NCM
TRML

Nantahala Capital Management’s Tourmaline Bio TRML Stock Holding History

Nantahala Capital Management’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
-558,187
Closed -$8.93M – 174
2025
Q2 		$8.93M Buy
558,187
+25,363
+5% +$411K 0.35% 60
2025
Q1 		$8.1M Sell
532,824
-4,120
-0.8% -$66K 0.32% 48
2024
Q4 		$10.9M Sell
536,944
-163,963
-23% -$4.13M 0.47% 41
2024
Q3 		$18M Hold
700,907
– – 0.91% 23
2024
Q2 		$9.01M Hold
700,907
– – 0.53% 39
2024
Q1 		$16.1M Buy
700,907
+290,000
+71% +$10.2M 0.92% 23
2023
Q4 		$10.8M Buy
410,907
+115,594
+39% +$2.31M 0.64% 35
2023
Q3 		$8.3M Buy
295,313
+150,310
+104% +$4.4M 0.71% 35
2023
Q2 		$4.41M Buy
+145,003
New +$3.7M 0.43% 53

Other funds holding TRML

ACA
Avoro Capital Advisors New York $10.2B AUM 149.19% 1-Year Est. Return
QF
QVT Financial New York $1.37B AUM 148.1% 1-Year Est. Return
BlackRock
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
P
Pfizer New York $239M AUM 232.47% 1-Year Est. Return
Vanguard Group
Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return
Fidelity International
Fidelity International Hamilton, Bermuda $129B AUM 30.83% 1-Year Est. Return
MF
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

Nantahala Capital Management's TRML Position: Q3 2025 in Review

Nantahala Capital Management sold out of Tourmaline Bio (TRML) in Q3 2025, closing a stake of 558,187 shares — an estimated $8.93M sold.

Nantahala Capital Management first reported a position in TRML in Q2 2023 and held it in 9 quarters. The position peaked at $18M in Q3 2024. 134 funds tracked by Wall St. Rank hold TRML as of Q3 2025.

  • Nantahala Capital Management reported no remaining Tourmaline Bio position as of Q3 2025 after selling out during the quarter.
  • Nantahala Capital Management sold 558,187 Tourmaline Bio shares in Q3 2025, an estimated $8.93M.
  • Nantahala Capital Management first reported a position in Tourmaline Bio in Q2 2023 and held it in 9 quarters.
  • Nantahala Capital Management's Tourmaline Bio position peaked at $18M in Q3 2024.
  • 134 funds tracked by Wall St. Rank held Tourmaline Bio as of Q3 2025.

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