Tourmaline Bio, Inc. (TRML) Financials
Newest figures come from the 10-Q for Q2 FY2025, filed Aug 13, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRML SEC filings page.
This page shows Tourmaline Bio, Inc. (TRML) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Tourmaline Bio, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Tourmaline Bio, Inc. passes 0 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Tourmaline Bio, Inc. reported a net loss of $73.2M while operations used $77.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Tourmaline Bio, Inc.'s EBITDA was -$26.0M in Q2 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.2% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.
Tourmaline Bio, Inc. reported -$23.1M in net income in Q2 2025. This represents a decrease of 32.1% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.
Tourmaline Bio, Inc. earned -$0.90 per diluted share (EPS) in Q2 2025. This represents a decrease of 32.4% from the same quarter a year earlier. Against the prior quarter it is down 1.1%.
Not reported for Q2 2025.
Cash & Balance Sheet
Tourmaline Bio, Inc. recorded an outflow of $20.3M in free cash flow in Q2 2025, representing a cash shortfall after capex. This represents a decrease of 12.6% from the same quarter a year earlier. Against the prior quarter it is up 6.5%.
Tourmaline Bio, Inc. held $31.4M in cash as of Q2 2025; long-term debt is not reported for that period.
Not reported for Q2 2025.
Margins & Returns
Tourmaline Bio, Inc.'s ROE was -8.9% in Q2 2025, measuring profit generated per dollar of shareholder equity. This is down 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.
Not reported for Q2 2025.
Not reported for Q2 2025.
Not reported for Q2 2025.
Capital Allocation
Tourmaline Bio, Inc. invested $19.6M in research and development in Q2 2025. This represents an increase of 24.8% from the same quarter a year earlier. Against the prior quarter it is down 3.1%.
Tourmaline Bio, Inc. repurchased no shares in Q2 2025. Against the prior quarter it is down 100.0%.
Tourmaline Bio, Inc. invested $7K in capex in Q2 2025, funding long-term assets and infrastructure. Against the prior quarter it is down 22.2%.
TRML Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $19.6M+24.8% | $20.3M+78.1% | N/A | $19.3M+413.8% | $15.7M+8.9% | $11.4M+85.4% | N/A | $3.8M-74.9% |
| SG&A Expenses | $6.3M+1.7% | $6.0M-2.7% | N/A | $5.1M+77.3% | $6.2M+224.8% | $6.1M+349.9% | N/A | $2.9M-40.5% |
| Operating Income | -$26.0M-18.2% | -$26.2M-49.7% | N/A | -$24.4M-267.9% | -$22.0M-34.2% | -$17.5M-133.5% | N/A | -$6.6M+66.5% |
| EBITDA | -$26.0M-18.2% | -$26.2M-49.8% | N/A | -$24.4M-268.2% | -$22.0M-34.9% | -$17.5M-147.8% | N/A | -$6.6M+65.8% |
| Interest Expense | N/A | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$23.1M-32.1% | -$23.0M-72.6% | N/A | -$20.2M-260.9% | -$17.5M-8.4% | -$13.3M-77.4% | N/A | -$5.6M+70.6% |
| EPS (Basic) | -$0.90-32.4% | -$0.89-61.8% | -$0.87-154.0% | -$0.78+84.9% | -$0.68+95.8% | -$0.55+93.4% | $1.61+117.9% | -$5.16-12.4% |
| EPS (Diluted) | -$0.90-32.4% | -$0.89-61.8% | -$0.87-154.0% | -$0.78 | -$0.68 | -$0.55 | $1.61+117.9% | -$5.16 |
| Diluted Shares (Avg) | 26M+0.1% | 26M+6.7% | N/A | 26M | 26M | 24M | N/A | 1M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
TRML Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $269.3M-21.9% | $287.5M-20.0% | $309.0M+46.9% | $328.4M+117.4% | $344.8M+116.7% | $359.2M+108.1% | $210.3M+2211.4% | $151.1M-26.9% |
| Current Assets | $249.1M-16.4% | $258.1M-14.0% | $268.8M+28.7% | $293.8M+94.5% | $298.1M+90.9% | $300.1M+77.7% | $208.9M+2412.9% | $151.0M-23.8% |
| Cash & Equivalents | $31.4M-55.2% | $35.3M-64.1% | $30.5M-78.3% | $35.0M-55.1% | $70.1M-19.5% | $98.3M+2112.2% | $140.7M+1604.1% | $78.0M+322.6% |
| Short-Term Investments | $207.8M-5.3% | $214.0M+9.9% | $227.8M+266.1% | $246.9M+208.9% | $219.4M+63.8% | $194.8M+37.6% | $62.2M | $79.9M-54.4% |
| Long-Term Investments | $17.2M-61.7% | $26.0M-54.6% | $36.6M | $32.5M | $44.9M | $57.2M | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Liabilities | $10.1M+55.2% | $7.6M+51.8% | $8.9M+70.4% | $7.4M-96.3% | $6.5M-96.8% | $5.0M-97.5% | $5.3M-81.8% | $198.5M+1599.6% |
| Current Liabilities | $10.1M+58.7% | $7.6M+57.9% | $8.9M+78.1% | $7.3M-10.1% | $6.4M-37.2% | $4.8M-52.6% | $5.0M+267.0% | $8.1M-11.6% |
| Non-Current Liabilities | $8K-94.6% | $13K-93.6% | $40K-84.1% | $95K-100.0% | $148K-99.9% | $203K-99.9% | $251K-99.1% | $190.4M+7487.2% |
| Total Equity | $259.2M-23.4% | $279.9M-21.0% | $300.1M+46.3% | $321.1M+777.3% | $338.3M+895.4% | $354.2M+1419.5% | $205.0M+1139.1% | -$47.4M-124.3% |
| Retained Earnings | -$181.3M-95.3% | -$158.2M-110.0% | -$135.3M-118.0% | -$113.0M+45.9% | -$92.8M+54.0% | -$75.4M+59.8% | -$62.1M-211.4% | -$209.0M-42.9% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
TRML Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.3M-12.5% | -$21.7M-45.3% | -$20.9M-123.3% | -$23.4M-334.5% | -$18.0M-88.7% | -$14.9M-293.6% | -$9.4M-123.1% | -$5.4M+59.8% |
| Depreciation & Amortization | $12K+20.0% | $12K+20.0% | $9K-18.2% | $10K+11.1% | $10K-90.0% | $10K-97.7% | $11K-96.9% | $9K-97.8% |
| Stock-Based Compensation | $2.5M+37.8% | $2.3M+63.8% | N/A | $1.7M+138.1% | $1.8M+330.0% | $1.4M+253.2% | N/A | $706K-76.8% |
| Capital Expenditures | $7K | $9K | $9K+350.0% | $0-100.0% | $0-100.0% | $0-100.0% | $2K-99.9% | $17K-95.0% |
| Free Cash Flow | -$20.3M-12.6% | -$21.7M-45.3% | -$20.9M-123.4% | -$23.4M-333.1% | -$18.0M-88.5% | -$14.9M-291.2% | -$9.4M-124.7% | -$5.4M+60.7% |
| Investing Cash Flow | $16.3M+260.9% | $25.9M+113.7% | $16.4M+320.9% | -$11.7M-68694.1% | -$10.1M-77830.8% | -$188.9M-786854.2% | $3.9M | -$17K-100.3% |
| Financing Cash Flow | $54K | $562K-99.7% | -$3K-100.0% | -$1K+100.0% | $0-100.0% | $161.4M | $68.1M+246.5% | -$3.6M-5063.0% |
| Share Buybacks | $0 | $7K | $3K | $1K | $0 | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TRML Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -8.9%-3.7pp | -8.2%-4.5pp | N/A | -6.3% | -5.2% | -3.8% | N/A | N/A |
| Return on Assets | -8.6%-3.5pp | -8.0%-4.3pp | N/A | -6.1%-2.4pp | -5.1%+5.1pp | -3.7%+0.6pp | N/A | -3.7%+5.5pp |
| Current Ratio | 24.68-22.2x | 33.87-28.3x | 30.18-11.6x | 40.33+21.7x | 46.87+31.5x | 62.17+45.6x | 41.76+35.7x | 18.64-3.0x |
| Debt-to-Equity | 0.040.0x | 0.030.0x | 0.030.0x | 0.02 | 0.02 | 0.01 | 0.03 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tourmaline Bio, Inc. TRML | FY2024 | N/A | -$73.2M | N/A | $1.2B | — |
| Dianthus Therapeutics, Inc. DNTH | FY2025 | $2.0M | -$162.3M | N/A | $4.7B | 55/100 |
| Amylyx Pharmaceuticals, Inc. AMLX | FY2025 | $0 | -$144.7M | N/A | $3.4B | — |
| Zymeworks Inc. ZYME | FY2025 | $106.0M | -$81.1M | -76.6% | $1.9B | 76/100 |
| Intellia Therapeutics, Inc NTLA | FY2025 | $67.7M | -$412.7M | N/A | $1.6B | 65/100 |
| Arcus Biosciences, Inc. RCUS | FY2025 | $247.0M | -$353.0M | N/A | $3.1B | 61/100 |
Where Tourmaline Bio, Inc. Ranks
Frequently Asked Questions
Is Tourmaline Bio, Inc. profitable?
No, Tourmaline Bio, Inc. (TRML) reported a net income of -$73.2M in fiscal year 2024.
What is Tourmaline Bio, Inc.'s EBITDA?
Tourmaline Bio, Inc. (TRML) had EBITDA of -$89.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tourmaline Bio, Inc.'s return on equity (ROE)?
Tourmaline Bio, Inc. (TRML) has a return on equity of -24.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Tourmaline Bio, Inc.'s free cash flow?
Tourmaline Bio, Inc. (TRML) recorded an outflow of $77.3M in free cash flow during fiscal year 2024. This represents a -174.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tourmaline Bio, Inc.'s operating cash flow?
Tourmaline Bio, Inc. (TRML) recorded an outflow of $77.3M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Tourmaline Bio, Inc.'s total assets?
Tourmaline Bio, Inc. (TRML) had $309.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tourmaline Bio, Inc.'s capital expenditures?
Tourmaline Bio, Inc. (TRML) invested $9K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Tourmaline Bio, Inc. spend on research and development?
Tourmaline Bio, Inc. (TRML) invested $67.0M in research and development during fiscal year 2024.
What is Tourmaline Bio, Inc.'s current ratio?
Tourmaline Bio, Inc. (TRML) had a current ratio of 30.18 as of fiscal year 2024, which is generally considered healthy.
What is Tourmaline Bio, Inc.'s debt-to-equity ratio?
Tourmaline Bio, Inc. (TRML) had a debt-to-equity ratio of 0.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tourmaline Bio, Inc.'s return on assets (ROA)?
Tourmaline Bio, Inc. (TRML) had a return on assets of -23.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Tourmaline Bio, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Tourmaline Bio, Inc. (TRML) held $294.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $77.3M over that year. Dividing the one by the other, the reported balance equals about 46 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Tourmaline Bio, Inc.'s Piotroski F-Score?
Tourmaline Bio, Inc. (TRML) has a Piotroski F-Score of 0 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tourmaline Bio, Inc.'s earnings high quality?
Tourmaline Bio, Inc. (TRML) reported a net loss of $73.2M while operations used $77.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.