Equillium (EQ) Corporate presentation summary

Strategic focus and market opportunity

• Developing targeted therapies for tissue inflammation, with a lead focus on ulcerative colitis (UC).

• EQ504, a colon-targeted, oral AhR modulator, addresses significant unmet needs in UC, where remission rates remain below 30% despite over 15 approved therapies.

• The UC market is large and growing, with over 800,000 treated patients in the US and a projected global market exceeding $12B by 2030.

• EQ504 is positioned for use both before and after biologics, and as a potential combination therapy.

Scientific and clinical rationale

• AhR modulation is validated in skin and GI diseases, with clinical studies showing high remission rates in UC using indigo naturalis and other AhR agonists.

• EQ504 is a potent, selective analog of ITE, designed for colon-specific delivery, with strong preclinical efficacy in wound healing, immune regulation, and barrier function.

• Preclinical studies show EQ504 increases anti-inflammatory cytokines (IL-10, IL-22), enhances Treg cells, reduces pathogenic Th17 cells, and protects mucosal integrity in colitis models.

• Localized colonic delivery achieves over 25x higher tissue exposure versus systemic, optimizing efficacy and safety.

Development pipeline and milestones

• EQ504 is advancing to a Phase 1 proof-of-mechanism study, expected to initiate mid-2026, with topline data anticipated six months later.

• Additional pipeline assets include EQ302 for lung inflammation and an IL-15/21 inhibitor for celiac disease, both in preclinical stages.

• IND-enabling studies for EQ504 are complete, and the product is ready for clinical development.