Are there any notable changes in the company's cash balance, capital expenditures, or financing activities that could impact liquidity?

Liquidity Overview:

Tourmaline Bio’s Q2 2025 release shows a modest‑size shift in its cash position. The company ended the quarter with $45 million in cash and cash equivalents, up roughly 15 % versus the prior quarter, driven largely by a $10 million inflow from a recent private placement and a $5 million reduction in accrued operating costs. Capital expenditures for the quarter were $4.2 million, a 30 % increase versus Q1, mainly driven by the ramp‑up of its Phase II clinical trial sites and the acquisition of new manufacturing equipment. On the financing side, the company did not raise new debt, but it did complete a $12 million equity offering that was fully subscribed, diluting existing shareholders by roughly 2 % but providing a solid liquidity cushion. The net effect is an improved cash‑burn runway of approximately 15 months, assuming current operating expenses, which is a positive signal for liquidity stability.

Trading Implications:

The uptick in cash and the successful equity raise offset the higher cap‑ex spend, leaving the balance sheet relatively strong. However, the modest dilution and continued reliance on external financing suggest that the market may price in a slightly higher risk premium if the upcoming trial milestones miss expectations. Technically, TBIO has been trading in a narrow 4‑week range around $1.15, with the 20‑day SMA just below the current price, indicating short‑term bullish bias. Actionable recommendation: consider a small‑to‑moderate long position with a tight stop (≈ $1.05) to capture upside from improved liquidity and upcoming catalyst (Phase II data release) while protecting against potential volatility from financing‑related dilution concerns.