Water Island Capital’s Tourmaline Bio TRML Stock Holding History

Water Island 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 Q4	–	Sell	-50,968	Closed	-$2.44M	–	128
2025 Q3	$2.44M	Buy	+50,968	New	+$1.41M	0.31%	56

Water Island Capital's TRML Position: Q4 2025 in Review

Water Island Capital sold out of Tourmaline Bio (TRML) in Q4 2025, closing a stake of 50,968 shares — an estimated $2.44M sold.

Water Island Capital first reported a position in TRML in Q3 2025 and held it in 1 quarter. The position peaked at $2.44M in Q3 2025. 0 funds tracked by Wall St. Rank hold TRML as of Q4 2025.

Water Island Capital reported no remaining Tourmaline Bio position as of Q4 2025 after selling out during the quarter.
Water Island Capital sold 50,968 Tourmaline Bio shares in Q4 2025, an estimated $2.44M.
Water Island Capital first reported a position in Tourmaline Bio in Q3 2025 and held it in 1 quarter.
Water Island Capital's Tourmaline Bio position peaked at $2.44M in Q3 2025.
0 funds tracked by Wall St. Rank held Tourmaline Bio as of Q4 2025.

Based on Water Island Capital's 13F filing for Q4 2025, filed 17 Feb 2026.