Executive Summary

TRML delivered a clinical‑execution quarter: TRANQUILITY Phase 2 was over‑enrolled to 143 participants and timing was narrowed to topline data in Q2 2025, keeping ASCVD Phase 3 readiness on track .
Cash, cash equivalents and investments ended at $294.9M, extending runway into the second half of 2027; OpEx rose with increased R&D tied to TRANQUILITY and spiriTED, driving Q4 net loss of $22.2M and EPS of $(0.86) .
TED strategy was recalibrated: prior plan to initiate Phase 3 in H2 2024 shifted to “dependent upon Phase 2b spiriTED results,” indicating a more data‑driven sequence and reduced near‑term spend on TED Phase 3 .
Street consensus (S&P Global) was unavailable via tool limits, so beats/misses vs estimates cannot be assessed; investor focus should center on Q2 2025 TRANQUILITY data and cash runway catalyst [GetEstimates error]*.

What Went Well and What Went Wrong

TRANQUILITY exceeded the enrollment target (143 vs. 120 planned) and timeline was firmed to Q2 2025; management framed 2025 as “a potentially transformative year of data” .
Strengthened cardiovascular credibility with a world‑class CV SAB (Ridker added in Jan., Simon added in Mar.), bolstering Phase 3 readiness for ASCVD and broader inflammation thesis .
Management tone was confident about balance sheet and program momentum: “Complemented by our strong balance sheet…making further progress towards realizing the enormous standard‑of‑care changing potential of pacibekitug” .

Q4 R&D expense increased to $20.5M (vs. $8.0M LY), reflecting higher trial, manufacturing, and medical affairs costs; net loss widened to $22.2M, highlighting cash burn as development scales .
Cash declined sequentially to $294.9M (Q4) from $314.4M (Q3) and $334.4M (Q2), consistent with rising OpEx and trial activity .
TED Phase 3 initiation was deferred from “on track in H2 2024” to “dependent on Phase 2b spiriTED results,” removing a near‑term TED P3 catalyst and concentrating value on cardiovascular readouts .

Metric ($USD Millions)	Q2 2024	Q3 2024	Q4 2024
Research & Development	$15.734	$19.330	$20.545
General & Administrative	$6.237	$5.108	$5.261
Total Operating Expenses	$21.971	$24.438	$25.806
Other Income, net	$4.484	$4.261	$3.571
Net Loss	$(17.487)	$(20.177)	$(22.235)
EPS (Basic & Diluted)	$(0.68)	$(0.78)	$(0.86)

Segment reporting: Not applicable; TRML is a clinical‑stage biotech without commercial segments in the quarter .

Key Balance Sheet & Liquidity KPIs:

KPI ($USD Millions)	Q2 2024	Q3 2024	Q4 2024
Cash, Cash Equivalents & Investments	$334.411	$314.391	$294.936
Working Capital	$291.766	$286.501	$259.933
Total Assets	$344.791	$328.447	$309.001
Total Stockholders’ Equity	$338.282	$321.068	$300.052

Drivers and notes:

Q4 OpEx increase was driven by headcount, trial costs for TRANQUILITY and spiriTED, drug manufacturing, and medical affairs .
Q4 G&A decreased y/y due to lower stock‑based comp; full‑year G&A increased on headcount, professional fees, and public company insurance costs .

Metric	Period	Previous Guidance	Current Guidance	Change
TRANQUILITY topline data timing	2025	1H 2025 (Q3 release)	Q2 2025 (Q4 release)	Clarified/narrowed window
ASCVD Phase 3 readiness (pacibekitug)	2025	Phase 3‑ready in 2025 (Q2/Q3 communications)	Reaffirmed Phase 3 readiness pending TRANQUILITY success	Maintained
TED Phase 3 initiation	2024–2026	On track to initiate P3 in H2 2024; topline 2026 (Q3)	Initiation dependent on Phase 2b spiriTED results; more info after H2 2025 topline	Lowered/Deferred
Cash runway	Through 2027	Into 2027 (Q2/Q3)	Into H2 2027 (Q4)	Extended/clarified

Note: No earnings call transcript was available for Q4 2024; thematic tracking reflects press releases and Investor Day communications.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024)	Trend
Cardiovascular inflammation (ASCVD) & TRANQUILITY	First patient dosed; P2 design and rationale highlighted; 1H 2025 topline	Over‑enrolled to 143; Q2 2025 topline; Phase 3 readiness path reiterated	Positive execution; timeline clarity
TED program strategy	On track to initiate P3 H2 2024; P2b ongoing; topline 2025/2026	P3 initiation now dependent on P2b results; update after H2 2025	Recalibration; prudence on spend
Scientific Advisory Board	CV SAB formed with leading experts	CV SAB further strengthened (Ridker in Jan., Simon in Mar.)	Strengthening external validation
AAA indication	Not previously named	AAA nominated as second cardiovascular indication; PoC details after TRANQUILITY	Pipeline expansion
Liquidity/runway	$334.4M (Q2) into 2027; $314.4M (Q3) into 2027	$294.9M with runway into H2 2027	Adequate funding through catalysts

“We are now transitioning into a potentially transformative year of data in 2025, leading off with topline data from our Phase 2 TRANQUILITY trial expected in the second quarter.” — Sandeep Kulkarni, MD, CEO .
“Complemented by our strong balance sheet…we look forward to sharing our first data readouts this year and making further progress towards realizing the enormous standard‑of‑care changing potential of pacibekitug.” — Sandeep Kulkarni, MD, CEO .
“Today’s updates, including the over‑enrollment of our TRANQUILITY trial, the expansion of our Cardiovascular Scientific Advisory Board, and the addition of a new indication, reflect the strength of our science…” — Investor Day release .

No Q4 2024 earnings call transcript was found; the company communicated via the 8‑K and Investor Day materials .

S&P Global consensus estimates could not be retrieved due to tool request limits; therefore, comparison of Q4 2024 EPS and revenue to Street consensus is unavailable at this time [GetEstimates error]*.
Values retrieved from S&P Global.

Cardiovascular readout is the near‑term stock catalyst: TRANQUILITY topline in Q2 2025 with Phase 3 readiness in ASCVD if successful .
Liquidity is sufficient through multiple data events: runway into H2 2027 supports execution without immediate financing risk .
Strategy tightened: TED Phase 3 shifted to post‑P2b data, reducing near‑term cash burn in TED and aligning spend with readouts .
External validation building: CV SAB enhancements (Ridker, Simon) add credibility to the IL‑6 inflammation thesis across ASCVD and broader CVD .
Balance sheet trends reflect focused development: sequential cash drawdown consistent with accelerated trial activity; monitor quarterly OpEx vs. clinical milestones .
Pipeline optionality: AAA PoC planning after TRANQUILITY presents a second cardiovascular shot on goal .
Trading lens: Position sizing should reflect binary‑type catalyst risk around Q2 2025 data—consider hedging strategies and scenario analysis around hs‑CRP reduction magnitude and safety profile communicated at topline .

Q4 2024 8‑K 2.02 press release and exhibits .
Q3 2024 8‑K 2.02 press release .
Q2 2024 8‑K 2.02 press release .
Related Q4 2024 press releases: Investor Day (Dec 10, 2024) and CV SAB formation (Oct 8, 2024) .

* S&P Global consensus data unavailable due to request limits.