Jason A. Keyes, the Chief Financial Officer of Equillium, Inc. (NASDAQ:EQ), a biotech company with a market capitalization of $24.4 million and strong liquidity position as indicated by its 3.04x current ratio, recently sold 10,000 shares of the company's common stock. The shares were sold at a weighted average price of $0.65, amounting to a total transaction value of $6,500. This transaction occurred with the stock trading at 79% below its 52-week high of $3.25, amid significant price volatility. Following this sale, Keyes holds 37,720 shares indirectly through The Keyes Trust and 88,913 shares directly. The sale was executed under a pre-established 10b5-1 trading plan, which Keyes adopted on March 27, 2024. According to InvestingPro analysis, Equillium is currently showing signs of rapid cash burn, with several additional key metrics and insights available to subscribers.
In other recent news, Equillium Inc . has experienced a series of significant developments. Jones Trading downgraded Equillium's stock from "Buy" to "Hold" following the decision by Ono Pharmaceutical (TADAWUL:2070) not to proceed with the acquisition of itolizumab, leaving Equillium with full commercial rights to the drug. This lack of anticipated exercise payments has resulted in financial challenges for Equillium, potentially affecting the completion of the Phase 3 EQUATOR trial in acute graft versus host disease (aGVHD).
Additionally, Equillium is considering accelerating the completion of the EQUATOR study to early 2025 and expects to release topline data from a Phase 2 ulcerative colitis study in the same timeframe. The company has paused further development of other pipeline projects, EQ101 and EQ302, to focus on itolizumab.
Equillium recently reported having an estimated $33.3 million in cash, cash equivalents, and short-term investments. The Independent (LON:IOG) Data Monitoring Committee (IDMC) has allowed the itolizumab trial to continue without modifications based on a safety and efficacy assessment. These are all recent developments in the company's operations.
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