Tourmaline Bio, Inc. (NASDAQ: TRML) has reported its financial results for the fourth quarter and full year 2023, along with recent business highlights. The company's cash, cash equivalents, and investments were $203.0 million as of December 31, 2023, compared to $8.3 million as of December 31, 2022. This significant increase in the cash position is due to various financing activities, including a private placement and underwritten follow-on public offering, resulting in gross proceeds of $172.5 million.
Research and development expenses for the fourth quarter of 2023 were $8.0 million, compared to $3.8 million for the same period in 2022. For the full year ended December 31, 2023, research and development expenses totaled $32.4 million, up from $17.5 million in the previous year. This increase was primarily driven by higher employee compensation costs due to increased headcount and expenses associated with manufacturing drug substance and product for clinical trials, particularly the spirited trial.
General and administrative expenses also saw a significant rise, reaching $6.9 million for the fourth quarter of 2023, compared to $1.1 million for the same period in 2022. For the full year ended December 31, 2023, these expenses amounted to $13.0 million, up from $2.2 million in the prior year. The surge in general and administrative expenses was attributed to increased headcount-related costs, recruiting and commercial consulting expenses, and professional service fees.
Tourmaline reported a net loss of $12.9 million for the fourth quarter of 2023, compared to a net loss of $4.9 million for the fourth quarter of 2022. For the full year ended December 31, 2023, the net loss was $42.1 million, up from $19.7 million in the previous year. The increase in net loss was primarily due to higher operating expenses and the overall growth of the company in 2023 compared to 2022.
The company's lead asset, Tour006, a long-acting, fully-human, anti-IL-6 monoclonal antibody, is being developed for thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD). The pivotal spirited phase 2b trial in TED is currently enrolling, with topline data expected in the first half of 2025. Additionally, Tourmaline plans to accelerate the initiation of a pivotal phase 3 trial for TED in 2024, with topline data anticipated in 2026. In the ASCVD area, the company plans to commence a phase 2 trial in the first half of 2024, with data expected in the first half of 2025.
Tourmaline's strong financial position, with expected cash runway into 2027, provides funding for key Tour006 data readouts in TED and cardiovascular disease, as well as the opportunity to expand development efforts into additional indications. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $39.95. For the full picture, make sure to review Tourmaline Bio's 8-K report.
