Equillium, Inc. (Nasdaq: EQ), a biotechnology innovator developing novel therapies to treat severe autoimmune and inflammatory disorders, today announced that on August 29, 2025, the Compensation Committee of Equillium’s Board of Directors granted inducement awards consisting of nonstatutory stock options to purchase an aggregate of 150,000 shares of common stock to two new employees under Equillium’s 2024 Inducement Plan. The Compensation Committee approved the stock option as an inducement material to such employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $1.74, Equillium’s closing stock price on August 29, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employee’s continued service relationship with Equillium through the applicable vesting dates. The stock option is subject to the terms and conditions of Equillium’s 2024 Inducement Plan and the terms and conditions of an applicable stock option agreement covering the grant.

About Equillium

Equillium is a biotechnology innovator developing novel therapies to treat severe autoimmune and inflammatory disorders. The company’s lead therapeutic candidate is EQ504, a potent and selective aryl hydrocarbon receptor (AhR) modulator with a multi-modal, non-immunosuppressive mechanism of action designed to be complementary to other anti-inflammatory and immunomodulatory agents. EQ504’s preclinical properties provide the potential for targeted, local delivery for the treatment of ulcerative colitis and pouchitis or inhaled formulations for the treatment of pulmonary diseases.

For more information, visit www.equilliumbio.com.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", “could”, “continue”, "expect", "estimate", “may”, "plan", "outlook", “future” and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Because such statements are subject to risks and uncertainties, many of which are outside of Equillium’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: Equillium’s ability to execute its plans and strategies; risks related to performing clinical studies; and whether the results from clinical studies will validate and support the safety and efficacy of Equillium’s product candidates. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in Equillium's filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website at www.sec.gov and on Equillium’s website under the heading “Investors.” Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. Equillium undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

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