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

On May 15, 2026, ADAR1 Capital Management, LLC, alongside ADAR1 Capital Management GP, LLC and Daniel Schneeberger, filed a Schedule 13G/A regarding their holdings in Equillium, Inc. (EQ). The filing reveals that ADAR1 Capital Management GP, LLC beneficially owns 6,306,184 shares of common stock, representing a 9.5% ownership stake in the company. This position includes shares held directly by ADAR1 Partners, LP and ADAR1 SPV I, LP, as well as shares underlying prefunded warrants. Daniel Schneeberger, acting as the manager for both ADAR1 entities, reported a slightly higher beneficial ownership of 6,603,754 shares (9.9%) when accounting for additional managed accounts and insurance solutions. The filing indicates an increase from a previous 0% ownership reported, marking a significant entry or consolidation of their position. The reporting persons certified that the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.