Equillium, Inc. (EQ) Income Statement
EQ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEQ revenue and net income
Where EQ's revenue goes
2025Each bar shows an amount and its share of revenue. EQ kept −17,229.2% of revenue as net income.
EQ profit margins
EQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −99.7% | −79.8% | — | — |
| Gross profit | −100.3% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EQ quarterly EPS vs estimates
Equillium beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.05).
EQ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $130,000 | $41.1M | $36.1M | $15.8M | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $116,000 | $137,000 | $126,000 | $118,000 | $72,000 | $45,000 | $23,000 | $6,102 | $122 |
| Gross profit | −$116,000 | $41.1M | $36.1M | $15.8M | −$72,000 | −$45,000 | −$23,000 | −$6,102 | −$122 |
| Research & development | $12.8M | $37.4M | $37.0M | $37.5M | $26.4M | $19.4M | $17.6M | $4.9M | $1.3M |
| Sales, general & admin | $10.8M | $11.9M | $13.7M | $17.2M | $11.4M | $10.2M | $9.1M | $3.7M | $378,330 |
| Total operating expenses | $23.6M | $49.4M | $50.6M | $77.8M | $37.8M | $29.5M | $26.7M | $8.6M | $1.7M |
| Operating income | −$23.6M | −$8.3M | −$14.5M | −$62.1M | −$37.8M | −$29.5M | −$26.7M | −$8.6M | −$1.7M |
| Interest income | $833,000 | $1.4M | $2.0M | $420,000 | $57,000 | $476,000 | $1.4M | $339,620 | $549,830 |
| Interest expense | — | $0 | $491,000 | $1.1M | $1.1M | $1.1M | $279,000 | $2.6M | $379,385 |
| Income before taxes | −$22.4M | −$7.7M | −$12.8M | −$62.4M | −$39.1M | −$29.8M | −$25.6M | −$13.2M | −$2.3M |
| Income taxes | — | $361,000 | $580,000 | $45.3M | −$72,000 | −$45,000 | −$23,000 | $140,512 | −$2 |
| Net income | −$22.4M | −$8.1M | −$13.3M | −$62.4M | −$39.0M | −$29.8M | −$25.6M | −$13.2M | −$2.3M |
| EBITDA | −$22.3M | −$7.6M | −$12.1M | −$61.3M | −$37.7M | −$29.5M | −$26.7M | −$8.6M | −$1.9M |
| EPS (diluted) | −$0.50 | −$0.23 | −$0.39 | −$1.90 | −$1.35 | −$1.49 | −$1.48 | −$0.76 | −$0.19 |
| Gross margin | −89.2% | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating margin | −18,180.0% | −20.1% | −40.2% | −393.9% | — | — | — | — | — |
| Net margin | −17,229.2% | −19.6% | −37.0% | −396.1% | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $4.4M | $12.2M | $13.9M | $10.7M | $9.2M | $8.9M |
| Cost of revenue | — | $24,000 | $23,000 | $28,000 | $32,000 | $33,000 | $35,000 | $35,000 | $35,000 | $32,000 | $33,000 | $31,000 |
| Gross profit | — | −$24,000 | −$23,000 | −$28,000 | −$32,000 | −$33,000 | $4.4M | $12.2M | $13.9M | $10.7M | $9.2M | $8.9M |
| Research & development | $2.7M | $3.0M | $1.5M | $1.3M | $4.1M | $5.9M | $7.3M | $9.6M | $10.8M | $9.7M | $9.2M | $9.0M |
| Sales, general & admin | $2.4M | $2.6M | $2.4M | $3.3M | $2.1M | $2.9M | $1.8M | $3.3M | $3.2M | $3.8M | $3.3M | $3.5M |
| Total operating expenses | $5.2M | $5.6M | $3.9M | $4.6M | $6.2M | $8.9M | $9.1M | $12.8M | $14.0M | $13.4M | $12.4M | $12.5M |
| Operating income | −$5.2M | −$5.6M | −$4.0M | −$4.6M | −$6.2M | −$8.9M | −$4.7M | −$679,000 | −$100,000 | −$2.8M | −$3.2M | −$3.6M |
| Interest income | $509,000 | $309,000 | $303,000 | $235,000 | $122,000 | $173,000 | $239,000 | $331,000 | $371,000 | $439,000 | $517,000 | $551,000 |
| Interest expense | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $982,000 | $0 |
| Income before taxes | −$4.7M | −$5.3M | −$3.8M | −$4.2M | −$5.7M | −$8.7M | −$5.4M | −$7,000 | $468,000 | −$2.7M | −$2.3M | −$3.2M |
| Income taxes | — | — | — | — | — | — | $361,000 | — | — | −$11,276 | $16,000 | $496,000 |
| Net income | −$4.7M | −$5.3M | −$3.8M | −$4.2M | −$5.7M | −$8.7M | −$5.8M | −$7,000 | $468,000 | −$2.7M | −$2.3M | −$3.7M |
| EBITDA | −$5.1M | −$5.3M | −$3.8M | −$4.2M | −$5.7M | −$8.6M | −$5.4M | $28,000 | $503,000 | −$2.7M | −$2.3M | −$3.2M |
| EPS (diluted) | −$0.04 | −$0.06 | −$0.04 | −$0.06 | −$0.16 | −$0.24 | −$0.16 | −$0.00 | $0.01 | −$0.08 | −$0.07 | −$0.11 |
| Gross margin | — | — | — | — | — | — | 100.0% | 100.0% | 100.0% | 99.7% | 99.6% | 100.0% |
| Operating margin | — | — | — | — | — | — | −107.0% | −5.6% | −0.7% | −26.1% | −34.7% | −40.8% |
| Net margin | — | — | — | — | — | — | −131.9% | −0.1% | 3.4% | −25.6% | −25.4% | −41.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EQ's financial statements (latest annual report filed March 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EQ financial results
In fiscal year 2025 (ended December 31, 2025), Equillium reported revenue of $0.1 million, down 99.7% from the year before. It had a net loss of $22.4 million, a net profit margin of −17,229.2%. Diluted earnings per share came to −$0.50.
See the EQ stock overview for the latest quote and news, or the EQ chart for price history and technical indicators.
EQ income statement FAQ
What is Equillium's annual revenue?
Equillium reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 99.7% from $41.1 million the previous year.
Is Equillium profitable?
No. Equillium reported a net loss of $22.4 million in fiscal 2025, a net profit margin of −17,229.2%; its operating margin was −18,180.0%.
What is Equillium's gross margin?
Equillium's gross margin was −89.2% in fiscal 2025: for every $100 of revenue, Equillium kept $-89 after the direct cost of its products and services.
How much does Equillium spend on research and development?
Equillium spent $12.8 million on research and development in fiscal 2025, 9,879.2% of revenue.
What are Equillium's earnings per share?
Equillium earned $-0.50 per diluted share in fiscal 2025, compared with $-0.23 a year earlier.
When will Equillium report its next earnings?
Equillium is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Equillium's fiscal year end?
Equillium's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 25, 2026.