TRML
Tourmaline Bio, Inc.47.98
+47.98+0%
Oct 27, 4:00:01 PM EDT
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
1.23BP/E (TTM)
-Basic EPS (TTM)
-3.44Dividend Yield
0%Recent Filings
8-K
Tourmaline merges with Novartis
Tourmaline Bio completed its merger with Novartis on October 28, 2025, after a tender offer that secured 92.94% of shares at $48.00 each in cash. The deal triggered a change of control, delisting from Nasdaq, and termination of the $100 million ATM sales agreement. All original directors and executives resigned without disputes; Novartis appointees now lead the surviving subsidiary. Public shareholders cashed out fully.
8-K
Severance plan amended
Tourmaline Bio amended its Executive Severance and Change in Control Plan on September 8, 2025, boosting protections for CFO Ryan Robinson and Chief Business Officer Brad Middlekauff during a potential change in control. They now qualify for 15 months of base salary plus 125% target bonus in a lump sum, COBRA premiums for 15 months, and full vesting acceleration on unvested equity if terminated without cause or for good reason. CEO Sandeep Kulkarni's benefits stayed the same. This tweak signals board caution amid M&A whispers.
8-K
Novartis acquires Tourmaline for $1.4B
Tourmaline Bio inked a merger deal with Novartis on September 8, 2025, setting up a cash tender offer for all shares at $48.00 each, totaling about $1.4 billion in equity value. The offer kicks off no later than September 29, 2025, with closure eyed for Q4 2025 pending majority tender and HSR antitrust clearance. Novartis eyes Tourmaline's pacibekitug to tackle inflammation in cardiovascular diseases. Deal hinges on regulatory nods; termination fees loom if antitrust stalls.
8-K
Pacibekitug Phase 2 success
Tourmaline Bio reported positive Phase 2 TRANQUILITY topline results on May 20, 2025, showing pacibekitug achieved rapid, deep hs-CRP reductions exceeding 85% with quarterly dosing in CKD patients, matching placebo safety. The company plans a Phase 2 AAA trial in H2 2025 and Phase 3 ASCVD outcomes study, while spiriTED TED data arrives early 2026. Cash at $256.4 million funds operations into H2 2027. Yet clinical risks persist.
10-Q
Q2 FY2025 results
Tourmaline Bio's Q2 FY2025 results showed operating expenses climbing 18.2% y/y to $26.0M, driven by higher research and development costs from clinical trial progress in TRANQUILITY and spiriTED programs, while general and administrative held steady at $6.3M. This led to an operating loss of $26.0M, up from $22.0M y/y, with net loss widening to $23.1M from $17.5M due to lower other income of $2.9M versus $4.5M. Cash burn intensified, with operating cash use at $41.9M for the half-year (derived), offset by $42.2M from investing maturities, leaving $256.4M in cash and investments—enough to fund operations into late 2027. No debt burdens or M&A events marked the quarter. Yet competition from established IL-6 inhibitors looms large.
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