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Tourmaline Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $19.3 million, an increase from $3.8 million in the same quarter the previous year. This increase is attributed to higher clinical trial expenses and employee compensation costs.
General and administrative expenses for the quarter were $5.1 million, up from $2.9 million in the previous year, primarily due to increased employee costs and insurance expenses.
The company reported a net loss of $20.2 million for the quarter, compared to a net loss of $5.6 million in the previous year, reflecting increased operating expenses.
Tourmaline had cash, cash equivalents, and investments totaling $314.4 million as of September 30, 2024. The company expects these funds to support its operations into 2027.
Tourmaline is focused on developing pacibekitug (TOUR006), a monoclonal antibody targeting interleukin-6 for immune and inflammatory diseases. The company is conducting a Phase 2b trial in thyroid eye disease and a Phase 2 trial in atherosclerotic cardiovascular disease.
The company highlights risks related to its dependence on third-party manufacturers and the need for additional capital to fund operations. Tourmaline acknowledges the potential impact of evolving healthcare regulations and market competition on its business strategy.
Tourmaline's management identified material weaknesses in internal controls over financial reporting, primarily due to limited staffing and reliance on outsourced service providers. The company is implementing measures to address these issues.
The filing also details various legal proceedings and regulatory matters, including compliance with healthcare laws and potential liabilities related to product development and commercialization.
Tourmaline does not anticipate paying cash dividends in the foreseeable future, focusing instead on reinvesting in its development programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tourmaline Bio Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.