Every Form 4 that Tourmaline Bio, Inc. (TRML) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow TRML and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TRML filings page.
Tourmaline Bio (TRML) reported a director’s Form 4 reflecting option dispositions tied to the company’s acquisition by Novartis AG. On October 28, 2025, a cash tender offer closed at $48.00 per share, after which unexercised options were automatically canceled and converted into cash equal to the merger price minus the exercise price, multiplied by the underlying shares.
The filing lists three employee stock option grants canceled for cash settlement: 20,000 shares at $18.55, 15,000 shares at $13.91, and 16,800 shares at $18.73. Following these transactions, the reporting person held 0 derivative securities. This reflects mechanical settlement terms under the merger agreement.
Tourmaline Bio (TRML): Director transaction tied to Novartis tender offer. On October 28, 2025, the reporting director’s 83,782 shares of common stock were disposed in connection with a completed cash tender offer at $48.00 per share.
The filing also reports outstanding employee stock options canceled for cash under the merger terms. Options with exercise prices of $9.46 (10,000 shares), $13.91 (10,000 shares), and $18.73 (16,800 shares) were converted into the right to receive cash equal to the per‑share spread over $48.00, without interest and subject to withholding. Following these transactions, reported beneficial ownership is 0.
Tourmaline Bio (TRML) director reported the tender and disposition of common stock in connection with the Novartis acquisition. On 10/28/2025, 518 shares of common stock were disposed pursuant to the Merger Agreement for $48.00 per share.
All outstanding stock options held by the reporting person were canceled at closing and converted into cash equal to the spread over the merger price, including options for 20,000 shares at $9.46, 10,000 shares at $13.91, and 16,800 shares at $18.73. Following these transactions, the reporting person reported 0 shares and 0 derivative securities beneficially owned.
Tourmaline Bio (TRML): Director Form 4 reflects cash-out from Novartis deal. On 10/28/2025, shares and options reported by a director were disposed of pursuant to a merger following a completed cash tender offer by Novartis AG at $48.00 per share.
The filing shows common stock positions, including indirect holdings by Qiming U.S. Healthcare funds, were tendered for cash at $48.00 per share. Stock options with exercise prices of $9.46 (20,000 options), $13.91 (10,000), and $18.73 (16,800) were canceled and converted into cash equal to the in‑the‑money amount based on the $48.00 merger consideration.
The reporting person’s direct and indirect holdings reported in this filing reflect completion of the transaction mechanics at the stated price.
Tourmaline Bio (TRML) director reports tender offer disposition. On 10/28/2025, a director reported the disposition of 88,281 shares of common stock pursuant to the Novartis transaction, at $48.00 in cash per share as stated in the merger terms. Following the transaction, the filer reported 0 shares beneficially owned.
Per the merger agreement, all outstanding unexercised stock options were canceled for cash equal to the in‑the‑money value. The filing lists two option grants—10,000 shares at a $13.91 exercise price and 16,800 shares at a $18.73 exercise price—both canceled on 10/28/2025 and converted into cash based on the $48.00 merger consideration.
Tourmaline Bio (TRML) director reported insider transactions tied to the Novartis acquisition. On October 28, 2025, shares were disposed pursuant to the Merger Agreement after Merger Sub completed a cash tender offer at $48.00 per share.
The filing shows disposition of 515,997 shares held directly and 431,939 shares held indirectly through KVP Capital, LP. In addition, stock options were canceled for cash per the agreement: 10,000 options at a $9.46 exercise price, 10,000 options at $13.91, and 16,800 options at $18.73. Each option converted into cash equal to $48.00 minus its exercise price, multiplied by the number of underlying shares, subject to tax withholding.
Tourmaline Bio (TRML) reported an insider transaction tied to its merger with Novartis AG. On October 28, 2025, a cash tender offer was completed in which each Tourmaline common share was exchanged for $48.00 in cash per share, as disclosed.
The filing reflects the Chief Regulatory Officer’s equity being settled under the merger terms. Restricted shares vested immediately prior to the effective time and were treated as common shares for the cash consideration. Outstanding, unexercised employee stock options were automatically canceled and converted into a cash right equal to the $48.00 consideration minus the option’s exercise price, multiplied by the number of underlying shares.
Tourmaline Bio (TRML) reported insider transactions tied to its acquisition by Novartis. On October 28, 2025, the CTO’s holdings were cashed out pursuant to the merger. The filing shows a disposition of 19,782 shares and a separate disposition of 3,152 shares, each treated under the merger terms at $48.00 per share.
All outstanding stock options were automatically canceled at closing and converted into cash equal to the spread over the merger price, covering options for 76,219, 46,774, and 58,000 underlying shares at exercise prices of $7.90, $9.46, and $17.00, respectively. Restricted shares became fully vested immediately prior to closing and were treated as common shares under the agreement.
Tourmaline Bio (TRML) reported insider transactions tied to its merger with Novartis. On October 28, 2025, a cash tender offer closed at $48.00 per share, after which all common shares held by the reporting officer were disposed for cash and all stock options were canceled for cash based on their in-the-money value.
The officer tendered 60,988 shares of common stock and an additional 8,213 shares that vested immediately prior to the effective time, each exchanged for $48.00 per share. Three option grants covering 124,991, 46,774, and 58,000 underlying shares, with exercise prices of $7.90, $9.46, and $17.00, were canceled and converted into a cash right equal to the merger price minus the exercise price, multiplied by the underlying shares.
Tourmaline Bio (TRML) — Form 4 reports merger-related transactions. The company’s CFO reported the tender and disposition of 14,366 shares of common stock in connection with the completed cash tender offer by Novartis, receiving $48.00 per share pursuant to the Merger Agreement.
Outstanding employee stock options were automatically canceled at closing and converted to a cash right equal to the difference between $48.00 and the option’s exercise price, multiplied by the underlying shares. Reported option blocks included: 25,845 shares at $13.92, 16,000 shares at $9.46, 76,400 shares at $14.21, and 58,000 shares at $17.00. The tender offer was completed on October 28, 2025 under a Merger Agreement dated September 8, 2025.
Tourmaline Bio (TRML) CEO and director reported insider transactions linked to the company’s acquisition by Novartis AG. On October 28, 2025, shares were tendered for $48.00 per share in cash under the Merger Agreement.
All outstanding stock options held by the insider were canceled at closing and converted into a cash right equal to the Merger Consideration minus the exercise price, multiplied by the underlying shares. This included options with exercise prices of $7.90 (covering 503,478 shares), $9.46 (covering 254,207 shares), and $15.54 (covering 226,000 shares). The filing indicates no derivative securities remained afterward.
Tourmaline Bio (TRML) disclosed a Form 4 showing a director made a charitable gift of company stock. On 10/24/2025, the director donated 5,000 shares of common stock (transaction code G) at $0, classified as a gift to a donor‑advised fund for charitable purposes.
Following the transaction, the director beneficially owns 88,281 shares, held directly.
Tourmaline Bio (TRML) reported an insider transaction by its CFO. On 10/22/2025, the officer exercised employee stock options (code M) at $13.92 per share, acquiring 14,366 shares of common stock. Following the transaction, the officer directly owned 14,366 common shares.
The exercised options were part of a grant that vested 25% on July 5, 2024, with the remainder vesting in 36 equal monthly installments. After this exercise, 25,845 options remained beneficially owned, with an expiration date of 08/14/2033.
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.
Tourmaline Bio (TRML) disclosed an insider ownership update. A company director reported a Code G transaction on 10/15/2025, indicating a distribution of 522 shares of common stock at $0.
Following the transaction, the reporting person directly holds 515,997 shares. An additional 431,939 shares are listed as indirectly held by KVP Capital, LP. Footnotes state this reflects an in-kind distribution by KVP to a limited partner for no consideration and a change in the form of ownership. The reporting person is associated with KVP’s general partner and disclaims beneficial ownership of KVP-held shares except for any pecuniary interest.
Tourmaline Bio (TRML) reported an insider Form 4 showing a charitable gift. The company’s Chief Regulatory Officer donated 6,250 shares of common stock on 10/15/2025 (transaction code G at $0).
Following the transaction, the reporting person beneficially owns 51,584 shares, held directly. The filing notes the shares were donated to a donor-advised fund for charitable purposes.