Company research
Tourmaline Bio, Inc.
CIK 1827506Updated Oct 6, 2026
Securities
Historical securities (1)
TRML · NASDAQ · equity · closed Oct 28, 2025Name history
Talaris Therapeutics, Inc. · through Oct 18, 2023
TRML price & chart
Historical security
This listing closed Oct 28, 2025. Live provider charts are shown only for current listings.
About the company
Tourmaline is a late-stage clinical biotechnology company driven by its mission to develop transformative medicines that establish new standards of care for patients with life-altering inflammatory and immune diseases. Tourmaline’s lead asset is pacibekitug. For more information about Tourmaline and pacibekitug, please visit https://www.tourmalinebio.com or follow us on LinkedIn, X or Bluesky.
In the news
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Recent filings
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Financials
FY 2024 · USDSource
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balance sheet · annual statements
| Line item | Q3 2024 | Q3 2023 | Q2 2025 | Q2 2024 | Q2 2023 | Q1 2025 | Q1 2024 | Q1 2023 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 328,447,000Source | 151,061,000Source | 269,295,000Source | 344,791,000Source | 159,121,000Source | 287,498,000Source | 359,169,000Source | 172,607,000Source | 309,001,000Source | 210,295,000Source | 193,715,000Source | 251,422,000Source |
| Property, Plant and Equipment, NetUSD | 55,000Source | 0Source | 47,000Source | 65,000Source | 226,000Source | 59,000Source | 75,000Source | 2,584,000Source | 55,000Source | 85,000Source | 5,348,000Source | 4,804,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 35,008,000Source | 78,043,000Source | 31,423,000Source | 70,148,000Source | 87,090,000Source | 35,330,000Source | 98,286,000Source | 4,443,000Source | 30,506,000Source | 140,726,000Source | 13,670,000Source | 18,614,000Source |
| Assets, CurrentUSD | 293,785,000Source | 151,047,000Source | 249,101,000Source | 298,127,000Source | 156,207,000Source | 258,144,000Source | 300,099,000Source | 168,860,000Source | 268,842,000Source | 208,874,000Source | 185,613,000Source | 246,514,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | 11,861,000Source | 4,023,000Source | 9,867,000Source | 8,594,000Source | 3,955,000Source | 8,838,000Source | 7,040,000Source | 3,047,000Source | 10,539,000Source | 5,923,000Source | 4,331,000Source | 2,543,000Source |
| Operating Lease, Right-of-Use AssetUSD | 252,000Source | 0Source | 127,000Source | 290,000Source | 827,000Source | 170,000Source | 327,000Source | 1,052,000Source | 212,000Source | 362,000Source | 2,643,000Source | — |
| Other Assets, NoncurrentUSD | 1,661,000Source | 0Source | 2,609,000Source | 1,204,000Source | 111,000Source | 2,898,000Source | 1,204,000Source | 111,000Source | 3,032,000Source | 747,000Source | 111,000Source | 104,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 7,379,000Source | 8,187,000Source | 10,103,000Source | 6,509,000Source | 10,689,000Source | 7,635,000Source | 5,030,000Source | 10,876,000Source | 8,949,000Source | 5,253,000Source | 13,660,000Source | 8,613,000Source |
| Stockholders’ equity: | ||||||||||||
| Preferred Stock, Value, IssuedUSD | 0Source | — | 0Source | 0Source | — | 0Source | 0Source | — | 0Source | 0Source | — | — |
| Common Stock, Value, IssuedUSD | 3,000Source | 0Source | 3,000Source | 3,000Source | 4,000Source | 3,000Source | 3,000Source | 4,000Source | 3,000Source | 2,000Source | 4,000Source | 4,000Source |
| Additional Paid in CapitalUSD | 433,270,000Source | — | 440,391,000Source | 431,580,000Source | — | 437,864,000Source | 429,751,000Source | — | 435,014,000Source | 267,024,000Source | — | — |
| Retained Earnings (Accumulated Deficit)USD | -113,026,000Source | -208,991,000Source | -181,323,000Source | -92,849,000Source | -201,976,000Source | -158,231,000Source | -75,362,000Source | -187,238,000Source | -135,261,000Source | -62,051,000Source | -164,741,000Source | -90,847,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | 821,000Source | -115,000Source | 121,000Source | -452,000Source | -214,000Source | 227,000Source | -253,000Source | -299,000Source | 296,000Source | 67,000Source | -721,000Source | -78,000Source |
| Stockholders' Equity Attributable to ParentUSD | 321,068,000Source | -47,407,000Source | 259,192,000Source | 338,282,000Source | -42,529,000Source | 279,863,000Source | 354,139,000Source | -26,841,000Source | 300,052,000Source | 205,042,000Source | 180,055,000Source | 242,809,000Source |
| Additional Paid in Capital, Common StockUSD | — | 351,980,000Source | — | — | 350,618,000Source | — | — | 349,264,000Source | — | — | 345,513,000Source | 333,730,000Source |
| Liabilities and EquityUSD | 328,447,000Source | 151,061,000Source | 269,295,000Source | 344,791,000Source | 159,121,000Source | 287,498,000Source | 359,169,000Source | 172,607,000Source | 309,001,000Source | 210,295,000Source | 193,715,000Source | 251,422,000Source |
| Current liabilities: | ||||||||||||
| Liabilities, CurrentUSD | 7,284,000Source | 8,105,000Source | 10,095,000Source | 6,361,000Source | 10,134,000Source | 7,622,000Source | 4,827,000Source | 10,179,000Source | 8,909,000Source | 5,002,000Source | 11,462,000Source | 7,987,000Source |
| Operating Lease, Liability, CurrentUSD | 226,000Source | 634,000Source | 145,000Source | 224,000Source | 601,000Source | 196,000Source | 223,000Source | 751,000Source | 227,000Source | 221,000Source | 910,000Source | — |
| Accounts Payable, CurrentUSD | 2,054,000Source | 136,000Source | 3,170,000Source | 2,387,000Source | 2,934,000Source | 2,235,000Source | 1,936,000Source | 3,384,000Source | 3,583,000Source | 1,071,000Source | 3,887,000Source | 2,556,000Source |
| Operating Lease, Liability, NoncurrentUSD | 64,000Source | 0Source | 0Source | 109,000Source | 425,000Source | 0Source | 153,000Source | 521,000Source | 17,000Source | 194,000Source | 1,974,000Source | — |
| Other Liabilities, NoncurrentUSD | 31,000Source | 0Source | 8,000Source | 39,000Source | 11,000Source | 13,000Source | 50,000Source | 14,000Source | 23,000Source | 57,000Source | 16,000Source | 33,000Source |
| Additional Financial Items | ||||||||||||
| Accrued Liabilities, CurrentUSD | 5,004,000Source | 7,288,000Source | 6,780,000Source | 3,750,000Source | 6,349,000Source | 5,191,000Source | 2,668,000Source | 6,044,000Source | 5,099,000Source | 3,710,000Source | 6,665,000Source | 5,431,000Source |
| Cash, Cash Equivalents, and Short-term InvestmentsUSD | 265,753,000Source | — | 231,700,000Source | 230,367,000Source | — | 242,903,000Source | 215,053,000Source | — | 251,121,000Source | 203,000,000Source | — | — |
| Deferred Tax Liabilities, NetUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | — | — |
| Goodwill | — | —Source | — | — | — | — | — | — | — | — | — | — |
| Intangible Assets, Net (Excluding Goodwill) | — | —Source | — | — | — | — | — | — | — | — | — | — |
cash flow · annual statements
| Line item | Q4 2024 | Q4 2023 | Q3 2024 | Q3 2023 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | -7,015,000Source | — | — | — | — | — | — | -73,894,000Source | -47,833,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation, Depletion and AmortizationUSD | — | — | — | — | — | — | — | — | — | — | 1,383,000Source | 623,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | — | — | 2,273,000Source | 1,388,000Source | 6,593,000Source | 5,769,000Source | 11,156,000Source | 3,778,000Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in Accounts PayableUSD | — | — | — | — | — | — | -1,349,000Source | 866,000Source | 2,437,000Source | -44,000Source | 1,664,000Source | 1,323,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | -21,679,000Source | -14,923,000Source | -77,263,000Source | -28,081,000Source | -60,857,000Source | -39,988,000Source |
| Cash flows from investing activities: | ||||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | 25,941,000Source | -188,869,000Source | -194,305,000Source | 3,840,000Source | 55,671,000Source | -96,387,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | — | — | 9,000Source | 0Source | 9,000Source | 56,000Source | 3,043,000Source | 2,437,000Source |
| Cash flows from financing activities: | ||||||||||||
| Payments for Repurchase of Common StockUSD | — | — | — | — | — | — | 7,000Source | 0Source | 4,000Source | — | — | — |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | 562,000Source | 161,352,000Source | 161,348,000Source | 156,720,000Source | 242,000Source | 137,400,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | 4,824,000Source | -42,440,000Source | -110,220,000Source | 132,479,000Source | -4,944,000Source | 1,025,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 35,235,000Source | 78,270,000Source | 31,650,000Source | 70,375,000Source | 35,557,000Source | 98,513,000Source | 30,733,000Source | 140,953,000Source | — | — |
| Additional Financial Items | ||||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | 1,681,000Source | 2,900,000Source | 2,466,000Source | 1,789,000Source | 2,273,000Source | 1,388,000Source | 6,593,000Source | 5,769,000Source | 11,156,000Source | 3,778,000Source |
| Cash, Cash Equivalents, and Short-term InvestmentsUSD | — | — | 265,753,000Source | — | 231,700,000Source | 230,367,000Source | 242,903,000Source | 215,053,000Source | 251,121,000Source | 203,000,000Source | — | — |
| DepreciationUSD | — | — | — | — | — | — | 12,000Source | 10,000Source | 39,000Source | 33,000Source | 1,400,000Source | 600,000Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | — | — | — | — | — | — | — | — | — | — | — | 33,000Source |
| General and Administrative ExpenseUSD | — | — | 5,108,000Source | 2,881,000Source | 6,340,000Source | 6,237,000Source | 5,973,000Source | 6,141,000Source | 22,747,000Source | 13,041,000Source | 19,472,000Source | 13,262,000Source |
| Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| InterestExpenseNonoperatingUSD | — | — | — | — | — | — | 0Source | 0Source | 0Source | — | — | — |
| Marketable Securities, Unrealized Gain (Loss)USD | — | — | — | 99,000Source | — | — | — | — | — | — | -643,000Source | -65,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -20,177,000Source | -5,591,000Source | -23,092,000Source | -17,487,000Source | -22,970,000Source | -13,311,000Source | -73,210,000Source | -42,124,000Source | -73,894,000Source | -47,833,000Source |
| Operating ExpensesUSD | — | — | 24,438,000Source | 6,643,000Source | 25,974,000Source | 21,971,000Source | 26,231,000Source | 17,517,000Source | 89,732,000Source | 45,409,000Source | 76,477,000Source | 47,507,000Source |
| Operating Lease, ExpenseUSD | — | — | — | 200,000Source | — | — | — | — | — | — | 1,000,000Source | 700,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 4,261,000Source | 1,052,000Source | 2,882,000Source | 4,484,000Source | 3,261,000Source | 4,206,000Source | 16,522,000Source | 3,285,000Source | — | — |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | — | — | — | — | — | 139,523,000Source |
| Proceeds from Stock Options ExercisedUSD | — | — | — | — | — | — | 569,000Source | 0Source | 0Source | 144,000Source | 108,000Source | 317,000Source |
| Realized Investment Gains (Losses)USD | — | — | — | — | — | — | 0Source | 54,000Source | 87,000Source | 17,000Source | — | — |
| Gain (Loss) on Disposition of Assets | — | — | — | — | — | — | — | — | — | — | — | — |
| Goodwill | — | — | — | —Source | — | — | — | — | — | — | — | — |
| Unrealized Gain (Loss) on Investments | — | — | — | — | —Source | — | —Source | — | — | — | — | — |
income statement · annual statements
| Line item | Q4 2024 | Q4 2023 | Q3 2024 | Q3 2023 | Q2 2025 | Q2 2024 | Q1 2025 | Q1 2024 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income (Loss)USD | — | — | -24,438,000Source | -6,643,000Source | -25,974,000Source | -21,971,000Source | -26,231,000Source | -17,517,000Source | -89,732,000Source | -45,409,000Source | -76,477,000Source | -47,507,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 4,261,000Source | 1,052,000Source | 2,882,000Source | 4,484,000Source | 3,261,000Source | 4,206,000Source | 16,522,000Source | 3,285,000Source | — | — |
| Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -20,177,000Source | -5,591,000Source | -23,092,000Source | -17,487,000Source | -22,970,000Source | -13,311,000Source | -73,210,000Source | -42,124,000Source | -73,894,000Source | -47,833,000Source |
| Earnings Per Share, BasicUSD per share | — | — | -0.78Source | -5.16Source | -0.9Source | -0.68Source | -0.89Source | -0.55Source | -2.89Source | -8.87Source | -1.79Source | — |
| Earnings Per Share, DilutedUSD per share | — | — | -0.78Source | -5.16Source | -0.9Source | -0.68Source | -0.89Source | -0.55Source | -2.89Source | -8.87Source | -1.79Source | — |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 25,767,000Source | 1,084,000Source | 25,755,000Source | 25,724,000Source | 25,692,000Source | 24,082,000Source | 25,348,000Source | 4,747,000Source | 41,248,392Source | — |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 25,767,000Source | 1,084,000Source | 25,755,000Source | 25,724,000Source | 25,692,000Source | 24,082,000Source | 25,348,000Source | 4,747,000Source | 41,248,392Source | — |
| Interest Expense (non-operating)USD | — | — | — | — | — | — | 0Source | 0Source | 0Source | — | — | — |
| Additional Financial Items | ||||||||||||
| General and Administrative ExpenseUSD | — | — | 5,108,000Source | 2,881,000Source | 6,340,000Source | 6,237,000Source | 5,973,000Source | 6,141,000Source | 22,747,000Source | 13,041,000Source | 19,472,000Source | 13,262,000Source |
| Interest Income (Expense), Nonoperating, NetUSD | — | — | — | 1,917,000Source | 1,500,000Source | 1,200,000Source | 1,700,000Source | 1,400,000Source | 5,700,000Source | — | 2,583,000Source | -326,000Source |
| Operating ExpensesUSD | — | — | 24,438,000Source | 6,643,000Source | 25,974,000Source | 21,971,000Source | 26,231,000Source | 17,517,000Source | 89,732,000Source | 45,409,000Source | 76,477,000Source | 47,507,000Source |
| Operating Lease, ExpenseUSD | — | — | — | 200,000Source | — | — | — | — | — | — | 1,000,000Source | 700,000Source |
| Realized Investment Gains (Losses)USD | — | — | — | — | — | — | 0Source | 54,000Source | 87,000Source | 17,000Source | — | — |
| Research and Development ExpenseUSD | — | — | 19,330,000Source | 3,762,000Source | 19,634,000Source | 15,734,000Source | 20,258,000Source | 11,376,000Source | 66,985,000Source | 32,368,000Source | 57,005,000Source | 34,245,000Source |
Filing attachments
d80074dex991.htm · 8-K · 2025-09-09
EX-99.1 3 d80074dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Tourmaline Bio Enters into Agreement to be Acquired by Novartis AG - Novartis to acquire Tourmaline Bio for $48.00 per share in cash for a total equity value of approximately $1.4 billion - - Transaction reflects the potential of Tourmaline’s pacibekitug, a long-acting, fully-human, anti-IL-6 monoclonal antibody with best-in-class potential, for the treatment of cardiovascular diseases - - Transaction is expected to be completed in…
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