Tourmaline Bio (TRML) Q3 2024 earnings summary

Executive summary

• Focused on developing pacibekitug (TOUR006), a long-acting anti-IL-6 antibody for immune and inflammatory diseases, with lead indications in thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD).

• Ongoing pivotal Phase 2b trial in TED (spiriTED) with topline data expected in H2 2025; Phase 3 trial to start in H2 2024.

• Initiated Phase 2 TRANQUILITY trial in ASCVD in April 2024; topline data expected H1 2025.

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

Financial highlights

• Cash, cash equivalents, and investments totaled $314.4 million as of September 30, 2024.

• Net loss of $20.2 million for Q3 2024, compared to $5.6 million in Q3 2023; net loss of $51.0 million for the nine months ended September 30, 2024, up from $29.2 million year-over-year.

• Operating expenses rose to $24.4 million in Q3 2024 (from $6.6 million in Q3 2023), driven by increased R&D and G&A costs.

• Other income, net, increased to $4.3 million in Q3 2024, primarily from higher investment and interest income.

• Net cash used in operating activities was $56.4 million for the nine months ended September 30, 2024.

Outlook and guidance

• Current cash position expected to fund operations into 2027 based on current operating plan.

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

• Expects to report key clinical trial data for TED and ASCVD programs in 2025.