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Mar 31, 2024
Tourmaline Bio Q1 2024 Earnings Report
Reported financial results for Q1 2024 and outlined recent business highlights.
Key Takeaways
Tourmaline Bio reported a net loss of $13.3 million for the first quarter of 2024, with cash, cash equivalents, and investments totaling $350.3 million, expected to provide cash runway into 2027. The company progressed its TOUR006 clinical programs, including initiating a Phase 2 trial in ASCVD and expanding its Thyroid Eye Disease clinical development plan.
Initiated Phase 2 TRANQUILITY trial in April 2024 for Atherosclerotic Cardiovascular Disease following FDA clearance.
Expanded Thyroid Eye Disease clinical development plan, accelerating the planned initiation of a pivotal Phase 3 trial into 2024.
Completed follow-on public offering in January 2024, raising gross proceeds of $172.5 million.
Ended the quarter with $350.3 million in cash, cash equivalents, and investments, providing cash runway into 2027.
Forward Guidance
Tourmaline Bio anticipates that its current cash, cash equivalents and investments 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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