--- title: "Equillium expands at-the-market stock program to up to $75,000,000" url: "https://aibio.space/news/equillium-expands-market-stock-program-up-75-000-000/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-09-19" section: "Financings" tickers: "NASDAQ:EQ" source: "https://www.sec.gov/Archives/edgar/data/1746466/000119312525209063/d47819d424b5.htm" summary: "Equillium's public float of about $93.7 million lifts it above Form S-3 sales limits. The company had sold $0.96 million of stock under the program so far," --- By the aibio.space news desk. Sources - [Equillium, Inc. 424B5 (2025-09-19)](https://www.sec.gov/Archives/edgar/data/1746466/000119312525209063/d47819d424b5.htm) - [Equillium, Inc. 8-K (2025-09-19)](https://www.sec.gov/Archives/edgar/data/1746466/000119312525209068/d42725d8k.htm) [EQ](https://aibio.space/companies/equillium/) 2025-09-19 # Equillium expands at-the-market stock program to up to $75,000,000 Tickers [EQ](https://aibio.space/companies/equillium/) Equillium's public float of about $93.7 million lifts it above Form S-3 sales limits. The company had sold $0.96 million of stock under the program so far, against the $21,950,000 covered by the earlier prospectus. ## Key facts - **Company**: Equillium, Inc. (NASDAQ: EQ) - **News type**: Financings - **Primary source**: [Equillium, Inc. 424B5 (2025-09-19)](https://www.sec.gov/Archives/edgar/data/1746466/000119312525209063/d47819d424b5.htm) *A red price chart on a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* Equillium, Inc. filed a [prospectus supplement](https://www.sec.gov/Archives/edgar/data/1746466/000119312525209063/d47819d424b5.htm) on September 19, 2025 covering the sale of up to $75,000,000 of common stock. The shares are sold under an Open Market Sale Agreement dated October 5, 2023, which was amended on August 3, 2025 to replace Jefferies LLC with LifeSci Capital LLC as sales agent. The earlier prospectus covered up to $21,950,000 of shares under the Jefferies agreement. The supplement amends the prospectus dated January 18, 2023 and the supplements dated October 5, 2023 and February 23, 2024. All of them sit under the company's Form S-3 registration statement, File No. 333-269153. ## The sales agent and the counsel LifeSci Capital LLC is the sales agent under the amended agreement, and the supplement names no other agent. Neither the supplement nor the [8-K](https://www.sec.gov/Archives/edgar/data/1746466/000119312525209068/d42725d8k.htm) filed the same day states the agent's commission. The 8-K attaches an opinion from Cooley LLP on the validity of the shares as Exhibit 5.1, and Cooley LLP also consents to the use of that opinion as Exhibit 23.1. ## The float calculation and the share price The supplement says the company's public float, the market value of shares held by non-affiliates, was approximately $93.7 million. That figure rests on 47,085,662 shares held by non-affiliates as of September 4, 2025, priced at $1.99 per share as of September 11, 2025. The supplement says $1.99 was the highest closing price on the Nasdaq Capital Market within 60 days of the filing. The last reported sale price on September 18, 2025 was $1.50 per share, below the price used for the float. Equillium's common stock trades on the Nasdaq Capital Market under the symbol EQ. General Instruction I.B.6 of Form S-3 limits how much a company with a smaller float can sell under its registration statement. The supplement says that because the float is above $75.0 million, Equillium is no longer subject to those limits. If it becomes subject to them again, it will file another supplement, the company says. ## What has been sold Since the sales agreement was signed, Equillium has sold 1,719,485 shares of common stock for gross proceeds of $0.96 million. Under the new cap it may sell up to an additional $74.0 million from time to time through LifeSci Capital. The $0.96 million sold so far is far below the $21,950,000 that the earlier prospectus covered. The company's [annual report](https://www.sec.gov/Archives/edgar/data/1746466/000095017025045726/eq-20241231.htm), filed in March 2025, lists among its risk factors that it has incurred significant losses since inception, expects to incur significant losses for the foreseeable future and may never achieve or maintain profitability. The same report lists its need for additional capital as a risk. Its forward-looking statements name funding for the preclinical and clinical studies of its product candidates, and the timing of data from those studies, among the matters that could differ from what the company expects. The annual report also names Biocon Limited among the contract service providers the company relies on, along with other suppliers and manufacturers. It lists the performance of those providers as a factor that could affect its plans. ## The 8-K and the company The 8-K is dated September 19, 2025 and is signed by Bruce D. Steel, the company's president and chief executive officer. It describes the amended agreement, the earlier $21,950,000 prospectus and the 1,719,485 shares sold. The company is a Delaware corporation with its principal offices at 2223 Avenida de la Playa, Suite 105, in La Jolla, California. Its common stock has a par value of $0.0001 per share. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story EQ Equillium, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/equillium-expands-market-stock-program-up-75-000-000/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Equillium expands at-the-market stock program to up to $75,000,000", 2025-09-19, https://aibio.space/news/equillium-expands-market-stock-program-up-75-000-000/