Tourmaline Bio(TRML) - 2024 Q2 - Quarterly Results

Financial Position and Cash Runway - Cash, cash equivalents, and investments totaled $334.4 million as of June 30, 2024, providing a cash runway into 2027[7][15] - Total assets increased to$344.79 million as of June 30, 2024, compared to $210.30 million as of December 31, 2023[15] Operating Expenses and Net Loss - Research and development expenses increased to$15.7 million in Q2 2024, up from $14.5 million in Q2 2023, driven by employee compensation and clinical trial costs[8] - General and administrative expenses rose to$6.2 million in Q2 2024, compared to $1.9 million in Q2 2023, due to increased headcount and consulting expenses[9] - Net loss for Q2 2024 was$17.5 million, compared to $16.1 million in Q2 2023, with basic and diluted net loss per share of$0.68 and $16.29, respectively[10] - Total operating expenses for Q2 2024 were$21.97 million, up from $16.37 million in Q2 2023[14] Clinical Trials and Development Progress - The first patient was dosed in May 2024 in the Phase 2 TRANQUILITY trial evaluating pacibekitug for cardiovascular diseases[1][4] - Tourmaline is on track to initiate a pivotal Phase 3 trial for pacibekitug in Thyroid Eye Disease (TED) in the second half of 2024, with topline data expected in 2026[3] - Topline data from the Phase 2 TRANQUILITY trial is expected in the first half of 2025, potentially positioning the company for Phase 3 readiness in cardiovascular diseases[4][5] Corporate and Market Recognition - Tourmaline was added to the Russell 2000® and Russell 3000® Indexes in June 2024[6]