ADAR1 Capital Management Increases Stake in Equillium, Inc. to 9.5%

ADAR1 Capital Management, LLC, alongside ADAR1 Capital Management GP, LLC and Daniel Schneeberger, filed a Schedule 13G/A on May 15, 2026, reporting a significant increase in their holdings of Equillium, Inc. (EQ). As of the event date on March 31, 2026, the reporting group disclosed beneficial ownership of 6,306,184 shares, representing a 9.5% ownership stake. This is a substantial increase from the previously reported 0.0% ownership. The holdings include common stock held by various entities including ADAR1 Partners, LP, ADAR1 SPV I, LP, and Spearhead Insurance Solutions IDF, LLC, as well as shares underlying prefunded warrants. Daniel Schneeberger, as manager of the ADAR1 entities, serves as the control person for these investments. The filing indicates the securities were acquired in the ordinary course of business and not for the purpose of influencing or changing control of the issuer. The total value of the position is estimated at approximately $13.75 million based on the provided data.