Regardless of what stage you're joining at, assume your equity is worth nothing. Doubly more so if you're not the founder and are joining the party late. You're

Regardless of what stage you're joining at, assume your equity is worth nothing. Doubly more so if you're not the founder and are joining the party late. You're last in a very long line of hungry mouths, waiting for an event that can just as well never happen. Ignore the equity, consider whether this is a position that's interesting for you, and whether the cash matches your needs and motivations.