Tourmaline Bio (TRML) Q2 2025 earnings summary

Executive summary

• Achieved positive topline Phase 2 TRANQUILITY trial results for pacibekitug, showing significant and durable hs-CRP reduction and favorable safety profile in cardiovascular inflammation.

• Focused on pacibekitug development for immune and inflammatory diseases, with lead indications in cardiovascular inflammation and thyroid eye disease.

• Planning Phase 3 cardiovascular outcomes trial and Phase 2 proof-of-concept trial in abdominal aortic aneurysm, both advancing in H2 2025.

• Ongoing pivotal Phase 2b spiriTED trial in thyroid eye disease, with topline data expected in early 2026.

• Accumulated deficit reached $181.3 million as of June 30, 2025; expects continued losses as R&D activities expand.

Financial highlights

• Net loss of $23.1 million for Q2 2025, compared to $17.5 million in Q2 2024; net loss per share was $0.90 for Q2 2025.

• Operating expenses rose to $26.0 million in Q2 2025 from $22.0 million in Q2 2024, driven by higher R&D and payroll costs.

• Cash, cash equivalents, and investments totaled $256.4 million as of June 30, 2025.

• Net cash used in operating activities was $41.9 million for the first half of 2025, up from $32.9 million in the prior year period.

• No revenue generated; company remains pre-commercial.

Outlook and guidance

• Cash position expected to fund operations into the second half of 2027 based on current operating plan.

• Expects continued increase in R&D and G&A expenses as clinical programs advance and headcount grows.

• Additional TRANQUILITY trial data to be presented at the European Society of Cardiology Congress in August 2025.

• Plans to finance future needs through equity/debt offerings, collaborations, or licensing arrangements.

• Phase 2 proof-of-concept trial in abdominal aortic aneurysm set to begin in H2 2025.