Failure to Satisfy Listing Rule Form 8 K

On December 13, 2024, Equillium, Inc. (the "Company") received a notice from The Nasdaq Stock Market ("Nasdaq") that the Company is not in compliance with Nasdaq's Listing Rule 5550(a)(2), as the minimum bid price of the Company's common stock has been below $1.00 per share for 30 consecutive business days (the "Minimum Bid Price Requirement"). The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market and the Company's common stock continues to trade on the Nasdaq Capital Market under the symbol "EQ."

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days following the date of the notice, or until June 11, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the minimum bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-daygrace period. In the event the Company does not regain compliance with the Minimum Bid Price Requirement by June 11, 2025, the Company may be eligible for an additional 180 calendar day compliance period if, on the last day of the initial compliance period, the Company meets the market value of publicly held shares requirement for continued listing as well as all other standards for initial listing of its common stock on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and provides Nasdaq written notice of its intention to cure the bid price deficiency during the second compliance period. If the Company does not indicate its intent to cure the deficiency, or if it appears to Nasdaq that it is not possible for the Company to cure the deficiency, the Company will not be eligible for the second compliance period.

The Company intends to actively monitor the bid price of its common stock and will consider available options to regain compliance with the listing requirements, including such actions as a reverse stock split.