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Tourmaline Bio (TRML) investor relations material
Tourmaline Bio Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved positive topline Phase 2 TRANQUILITY trial results for pacibekitug, showing significant and durable hs-CRP reduction and favorable safety profile in cardiovascular inflammation.
Focused on pacibekitug development for immune and inflammatory diseases, with lead indications in cardiovascular inflammation and thyroid eye disease.
Planning Phase 3 cardiovascular outcomes trial and Phase 2 proof-of-concept trial in abdominal aortic aneurysm, both advancing in H2 2025.
Ongoing pivotal Phase 2b spiriTED trial in thyroid eye disease, with topline data expected in early 2026.
Accumulated deficit reached $181.3 million as of June 30, 2025; expects continued losses as R&D activities expand.
Financial highlights
Net loss of $23.1 million for Q2 2025, compared to $17.5 million in Q2 2024; net loss per share was $0.90 for Q2 2025.
Operating expenses rose to $26.0 million in Q2 2025 from $22.0 million in Q2 2024, driven by higher R&D and payroll costs.
Cash, cash equivalents, and investments totaled $256.4 million as of June 30, 2025.
Net cash used in operating activities was $41.9 million for the first half of 2025, up from $32.9 million in the prior year period.
No revenue generated; company remains pre-commercial.
Outlook and guidance
Cash position expected to fund operations into the second half of 2027 based on current operating plan.
Expects continued increase in R&D and G&A expenses as clinical programs advance and headcount grows.
Additional TRANQUILITY trial data to be presented at the European Society of Cardiology Congress in August 2025.
Plans to finance future needs through equity/debt offerings, collaborations, or licensing arrangements.
Phase 2 proof-of-concept trial in abdominal aortic aneurysm set to begin in H2 2025.
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