Tourmaline Bio, Inc. reported a net loss of $22.97 million for the first quarter of 2025, a significant increase from the $13.31 million loss recorded in the same period of 2024. The company's total operating expenses rose to $26.23 million, up from $17.52 million year-over-year, primarily driven by increased research and development costs, which surged by $8.88 million to $20.26 million. This increase was largely attributed to higher clinical trial expenses related to ongoing trials for its lead product candidate, pacibekitug, as well as increased payroll-related costs due to a growing workforce.
In terms of financial position, as of March 31, 2025, Tourmaline Bio had cash, cash equivalents, and investments totaling $275.3 million, a decrease from $309 million at the end of 2024. The company’s accumulated deficit also widened to $158.23 million, reflecting its ongoing investment in research and development without generating revenue. The company has not yet commercialized any products and does not expect to generate revenue in the near term.
Strategically, Tourmaline Bio has made significant advancements in its clinical development programs. The company is focused on pacibekitug, a monoclonal antibody targeting interleukin-6, which is currently being evaluated in two pivotal trials: the TRANQUILITY trial for cardiovascular inflammation and the spiriTED trial for thyroid eye disease. The TRANQUILITY trial commenced in April 2024, with topline data expected in the second quarter of 2025. The company has also expanded its focus to include abdominal aortic aneurysm as a potential indication for pacibekitug.
Operationally, the company has seen an increase in its workforce, which has contributed to higher payroll expenses. As of March 31, 2025, Tourmaline Bio had 25.68 million shares outstanding, reflecting a slight increase from the previous quarter. The company continues to explore additional indication opportunities for pacibekitug and is evaluating new in-licensing and acquisition opportunities to enhance its product pipeline. Looking ahead, Tourmaline Bio anticipates that its existing cash resources will be sufficient to fund operations into the second half of 2027, although it will likely need to secure additional capital to support its ongoing clinical trials and operational expenses.
About Tourmaline Bio, Inc.
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