Tourmaline Bio(TRML) - 2024 Q3 - Quarterly Results

Financial Performance - Cash, cash equivalents, and investments totaled $314.4 million as of September 30, 2024, up from$203.0 million as of December 31, 2023, providing a cash runway into 2027[7] - Net loss for Q3 2024 was $20.2 million, compared to a net loss of$5.6 million for Q3 2023, resulting in a basic and diluted net loss per share of $0.78[10] - Total operating expenses for Q3 2024 were$24.4 million, compared to $6.6 million for Q3 2023[15] - Tourmaline's total assets increased to$328.4 million as of September 30, 2024, up from $210.3 million as of December 31, 2023[16] Research and Development - Research and development expenses increased to$19.3 million for Q3 2024, compared to $3.8 million for Q3 2023, primarily due to higher employee compensation and clinical trial costs[8] - The Phase 2 TRANQUILITY trial is ongoing, with topline data expected in the first half of 2025[5] - 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 anticipated in 2026[6] Administrative and Operational Developments - General and administrative expenses rose to$5.1 million for Q3 2024, up from $2.9 million for Q3 2023, driven by increased headcount and professional service fees[9] - The company formed a Cardiovascular Scientific Advisory Board in October 2024 to guide its cardiovascular program[4] - Tourmaline showcased research at two major cardiology congresses in 2024, highlighting its focus on cardiovascular inflammation[3]