SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Connelly Stephen

(Last)

(First)

(Middle)

2223 AVENIDA DE LA PLAYA, SUITE 105

(Street)

LA JOLLA

92037

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Equillium, Inc. [ EQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Scientific Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		90,000		⁽¹⁾	02/12/2029	Common Stock	90,000	⁽²⁾	90,000	D
Employee Stock Option (right to buy)	$7.16	02/14/2025		D			90,000	⁽¹⁾	02/12/2029	Common Stock	90,000	⁽²⁾	0	D
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		52,500		⁽¹⁾	12/09/2029	Common Stock	52,500	⁽²⁾	52,500	D
Employee Stock Option (right to buy)	$4.75	02/14/2025		D			52,500	⁽¹⁾	12/09/2029	Common Stock	52,500	⁽²⁾	0	D
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		100,000		⁽¹⁾	01/03/2031	Common Stock	100,000	⁽²⁾	100,000	D
Employee Stock Option (right to buy)	$5.03	02/14/2025		D			100,000	⁽¹⁾	01/03/2031	Common Stock	100,000	⁽²⁾	0	D
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		42,534		⁽¹⁾	05/18/2030	Common Stock	42,534	⁽²⁾	42,534	D
Employee Stock Option (right to buy)	$2.8	02/14/2025		D			42,534	⁽¹⁾	05/18/2030	Common Stock	42,534	⁽²⁾	0	D
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		125,000		⁽¹⁾	01/18/2032	Common Stock	125,000	⁽²⁾	125,000	D
Employee Stock Option (right to buy)	$3.86	02/14/2025		D			125,000	⁽¹⁾	01/18/2032	Common Stock	125,000	⁽²⁾	0	D
Employee Stock Option (right to buy)	$0.785	02/14/2025		A		175,000		⁽¹⁾	01/02/2033	Common Stock	175,000	⁽²⁾	175,000	D
Employee Stock Option (right to buy)	$1.06	02/14/2025		D			175,000	⁽¹⁾	01/02/2033	Common Stock	175,000	⁽²⁾	0	D

Explanation of Responses:

1. Twenty-five percent of the shares subject to the option vests on the first anniversary of the vesting commencement date, and the remainder vests in 36 equal monthly installments thereafter for the following three years.

2. On August 7, 2023, the Board of Directors of the Company approved the repricing of certain options based on the closing price of the Company's common stock on August 14, 2023. The repricing of these options was subject to a holding period that lapsed on February 14, 2025. The repricing resulted in the impacted options having a lower exercise price of $0.785 per share, which is the closing price of the Company's common stock on the Nasdaq Capital Market on August 14, 2023. All of the other terms of the options remained unchanged.

	/s/ Jason A. Keyes, Attorney-in-Fact	02/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

SEC Form 4 filed by Chief Scientific Officer Connelly Stephen