<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:ns1="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001716774</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.0001 Par Value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>04/01/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001746466</issuerCik>
        <issuerName>Equillium, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>29446K106</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <ns1:street1>2223 AVENIDA DE LA PLAYA</ns1:street1>
          <ns1:street2>SUITE 105</ns1:street2>
          <ns1:city>LA JOLLA, CALIFORNIA</ns1:city>
          <ns1:stateOrCountry>CA</ns1:stateOrCountry>
          <ns1:zipCode>92037</ns1:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Aberdeen Group plc</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3352837</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3352837</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3352837</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>abrdn Inc.</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3352837</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3352837</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3352837</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Equillium, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>2223 AVENIDA DE LA PLAYA, SUITE 105, LA JOLLA, CALIFORNIA, CALIFORNIA
92037</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Aberdeen Group plc

abrdn Inc.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Aberdeen Group plc
1 George Street
Edinburgh, United Kingdom
EH2 2LL

abrdn inc
1900 Market Street Suite 200.
Philadelphia,
PA 19103</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Aberdeen Group plc - UNITED KINGDOM

abrdn Inc. - UNITED STATES</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>3,352,837</amountBeneficiallyOwned>
        <classPercent>5.30</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Aberdeen Group plc - 0

abrdn Inc. - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Aberdeen Group plc - 3,352,837

abrdn Inc. - 3,352,837</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Aberdeen Group plc - 0

abrdn Inc. - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Aberdeen Group plc - 3,352,837

abrdn Inc. - 3,352,837</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Exhibit</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Aberdeen Group plc
abrdn Holdings Limited
abrdn Inc.

Aberdeen Group plc is the parent company.
abrdn Holdings Limited is the intermediate holding company for abrdn Inc.
abrdn Inc. beneficially owns on behalf of our underlying clients 5% or greater of the outstanding shares of the security class being reported on this Schedule 13G. </exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Aberdeen Group plc</reportingPersonName>
      <signatureDetails>
        <signature>R.Chaudhry</signature>
        <title>Romiza Chaudhry / Major Shareholding Reporting Analyst</title>
        <date>05/07/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>abrdn Inc.</reportingPersonName>
      <signatureDetails>
        <signature>R.Chaudhry</signature>
        <title>Romiza Chaudhry / Major Shareholding Reporting Analyst</title>
        <date>05/07/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
