This presentation contains forward-looking statements about Equillium, Inc. (the "Company"). In some cases, you can identify forward-looking statements by the words "will," "expect," "intend," "plan," "objective," "belie

EQ101: Phase 2 Topline Data in

Alopecia Areata June 2024 Exhibit 99.1

This presentation contains

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copyrights referred to in this presentation may be listed without the TM, SM or symbols, but Equillium will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service

marks, trade names and copyrights. This presentation discusses product candidates that are under clinical study, and which have not yet been approved for marketing by the US Food and Drug Administration. No representation is made as to the safety or

effectiveness of these product candidates for the use for which such product candidates are being studied. Caution should be exercised when comparing data across trials of different products and product candidates, as significant differences

may exist between trial designs, patient populations and other study characteristics. Furthermore, the results across such trials may not have interpretative value on our existing or future results. Forward-Looking Statements and Other Disclaimers

EQ101 First-in-Class Tri-specific

Inhibitor of IL-2/IL-9/IL-15

EQ101: First-in-Class Tri-Specific

Cytokine Inhibitor Inhibition of the key cytokines IL-2, IL-9 and IL-15 by EQ101 has shown an ability to translate from preclinical models into humans IL-2 IL-9 IL-15 Significant clinical experience in >135 subjects, demonstrated favorable safety

profile and tolerability7,8,9 Positive proof-of-concept achieved in cutaneous T cell lymphoma patients6 As active as ruxolitinib in inhibiting multiple lymphoproliferative or leukemic T-cell lines4,5 More active than ruxolitinib in mouse

model of immune-mediated hair loss / alopecia areata6 IL-2 & IL-15 are important to CD8 and NK cell biology, IL-9 contributes to inflammation in the skin1,2 Important to inhibit both IL-2 and IL-15 due to redundancy in signaling on cytotoxic CD8

T cells PEGylated peptide (based on the D-helix) selectively inhibiting IL-2, IL-9 & IL-15 signaling3 Administered as a low volume intravenous push, with a sub-cutaneous formulation in development 1) Leonard et al., Immunity Review, 2019 2)

Clark et al., Seminars in Immunopathology, 2017 3) Nata et al., J. Biol. Chem., 2015 4) Massoud et al., PNAS, 2015 5) Wang et al., Leukemia, 2018 6) Azimi et al., AHRS, Orlando, Florida, 2018 7) Frohna et al., J. Clin.

Pharm., 2019 8) Querfeld et al., Blood, 2019 9) Equillium Inc., Phase 2 alopecia areata study

Multi-Billion dollar market

opportunity for EQ101 in medical dermatology Large need exists for safe and effective therapies Abbreviation: JAKi, Janus kinase inhibitor 1) Kx Advisors 2) Benigno, Clin Cosmet Investig Dermatol, 2020 3) Bergqvist C, Ezzedine K. Vitiligo: A Review.

Dermatology. 2020 4) Chiesa Fuxench ZC, J Invest Dermatol. 2019 EQ101: Valuable Medical Dermatology Franchise Future Opportunity 3 FDA approvals: JAKi Large refractory population in need of safer treatment alternatives Atopic Dermatitis 6.6M US

moderate-severe Patients4 Cutaneous T cell Lymphoma PoC Achieved & Phase 2/3 Ready - Open IND Well tolerated with high ORR in refractory disease 2 mg/kg cohort expanded based on early PK/PD & safety, tolerability and efficacy profile

24,000 adult US Patients1 Vitiligo Future Opportunity Only one FDA approval: JAKi Late-stage Industry pipeline is predominantly JAKi 1.5M+ US Patients3 Alopecia Areata Phase 2 Study complete Only two FDA approvals: JAKi Late-stage Industry pipeline

is predominantly JAKi 2 mg/kg dose used in proof-of-concept based on CTCL study Next study expected to include dose optimization 250,000 US moderate-severe Patients2

Large Unmet Need in Alopecia Areata

"I am concerned about the safety of oral JAK inhibitors for my AA patients" % of respondents, n = 101 Currently approved and late-stage pipeline drugs are all JAK inhibitors There remains a chronic need for a safer chronic treatment

Dermatologists indicate safety concerns are the primary barriers to JAKi use in AA patients * Spherix Global Insights, 2022; ** Olumiant Package Insert 79% of physicians surveyed, believe there is an extremely high unmet medical need EQ101 is

positioned as a potentially well-tolerated and effective alternative to JAK inhibitors * Blackbox warning WARNING: SERIOUS INFECTIONS, MORTALITY, MALIGNANCY, MAJOR ADVERSE CARDIOVASCULAR EVENTS (MACE), and THROMBOSIS See full prescribing information

for complete boxed warning. Increased risk of serious bacterial, fungal, viral and opportunistic infections leading to hospitalization or death, including tuberculosis (TB). Interrupt treatment with OLUMIANT if serious infection occurs until the

infection is controlled. OLUMIANT should not be given to patients with active tuberculosis. Test for latent TB before and during therapy, except for COVID-19; treat latent TB prior to use. Monitor all patients for active TB during treatment, even

patients with initial negative, latent TB test. (5.1) Higher rate of all-cause mortality, including sudden cardiovascular death with another Janus kinase inhibitor (JAK) vs. TNF blockers in rheumatoid arthritis (RA) patients. (5.2) Malignancies have

occurred in patients treated with OLUMIANT. Higher rate of lymphomas and lung cancers with another JAK inhibitor vs. TNF blockers in RA patients. (5.3) Higher rate of MACE (defined as cardiovascular death, myocardial infarction, and stroke) with

another JAK inhibitor vs. TNF blockers in RA patients. (5.4) Thrombosis has occurred in patients treated with OLUMIANT. Increased incidence of pulmonary embolism, venous and arterial thrombosis with another JAK inhibitor vs. TNF blockers. (5.5) ** *

Disagree n Neutral n Agree

EQ101: Targeted Treatment Approach for

Alopecia Areata IFN- Drives inflammation & hair loss IL-15 IL-2 IL-9 IL-15 NK CD4 IL-2, IL-9 and IL-15 are key drivers of disease in alopecia areata, promoting a cycle of increased IFN- production and immune cell attack of the hair

follicle Hair follicle bulb Xing et al., Nat. Med., 2014; Bertolini et al., PLOS, 2014; Suarez-Farinas et al., J Allergy Clin Immunol, 2015; Dai et al., JCI Insight, 2021 CD8

EQ101 2 mg/kg IV 2x/week Ruxolitinib

30 mg/kg 2x/day EQ101 Reversed Immune-Mediated Hair Loss in a Mouse Model EQ101 Reduces CD8+ Cytotoxic T-cell Activation Marker NKG2D Fold over control PBS Ruxolitinib EQ101 EQ101 is more effective than ruxolitinib at hair regrowth and suppression

of cytotoxic CD8+ T cells in humanized alopecia model EQ101 Improves Hair Regrowth In-house data and Azimi et al., AHRS, Orlando, Florida 2018; Frohna, et al., Alopecia Areata Research Summit, New York, New York, 2018 Day 0 Day 14 Day 21 Day 0

SALT Response Varies by Baseline

Severity & Dose Severea: baseline SALT score of 50-94; Very severeb: baseline SALT Score >95 * SALT Score 20 Response Rate Baricitinib 2-mg SALT Score 20 Response Rate Baricitinib 4-mg * EQ101 treatment duration of 24 weeks

Abbreviation: SALT, severity of alopecia tool; Taylor et al. 2023 Dermatologic Therapy, 13:3181-3191 Patients with very severe disease have been shown to be slower to respond and need increased dosing and longer treatment *

Comparative Data: SALT 20

at 24 Weeks SALT 20 at week 24 Study baricitinib BRAVE-AA1 Phase 21 deuruxolitinib Phase 22 baricitinib BRAVE-AA1 baricitinib BRAVE-AA2 ritlecitinib Phase 2/33 deuruxolitinib THRIVE-AA14 deuruxolitinib THRIVE-AA22 4 Baseline SALT: Active 86

88 86 85 90 85 88 Baseline SALT: Placebo 90 85 85 93 88 1) Extrapolated 24 wk data, 2) Baseline SALT score data only available as a study average, 3) Low dose 30mg / high dose 200mg loading and 50mg maintenance, 4) Only 8mg dose data used King et

al. 2022 N Engl J Med; King et al. 2023 Lancet; Senna et al. 2023 JAAD, presented at AAD, P41701; Sun Pharma PR 2023, AAD Late Breaking News Session; Clinicaltrials.gov NCT04797650; King et al. 2021 J Am Acad Dermatol 85:847-53; King et al. 2021 J

Am Acad Dermatol 85:379-87; King et al. 2022 J Am Acad Dermatol 50 % Patients achieving SALT 20 40 30 20 10 0 Therapeutic Signal High dose JAKi Low dose JAKi Placebo Consistently low placebo rates observed: average of 3.6% Dose-dependent

drug activity observed: range of 11% - 33% in Phase 2 & 3 studies

Comparative Data: SALT Change from

Baseline at 24 Weeks 50 % Change from Baseline 40 30 20 10 0 Study baricitinib BRAVE-AA1 baricitinib BRAVE-AA2 ritlecitinib Phase 2/31 deuruxolitinib THRIVE-AA12 deuruxolitinib THRIVE-AA2 2 3 Baseline SALT: Active 86 85 90 85 88 Baseline SALT:

Placebo 85 85 93 88 SALT % change from baseline at week 24 High dose JAKi Low dose JAKi Placebo Therapeutic Signal Consistently low placebo rates observed: average of 3.2% Dose-dependent drug activity observed: range of 17% - 45% in Phase 3

studies 1) Low dose 30mg / high dose 200mg loading and 50mg maintenance, 2) Only 8mg dose data used, 3) Baseline SALT score data only available as a study average King et al. 2022 N Engl J Med; King et al. 2023 Lancet; Senna et al.

2023 JAAD, presented at AAD, P41701; Sun Pharma PR 2023, AAD Late Breaking News Session; Clinicaltrials.gov NCT04797650; King et al. 2021 J Am Acad Dermatol 85:847-53; King et al. 2021 J Am Acad Dermatol 85:379-87; King et al. 2022 J Am Acad

EQ101 Data Phase 2 study in

Alopecia Areata Confidential (do not distribute)

Phase 2 Study of EQ101 in Adults

With Moderate to Very Severe AA Abbreviations: AA, alopecia areata; IV, intravenous; JAKi, janus kinase inhibitor; PK/PD, pharmacokinetic/pharmacodynamic; QW, every week; SALT, severity of alopecia tool Phase 2 Open Label Study Design Potential

Target Product Profile Safer alternative to JAKi with comparable efficacy Patient-administered weekly/bi-weekly subcutaneous injection (similar to DUPIXENT ) Screening 5 weeks Follow-Up 4 weeks Treatment 24 weeks 2 mg/kg QW IV bolus push Study

Objectives Efficacy, Safety & tolerability, PK/PD and biomarkers Population N=36 At least 35% scalp hair loss, as defined by a SALT score 35 Current episode of hair loss lasting >6 months to <7 years

Key Baseline Characteristics

Baseline Characteristics Enrolled Population (N=36) Age: years Mean (SD) / Range 38.2 (13.5) / 18-60 Gender: n (%) Female: 19 (53%) Race: n (%) White: 24 (67%) Weight: kg Mean (SD) / Range 82 (21) / 49-128 Current AA Duration (months): Mean (SD) /

Range 31 (20.6) / 6-82 History of previous AA treatments (any), n (%) Treatments of interest: Steroids injection Topical minoxidil Systemic treatment with JAKi Any biologic 29 (80.6%) 12 (33.3%) 8 (22.2%) 1 (2.8%) 0 Baseline SALT score:

Mean (SD) Median (Range) 76.0 (22.84) 79 (36.5-100) AA severity n (%): Moderate (SALT 35 to <50) Severe (SALT 50 to <95) Very Severe, AU/AT (SALT 95 to

100) 6 (17%) 18 (50%) 12 (33%) Affected areas, n (%): Scalp only Eyebrow involvement Eyelash involvement 6 (16.7%) 26 (72.2%) 23 (63.9%) Abbreviations: AA, alopecia areata; AT, alopecia totalis; AU, alopecia universalis; JAKi, Janus kinase

inhibitor (tofacitinib & baricitinib); SD, standard deviation

Patient Disposition 36 subjects

dosed across 5 sites (AUS/NZ) 11 subjects discontinued early (weeks 0 to 19) 25 subjects completed treatment (week 24) 48 subjects screened 6 not attributed to TEAEs 5 attributed to TEAEs Fatigue (related*) Pyrexia and Urticaria (not related*),

Swelling face (related*) Blood creatinine increased (not related*) Chills, Urticaria, Headache (related*) Cellulitis (related*) Predominantly due to logistical reasons, e.g. scheduling, frequency of visits and IV access * Investigator assessment of

causality related to study treatment includes alternative causes such as underlying medical conditions, concomitant therapy, temporal relationship of event to study treatment, and other risk factors; protocol causal relationship definitions: 1)

Related: There is a reasonable possibility that the AE is related to study drug, 2) Not Related: There is a high degree of certainty that the AE is NOT related to study drug Abbreviations: AUS/NZ, Australia and New Zealand; IV, intravenous; TEAE,

treatment emergent adverse event

Subject Baseline SALT Scores

Abbreviations: AT, alopecia totalis, AU, alopecia universalis; SALT, severity of alopecia tool; 0 as a last dose week indicates only receiving one dose at baseline/Week 0 EARLY TERMINATED SUBJECTS (with last dose week) COMPLETED SUBJECTS Last Dose

Week Individual Patients 16 12 10 0 2 0 1 6 0 12 19

Safety Summary: TEAEs EQ101

exhibited a favorable safety and tolerability profile with no SAEs, similar to the safety profile observed in prior Phase 1 & 2 studies (SAD/MAD NHVs, LGLL and CTCL populations) SAFETY OVERVIEW >70% of subjects had a medical history that

included evidence of atopy such as eczema, asthma, or allergies to drugs 75% of subjects reported at least 1 TEAE There were no Serious TEAEs or Grade 4 or 5 TEAEs No notable changes in safety laboratory: coagulation, hematology, chemistry, liver

function, urinalysis, cholesterol No notable ECG, vital signs, or physical exam findings Most TEAEs were CTCAE Grade 1 and 2 Only 2 CTCAE Grade 3 TEAEs 73.6% of events were Grade 1 25.3% of events were Grade 2 Most common TEAEs (>5

subjects): Upper respiratory tract infection Headache Fatigue 1.1% of events were Grade 3 The 2 Grade 3 events in 2 subjects: Lymphopenia* Fatigue* * Subjects discontinued treatment early Abbreviations: NHVs, normal healthy volunteers; CTCAE, common

terminology criteria for adverse events; CTCL, cutaneous T cell lymphoma; ECG, electrocardiogram; LGLL, large granulocytic lymphocytic leukemia; TEAE, treatment emergent adverse event; SAE, serious adverse event; SAD/MAD, single ascending

dose/multiple ascending dose

Safety Summary: Study Treatment

Discontinuation Attributed to AEs * Investigator assessment of causality related to study treatment includes alternative causes such as underlying medical conditions, concomitant therapy, temporal relationship of event to study treatment, and other

risk factors; protocol causal relationship definitions: 1) Related: There is a reasonable possibility that the AE is related to study drug, 2) Not Related: There is a high degree of certainty that the AE is NOT related to study drug Abbreviation:

PI, principal investigator, TEAE treatment emergent adverse event Prior EQ101 studies (>100 subjects), only 1 previous treatment discontinuation due to AE TEAE leading to discontinuation (PI assessment of relatedness to study treatment) Last Dose

Additional relevant details for each subject 1) Blood creatinine increased (unrelated*) 2) Cellulitis (related*) 3) Chills, Urticaria, and Headache (related*) 4) Pyrexia and Urticaria (not related*) and Swelling face (related*) 5) Fatigue

(related*) Week 10 Week 12 Week 2 Week 1 Week 12 History of chronic kidney disease and was diagnosed with IgA nephropathy during study History of asthma, allergies, eczema History of asthma, eczema, and hay fever; had flu-like illness at the time of

enrollment in the study History of eczema, developed fever followed by urticaria, transient lymphocytopenia and facial swelling ~3 days after dose History multiple drug allergies, eczema, and Hashimoto's thyroiditis; subject complained of