Tourmaline Bio (TRML 3.45%), a clinical-stage biotechnology company focusing on treatments for inflammatory diseases, published its earnings for the second quarter on August 13, 2025. The most notable headline was the positive clinical milestone from its Phase 2 TRANQUILITY trial for its lead candidate, pacibekitug, in cardiovascular inflammation. Tourmaline reported a net loss per share (GAAP) of $0.90. There was no revenue, as expected for a pre-commercial biotech. Operating loss, however, widened compared to the prior year period. Overall, the period reflected solid pipeline momentum but highlighted the intensifying cash requirements as the company ramps into late-stage clinical development.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.90) | $(0.92) | $(0.68) | (32.4%) |
| Research & Development Expense | $19.6 million | $15.7 million | 24.8% | |
| General & Administrative Expense | $6.3 million | $6.2 million | 1.6% | |
| Cash, Cash Equivalents & Investments | $256.4 million (as of June 30, 2025) | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
Tourmaline Bio: Business overview and focus areas
Tourmaline Bio is a biotechnology company developing novel treatments for inflammatory and autoimmune diseases. Its top priority is pacibekitug, an antibody targeting interleukin-6 (IL-6), a protein known to drive inflammation in cardiovascular and autoimmune conditions.
Recently, Tourmaline has concentrated on advancing clinical trials in cardiovascular inflammation and thyroid eye disease. Key factors for success include positive trial results and strategic licensing partnerships. The company is also differentiating its lead therapy with a quarterly dosing schedule, which may improve patient convenience and adoption.
Quarterly developments: Clinical progress, financial drivers, and key milestones
Tourmaline's second quarter was marked by the release of positive topline data from the TRANQUILITY Phase 2 trial for pacibekitug in cardiovascular inflammation. This drug, an anti–IL-6 monoclonal antibody, aims to reduce levels of high-sensitivity C-reactive protein (hs-CRP), a marker of inflammation associated with heart disease and stroke. Data showed the 50 mg quarterly dosing arm achieved over 85% reduction in hs-CRP after just one dose, as reported during the quarter, a result the company highlighted as the first and only IL-6 inhibitor to achieve this effect with quarterly dosing in a clinical trial, as demonstrated by topline results announced during the quarter.
Safety data from the TRANQUILITY trial showed that rates of adverse events and serious adverse events for pacibekitug were similar to placebo through April 23, 2025. This result is important for establishing the foundation for broader development. The company plans to share more TRANQUILITY results at the European Society of Cardiology Congress in August 2025. In parallel, it completed a successful meeting with the U.S. Food and Drug Administration (FDA), which confirmed agreement on trial design in abdominal aortic aneurysm (AAA) and enabled plans for a Phase 2 trial to begin in the second half of 2025.
On the thyroid eye disease (TED) program, Tourmaline continues to enroll patients for its Phase 2b spiriTED trial of pacibekitug as a potential first-line TED treatment. The primary data readout is expected in early 2026, and future development plans will be determined after those results. The company has also maintained scientific visibility through publications and conference presentations, supporting its position in the field.
Research and development spending rose 24.8% to $19.6 million from $15.7 million a year earlier, mainly due to higher costs from the expanded TRANQUILITY and spiriTED clinical trials, and increased investment in toxicology, clinical staffing, and consulting. General and administrative expense increased to $6.3 million. Net loss (GAAP) widened from $17.5 million a year ago to $23.1 million. Other income, which includes returns from investments, dropped to $2.9 million from $4.5 million, and working capital and total equity also declined from December 31, 2024, to June 30, 2025.
Looking ahead: Guidance and investor watch points
As of June 30, 2025, Tourmaline’s cash, cash equivalents, and investments totaled $256.4 million, which is expected to fund operations into the second half of 2027. Management did not provide formal financial or revenue guidance for future quarters or the year, keeping the outlook focused on clinical and regulatory milestones.
What stands out for investors is the upcoming presentation of additional cardiovascular data at a major conference in August 2025 as well as the planned start of a new clinical trial for AAA. Tourmaline Bio does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
