Equillium Inc. (EQ) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, EQ scores 42 out of 100 with a letter grade of D- and a verdict label of "Roarable Sell — Vulnerable Balance Sheet & Flow." The fundamental cash engine pillar scores 8 out of 20, reflecting ROIC of -35% and an FCF yield of -20.48%; for a prospective investor, this means the business is currently consuming cash rather than generating it, so any valuation rests on future execution rather than present earnings power. The whale/13F flow pillar scores 9 out of 20 on institutional accumulation and options positioning, a modest signal that does not offset the weaker fundamentals. The insider conviction pillar scores 3 out of 20 on SEC Form 4 and Congressional PTR cluster flow, the lowest pillar, which signals limited insider-driven confidence in the source data. The macro regime fit pillar scores 12 out of 20 with a beta of 1.0 and sector sensitivity noted, indicating market-level volatility is roughly in line with the broad market. The forensic balance sheet pillar scores 10 out of 20, with an Altman Z-Score of 2.5, a Piotroski F-Score of 1 out of 9, and a Debt/Equity ratio of 0.5; the weak Piotroski reading is the most important red flag for an investor weighing the stock today. Upside drivers would require evidence of cash-flow inflection and improved forensic scores; the valuation tradeoff is that a market capitalization of $111.3M against negative cash generation leaves little margin of safety in the current framework.

Per the market data, gross, operating, and net margins are each reported as 0%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5, the Piotroski F-Score is 1 out of 9, and the Debt/Equity ratio is 0.5. Reported operating losses persist across all three periods, and FY 2025 cash of $30.3M is the highest cash figure in the table, though the source does not provide a debt figure to assess net liquidity.

• What are the company's products, commercial partners, and revenue model, given that FY 2025 revenue is reported as $0.0M?
• What is the debt balance, since the debt field is N/A across all periods, and how does it affect net liquidity?
• What drove the decline in revenue from $41.1M in FY 2024 to $0.0M in FY 2025?
• What are the EPS figures, since EPS is N/A across all reported periods?
• What institutional, insider, and options positioning exists, given that holder data is absent?