On December 23, 2022 Equillium, Inc. (Nasdaq: EQ) and Metacrine, Inc. reported the mutual termination of their previously announced definitive merger agreement (Press release, Equillium, DEC 23, 2022, View Source [SID1234625571]).

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"Equillium first set out to acquire Metacrine in an all-stock transaction in early 2022, with the intent of adding cash runway in a very difficult financing market," said Bruce Steel, chief executive officer of Equillium. "However, our recent strategic partnership with Ono Pharmaceutical is expected to extend our cash runway into 2025, and possibly further with potential option exercise and milestone payments. We therefore find ourselves in a strong financial position, and with our pipeline of wholly-owned multi-cytokine inhibitors in the clinic we are excited about the opportunity to unlock value in our programs during 2023 and beyond."

Additional information regarding the termination of the definitive merger agreement is set forth in a Current Report on Form 8-K filed by Equillium with the Securities and Exchange Commission today and is available at www.sec.gov and on Equillium’s website under the heading "Investors."