Equillium (EQ) investor relations material

Mechanism and differentiation

• EQ504 is a selective oral AhR modulator with colon-specific delivery, targeting immune dysregulation, impaired barrier function, and mucosal healing in ulcerative colitis.

• Unlike other drugs that mainly target immune cells, EQ504 addresses all three axes of disease pathophysiology, aiming for higher clinical remission rates.

• AhR is a well-characterized receptor involved in immune homeostasis and barrier tissue function, with extensive translational and clinical validation.

• EQ504 is derived from ITE, a gold-standard selective AhR modulator, offering strong activity, selectivity, and rapid clearance compared to other candidates.

• The field is advancing due to increased clinical validation, but challenges remain in identifying optimal molecules and drug-like properties.

Preclinical and translational data

• Preclinical data show that AhR activation improves inflammation and barrier function in animal models, with clear translational relevance to humans.

• Biomarkers such as CYP1A1 and IL-22 are used to confirm target engagement and mucosal protection.

• Botanical AhR modulators have demonstrated strong clinical remission rates in ulcerative colitis, supporting the mechanism.

Clinical development and formulation

• All IND-enabling studies are complete; formulation optimization is the current focus, using an enterically coated system for targeted colonic delivery.

• The formulation is expected to enable rapid transition from phase I to phase II, minimizing development delays.

• Initial clinical studies will be conducted in Australia, bypassing the need for a US IND, with phase I initiation targeted for mid-year.