Equillium adds cryptocurrency to treasury strategy amid cash concerns

Equillium Inc. (NASDAQ: EQ) announced it will integrate cryptocurrency into its treasury reserve strategy as the biotechnology company seeks to diversify its financial holdings while facing limited cash runway.

The La Jolla, California-based company, which develops therapies for autoimmune and inflammatory disorders, said its board approved the addition of digital currencies to its treasury investment policy following a sector review. Chief Executive Officer Bruce Steel stated the strategy aims to provide diversification, liquidity and capital appreciation potential for stockholders.

The company plans to provide updates on the cryptocurrency strategy during the third quarter of 2025, according to the press release.

Equillium reported cash and cash equivalents of approximately $11.5 million as of June 30, 2025. The company expects its existing cash will fund operations into the fourth quarter of 2025, based on implemented cost-reduction measures and ongoing efforts to conserve cash.

The biotech company continues to advance EQ504, an aryl hydrocarbon receptor modulator, toward clinical development for treating autoimmune conditions. EQ504 is designed as a non-immunosuppressive treatment that could be delivered locally through enteric coating for ulcerative colitis or inhaled formulations for inflammatory lung diseases.

The preliminary financial results are unaudited and subject to revision based on quarter-end closing procedures, the company noted. Actual results may differ from the preliminary figures.

Equillium acknowledged risks associated with the cryptocurrency strategy, including digital asset volatility, regulatory uncertainty, and potential correlation between its stock price and cryptocurrency holdings.

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