All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
7 warning events since 2018; the latest 2025-10-24.
From the record
Equillium, Inc.'s filings since 2018 show 7 warning events of 2 kinds: a notice about its exchange listing (8-K item 3.01, 5 times, the latest 2025-06-13); an auditor change (8-K item 4.01, 2 times, the latest 2025-10-24) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+61.4% a year over 3 filed years; profitable in 0 of 3.
From the record
Equillium, Inc.'s 3 filed years say what it did: revenue went from $16 million in fiscal 2022 to $41 million in fiscal 2024, up 61.4% a year; it rose in 2 of 2 years; it never fell from a peak; net income was positive in 0 of 3 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 5.1/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Equillium, Inc.'s shareholder treatment is put at 5.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 49% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -78%: lost 78¢ per shareholder dollar. Leverage 10%: owes 10¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Equillium, Inc. lost about 78 cents for every dollar of shareholders' money. Leverage: it owed about 10 cents per dollar of assets, and net share issuance: its share count grew 62.1% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
top 33% of 315 in its family; net margin -19.6%.
From the record
Equillium, Inc.'s standing among 315 graded names in its industry family: revenue of $41 million in fiscal 2024 ranks in the top 48% by size; a net margin of -19.6% ranks in the top 32%; revenue growth of 61.4% a year over the last 2 filed years ranks in the top 21% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
top 33% of 315 in its family for leadership; chief executive since 2020.
From the record
Equillium, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Steel, Bruce D. (Chief Executive Officer, as filed), filing under that title since 2020-05-21, 6.5 years (top 32% of its family); the 9 officers and directors filing in the last fifteen months have been on the record a median of 8.1 years (top 20%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 9 people in charge now (top 47%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
SI estimate 9.6/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Equillium, Inc.'s room to expand is put at 9.6 of 10 with a confidence of 35 of 100, because read from one part only, cash less debt against assets, which ranks in the top 5% of 479 in its family; the record does not carry two of the four parts: cash less debt against assets, cash from operations less capital spending against revenue, gross margin, research against revenue. A filing that carries the missing parts replaces this estimate with the filed reading.
What could actually drive growth from here?
bottom 38% of 306 in its family for growth drivers.
From the record
Equillium, Inc.'s growth drivers, from the filed years to fiscal 2024: revenue grew 61.4% a year over the last three filed years against 61.4% over all 3, speeding up (top 40% of its family); the newest year grew 13.9% (top 42%); research spending grew -41.1% a year (bottom 7%); capital spending grew -44.4% a year (bottom 25%) (its annual reports). Equillium, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
SI estimate 5.3/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Equillium, Inc.'s expectations vs reality is put at 5.3 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 234 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made