Tourmaline Bio(TRML) - 2025 Q1 - Quarterly Results

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]