Tourmaline Bio(TRML) - 2024 Q4 - Annual Results

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]