Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40384 __________________________________________________________ TOURMALINE BIO, INC. (Exact name of Registrant a ...

Financial Performance - Cash, cash equivalents, and investments were $275.3 million as of March 31, 2025, down from $294.9 million as of December 31, 2024, providing a cash runway into the second half of 2027[10] - Net loss for Q1 2025 was $23.0 million, resulting in a basic and diluted net loss per share of $0.89, compared to a net loss of $13.3 million and a net loss per share of $0.55 in Q1 2024[14] - Total operating expenses for Q1 2025 were $26.2 million, compared to $17.5 million for Q1 2024[19] - Total stockholders' equity decreased to $279.9 million as of March 31, 2025, from $300.1 million as of December 31, 2024[20] - Tourmaline's working capital was $250.5 million as of March 31, 2025, down from $259.9 million as of December 31, 2024[20] Research and Development - Research and development expenses increased to $20.3 million for Q1 2025, compared to $11.4 million for Q1 2024, primarily due to increased clinical trial expenses[14] - The Phase 2 TRANQUILITY trial has enrolled 143 participants, exceeding the initial target of 120, with topline data expected in Q2 2025[7] - Tourmaline anticipates reporting topline data from the Phase 2b spiriTED trial in the second half of 2025[5] - Tourmaline plans to provide further details on the clinical development plan for pacibekitug in conjunction with the TRANQUILITY topline data[6] - The company expects to expand pacibekitug's indications to include abdominal aortic aneurysm (AAA) following the TRANQUILITY trial results[7]

– Phase 2 TRANQUILITY trial in patients with elevated high-sensitivity C-reactive protein and chronic kidney disease remains on track for topline data readout in the second quarter 2025 – – Tourmaline expects to provide further details on the clinical development plan for pacibekitug within cardiovascular inflammation in conjunction with reporting TRANQUILITY topline data – – Cash, cash equivalents, and investments of $275.3 million as of March 31, 2025 provide expected cash runway into the second half of 2 ...

Product Development and Clinical Trials - Pacibekitug, a fully human monoclonal antibody targeting IL-6, has the potential to establish new standards of care in autoimmune and inflammatory diseases, with over $3.5 billion in global sales generated by existing IL-6 therapies in 2024[19][38]. - The Phase 2 TRANQUILITY trial for pacibekitug in atherosclerotic cardiovascular disease (ASCVD) commenced in April 2024, with topline data expected in Q2 2025[22][27]. - Pacibekitug is being evaluated in a pivotal Phase 2b trial for thyroid eye disease (TED), initiated in September 2023, with topline results anticipated in the second half of 2025[24][27]. - The FDA has cleared the Investigational New Drug application for pacibekitug, supporting its clinical development in ASCVD and TED[22][40]. - The company plans to initiate a Phase 2 proof of concept trial for pacibekitug to evaluate its ability to inhibit AAA growth, informed by topline results from the TRANQUILITY trial[70][71]. - The company expects to report topline results for the spiriTED trial's Primary Efficacy Period in the second half of 2025[96]. - The primary endpoint of the spiriTED trial is the proptosis response rate at Week 20, defined as at least a 2 mm reduction in proptosis from baseline[94]. - The company aims to establish pacibekitug as a new standard-of-care for first-line treatment of TED, emphasizing its broad and durable effects[90]. - The company expects to report topline data from the Phase 2 TRANQUILITY trial in the second quarter of 2025, which may position them to be Phase 3-ready for ASCVD[63]. Safety and Efficacy - Pacibekitug demonstrates a terminal half-life of 47 to 58 days and significant suppression of IL-6 signaling at doses as low as 10mg, as measured by hs-CRP levels[41]. - In Phase 1 and Phase 2 studies, only 0.44% of approximately 450 participants developed treatment-emergent anti-drug antibodies, indicating low immunogenicity[42]. - Safety data from earlier studies indicated that pacibekitug was generally well-tolerated, with no dose-limiting adverse effects reported[103]. - The mean terminal elimination half-life of pacibekitug ranged from 47-58 days across dose groups, suggesting a stable pharmacokinetic profile[102]. - Median percent change in serum hs-CRP levels at Week 12 was -12.3% for placebo and -95.5% for the 200 mg pacibekitug group in the Crohn's Disease trial[120]. - Clinical experiences with IL-6 pathway inhibition, particularly with tocilizumab, have shown meaningful improvements in proptosis and other symptoms in over 400 TED patients[85]. Market Potential and Competitive Landscape - The ongoing clinical trials are expected to provide insights that could maximize the commercial potential of pacibekitug in various autoimmune and inflammatory diseases[26][28]. - Pacibekitug's differentiated product profile is anticipated to address significant unmet medical needs in cardiovascular inflammation and autoimmune disorders[21][27]. - Approximately 2 million patients in the U.S. are affected by abdominal aortic aneurysm (AAA), with no FDA-approved treatments currently available to slow AAA growth[66][67]. - The company is actively seeking new in-licensing and acquisition opportunities to expand its product portfolio in immune and inflammatory diseases[28]. - The company faces competition from four FDA-approved products that block IL-6 or IL-6R, as well as multiple IL-6 inhibitors in active clinical development[143]. - Teprotumumab is currently the only FDA-approved agent for the treatment of TED, with multiple other agents in various stages of development[146]. Financial and Regulatory Considerations - The company raised gross proceeds of $75.0 million through a private placement of 4,092,035 shares prior to the Reverse Merger[135]. - The company is obligated to pay Pfizer up to $128.0 million upon achieving specific development and regulatory milestones and up to $525.0 million upon the first achievement of specific sales milestones[127]. - The company does not currently have its own marketing, sales, or distribution capabilities and may seek strategic collaborations for commercialization[139]. - The FDA approval process requires substantial time and financial resources, with various stages including preclinical tests, IND submission, and clinical trials[160]. - The company relies on unpatented trade secrets and confidential know-how for competitive advantage, though these are difficult to protect[156]. - Compliance with various federal and state healthcare regulations is essential for operations, including the Anti-Kickback Statute and HIPAA[191]. Legislative and Market Environment - The Inflation Reduction Act of 2022 (IRA) allows HHS to negotiate prices for certain high-expenditure biologics after 11 years on the market, impacting future revenue potential[212]. - The ACA has increased Medicaid rebates and required manufacturers to offer discounts during coverage gaps, leading to potential revenue reductions[213]. - Legislative changes, such as the Budget Control Act of 2011, have resulted in a 2% reduction in Medicare payments to providers, affecting revenue stability through 2032[216]. - There is increasing legislative interest in drug pricing transparency and cost reduction, which may lead to further regulatory challenges for the company[217]. - The company anticipates that future healthcare reforms could hinder revenue generation and profitability from successfully developed product candidates[215].

Financial Performance - Cash, cash equivalents, and investments totaled $294.9 million as of December 31, 2024, up from $203.0 million as of December 31, 2023, providing a cash runway into the second half of 2027[5] - Net loss for Q4 2024 was $22.2 million, resulting in a basic and diluted net loss per share of $0.86, compared to a net loss of $12.9 million and a loss per share of $0.81 in Q4 2023[12] - Tourmaline's total operating expenses for the full year 2024 were $89.7 million, compared to $45.4 million in 2023[16] - General and administrative expenses for Q4 2024 were $5.3 million, down from $6.9 million in Q4 2023, while for the full year, they increased to $22.7 million from $13.0 million[12] Research and Development - Research and development expenses for Q4 2024 were $20.5 million, compared to $8.0 million in Q4 2023, and for the full year 2024, they were $67.0 million, up from $32.4 million in 2023[12] - The Phase 2 TRANQUILITY trial over-enrolled to 143 participants, exceeding the initial target of 120, with topline data expected in Q2 2025[3] - Tourmaline expects to provide additional information on future development plans in thyroid eye disease (TED) after reviewing data from the ongoing Phase 2b spiriTED trial, with topline data expected in the second half of 2025[6] Strategic Initiatives - The company announced the nomination of abdominal aortic aneurysm (AAA) as an additional indication for pacibekitug within its cardiovascular inflammation focus[3] - The company strengthened its Cardiovascular Scientific Advisory Board with the appointment of notable experts, enhancing strategic guidance for pacibekitug's development[6] - Tourmaline anticipates a transformative year in 2025, with significant data readouts expected, starting with the TRANQUILITY trial[2]

Core Insights - Tourmaline Bio, Inc. reported its financial results for Q4 and the full year of 2024, highlighting significant advancements in its clinical development programs, particularly in cardiovascular inflammation and thyroid eye disease [1][2] Financial Performance - As of December 31, 2024, Tourmaline had cash, cash equivalents, and investments totaling $294.9 million, an increase from $203.0 million as of December 31, 2023, providing a cash runway into the second half of 2027 [7][19] - Research and development expenses for Q4 2024 were $20.5 million, up from $8.0 million in Q4 2023, and for the full year, they reached $67.0 million compared to $32.4 million in 2023 [12] - General and administrative expenses for Q4 2024 were $5.3 million, down from $6.9 million in Q4 2023, while for the full year, they increased to $22.7 million from $13.0 million [12] - The net loss for Q4 2024 was $22.2 million, compared to $12.9 million in Q4 2023, resulting in a basic and diluted net loss per share of $0.86 [12][13] Clinical Development Highlights - The Phase 2 TRANQUILITY trial has over-enrolled with 143 participants, exceeding the initial target of 120, and is on track to report topline data in Q2 2025 [5][6] - Tourmaline is focusing on pacibekitug for the treatment of atherosclerotic cardiovascular disease (ASCVD) and thyroid eye disease (TED), with plans to expand into abdominal aortic aneurysm (AAA) [6][15] - The company has strengthened its Cardiovascular Scientific Advisory Board with the addition of notable experts, enhancing its strategic guidance for the development of pacibekitug [6][11] Upcoming Milestones - Topline data from the TRANQUILITY trial is expected in the second quarter of 2025, which is crucial for advancing pacibekitug towards Phase 3 readiness for ASCVD [2][6] - Additional details on a planned Phase 2 proof-of-concept trial in AAA will be provided after the TRANQUILITY trial results [6]

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) -- Tourmaline Bio, Inc. (Tourmaline) (NASDAQ: TRML), a late-stage clinical biotechnology company developing transformative medicines to dramatically improve the lives of patients with life-altering immune and inflammatory diseases, today announced that Sandeep Kulkarni, MD, Co-Founder and Chief Executive Officer, is expected to participate in the following investor conference: Leerink's Global Healthcare Conference 2025, MiamiFireside ChatTuesday, March 11, 2025, at ...

Core Insights - Tourmaline Bio, Inc. is a late-stage clinical biotechnology company focused on developing transformative medicines for patients with immune and inflammatory diseases [1][2] - The company's lead asset is pacibekitug, also known as TOUR006 [2] Upcoming Events - Sandeep Kulkarni, MD, Co-Founder and CEO of Tourmaline, will participate in the Guggenheim Securities SMID Cap Biotech Conference on February 5, 2025, at 1:30 pm ET [1] - A live webcast of the event will be available on the Tourmaline Bio website [1]

NEW YORK, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Tourmaline Bio, Inc. (Tourmaline) (NASDAQ: TRML), a late-stage clinical biotechnology company developing transformative medicines to dramatically improve the lives of patients with life-altering immune and inflammatory diseases, today announced that Paul M. Ridker, MD, MPH, Eugene Braunwald Professor of Medicine at the Harvard Medical School and Director of the Center for Cardiovascular Disease Prevention at Brigham and Women’s Hospital, has joined Tourmaline’s Ca ...

Core Insights - Tourmaline Bio, Inc. will host a virtual Investor Day on December 10, 2024, featuring presentations from its leadership team and Dr. Marc Bonaca, a cardiologist and vascular medicine specialist [1][2] Company Overview - Tourmaline Bio is a late-stage clinical biotechnology company focused on developing transformative medicines for patients with immune and inflammatory diseases [4] - The company's lead asset is pacibekitug (also known as TOUR006), a long-acting, fully-human, anti-IL-6 monoclonal antibody with potential best-in-class properties [5] Product Development - Pacibekitug is being developed for thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD) as its first two indications, with additional diseases under consideration [5] - The drug has been studied in approximately 450 participants across six completed clinical trials, indicating a significant level of research and development [5]