Equillium, Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference

Great. Thanks, Steve, and I'd like to thank the Cantor team for having us here today and all of you for listening in on the update. We're very excited about EQ504, our aryl hydrocarbon receptor modulator program. This is a drug that we acquired back in 2024. It was a little bit of a stealth acquisition. We didn't really announce the program until, I guess, it was May of 2025 last year, and we're very pleased obviously to have been able to capitalize this program with a stellar group of investors, with our August pipe that we completed a year ago or so, led by Janus, ADAR1, a few other firms, followed by a $35 million investment with RA Capital in March of this year.

The company's really well-capitalized to take this program into the clinic and ideally get through some compelling patient-level data with the program over the near future. The mechanism of AHR, we believe is very compelling and differentiated from most of the other programs that are either approved or in development across a range of inflammatory diseases in that sort of the dual components of anti-inflammatory effects, as well as wound-healing effects of the drug. We believe as a potential standalone agent, it can be a best-in-class therapeutic, but importantly, could also be used theoretically in combination with a lot of other medicines. We're taking the drug in areas of very high unmet need with UC as our declared lead indication.

What we announced recently in our quarterly update is that we are actively pursuing the formulation work and some translational work to support indications of high unmet need in sort of the lung.

We are looking forward to getting both of those programs going as soon as we get through the upcoming SAD/MAD healthy volunteer work. We are very much on track with the quarterly update guidance. We have submitted our package to the Australian regulatory authorities, HREC. Our site is ready to go, so we are looking forward to getting this study started soon. Worth noting that we will have an update publicly when we dose our first patient. That is the milestone trigger for the second tranche of the August financing. When we dose the first patient, we will announce that. We have given guidance that we would expect top-line data from the program roughly six months after study initiation. Our audience can kind of tune into that timeline once we have started the study. With that, we would expect to get the second tranche of $20 million into the company.

A little bit of an overview on where we are headed, but we are really looking forward to getting this program into the clinic and getting data shortly thereafter.

Yeah, I mean, we think at this point there is no kind of manufacturing CMC risk certainly for the phase I study. We are through all of that. I guess maybe going back to kind of first principles of really any sort of disease treatment, you want to get sort of the most drug you can to the site of injury where it is needed and minimize exposure elsewhere. Conveniently for ulcerative colitis, pretty straightforward to do that with using existing validated technologies. We partnered with sort of the world's leaders in delivery technologies for GI indications. The colon-targeted formulation, relatively straightforward in terms of what it is. You have got a capsule that is delivering drug product that will then release throughout the colon once it is released into the colon.

Every API requires sort of iterative tweaking of what actual specifics go into that formulation work, so we are very pleased with where we ended up with that. Similarly, for the lung, we are planning to use a nebulized version of EQ504 for inhaled delivery to the lung, which is where you want to treat the types of patients we will be pursuing, either with IPF or other ILDs. I think that is a little bit of a differentiator for our AHR program. I think it is really one of the few, if only AHR programs that has that ability to kind of go outside of GI as sort of lead indication, and we are excited about the opportunity set there as well. That is sort of the, I think, answer for the formulation work completed for the UC study.

Yeah, I mean, certainly. The EQ504 program was derived from a very thorough med chem campaign, with ITE as sort of the starting compound, the endogenous ligand.

A highly selective, highly potent, with very good drug-like properties. So kind of what you would expect out of a robust med chem campaign, versus a few of the other AhR programs. One of which was not designed to be an AhR modulator, but we believe is working through AhR, and a few of the others that are taking different approaches. So we think we do have a very solid approach into the indications we are pursuing, and we do think that there is significant room for improvement over what is already been observed as some pretty attractive profiles from both an efficacy and safety and tolerability standpoint. But we think we have got a pretty significant margin to pursue for improvement.