QVT Financial’s Tourmaline Bio TRML Stock Holding History

QVT Financial’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 Q4	–	Sell	-2,154,653	Closed	-$103M	–	69
2025 Q3	$103M	Hold	2,154,653	–	–	7.27%	3
2025 Q2	$34.5M	Buy	2,154,653 +681,284	+46%	+$11M	3.07%	7
2025 Q1	$22.4M	Buy	1,473,369 +762,094	+107%	+$12.2M	2.06%	7
2024 Q4	$14.4M	Hold	711,275	–	–	1.29%	12
2024 Q3	$18.3M	Hold	711,275	–	–	1.57%	9
2024 Q2	$9.15M	Sell	711,275 -237,091	-25%	-$3.82M	0.86%	15
2024 Q1	$22M	Sell	948,366 -1	-0%	-$35	1.86%	8
2023 Q4	$24.8M	Buy	948,367 +889,436	+1,509%	+$17.8M	1.41%	7
2023 Q3	$1.66M	Hold	58,931	–	–	0.09%	30
2023 Q2	$1.79M	Buy	+58,931	New	+$1.5M	0.1%	32

QVT Financial's TRML Position: Q4 2025 in Review

QVT Financial sold out of Tourmaline Bio (TRML) in Q4 2025, closing a stake of 2,154,653 shares — an estimated $103M sold.

QVT Financial first reported a position in TRML in Q2 2023 and held it in 10 quarters. The position peaked at $103M in Q3 2025. 0 funds tracked by Wall St. Rank hold TRML as of Q4 2025.

QVT Financial reported no remaining Tourmaline Bio position as of Q4 2025 after selling out during the quarter.
QVT Financial sold 2,154,653 Tourmaline Bio shares in Q4 2025, an estimated $103M.
QVT Financial first reported a position in Tourmaline Bio in Q2 2023 and held it in 10 quarters.
QVT Financial's Tourmaline Bio position peaked at $103M in Q3 2025.
0 funds tracked by Wall St. Rank held Tourmaline Bio as of Q4 2025.

Based on QVT Financial's 13F filing for Q4 2025, filed 13 Feb 2026.