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Jun 30, 2025
Tourmaline Bio Q2 2025 Earnings Report
Tourmaline Bio reported a higher net loss in Q2 2025 as operating expenses rose to support clinical development, while maintaining strong liquidity.
Key Takeaways
Tourmaline Bio's Q2 2025 was marked by the successful topline results of the TRANQUILITY trial and a widening net loss driven by increased R&D investment. The company remains well-capitalized to advance its pipeline through 2027.
Tourmaline reported a net loss of $23.1 million in Q2 2025, up from $17.5 million in Q2 2024.
R&D expenses increased to $19.6 million due to ongoing TRANQUILITY and spiriTED trials.
Cash, cash equivalents, and investments totaled $256.4 million, supporting runway into 2H 2027.
Other income, net, decreased to $2.9 million from $4.5 million in Q2 2024.
Forward Guidance
Tourmaline anticipates advancing pacibekitug development across multiple indications with data readouts and trial initiations planned for H2 2025 and 2026, supported by strong financial resources.
Positive Outlook
- Topline TRANQUILITY results showed >85% hs-CRP reduction with quarterly dosing.
- Phase 2 AAA proof-of-concept trial expected to start in H2 2025.
- Pacibekitug is first IL-6 inhibitor to demonstrate deep CRP reduction on quarterly dosing.
- Ongoing Phase 2b spiriTED trial for TED with data expected in early 2026.
- Cash runway extends into 2H 2027, supporting near- and mid-term pipeline goals.
Challenges Ahead
- Net loss widened due to increased R&D expenses.
- G&A costs continue to rise with company expansion.
- Decrease in other income impacts overall bottom line.
- No revenue-generating products to offset R&D burn.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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