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NEW YORK - Tourmaline Bio, Inc. (NASDAQ:TRML) reported a wider fourth quarter loss on Wednesday, as the clinical-stage biotech company ramped up spending on research and development. Shares fell 2% following the earnings release.
The company posted a net loss of $22.2 million, or $0.86 per share, in the fourth quarter of 2024, compared to a loss of $12.9 million, or $0.81 per share, in the same period last year.
Research and development expenses more than doubled to $20.5 million in Q4, up from $8.0 million a year ago, as Tourmaline advanced clinical trials for its lead drug candidate pacibekitug in cardiovascular inflammation and thyroid eye disease.
"2024 was an important year of execution as it relates to our clinical development programs," said CEO Sandeep Kulkarni. He added that 2025 will be "potentially transformative" with key data readouts expected.
The company ended 2024 with $294.9 million in cash and investments, which it expects will fund operations into the second half of 2027. This runway covers anticipated data milestones, including topline results from the Phase 2 TRANQUILITY trial in Q2 2025.
Tourmaline over-enrolled the TRANQUILITY study to 143 participants, versus 120 originally planned. The trial is evaluating pacibekitug in patients with elevated inflammation markers and chronic kidney disease.
While spending increased, the company strengthened its cardiovascular scientific advisory board with several high-profile appointments in recent months as it prepares for potential late-stage development.
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