Vault-13

TOURMALINE BIO INC TRML

COM · Common Stock · CUSIP 89157D105

0 institutional holders -134 vs Q3 2025
—reported value*
0 new 0 added 0 reduced 129 sold out net sold ≈ $996.4m (-20.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q4 23: 55Q1 24: 97Q2 24: 85Q3 24: 92Q4 24: 103Q1 25: 109Q2 25: 111Q3 25: 134Q4 25: 00Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q4 202355
Q1 202497
Q2 202485
Q3 202492
Q4 2024103
Q1 2025109
Q2 2025111
Q3 2025134
Q4 20250

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 24: 76 bought or addedQ1 24: 20 cut or sold outQ2 24: 56 bought or addedQ2 24: 45 cut or sold outQ2 24Q3 24: 43 bought or addedQ3 24: 41 cut or sold outQ4 24: 58 bought or addedQ4 24: 35 cut or sold outQ4 24Q1 25: 51 bought or addedQ1 25: 42 cut or sold outQ2 25: 54 bought or addedQ2 25: 48 cut or sold outQ2 25Q3 25: 73 bought or addedQ3 25: 71 cut or sold outQ4 25: 0 bought or addedQ4 25: 129 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20247620
Q2 20245645
Q3 20244341
Q4 20245835
Q1 20255142
Q2 20255448
Q3 20257371
Q4 20250129

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3m$4mQ1 25 calls: $3.1mQ1 25 puts: $92.7kQ1 25P/C 0.03Q2 25 calls: $4.6kQ2 25 puts: $1.0kQ2 25P/C 0.22Q3 25 calls: $1.6mQ3 25 puts: $4.0mQ3 25P/C 2.44Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$3.1m$92.7k0.03
Q2 2025$4.6k$1.0k0.22
Q3 2025$1.6m$4.0m2.44
Q4 2025$0$0—

Biggest buyers

None

Biggest sellers

Avoro Capital Advisors LLC Sold out -2,555,555-2.6m
QVT Financial LP Sold out -2,154,653-2.2m
BlackRock, Inc. Sold out -1,517,777-1.5m
TCG Crossover Management, LLC Sold out -1,311,783-1.3m
Pfizer Inc Sold out -1,272,214-1.3m
VANGUARD GROUP INC Sold out -1,165,607-1.2m
FIL Ltd Sold out -1,027,690-1.0m
Magnetar Financial LLC Sold out -966,129-966.1k
First Trust Capital Management L.P. Sold out -695,757-695.8k
TIG Advisors, LLC Sold out -619,763-619.8k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Avoro Capital Advisors LLC 13G · institution filed 2025-08-14 9.9% 2.6m 2025-08-14
QVT Financial LP 13G · institution +2.7 pts · filed 2025-08-14 8.4% +2.7 pts 2.2m 2025-08-14
BlackRock, Inc. 13G · institution filed 2025-10-17 5.5% 1.4m 2025-10-17

Fell to 5% or below in the last year: RA CAPITAL MANAGEMENT, L.P. (0.0%, 2025-11-14)

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change