	-1,578.40%	-55.60%	33.60%	23.82%	8.67%	-37.81%
NOPAT Q/Q Growth	-0.89%	11.68%	12.78%	94.88%	-375.30%	-592.05%	-88.76%	29.79%	26.54%	13.42%	-41.63%
Net Income Q/Q Growth	-10.98%	36.87%	-16.74%	117.12%	-101.50%	-82,671.43%	-49.36%	33.68%	26.29%	10.76%	-40.69%
EPS Q/Q Growth	-10.00%	45.45%	-33.33%	112.50%	-100.00%	0.00%	-50.00%	33.33%	62.50%	216.67%	-185.71%
Operating Cash Flow Q/Q Growth	69.28%	-196.70%	-55.37%	108.30%	-1,148.90%	56.92%	-147.62%	63.12%	-179.82%	62.84%	-37.28%
Free Cash Flow Firm Q/Q Growth	14.86%	-203.27%	-13.18%	33.27%	-87.88%	9.54%	25.42%	34.80%	57.65%	-23.79%	-30.59%
Invested Capital Q/Q Growth	-3.74%	17.59%	38.82%	2.90%	75.15%	-30.15%	-11.67%	-64.09%	66.13%	22.97%	-9.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	-43.81%	-32.30%	-31.99%	-0.79%	-3.86%	-129.94%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	-40.85%	-34.74%	-26.11%	-0.72%	-5.58%	-106.99%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	-42.45%	-30.87%	-29.68%	0.70%	-2.78%	-129.17%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	-41.83%	-25.43%	-25.58%	3.38%	-0.06%	-131.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	115.43%	100.69%	100.00%	100.00%	100.00%	106.64%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	85.37%	81.82%	86.16%	482.47%	2.07%	95.77%	98.04%	97.92%	94.74%	92.57%	94.50%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-31.45%	-48.92%	-48.17%	-33.67%	-19.52%	-38.75%	-88.32%	-146.92%	-90.24%	-93.99%	-54.39%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-34.85%	-17.27%	-19.50%	0.59%	-2.85%	-139.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	-34.34%	-14.23%	-16.80%	2.83%	-0.06%	-142.42%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-31.45%	-48.92%	-48.17%	-33.67%	-19.52%	-38.75%	-88.32%	-146.92%	-90.24%	-93.99%	-54.39%
Return on Equity Simple (ROE_SIMPLE)	-34.10%	0.00%	-57.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.54	-2.24	-1.95	-0.10	-0.48	-3.29	-6.21	-4.36	-3.20	-2.77	-3.93
NOPAT Margin	-28.59%	-24.32%	-18.28%	-0.72%	-3.91%	-74.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-2.92%	-0.20%	-1.80%	1.39%	1.30%	-7.90%	-10.45%	-6.16%	-3.48%	-3.79%	-3.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.92%	-9.26%	-0.45%	-2.05%	-17.26%	-58.70%	-86.23%	-10.35%	-9.70%	-6.60%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	39.67%	35.05%	34.96%	22.70%	26.96%	40.44%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	101.17%	99.70%	91.15%	78.02%	78.63%	166.55%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	140.85%	134.74%	126.11%	100.72%	105.58%	206.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-3.77	-2.84	-3.17	0.10	-0.34	-5.67	-8.83	-5.86	-4.47	-4.08	-5.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.89	-2.98	-3.42	-0.11	-0.47	-5.71	-8.81	-5.83	-4.44	-4.06	-5.60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.06	1.12	3.86	1.09	1.27	1.39	1.32	2.23	2.75	3.30	2.13
Price to Tangible Book Value (P/TBV)	1.06	1.12	3.86	1.09	1.27	1.39	1.32	2.23	2.75	3.30	2.13
Price to Revenue (P/Rev)	0.60	0.70	2.15	0.57	0.64	0.65	0.46	0.68	19.37	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.30	0.00	0.08	0.10	0.00	0.00	11.83	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.54	-1.89	-1.72	-1.65	-1.53	-1.52	-1.48	-1.63	-1.09	-1.11	-1.08
Leverage Ratio	1.99	2.37	2.29	2.06	1.90	1.83	1.90	2.01	1.27	1.21	1.14
Compound Leverage Factor	1.70	1.94	1.97	9.92	0.04	1.75	1.87	1.97	1.21	1.12	1.08
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-3.05	-3.56	-2.69	-3.81	-3.98	-6.42	-14.77	-22.36	6.45	8.36	17.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	1.79	1.91	2.08	3.04	3.93	2.70	1.65	10.85	10.58	18.62
Quick Ratio	1.78	1.62	1.68	1.94	2.79	3.55	2.42	1.59	10.70	10.32	18.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	-14	-16	-11	-20	-18	-13	-8.79	-3.72	-4.61	-6.02
Operating Cash Flow to CapEx	-12,726.67%	-16,182.86%	-46,315.79%	1,177.42%	0.00%	-82,475.00%	-204,225.00%	0.00%	0.00%	-7,120.45%	-143,366.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.56	0.66	0.84	1.02	1.08	1.01	0.60	0.13	0.00	0.00
Accounts Receivable Turnover	0.00	10.98	8.95	8.85	10.46	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	115.85	102.22	105.12	129.55	151.53	142.44	102.38	62.46	18.81	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	33.24	40.80	41.26	34.89	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	33.24	40.80	41.26	34.89	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-22	-18	-11	-11	-2.70	-3.51	-3.92	-6.44	-2.18	-1.68	-1.84
Invested Capital Turnover	-3.02	-1.49	-2.08	-2.64	-3.69	-3.77	-4.02	-1.91	-1.80	0.00	0.00
Increase / (Decrease) in Invested Capital	-16	12	14	11	19	15	7.27	4.43	0.52	1.83	2.09
Enterprise Value (EV)	-21	-15	49	-8.86	3.60	3.93	-0.53	-0.24	52	64	65
Market Capitalization	26	25	81	24	29	27	14	11	85	94	126
Book Value per Share	$0.70	$0.64	$0.60	$0.64	$0.65	$0.54	$0.30	$0.14	$0.52	$0.47	$0.94
Tangible Book Value per Share	$0.70	$0.64	$0.60	$0.64	$0.65	$0.54	$0.30	$0.14	$0.52	$0.47	$0.94
Total Capital	24	23	21	22	23	19	11	5.06	31	29	59
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-46	-41	-32	-33	-26	-23	-15	-11	-33	-30	-61
Capital Expenditures (CapEx)	0.02	0.04	0.02	0.06	0.00	0.00	0.00	0.00	0.00	0.04	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-19	-12	-12	-3.29	-3.95	-4.29	-6.78	-2.64	-2.17	-2.39
Debt-free Net Working Capital (DFNWC)	26	22	20	22	23	19	10	4.72	30	28	59
Net Working Capital (NWC)	26	22	20	22	23	19	10	4.72	30	28	59
Net Nonoperating Expense (NNE)	1.17	0.10	0.78	-0.57	-0.47	2.50	2.45	1.38	1.03	1.00	1.38
Net Nonoperating Obligations (NNO)	-46	-41	-32	-33	-26	-23	-15	-11	-33	-30	-61
Total Depreciation and Amortization (D&A)	-0.12	-0.13	-0.25	-0.21	-0.13	-0.03	0.02	0.03	0.03	0.02	0.02
Debt-free, Cash-free Net Working Capital to Revenue	-48.31%	-52.90%	-31.70%	-27.17%	-7.16%	-9.62%	-14.10%	-40.94%	-60.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	60.31%	60.35%	53.50%	50.95%	49.20%	45.31%	33.59%	28.50%	694.10%	0.00%	0.00%
Net Working Capital to Revenue	60.31%	60.35%	53.50%	50.95%	49.20%	45.31%	33.59%	28.50%	694.10%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	($0.06)	($0.08)	$0.01	$0.00	($0.16)	($0.24)	($0.16)	($0.06)	$0.07	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	34.88M	34.73M	35.25M	35.29M	35.42M	35.36M	35.59M	35.72M	65.32M	57.30M	96.28M
Adjusted Diluted Earnings per Share	($0.11)	($0.06)	($0.08)	$0.01	$0.00	($0.16)	($0.24)	($0.16)	($0.06)	$0.07	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	34.88M	34.73M	35.25M	36.59M	35.42M	35.36M	35.59M	35.72M	65.32M	57.30M	96.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.12M	35.25M	35.25M	35.42M	35.43M	35.61M	35.72M	59.50M	60.89M	63.23M	63.23M
Normalized Net Operating Profit after Tax (NOPAT)	-2.54	-2.24	-1.95	-0.07	-0.48	-3.29	-6.21	-4.36	-3.20	-2.77	-3.93
Normalized NOPAT Margin	-28.59%	-24.32%	-18.28%	-0.51%	-3.91%	-74.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	-36.23%	-25.25%	-25.58%	3.38%	-0.06%	-123.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-3.16%	-1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Equillium Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Equillium's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Equillium's net income appears to be on a downward trend, with a most recent value of -$22.40 million in 2025, rising from -$13.25 million in 2018. The previous period was -$8.07 million in 2024. View Equillium's forecast to see where analysts expect Equillium to go next.

Equillium's total operating income in 2025 was -$23.63 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $23.63 million

Over the last 7 years, Equillium's total revenue changed from $0.00 in 2018 to $0.00 in 2025, a change of 0.0%.

Equillium's total liabilities were at $3.29 million at the end of 2025, a 49.7% decrease from 2024, and a 65.0% decrease since 2017.

In the past 8 years, Equillium's cash and equivalents has ranged from $7.10 million in 2017 to $59.11 million in 2022, and is currently $30.28 million as of their latest financial filing in 2025.

Over the last 7 years, Equillium's book value per share changed from 3.74 in 2018 to 0.47 in 2025, a change of -87.4%.

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Financial statements for NASDAQ:EQ last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Equillium (EQ) Financials

Financials Breakdown Chart

Equillium Financials - Frequently Asked Questions

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Equillium (EQ) Financials

Annual Income Statements for Equillium

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Quarterly Cash Flow Statements for Equillium

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Quarterly Metrics And Ratios for Equillium

Financials Breakdown Chart

Equillium Financials - Frequently Asked Questions

When does Equillium's fiscal year end?

How has Equillium's net income changed over the last 7 years?

What is Equillium's operating income?

How has Equillium's revenue changed over the last 7 years?

How much debt does Equillium have?

How much cash does Equillium have?

How has Equillium's book value per share changed over the last 7 years?

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