CEO Sandeep Kulkarni's Disposal of Tourmaline Bio Shares and Stock Options Post-Merger

On October 28, 2025, Sandeep Kulkarni, CEO of Tourmaline Bio, Inc., disposed of a significant number of shares and stock options following the completion of a merger with Novartis AG. The merger, executed through a cash tender offer, resulted in the acquisition of all outstanding shares of Tourmaline Bio at $48.00 per share. Kulkarni disposed of 724,664 shares of common stock, reducing his holdings to 30,387 shares, and subsequently disposed of the remaining 30,387 shares, leaving him with no direct ownership. Additionally, he disposed of three sets of employee stock options, totaling 983,685 options, which were automatically canceled and converted into cash as per the merger agreement. The transactions were reported in a Form 4 filing with the SEC.