Tourmaline Bio, Inc. (TRML) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: August 13, 2025

Risk Assessment Details

Potential Dilution: 39.4% of current shares
Recent Dilution: 1.77% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
26M
Potential Supply
10M
Additional shares possible
Splits
None
Past 2 years

Summary

TRML currently has 25.8M outstanding shares. with moderate dilution risk from 10.1M authorized shares representing 39.4% potential dilution. The company has minimally diluted shareholders by 1.77% over the past 2 years.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Aug 13, 2025

10-Q filing | 25.8M shares outstanding

26M 10M
May 02, 2025

10-Q filing | 25.7M shares outstanding

26M 10M
Mar 13, 2025

10-K filing | 25.3M shares outstanding

25M 10M
Nov 07, 2024

S-3 filing: This S-3 filing describes an at-the-market offering of common stock through a placement agent. The company or agent may suspend sales, and sales will not occur if the company has material non-public information.

26M 10M
Nov 07, 2024

10-Q filing | 25.8M shares outstanding

26M 10M
Aug 08, 2024

10-Q filing | 25.7M shares outstanding

26M 10M
May 13, 2024

10-Q filing | 24.1M shares outstanding

24M 10M
Mar 19, 2024

10-K filing | 25.6M shares outstanding

26M 10M
Nov 14, 2023

10-Q filing | 20.3M shares outstanding

20M 10M
Aug 14, 2023

10-Q filing | 42.2M shares outstanding

42M 10M
May 15, 2023

10-Q filing | 41.8M shares outstanding

42M 10M
Mar 31, 2023

10-K filing | 41.2M shares outstanding

41M 10M
Nov 10, 2022

10-Q filing | 41.4M shares outstanding

41M 10M
Aug 15, 2022

S-3 filing: The company is filing an S-3 to offer up to $250,000,000 in common stock, preferred stock, debt securities, warrants and/or units, and is also offering up to $75,000,000 in common stock through an at-the-market offering with SVB Securities as the sales agent.

41M 10M
Aug 15, 2022

10-Q filing | 41.1M shares outstanding

41M 10M
May 12, 2022

10-Q filing | 41.5M shares outstanding

41M 10M
Mar 17, 2022

10-K filing | 41.5M shares outstanding

41M 10M
Nov 12, 2021

10-Q filing | 41.4M shares outstanding

41M 10M
Aug 12, 2021

10-Q filing | 41.3M shares outstanding

41M 10M
Jun 14, 2021

10-Q filing | 41.3M shares outstanding

41M 10M
May 03, 2021

S-1/A filing: This S-1/A filing relates to an offering of common stock and includes information about the underwriters' option to purchase additional shares, the number of common stock to be outstanding after the offering, and the use of proceeds from the offering.

40M 10M
Apr 16, 2021

S-1 filing: This S-1 filing details a proposed initial public offering of common stock, with the primary objectives of creating a public market for the stock, facilitating future access to public equity markets, increasing market visibility, and obtaining additional capital for ongoing clinical trials, research and development, and general corporate purposes.

170M 0
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