Vault-13

TOURMALINE BIO INC TRML

COM · Common Stock · CUSIP 89157D105

134 institutional holders +23 vs Q2 2025
21,605,20421.6m shares reported held*
$1.0bnreported value*
50 new 23 added 43 reduced 28 sold out net sold ≈ $124.0m (-2.6m 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 ($1.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $47.83. Options: 6 managers hold calls ($1.6m notional), 4 hold puts ($4.0m).

Trends to Q3 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: 134134Q4 23Q2 24Q4 24Q2 25Q3 25
Numbers
QuarterHolders
Q4 202355
Q1 202497
Q2 202485
Q3 202492
Q4 2024103
Q1 2025109
Q2 2025111
Q3 2025134

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 76 bought or addedQ1 24: 20 cut or sold outQ1 24Q2 24: 56 bought or addedQ2 24: 45 cut or sold outQ3 24: 43 bought or addedQ3 24: 41 cut or sold outQ3 24Q4 24: 58 bought or addedQ4 24: 35 cut or sold outQ1 25: 51 bought or addedQ1 25: 42 cut or sold outQ1 25Q2 25: 54 bought or addedQ2 25: 48 cut or sold outQ3 25: 73 bought or addedQ3 25: 71 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 20247620
Q2 20245645
Q3 20244341
Q4 20245835
Q1 20255142
Q2 20255448
Q3 20257371

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ4 24 calls: $89.2kQ4 24 puts: $251.3kQ4 24P/C 2.82Q1 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 2.44
Numbers
QuarterCallsPutsP/C
Q4 2024$89.2k$251.3k2.82
Q1 2025$3.1m$92.7k0.03
Q2 2025$4.6k$1.0k0.22
Q3 2025$1.6m$4.0m2.44

Biggest buyers

FIL Ltd New +1,027,690+1.0m
Magnetar Financial LLC New +966,129+966.1k
First Trust Capital Management L.P. New +695,757+695.8k
TIG Advisors, LLC New +619,763+619.8k
ALLIANCEBERNSTEIN L.P. Added +514,071+514.1k
NEXPOINT ASSET MANAGEMENT, L.P. New +455,360+455.4k
AQR Arbitrage LLC New +374,785+374.8k
Versor Investments LP New +217,221+217.2k
GOLDMAN SACHS GROUP INC Added +197,017+197.0k
ALPINE ASSOCIATES MANAGEMENT INC. New +196,177+196.2k

Biggest sellers

RA CAPITAL MANAGEMENT, L.P. Sold out -2,538,925-2.5m
Blue Owl Capital Holdings LP Sold out -997,107-997.1k
Octagon Capital Advisors LP Sold out -905,000-905.0k
Pictet Asset Management Holding SA Sold out -682,129-682.1k
Balyasny Asset Management L.P. Reduced -571,994-572.0k
Nantahala Capital Management, LLC Sold out -558,187-558.2k
Velan Capital Investment Management LP Reduced -388,089-388.1k
Schonfeld Strategic Advisors LLC Sold out -353,514-353.5k
Point72 Asset Management, L.P. Sold out -314,580-314.6k
Alyeska Investment Group, L.P. Sold out -243,744-243.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $650.5k13.6k shares
JANE STREET GROUP, LLC New $516.6k10.8k shares
CITADEL ADVISORS LLC New $258.3k5.4k shares
SIMPLEX TRADING, LLC Added $105.0k2.2k shares
GROUP ONE TRADING LLC Added $100.4k2.1k shares
FNY Investment Advisers, LLC New $010 shares

Biggest puts

Centiva Capital, LP New $2.4m50.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.3m27.3k shares
SIMPLEX TRADING, LLC Added $181.0k3.8k shares
GROUP ONE TRADING LLC New $95.7k2.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

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

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Avoro Capital Advisors LLC 1.58% of their portfolio NEW YORK, NY 2,555,5552.6m $122.2m $122.2m 1.58% Unchanged
2 QVT Financial LP 11.44% of their portfolio New York, NY 2,154,6532.2m $103.1m $103.1m 11.44% Unchanged
3 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,517,7771.5m $72.6m $72.6m 0.00% Reduced -116.2k -116,165
4 TCG Crossover Management, LLC 3.09% of their portfolio PALO ALTO, CA 1,311,7831.3m $62.7m $62.7m 3.09% Reduced -165.8k -165,810
5 Pfizer Inc 13.91% of their portfolio New York, NY 1,272,2141.3m $60.8m $60.8m 13.91% Unchanged
6 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,165,6071.2m $55.8m $55.8m 0.00% Reduced -41.4k -41,428
7 FIL Ltd 0.04% of their portfolio HAMILTON, D0 1,027,6901.0m $49.2m $49.2m 0.04% New
8 Magnetar Financial LLC 0.28% of their portfolio EVANSTON, IL 966,129966.1k $46.2m $46.2m 0.28% New
9 QIMING U.S. VENTURES MANAGEMENT, LLC 63.76% of their portfolio BELLEVUE, WA 741,691741.7k $35.5m $35.5m 63.76% Unchanged
10 First Trust Capital Management L.P. 2.15% of their portfolio CHICAGO, IL 695,757695.8k $33.3m $33.3m 2.15% New
11 TIG Advisors, LLC 1.83% of their portfolio New York, NY 619,763619.8k $29.6m $29.6m 1.83% New
12 Vivo Capital, LLC 2.28% of their portfolio Palo Alto, CA 591,882591.9k $28.3m $28.3m 2.28% Unchanged
13 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 539,961540.0k $25.8m $25.8m 0.01% Added +514.1k +514,071
14 NEXPOINT ASSET MANAGEMENT, L.P. 1.94% of their portfolio Dallas, TX 455,360455.4k $21.8m $21.8m 1.94% New
15 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 453,952454.0k $21.7m $21.7m 0.00% Reduced -13.1k -13,135
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 415,970416.0k $19.9m $19.9m 0.00% Reduced -43.6k -43,641
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 376,738376.7k $18.0m $18.0m 0.00% Added +197.0k +197,017
18 AQR Arbitrage LLC 0.46% of their portfolio Greenwich, CT 374,785374.8k $17.9m $17.9m 0.46% New
19 ACUTA CAPITAL PARTNERS, LLC 13.27% of their portfolio REDWOOD CITY, CA 268,451268.5k $12.8m $12.8m 13.27% Reduced -15.2k -15,231
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 252,093252.1k $12.1m $12.1m 0.00% Reduced -110.6k -110,643
21 NAN FUNG TRINITY (HK) LTD 1.08% of their portfolio CENTRAL, HONG KONG, K3 227,090227.1k $10.9m $10.9m 1.08% Unchanged
22 Versor Investments LP 1.91% of their portfolio New York, NY 217,221217.2k $10.4m $10.4m 1.91% New
23 ALPINE ASSOCIATES MANAGEMENT INC. 0.57% of their portfolio PALM BEACH, FL 196,177196.2k $9.4m $9.4m 0.57% New
24 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 190,625190.6k $9.1m $9.1m 0.01% Reduced -53.3k -53,251
25 GLAZER CAPITAL, LLC 0.29% of their portfolio New York, NY 180,155180.2k $8.6m $8.6m 0.29% New
26 UBS Group AG 0.00% of their portfolio ZURICH, V8 178,371178.4k $8.5m $8.5m 0.00% Reduced -51.0k -51,029
27 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 162,540162.5k $7.8m $7.8m 0.00% Reduced -10.7k -10,736
28 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 148,706148.7k $7.1m $7.1m 0.00% Added +92.0k +92,004
29 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 143,731143.7k $6.9m $6.9m 0.01% New
30 ABC ARBITRAGE SA 0.66% of their portfolio PARIS, I0 139,800139.8k $6.7m $6.7m 0.66% New
31 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 119,850119.8k $5.7m $5.7m 0.04% New
32 Chicago Capital Management, LLC 4.81% of their portfolio CHICAGO, IL 112,406112.4k $5.4m $5.4m 4.81% New
33 HARVEST MANAGEMENT LLC 2.35% of their portfolio New York, NY 100,000100.0k $4.8m $4.8m 2.35% New
34 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 95,62195.6k $4.6m $4.6m 0.00% New
35 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 91,85091.8k $4.4m $4.4m 0.01% New
36 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 89,20089.2k $4.3m $4.3m 0.01% New
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 84,14084.1k $4.0m $4.0m 0.00% Reduced -43.2k -43,231
38 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 69,08569.1k $3.3m $3.3m 0.00% Reduced -44.8k -44,806
39 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 63,57463.6k $3.0m $3.0m 0.00% Reduced -17.5k -17,502
40 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 60,64960.6k $2.9m $2.9m 0.00% Added +28.6k +28,576
41 Carmignac Gestion 0.04% of their portfolio PARIS, I0 55,41255.4k $2.7m $2.7m 0.04% New
42 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 53,41853.4k $2.6m $2.6m 0.00% Added +11.1k +11,073
43 WATER ISLAND CAPITAL LLC 0.35% of their portfolio NEW YORK, NY 50,96851.0k $2.4m $2.4m 0.35% New
44 Centiva Capital, LP 0.22% of their portfolio New York, NY 50,00050.0k $2.4m $2.4m 0.22% New
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 49,96450.0k $2.4m $2.4m 0.00% Reduced -6.7k -6,707
46 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 47,78847.8k $2.3m $2.3m 0.00% Added +7.2k +7,224
47 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 47,55347.6k $2.3m $2.3m 0.00% Reduced -24.1k -24,103
48 Susquehanna Portfolio Strategies, LLC 0.03% of their portfolio Bala Cynwyd, PA 43,18943.2k $2.1m $2.1m 0.03% Reduced -7.9k -7,930
49 Twin Securities, Inc. 0.80% of their portfolio New York, NY 33,30133.3k $1.6m $1.6m 0.80% New
50 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 32,56732.6k $1.6m $1.6m 0.00% Reduced -572.0k -571,994
51 GABELLI & Co INVESTMENT ADVISERS, INC. 0.24% of their portfolio Rye, NY 31,05031.1k $1.5m $1.5m 0.24% New
52 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 30,55830.6k $1.5m $1.5m 0.00% Added +4.9k +4,932
53 CREDIT INDUSTRIEL ET COMMERCIAL 0.23% of their portfolio PARIS FRANCE, I0 29,66129.7k $1.4m $1.4m 0.23% New
54 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 28,58228.6k $1.4m $1.4m 0.00% Added +13.0k +12,983
55 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 27,80127.8k $1.3m $1.3m 0.00% Reduced -16.5k -16,540
56 PRELUDE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio NEW YORK, NY 27,28227.3k $1.3m $1.3m 0.10% New
57 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 27,05727.1k $1.3m $1.3m 0.00% Reduced -3.0k -2,959
58 Virtu Financial LLC 0.07% of their portfolio New York, NY 26,27326.3k $1.3m $1.3m 0.07% New
59 Swiss National Bank 0.00% of their portfolio ZURICH, V8 22,40022.4k $1.1m $1.1m 0.00% Unchanged
60 ODDO BHF ASSET MANAGEMENT SAS 0.04% of their portfolio PARIS, I0 20,81020.8k $995.3k $995.3k 0.04% Not comparable
61 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 20,18220.2k $965.0k $965.0k 0.00% Reduced -45.0k -44,974
62 BCK CAPITAL MANAGEMENT LP 0.99% of their portfolio STAMFORD, CT 19,47119.5k $931.3k $931.3k 0.99% New
63 OXFORD ASSET MANAGEMENT LLP 0.29% of their portfolio OXFORD, X0 18,75618.8k $897.1k $897.1k 0.29% New
64 NATIXIS 0.00% of their portfolio PARIS, I0 18,70018.7k $894.4k $894.4k 0.00% New
65 FORA Capital, LLC 0.15% of their portfolio MIAMI, FL 18,08718.1k $865.1k $865.1k 0.15% New
66 Groupe la Francaise 0.01% of their portfolio PARIS, I0 17,99818.0k $860.8k $860.8k 0.01% New
67 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 17,36317.4k $830.5k $830.5k 0.01% New
68 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 16,47716.5k $788.1k $788.1k 0.00% New
69 Weiss Asset Management LP 0.01% of their portfolio BOSTON, MA 16,38716.4k $783.8k $783.8k 0.01% Not comparable
70 BBR PARTNERS, LLC 0.04% of their portfolio NEW YORK, NY 15,00015.0k $717.5k $717.5k 0.04% Unchanged
71 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 13,46213.5k $643.9k $643.9k 0.00% Added +1.2k +1,248
72 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 13,28713.3k $635.5k $635.5k 0.00% Added +695 +695
73 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 12,98713.0k $621.2k $621.2k 0.00% Reduced -3.9k -3,916
74 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 12,98413.0k $621.0k $621.0k 0.00% Reduced -922 -922
75 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 12,73012.7k $608.9k $608.9k 0.00% Reduced -1.9k -1,948
76 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 12,46512.5k $596.2k $596.2k 0.00% Reduced -1.4k -1,381
77 WOLVERINE ASSET MANAGEMENT LLC 0.01% of their portfolio CHICAGO, IL 12,12012.1k $579.7k $579.7k 0.01% New
78 Legal & General Group Plc 0.00% of their portfolio London, X0 11,78411.8k $563.6k $563.6k 0.00% Added +3.8k +3,767
79 Jain Global LLC 0.01% of their portfolio NEW YORK, NY 11,09311.1k $530.6k $530.6k 0.01% New
80 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 10,39410.4k $497.1k $497.1k 0.00% Reduced -3.2k -3,159
81 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 10,02110.0k $479.3k $479.3k 0.00% Added +1 +1
82 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 10,00010.0k $478.3k $478.3k 0.00% New
83 Skandinaviska Enskilda Banken AB (publ) 0.00% of their portfolio STOCKHOLM, V7 9,9219.9k $474.5k $474.5k 0.00% New
84 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 9,2809.3k $444.0k $444.0k 0.00% Reduced -1.5k -1,481
85 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 8,0638.1k $385.7k $385.7k 0.00% Reduced -2.4k -2,358
86 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 7,6337.6k $365.1k $365.1k 0.00% New
87 AlphaQuest LLC 0.02% of their portfolio New York, NY 7,3237.3k $350.3k $350.3k 0.02% Added +5.0k +5,001
88 Greenland Capital Management LP 0.05% of their portfolio NEW YORK, NY 7,0327.0k $336.3k $336.3k 0.05% New
89 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 6,9857.0k $334.1k $334.1k 0.00% Reduced -33.0k -33,045
90 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 6,1006.1k $291.8k $291.8k 0.00% Unchanged
91 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 5,9265.9k $283.4k $283.4k 0.00% New
92 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 5,8485.8k $279.7k $279.7k 0.00% New
93 Velan Capital Investment Management LP 0.26% of their portfolio ALPHARETTA, GA 5,8005.8k $277.4k $277.4k 0.26% Reduced -388.1k -388,089
94 Virtus Investment Advisers, LLC 0.08% of their portfolio HARTFORD, CT 5,7185.7k $273.5k $273.5k 0.08% Added +993 +993
95 Mariner, LLC 0.00% of their portfolio Overland Park, KS 5,5795.6k $266.8k $266.8k 0.00% New
96 GUGGENHEIM CAPITAL LLC 0.00% of their portfolio CHICAGO, IL 5,4375.4k $260.1k $260.1k 0.00% New
97 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 4,9394.9k $236.2k $236.2k 0.00% Reduced -625 -625
98 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,8414.8k $231.5k $231.5k 0.00% Added +2.7k +2,738
99 Point72 Asia (Singapore) Pte. Ltd. 0.03% of their portfolio SINGAPORE, U0 4,6374.6k $221.8k $221.8k 0.03% New
100 China Universal Asset Management Co., Ltd. 0.02% of their portfolio SHANGHAI, F4 4,5034.5k $215.4k $215.4k 0.02% Reduced -656 -656