Tourmaline Bio (TRML) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Scientific rationale and clinical focus

• TOUR006, an anti-IL-6 antibody, targets inflammation as a key driver of cardiovascular risk, with strong evidence that CRP is a superior predictor of events compared to traditional lipid markers.

• Recent large-scale studies highlight the predictive power of CRP, LDL, and Lp(a), with CRP emerging as the most significant for cardiovascular events in healthy populations.

• Universal screening for these biomarkers is gaining support, potentially shifting the paradigm in cardiovascular disease management.

• IL-6 inhibition has shown deep reductions in CRP, supporting its potential as a novel therapeutic axis.

• TOUR006 is also being developed for thyroid eye disease (TED), leveraging IL-6’s role in autoimmune inflammation.

Clinical development and trial updates

• The phase II TRANQUILITY trial in cardiovascular disease is enrolling, with top-line data expected in the first half of 2025; primary endpoint is change in hs-CRP.

• The phase II spiriTED trial in TED began at the end of 2023, with data expected in 2025; primary endpoint is change in proptosis at week 20.

• Phase III TED trial will start later in 2024, with a design similar to phase II but larger and including a cohort with prior treatments.

• Safety data for TOUR006 is robust, with no significant concerns observed to date and a safety profile consistent with other IL-6 inhibitors.

• The company is well-capitalized, with $334 million in cash, funding operations into 2027 and covering two pivotal TED trials.

Competitive landscape and strategic outlook

• TOUR006 may offer advantages over teprotumumab in TED, addressing broader disease endpoints and potentially preferred due to safety and administration profile.

• The drug could expand the treated population, especially among patients not currently receiving teprotumumab.

• Patent portfolio provides at least 12 years of exclusivity, with potential extension to 2043 and beyond.

• External catalysts include competitor readouts in IL-6 and other classes, with a new indication announcement expected by year-end.

• 2024 is focused on execution, with major clinical readouts anticipated in 2025.