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Tourmaline Bio Inc. (TRML+4.98%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $73.2 million for the year, compared to a net loss of $42.1 million in the previous year. This increase in net loss was primarily due to higher research and development expenses.
Research and development expenses rose to $67.0 million from $32.4 million in the prior year, largely driven by increased clinical trial activities and manufacturing costs for pacibekitug.
General and administrative expenses also increased to $22.7 million from $13.0 million, reflecting higher personnel costs and expenses related to being a public company.
Tourmaline Bio completed a public offering in January 2024, raising net proceeds of $161.4 million, which contributed to its cash, cash equivalents, and investments totaling $294.9 million as of December 31, 2024.
The company remains focused on the development of pacibekitug, a monoclonal antibody targeting interleukin-6, with ongoing clinical trials in atherosclerotic cardiovascular disease and thyroid eye disease.
Tourmaline Bio anticipates reporting topline data from its Phase 2 TRANQUILITY trial in the second quarter of 2025 and from its spiriTED trial in the second half of 2025.
The company has not generated any revenue from product sales and expects to continue incurring significant expenses as it advances its clinical 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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.