Equillium, Inc. (Nasdaq: EQ), a biotechnology innovator developing novel therapies to treat severe autoimmune and inflammatory disorders, today announced that the first subject has been dosed in Australia in its Phase 1 clinical trial of EQ504, an investigational oral, colon-targeted aryl hydrocarbon receptor (AhR) modulator being developed for the treatment of serious inflammatory diseases (the Milestone Event). In connection with the occurrence of the Milestone Event, the Company also announced the anticipated milestone closing under its August 2025 equity private placement of an additional $20 million of shares of its common stock, or pre-funded warrants in lieu thereof (the Milestone Closing), which is expected to occur later today.

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