Tourmaline Bio Inc · Q4 2023 earnings

Briefing

Reported financial results for the fourth quarter and year ended December 31, 2023, and outlined recent business highlights.

Tourmaline Bio reported a net loss of $12.9 million for Q4 2023, with cash, cash equivalents, and investments totaling $203.0 million as of December 31, 2023. Research and development expenses were $8.0 million, while general and administrative expenses amounted to $6.9 million for the quarter. The company anticipates its current cash runway will extend into 2027.

• Initiated pivotal spiriTED Phase 2b trial in Thyroid Eye Disease (TED) in 2023 and expanded TED clinical development plan.
• Reached alignment with the U.S. FDA on the clinical development program in Atherosclerotic Cardiovascular Disease (ASCVD) in 2023 and received clearance for Investigational New Drug application (IND) in March 2024.
• Completed reverse merger with Talaris Therapeutics in October 2023, including a concurrent private placement of $75.0 million.
• Completed underwritten follow-on public offering in January 2024, raising gross proceeds of $172.5 million.

Headline financials

Revenue & EPS history

Tourmaline anticipates that its current cash, cash equivalents and investments as of the date hereof, which includes $161.3 million of net proceeds received from the January 2024 underwritten public offering, will provide cash runway into 2027, funding key TOUR006 data readouts in TED and cardiovascular disease and the opportunity to expand development efforts into additional indications.