Ikarian Capital’s Tourmaline Bio TRML Stock Holding History

Ikarian Capital’s Portfolio TRML Stock Details TRML Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q3	–	Sell	-67,927	Closed	-$1.09M	–	194
2025 Q2	$1.09M	Hold	67,927	–	–	0.21%	81
2025 Q1	$1.03M	Hold	67,927	–	–	0.13%	98
2024 Q4	$1.38M	Sell	67,927 -40,556	-37%	-$1.02M	0.19%	95
2024 Q3	$2.79M	Hold	108,483	–	–	0.39%	64
2024 Q2	$1.4M	Hold	108,483	–	–	0.24%	63
2024 Q1	$2.48M	Buy	+108,483	New	+$3.83M	0.27%	79

Other funds holding TRML

ACA

Avoro Capital Advisors New York $10.2B AUM 149.19% 1-Year Est. Return

QVT Financial New York $1.37B AUM 148.1% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

TCM

TCG Crossover Management Palo Alto, California $3.5B AUM 1,165.83% 1-Year Est. Return

Pfizer New York $239M AUM 232.47% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Fidelity International Hamilton, Bermuda $129B AUM 30.83% 1-Year Est. Return

Magnetar Financial Evanston, Illinois $9.84B AUM 190.64% 1-Year Est. Return

QUSVM

Qiming U.S. Ventures Management Bellevue, Washington $55.6M AUM 98.09% 1-Year Est. Return

FTCM

First Trust Capital Management Chicago, Illinois $1.9B AUM 58.39% 1-Year Est. Return

Ikarian Capital's TRML Position: Q3 2025 in Review

Ikarian Capital sold out of Tourmaline Bio (TRML) in Q3 2025, closing a stake of 67,927 shares — an estimated $1.09M sold.

Ikarian Capital first reported a position in TRML in Q1 2024 and held it in 6 quarters. The position peaked at $2.79M in Q3 2024. 134 funds tracked by Wall St. Rank hold TRML as of Q3 2025.

Ikarian Capital reported no remaining Tourmaline Bio position as of Q3 2025 after selling out during the quarter.
Ikarian Capital sold 67,927 Tourmaline Bio shares in Q3 2025, an estimated $1.09M.
Ikarian Capital first reported a position in Tourmaline Bio in Q1 2024 and held it in 6 quarters.
Ikarian Capital's Tourmaline Bio position peaked at $2.79M in Q3 2024.
134 funds tracked by Wall St. Rank held Tourmaline Bio as of Q3 2025.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.