Equillium (EQ) Corporate presentation summary

Strategic focus and market opportunity

• Advancing EQ504, a potent, selective oral AhR modulator, as a colon-targeted therapy for ulcerative colitis (UC) with a multi-modal, non-immunosuppressive mechanism and strong preclinical activity in barrier function, wound healing, and immune regulation assays.

• UC represents a large and growing market with over 800,000 treated patients in the U.S. and a projected global market exceeding $12B by 2030, yet clinical remission rates remain below 30% despite more than 15 approved therapies.

• EQ504 is positioned for significant utility across multiple lines of therapy, including pre-biologic, biologic failure, and combination settings, addressing substantial unmet need.

• Capital position is strong, with $57.2M in cash and equivalents as of August 2026, and recent financings providing runway through key milestones and into 2029.

Scientific and clinical validation

• AhR modulation is clinically validated in skin and GI diseases, with indigo naturalis and VTAMA demonstrating high rates of clinical remission and mucosal healing in UC and psoriasis.

• EQ504, a potent analog of ITE, shows >200-fold greater potency, induces regulatory T cells and anti-inflammatory cytokines (IL-10, IL-22), and demonstrates robust activity in preclinical UC models.

• EQ504 promotes ex vivo intestinal epithelial wound healing, modulates Treg and Th17 cells, and reduces inflammation and histopathologic changes in animal models of colitis.

• Colon-targeted delivery using enteric coating systems optimizes tissue exposure and safety, validated by prior clinical studies.

Pipeline and development milestones

• EQ504 is the lead candidate in a wholly-owned pipeline targeting severe autoimmune and inflammatory disorders, with Phase 1 initiation anticipated in Q4 2026 and data expected six months later.

• Additional pipeline assets include EQ302 for lung diseases and an IL-15/21 inhibitor for celiac disease, both in IND-enabling development.

• Phase 1 study for EQ504 will assess safety, tolerability, pharmacokinetics, pharmacodynamics, and target engagement in colon biopsies, with potential for rapid proof of concept.