Equillium Inc. Common Stock (EQ)

FairStock Score: 52/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I see Equillium as a clinical-stage biotechnology company with only 14 employees, developing EQ504 and EQ302. There is no approved product mentioned, so the business depends on science and financing rather than durable customer demand. In fiscal 2024, the year ended 2024-12-31, it reported revenue of $41.1 million and a net loss of $8.1 million; in fiscal 2023, the year ended 2023-12-31, revenue was $36.1 million and net loss was $13.3 million. But in fiscal 2025, the year ended 2025-12-31, revenue was n/a and the net loss widened to $22.4 million. For fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $4.7 million and diluted EPS was -$0.04; fiscal Q1 2026, the quarter ended 2026-03-31, showed a $5.3 million net loss. That is not the trend of a self-funding enterprise. Financial health shows low debt, with D/E of 0.01, and a FairStock Altman Z-Score of 14.50, but the FairStock Piotroski F-Score is only 3/9. Trailing free cash flow is -$20.1 million, and the FairStock FCF yield is -24.0% against an $83.7 million market cap. FairStock also calculates ROE of -58.98%, ROCE of -33.95%, and a P/E of -14.67. At the 2026-10-13 close of $1.32, P/B is 1.50. With no profits and no recent revenue, Graham's defensive tests are failed. The Lynch category is none because it lost money in each of the last four years. A moat is unproven; this is a speculative pipeline bet with binary outcomes, not a proven compounding business.

In plain English: Equillium is a small healthcare company that is trying to develop medicines for autoimmune and inflammatory diseases. It is not yet profitable, loses money, and burns cash, while recent filings show little or no revenue. At $1.32, the price looks speculative compared with the company's losses and accounting value; it is not clearly cheap on the numbers given.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer