TRML insider acquires 25,316 shares via option exercise

Rhea-AI Filing Summary

Tourmaline Bio (TRML) reported an insider transaction by its CEO and director. On 10/22/2025, the reporting person exercised employee stock options (transaction code M) at $7.90 per share for 25,316 underlying shares and acquired 25,316 shares of common stock.

After the transaction, the reporting person beneficially owned 755,051 shares directly and 7,000 shares indirectly held by Gilead Capital, LP. Derivative securities beneficially owned following the transaction totaled 503,478 options. The reported option expires on 06/17/2033 and vested 25% on 06/14/2024, with the remainder vesting in 36 equal monthly installments, subject to continued service.

Insider Trade Summary

25,316 shares exercised/converted

Mixed 3 txns

Insider Kulkarni Sandeep Chidambar

Role CEO

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	25,316	$0.00	--
Exercise	Common Stock	25,316	$7.90	$200K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 503,478 shares (Direct); Common Stock — 755,051 shares (Direct); Common Stock — 7,000 shares (Indirect, By Gilead Capital, LP)

Footnotes (1)

1. These shares are held by Gilead Capital, LP ("Gilead"). The Reporting Person's spouse is a partner of Gilead and shares voting and investment power with respect to the shares held by Gilead, and therefore the Reporting Person may be deemed an indirect beneficial owner of these shares. This report is not an admission that the Reporting Person is an indirect beneficial owner of these shares for purposes of Section 16 or for any other purpose. The shares subject to the option vested as to 25% of the shares on June 14, 2024 with the remainder vesting in the following 36 equal monthly installments, subject to the Reporting Person's continued service on each such vesting date.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/24/2025 - 05:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kulkarni Sandeep Chidambar

(Last) (First) (Middle)

C/O TOURMALINE BIO, INC.

27 WEST 24TH STREET, SUITE 702

(Street)

NEW YORK NY 10010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Tourmaline Bio, Inc. [ TRML ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/22/2025		M		25,316	A	$7.9	755,051	D
Common Stock								7,000	I	By Gilead Capital, LP(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$7.9	10/22/2025		M			25,316	(2)	06/17/2033	Common Stock	25,316	$0	503,478	D

Explanation of Responses:

1. These shares are held by Gilead Capital, LP ("Gilead"). The Reporting Person's spouse is a partner of Gilead and shares voting and investment power with respect to the shares held by Gilead, and therefore the Reporting Person may be deemed an indirect beneficial owner of these shares. This report is not an admission that the Reporting Person is an indirect beneficial owner of these shares for purposes of Section 16 or for any other purpose.

2. The shares subject to the option vested as to 25% of the shares on June 14, 2024 with the remainder vesting in the following 36 equal monthly installments, subject to the Reporting Person's continued service on each such vesting date.

	/s/ Brad Middlekauff, Attorney-in-Fact	10/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.