Tourmaline Bio Q2 2024 Financial Results and Business Highlights

Tourmaline Bio, Inc., a late-stage clinical biotechnology company focusing on transformative treatments for serious immune and inflammatory diseases, has announced its financial results for the second quarter of 2024 and highlighted significant business achievements.

In May 2024, Tourmaline dosed the first patient in the Phase 2 TRANQUILITY trial, which evaluates pacibekitug (TOUR006) for cardiovascular diseases. This marks an essential step in the clinical development of pacibekitug, supported by various studies indicating the potential benefits of IL-6 inhibition for patients with cardiovascular diseases. Sandeep Kulkarni, MD, Co-Founder and CEO of Tourmaline, emphasized the importance of this milestone, noting that it complements ongoing clinical efforts in Thyroid Eye Disease (TED) and represents a significant opportunity for value creation as critical data readouts approach in 2025.

Clinical advancements continue with the spiriTED Phase 2b trial in TED, which is currently enrolling and expected to yield topline data in 2025. Tourmaline is also preparing to start a pivotal Phase 3 trial in the latter half of 2024, testing pacibekitug as a first-line treatment for TED, with results anticipated in 2026.

The TRANQUILITY trial, initiated in May 2024, is exploring both quarterly and monthly subcutaneous dosing of pacibekitug in patients with elevated high-sensitivity C-reactive protein (hs-CRP) and chronic kidney disease (CKD). Data from this trial are expected in the first half of 2025, potentially setting the stage for a Phase 3-ready status for pacibekitug in cardiovascular diseases by 2025.

In corporate updates, Ryan Robinson, CPA, was promoted to Chief Financial Officer and Treasurer in June 2024, having previously served as Vice President, Finance and Controller, and as Interim Chief Financial Officer since October 2023. Additionally, Tourmaline was added to the Russell 2000® and the broader Russell 3000® Indexes in June 2024.

Financially, Tourmaline's cash, cash equivalents, and investments stood at $334.4 million as of June 30, 2024, up from $203.0 million at the end of 2023. The company anticipates that its current financial resources will support its operations into 2027, covering key pacibekitug data readouts in TED and cardiovascular diseases and possibly expanding into additional indications.

Operating expenses for the second quarter of 2024 were $21.9 million, compared to $16.3 million for the same period in 2023. This rise in expenses is primarily due to increased research and development costs, driven by a higher headcount and expenses related to the spiriTED and TRANQUILITY trials. General and administrative expenses also saw an increase, reaching $6.2 million in 2024 from $1.9 million in 2023, mainly due to higher employee compensation and consulting expenses.

Tourmaline reported a net loss of $17.5 million for the second quarter of 2024, compared to $16.1 million in the same period of 2023. The increase in net loss was offset by the growth of Tourmaline throughout 2023 and into 2024, alongside the issuance of additional shares of common stock.

Tourmaline Bio continues to develop pacibekitug (TOUR006), a long-acting, fully-human, anti-IL-6 monoclonal antibody. With its naturally extended half-life, low immunogenicity, and high binding affinity to IL-6, pacibekitug shows significant promise in treating autoimmune disorders. It has been studied in 448 participants across six completed clinical trials, with current development focused on TED and atherosclerotic cardiovascular disease (ASCVD), among other potential indications.

Tourmaline's strategic focus and robust financial position underscore its commitment to advancing transformative medicines that significantly improve patient outcomes in immune and inflammatory diseases.