Tourmaline Bio (TRML) Investor Day 2024 summary

Strategic vision and future plans

• Focus on advancing pacibartug/pacibekitug, a quarterly-dosed anti-IL-6 monoclonal antibody, in cardiovascular inflammation and thyroid eye disease (TED), with pivotal data readouts expected in 2025.

• Transitioning from a year of execution to a year of data, with TRANQUILITY (ASCVD) top-line data in Q2 2025 and SPIRITED/spiriTED (TED) data in the second half of 2025.

• Initiated preparations for a phase III trial in ASCVD and announced a new indication, abdominal aortic aneurysm (AAA), with plans for a phase II proof-of-concept study post-TRANQUILITY data.

• Strategic decision to delay phase III TED trial until after SPIRITED results, prioritizing cardiovascular opportunities and financial flexibility.

• Expanded cardiovascular scientific advisory board with leading experts to guide development and leverage genetic and clinical insights.

Financial guidance and market opportunity

• Cardiovascular inflammation represents a multi-billion-dollar opportunity, with over 20 million U.S. patients having residual inflammatory risk.

• ASCVD is the largest target, with a total addressable market of 14 million U.S. patients with elevated hsCRP; AAA and TED offer additional blockbuster potential.

• Pacibartug/pacibekitug's quarterly dosing could drive superior adherence and differentiation versus competitors, notably Novo Nordisk's monthly ziltivecumab.

• Company is well-capitalized into 2027, preserving optionality for financing or partnering post-2025 data readouts.

• Market research indicates pacibekitug is ranked highest in future TED market share among US treaters.

Clinical development and differentiation

• TRANQUILITY phase II trial in ASCVD completed enrollment ahead of target with 143 patients; primary endpoint is hsCRP reduction at 90 days, with results expected Q2 2025.

• SPIRITED/spiriTED phase II-b trial in TED is ongoing, with top-line data expected in the second half of 2025; phase III initiation contingent on these results.

• AAA phase II proof-of-concept study will use advanced imaging to assess aneurysm growth, leveraging TRANQUILITY data for dose selection.

• Pacibartug/pacibekitug has demonstrated robust, rapid, and durable hsCRP suppression in prior studies, with a favorable safety profile in over 450 subjects and well-tolerated in autoimmune disorders.

• Differentiation strategy includes quarterly dosing, targeting high-risk populations not addressed by competitors, and learning from first-to-market brands.