Tourmaline Bio, Inc.

NasdaqGS:TRML Stock Report

Market Cap: US$1.2b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Tourmaline Bio Management

Management criteria checks 3/4

We currently do not have sufficient information about the CEO.

Key information

Sandeep Kulkarni

Chief executive officer

US$848.3k

Total compensation

CEO salary percentage68.97%
CEO tenureno data
CEO ownership2.9%
Management average tenure2yrs
Board average tenure1yr

Recent management updates

Recent updates

Seeking Alpha • Sep 09

Buyout Of Tourmaline By Novartis Primarily On Pacibekitug IL-6 Novel Mode Of Action

Summary Novartis AG is acquiring Tourmaline Bio, Inc. for $1.4B, recognizing the value of TRML's phase 3-ready IL-6 inhibitor, pacibekitug, for cardiovascular diseases. Pacibekitug demonstrated robust, durable hs-CRP reduction in phase 2, with quarterly dosing offering a unique compliance advantage over competitors. The acquisition provides NVS with a pipeline asset targeting ASCVD, CKD, AAA, and TED, expanding its cardiovascular and inflammation portfolio. Key risks include closing conditions for the buyout and unproven efficacy in upcoming phase 3 and expansion studies, but the clinical thesis remains strong. Read the full article on Seeking Alpha
Analysis Article • Aug 03

Tourmaline Bio (NASDAQ:TRML) Is In A Good Position To Deliver On Growth Plans

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
Analysis Article • Apr 19

We're Not Very Worried About Tourmaline Bio's (NASDAQ:TRML) Cash Burn Rate

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Seeking Alpha • Oct 13

Tourmaline Bio: Looking To Go Beyond FcRn Inhibition With IL-6 Targeting

Summary Tourmaline Bio's Pacibekitug shows promise in treating thyroid eye disease, with pivotal phase 2b data expected in 2025 and a phase 3 study starting in 2024. The 7 major thyroid eye disease markets are expected to reach $4.13 billion by 2034. The company is also exploring Pacibekitug for atherosclerotic cardiovascular disease, with phase 2 TRANQUILITY study results anticipated in the first half of 2025. Tourmaline Bio had $333.4 million in cash as of June 30th of 2024; Enough cash on hand to fund its operations into 2027. Read the full article on Seeking Alpha
Seeking Alpha • Mar 22

Tourmaline Bio: Sinking On Rival's Stodgy Data - I'm Slightly Bearish

Summary Tourmaline Bio, Inc.'s share price dropped by 37% after Chugai's Enspryng, an IL-6 blocker, failed to meet expectations in a study on myasthenia gravis. Tourmaline is developing TOUR006, its own IL-6 blocker, for thyroid eye disease and atherosclerotic cardiovascular disease. The company's success is uncertain due to competition in the IL-6 inhibitor market and limited efficacy data for TOUR006. Read the full article on Seeking Alpha
Seeking Alpha • Jan 18

Tourmaline Bio: Time For A Pause

Summary Shares of Tourmaline Bio, Inc. have surged 200% since its public debut in October 2023. The company's main asset, TOUR006, shows potential as a therapy for thyroid eye disease and atherosclerotic cardiovascular disease. Tourmaline is conducting Phase 2 trials for both indications, with competition expected to release Phase 3 data in 2025. Where will the stock go in 2024? A full investment analysis follows in the paragraphs below. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Sandeep Kulkarni's remuneration changed compared to Tourmaline Bio's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2025n/an/a

-US$88m

Mar 31 2025n/an/a

-US$83m

Dec 31 2024US$848kUS$585k

-US$73m

Sep 30 2024n/an/a

-US$64m

Jun 30 2024n/an/a

-US$49m

Mar 31 2024n/an/a

-US$48m

Dec 31 2023US$3mUS$114k

-US$42m

Compensation vs Market: Sandeep's total compensation ($USD848.25K) is below average for companies of similar size in the US market ($USD5.44M).

Compensation vs Earnings: Sandeep's compensation has been consistent with company performance over the past year.

CEO

Sandeep Kulkarni (43 yo)

no data
Tenure
US$848,250
Compensation

Dr. Sandeep C. Kulkarni, M.D. was Chief Operating Officer of Immunovant, Inc. He serves as Co-Founder, CEO and Director at Tourmaline Bio, Inc. From July to October 2018, he served as Vice President, Speci...

Leadership Team

NamePositionTenureCompensationOwnership
Sandeep Kulkarni
Co-Founderno dataUS$848.25k2.93%
$ 36.2m
Ryan Robinson
CFO & Treasurer2yrsUS$1.37m0.056%
$ 689.2k
W. Middlekauff
Chief Business Officerno dataUS$582.25k0.27%
$ 3.3m
Susan Jones
Chief Technology Officerno datano datano data
Kimberly Piorkowski
Vice President of Peopleno datano datano data
Kevin Johnson
Chief Regulatory Officerno dataUS$886.62k0.20%
$ 2.5m
Dora Rau
Senior VP & Head of Qualityno datano datano data
Gerhard Hagn
Chief Commercial Officer2.1yrsno datano data
Emil deGoma
Senior Vice President of Medical Researchno datano datano data
Kristine Erickson
VP & TA Head of Ophthalmology1.8yrsno datano data
John Walsh
VP & Head of Medical Affairsno datano datano data
Famina Hemani
VP & Head of Pharmacovigilanceno datano datano data
2.0yrs
Average Tenure
61yo
Average Age

Experienced Management: TRML's management team is considered experienced (2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Sandeep Kulkarni
Co-Founderno dataUS$848.25k2.93%
$ 36.2m
Mark McDade
Independent Directorno dataUS$152.33k0.0020%
$ 24.9k
Clay Siegall
Independent Chairman1.8yrsUS$230.13k0%
$ 0
Caley Castelein
Independent Directorno dataUS$154.33k3.67%
$ 45.5m
Sapna Srivastava
Independent Directorno dataUS$157.83k0.0020%
$ 24.9k
Deepak Bhatt
Chairman of Cardiovascular Scientific Advisory Boardless than a yearno datano data
Aaron Kantoff
Independent Directorno dataUS$154.83k0.34%
$ 4.2m
Michael Szarek
Member of Cardiovascular Scientific Advisory Board1yrno datano data
Parvinder Thiara
Independent Directorno dataUS$145.38k0.32%
$ 4.0m
Joshua Beckman
Member of Cardiovascular Scientific Advisory Board1yrno datano data
Marc Bonaca
Member of Cardiovascular Scientific Advisory Board1yrno datano data
Robin Choudhury
Member of Cardiovascular Scientific Advisory Board1yrno datano data
1.0yrs
Average Tenure
54yo
Average Age

Experienced Board: TRML's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/29 21:25
End of Day Share Price 2025/10/27 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Tourmaline Bio, Inc. is covered by 1 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Roger SongJefferies LLC