Accessibility StatementSkip Navigation NEW YORK, Sept. 15, 2025 /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Tourmaline Bio, Inc. (NASDAQ: TRML) related to its sale to Novartis AG. Under the terms of ...

Key Takeaways Novartis will acquire Tourmaline Bio for $1.4B, paying $48 per share in cash to shareholders. The deal adds pacibekitug, an anti-IL-6 mAb targeting ASCVD, to Novartis' pipeline,Phase II data showed pacibekitug cut hs-CRP levels by up to 86% with placebo-like safety.Novartis ((NVS) has announced that it will acquire Tourmaline Bio, Inc. ((TRML), a New York-based, publicly traded clinical-stage biopharmaceutical company, for $1.4 billion.The acquisition will add phase III ready candidate pacibek ...

Group 1 - The core point of the article is the investigation by Halper Sadeh LLC regarding the fairness of the sale of Tourmaline Bio, Inc. to Novartis AG for $48.00 per share in cash [1] - The investigation aims to determine whether the transaction is fair to Tourmaline shareholders [1] - Tourmaline shareholders are encouraged to explore their legal rights and options related to the sale [1]

Group 1 - The Ademi Firm is investigating Tourmaline for possible breaches of fiduciary duty and other legal violations related to its transaction with Novartis [1] - Tourmaline shareholders will receive $48.00 per share in cash at closing, amounting to a total equity value of approximately $1.4 billion [1]

Core Viewpoint - Novartis is set to acquire Tourmaline Bio for $48.00 per share, totaling approximately $1.4 billion, reflecting a significant premium over Tourmaline's recent stock prices, indicating strong confidence in Tourmaline's lead asset, pacibekitug, for treating cardiovascular diseases [1][2][3]. Transaction Details - The acquisition will be executed through a tender offer for all outstanding shares of Tourmaline at $48.00 per share in cash, representing a 59% premium to the closing stock price on September 8, 2025, and a 127% premium to the 60-day volume-weighted average stock price [1][3]. - The transaction has received unanimous approval from the Boards of Directors of both Novartis and Tourmaline and is expected to close in the fourth quarter of 2025, pending customary closing conditions [1][4]. Company Insights - Tourmaline Bio is a late-stage clinical biotechnology company focused on developing transformative medicines for inflammatory and immune diseases, with pacibekitug as its lead asset [6][7]. - Pacibekitug is a long-acting, fully-human, anti-IL-6 monoclonal antibody with potential best-in-class properties, having been studied in approximately 450 participants across six clinical trials [5][6]. Strategic Implications - The acquisition aligns with Novartis's commitment to innovation in cardiovascular care, as pacibekitug targets inflammation, a key driver of cardiovascular diseases, and addresses a significant unmet medical need in anti-inflammatory therapies [2][5]. - Novartis aims to leverage Tourmaline's expertise and accelerate the development of pacibekitug, enhancing its portfolio in cardiovascular treatment [2][4].

– Poster presentation highlights the consistency of reductions in high-sensitivity C-reactive protein with pacibekitug across clinically-meaningful subgroups – – Pacibekitug demonstrated concordant, statistically significant reductions in secondary pharmacodynamic biomarkers of IL-6 pathway activity including lipoprotein(a), fibrinogen, and serum amyloid A – NEW YORK, Aug. 31, 2025 (GLOBE NEWSWIRE) -- Tourmaline Bio, Inc. (Tourmaline) (NASDAQ: TRML), a late-stage clinical biotechnology company developing tr ...

Core Viewpoint - Tourmaline Bio, Inc. (TRML) has shown a significant price increase of 20.4% over the past four weeks, with a mean price target of $56.2 indicating a potential upside of 151% from the current trading price of $22.39 [1] Price Targets and Analyst Estimates - The mean estimate consists of 10 short-term price targets with a standard deviation of $10.22, where the lowest estimate of $35.00 suggests a 56.3% increase, and the highest estimate of $70.00 indicates a potential surge of 212.6% [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Earnings Estimates and Analyst Sentiment - Analysts are optimistic about TRML's earnings prospects, as indicated by a strong consensus in revising EPS estimates higher, which has historically correlated with near-term stock price movements [11] - Over the last 30 days, one estimate has increased, leading to a 0.6% rise in the Zacks Consensus Estimate for the current year [12] Zacks Rank and Investment Potential - TRML holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential for upside in the near term [13]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40384 __________________________________________________________ TOURMALINE BIO, ...

[Company Overview and Q2 2025 Highlights](index=1&type=section&id=Company%20Overview%20and%20Q2%202025%20Highlights) The company reported positive Phase 2 trial results for pacibekitug and outlined its future clinical development strategy [Q2 2025 Business Highlights](index=1&type=section&id=Q2%202025%20Business%20Highlights) The company announced positive Phase 2 trial results for pacibekitug and provided an update on its cash runway - Positive topline results from the Phase 2 TRANQUILITY trial of pacibekitug showed **rapid, deep, and durable reductions in high-sensitivity C-reactive protein (hs-CRP)** with quarterly dosing[1](index=1&type=chunk) - Additional data from the TRANQUILITY trial will be presented at the European Society of Cardiology Congress in August 2025[1](index=1&type=chunk) - The company is on track to initiate a Phase 2 proof-of-concept trial in abdominal aortic aneurysm (AAA) in the second half of 2025[4](index=4&type=chunk) - Planning is underway for a Phase 3 cardiovascular outcomes trial in atherosclerotic cardiovascular disease (ASCVD)[4](index=4&type=chunk) Cash Position as of June 30, 2025 | Metric | Amount (Millions USD) | | :----- | :-------------------- | | Cash, cash equivalents, and investments | $256.4 | | Expected cash runway | Into H2 2027 | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted pacibekitug's best-in-class potential following positive Phase 2 data and outlined plans for further development - Q2 2025 was a transformative period for Tourmaline with the first data readout for pacibekitug[2](index=2&type=chunk) - Topline results from the Phase 2 TRANQUILITY trial unlocked **pacibekitug's best-in-class potential** by demonstrating the viability of quarterly subcutaneous administration[2](index=2&type=chunk) - The company plans to advance pacibekitug into the next stage of development within cardiovascular inflammation, including a planned Phase 2 trial in AAA in H2 2025[2](index=2&type=chunk) [Clinical Development Updates](index=1&type=section&id=Clinical%20Development%20Updates) The company provided updates on its cardiovascular inflammation and Thyroid Eye Disease programs for pacibekitug [Cardiovascular Inflammation Program](index=1&type=section&id=Cardiovascular%20Inflammation%20Highlights) The pacibekitug program advanced with positive Phase 2 results and plans for Phase 3 trials in cardiovascular diseases [TRANQUILITY Phase 2 Trial Topline Results](index=1&type=section&id=TRANQUILITY%20Topline%20Results) The Phase 2 trial demonstrated statistically significant hs-CRP reductions with quarterly dosing and a favorable safety profile - Positive topline results from the ongoing Phase 2 TRANQUILITY trial were announced on May 20, 2025[5](index=5&type=chunk) - **Rapid, deep, and durable reductions in hs-CRP** through Day 90 were achieved across all pacibekitug arms with high statistical significance (p<0.0001) compared to placebo[5](index=5&type=chunk) - Pacibekitug is the **first and only IL-6 inhibitor known to demonstrate deep hs-CRP reductions with quarterly dosing** in a clinical trial, achieving >85% reduction from baseline[5](index=5&type=chunk) - The overall incidence rates of adverse events were comparable to placebo[5](index=5&type=chunk)[6](index=6&type=chunk) [Ongoing Development Activities](index=2&type=section&id=Ongoing%20Development%20Activities) The company is progressing with plans for a Phase 3 ASCVD trial and a Phase 2 AAA trial for pacibekitug - The TRANQUILITY trial serves as the starting point for pacibekitug's clinical development program for ASCVD and other inflammation-driven cardiovascular diseases[11](index=11&type=chunk) - Planning for a **Phase 3 cardiovascular outcomes trial in ASCVD** is progressing[11](index=11&type=chunk) - A successful pre-IND interaction with the FDA was completed for a Phase 2 proof-of-concept trial in AAA, with initiation on track for H2 2025[11](index=11&type=chunk) [Presentations and Publications](index=2&type=section&id=Presentations%20and%20Publications) Additional trial data will be presented at an upcoming cardiology congress, and the company contributed to a relevant publication - Additional data from the TRANQUILITY trial will be presented at the **European Society of Cardiology (ESC) Congress** on August 31, 2025[11](index=11&type=chunk) - Company representatives co-authored a review manuscript on IL-6 signaling in cardiovascular disease published in *Circulation: Genomic and Precision Medicine*[11](index=11&type=chunk) [Thyroid Eye Disease (TED) Program](index=2&type=section&id=Thyroid%20Eye%20Disease%20%28TED%29%20Highlights) The Phase 2b spiriTED trial is ongoing with topline data expected in early 2026 - The Phase 2b spiriTED trial for pacibekitug in TED remains ongoing[11](index=11&type=chunk) - **Topline data from the spiriTED trial is expected in early 2026**[11](index=11&type=chunk) - Tourmaline presented a poster on the prevalence of TED in the United States at the ARVO Annual Conference in May 2025[11](index=11&type=chunk) - Future development plans in TED will be determined after a review of the Phase 2b spiriTED trial data[11](index=11&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) The company reported a higher net loss driven by increased operating expenses, while maintaining a cash runway into H2 2027 [Cash Position and Runway](index=2&type=section&id=Cash%20Position) Cash and investments totaled $256.4 million, providing a projected operational runway into the second half of 2027 Cash, Cash Equivalents, and Investments | Metric | June 30, 2025 (Millions USD) | December 31, 2024 (Millions USD) | Change (Millions USD) | | :----- | :--------------------------- | :------------------------------- | :-------------------- | | Cash, cash equivalents, and investments | $256.4 | $294.9 | -$38.5 | - Current cash, cash equivalents, and investments are anticipated to provide a **cash runway into the second half of 2027**[10](index=10&type=chunk)[12](index=12&type=chunk) [Operating Expenses](index=3&type=section&id=Operating%20Expenses) Total operating expenses rose to $26.0 million, primarily due to increased research and development activities Operating Expenses (Three Months Ended June 30) | Expense Category | Q2 2025 (Thousands USD) | Q2 2024 (Thousands USD) | YoY Change (Thousands USD) | YoY Change (%) | | :--------------- | :---------------------- | :---------------------- | :------------------------- | :------------- | | Research and development | $19,634 | $15,734 | $3,900 | 24.8% | | General and administrative | $6,340 | $6,237 | $103 | 1.6% | | **Total operating expenses** | **$25,974** | **$21,971** | **$4,003** | **18.2%** | - The increase in research and development expenses was primarily driven by **increased clinical trial expenses** and employee compensation costs[17](index=17&type=chunk) - The slight increase in general and administrative expenses was primarily driven by increased employee compensation costs[17](index=17&type=chunk) [Net Loss](index=3&type=section&id=Net%20Loss) The net loss for the quarter increased to $23.1 million, or $0.90 per share, reflecting higher operational spending Net Loss (Three Months Ended June 30) | Metric | Q2 2025 (Thousands USD) | Q2 2024 (Thousands USD) | YoY Change (Thousands USD) | YoY Change (%) | | :----- | :---------------------- | :---------------------- | :------------------------- | :------------- | | Net loss | $(23,092)$ | $(17,487)$ | $(5,605)$ | 32.0% | | Net loss per share, basic and diluted | $(0.90)$ | $(0.68)$ | $(0.22)$ | 32.4% | - The increase in net loss was attributable to **increased operating expenses** and the company's overall growth[17](index=17&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%28unaudited%29) The statement details a Q2 2025 net loss of $23.1 million, an increase from $17.5 million in the prior-year period Condensed Consolidated Statements of Operations (Unaudited) | | Three Months Ended June 30, | | Six Months Ended June 30, | | :---------------------------------- | :---------- | :---------- | :---------- | :---------- | | **(amounts in thousands)** | **2025** | **2024** | **2025** | **2024** | | Research and development | $19,634 | $15,734 | $39,892 | $27,110 | | General and administrative | $6,340 | $6,237 | $12,313 | $12,378 | | Total operating expenses | $25,974 | $21,971 | $52,205 | $39,488 | | Loss from operations | $(25,974)$ | $(21,971)$ | $(52,205)$ | $(39,488)$ | | Other income, net | $2,882 | $4,484 | $6,143 | $8,690 | | **Net loss** | **$(23,092)$** | **$(17,487)$** | **$(46,062)$** | **$(30,798)$** | | Net loss per share, basic and diluted | $(0.90)$ | $(0.68)$ | $(1.79)$ | $(1.24)$ | | Weighted-average common shares outstanding, basic and diluted | 25,755 | 25,724 | 25,723 | 24,908 | [Selected Condensed Consolidated Balance Sheet Data](index=5&type=section&id=Selected%20Condensed%20Consolidated%20Balance%20Sheet%20Data%20%28unaudited%29) The balance sheet shows cash and investments of $256.4 million and total assets of $269.3 million as of June 30, 2025 Selected Condensed Consolidated Balance Sheet Data (Unaudited) | | June 30, 2025 (Thousands USD) | December 31, 2024 (Thousands USD) | | :------------------------------ | :------------------------------ | :-------------------------------- | | Cash, cash equivalents and investments | $256,418 | $294,936 | | Working capital | $239,006 | $259,933 | | Total assets | $269,295 | $309,001 | | Total stockholders' equity | $259,192 | $300,052 | [Company and Product Information](index=3&type=section&id=Company%20and%20Product%20Information) This section provides an overview of Tourmaline Bio's mission and its lead asset, pacibekitug [About Tourmaline Bio](index=3&type=section&id=About%20Tourmaline%20Bio) Tourmaline Bio is a late-stage clinical biotechnology company developing medicines for immune and inflammatory diseases - Tourmaline is a **late-stage clinical biotechnology company**[14](index=14&type=chunk) - Its mission is to develop transformative medicines for patients with life-altering immune and inflammatory diseases[14](index=14&type=chunk) - **Pacibekitug** is Tourmaline's lead asset[14](index=14&type=chunk) [About Pacibekitug](index=3&type=section&id=About%20Pacibekitug) Pacibekitug is a long-acting, anti-IL-6 monoclonal antibody being developed for cardiovascular and thyroid eye diseases - Pacibekitug is a long-acting, fully-human, anti-IL-6 monoclonal antibody with **best-in-class potential**[15](index=15&type=chunk) - Differentiated properties include a **naturally long half-life**, low immunogenicity, and high binding affinity to IL-6[15](index=15&type=chunk) - The product has been studied in approximately 450 participants across six completed clinical trials[15](index=15&type=chunk) - Pacibekitug is currently being developed for **atherosclerotic cardiovascular disease (ASCVD) and thyroid eye disease (TED)**, with plans to expand into other diseases[15](index=15&type=chunk) [Legal and Contact Information](index=3&type=section&id=Legal%20and%20Contact%20Information) This section contains the forward-looking statements disclaimer and contact details for inquiries [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This note outlines the risks and uncertainties associated with forward-looking statements in the report - Statements in this press release that do not describe historical facts may constitute forward-looking statements[16](index=16&type=chunk) - These statements involve risks and uncertainties that could cause actual results to differ materially from projections[18](index=18&type=chunk) - Risks include those inherent in therapeutic product development, clinical trial delays, and changes in the regulatory environment[18](index=18&type=chunk) - Tourmaline assumes no obligation to update any forward-looking statements[18](index=18&type=chunk) [Contacts](index=6&type=section&id=Contacts) This section provides contact information for media and investor relations - Media Contact: Sarah Mishek at Scient PR (SMishek@ScientPR.com)[21](index=21&type=chunk) - Investor Contact: Lee M. Stern at Meru Advisors (lstern@meruadvisors.com)[21](index=21&type=chunk)

– Reported positive topline results from the ongoing Phase 2 TRANQUILITY trial of pacibekitug in May 2025, demonstrating rapid, deep, and durable reductions in high-sensitivity C-reactive protein with quarterly dosing – — Additional data from the ongoing Phase 2 TRANQUILITY trial to be presented at the European Society of Cardiology Congress in August 2025 – – Cash, cash equivalents, and investments of $256.4 million as of June 30, 2025, provide expected cash runway into the second half of 2027 – Ongoing De ...