Equillium, Inc. has announced a financing agreement that will facilitate the advancement of EQ504, a novel Aryl Hydrocarbon Receptor Modulator, into clinical trials. The financing, led by ADAR1 Capital Management and Janus Henderson Investors, will provide up to $50 million in gross proceeds. An initial $30 million has been secured, with the potential to obtain an additional $20 million upon the initiation of the clinical study. Equillium plans to commence a Phase 1 proof-of-mechanism study for EQ504 in mid-2026, with data expected to be available approximately six months thereafter. The funds will be used to support the development of EQ504, as well as for working capital and general corporate purposes. Equillium anticipates that the net proceeds from this financing will sustain its operations through 2027. Results from the upcoming study are not yet available but are expected in the future.