Tourmaline Bio Reports Third Quarter 2024 Financial Results and Recent Business Highlights

Core Insights - Tourmaline Bio, Inc. is progressing towards reporting topline data from its Phase 2 TRANQUILITY trial in the first half of 2025, focusing on cardiovascular inflammation and chronic kidney disease [1][3] - The company has established a Cardiovascular Scientific Advisory Board to guide its cardiovascular program, which is expected to enhance its strategic direction as it prepares for Phase 3 clinical trials [2][3] - Tourmaline's financial position is strong, with cash, cash equivalents, and investments totaling $314.4 million as of September 30, 2024, providing a cash runway into 2027 [5][13] Clinical Developments - The Phase 2 TRANQUILITY trial is evaluating the efficacy of pacibekitug in patients with elevated high-sensitivity C-reactive protein and chronic kidney disease, with topline data expected in early 2025 [3] - The pivotal spiriTED Phase 2b trial is ongoing, with topline data anticipated in the second half of 2025, and a Phase 3 trial for TED is set to begin in late 2024 [4] Financial Performance - For Q3 2024, research and development expenses increased to $19.3 million from $3.8 million in Q3 2023, driven by higher employee compensation and clinical trial costs [6] - General and administrative expenses rose to $5.1 million in Q3 2024 from $2.9 million in Q3 2023, reflecting increased headcount and professional service fees [6] - The net loss for Q3 2024 was $20.2 million, compared to $5.6 million in Q3 2023, with a basic and diluted net loss per share of $0.78 [7][12]