Tourmaline Bio (TRML) Q2 2024 earnings summary

Executive summary

• Pacibekitug (TOUR006), a long-acting anti-IL-6 antibody, is being developed for immune and inflammatory diseases, with lead indications in thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD).

• First patient dosed in May 2024 in Phase 2 TRANQUILITY trial for high cardiovascular risk patients; pivotal Phase 2b spiriTED trial in TED ongoing, with topline data expected in 2025.

• Phase 3 TED trial to commence in H2 2024, with topline data expected in 2026.

• Added to Russell 2000 and 3000 Indexes and promoted Ryan Robinson to CFO in June 2024.

• No product revenue to date; operations funded by equity offerings, reverse merger, and licensing.

Financial highlights

• Cash, cash equivalents, and investments totaled $334.4 million as of June 30, 2024, up from $203.0 million at December 31, 2023.

• Net loss of $17.5 million for Q2 2024, compared to $16.1 million in Q2 2023; net loss of $30.8 million for the six months ended June 30, 2024.

• Operating expenses rose to $22.0 million in Q2 2024, driven by increased R&D and G&A costs.

• Research and development expenses were $15.7 million and general and administrative expenses were $6.2 million in Q2 2024.

• Other income, net, increased to $4.5 million in Q2 2024, primarily from higher investment and interest income.

Outlook and guidance

• Cash runway expected to fund operations into 2027, supporting key data readouts and potential expansion into new indications.

• Topline data from pivotal Phase 2b spiriTED trial in TED expected in 2025; Phase 3 TED trial topline data expected in 2026.

• TRANQUILITY Phase 2 cardiovascular trial topline data expected in H1 2025; Phase 3 readiness anticipated in 2025 if successful.

• Anticipates continued increases in R&D and G&A expenses as clinical programs advance.