On February 4, 2025 Turnstone Biologics Corp. ("Turnstone" or the "Company") (Nasdaq: TSBX) reported that it has completed an assessment of its business and operations, including the status of its program, resources, and capabilities (Press release, Turnstone Biologics, FEB 4, 2025, View Source [SID1234650035]). The Company has made the determination to discontinue all clinical studies evaluating TIDAL-01 and halt further development of the program. As a result, Turnstone’s management and its Board of Directors have initiated a process to explore and review strategic alternatives focused on maximizing shareholder value.
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"Manufacturing for our Selected TIL therapy requires continued investment in process improvements. Due to these capital-intensive requirements and after careful review of future funding needs and the current financial markets, the Company has decided to discontinue development of TIDAL-01 and to conclude all clinical studies evaluating the program in solid tumors," said Sammy Farah, M.B.A., Ph.D., Turnstone’s President and Chief Executive Officer.
Turnstone has engaged a financial advisor to assist in this process, and along with support from its other advisors, intends to explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, sale of assets, licensing, or other transactions. Turnstone does not intend to disclose further developments unless and until it is determined that further disclosure is appropriate or legally required.
In addition, Turnstone is reducing its workforce while also implementing further cost-containment and cash conservation measures. The Company intends to retain all employees essential for supporting value-realization as part of its strategic review.
"I would like to convey our deepest gratitude to the patients, investigators, and collaborators for their participation in our clinical development efforts. I also wish to sincerely thank the Turnstone team members who worked so tirelessly on this program, and our shareholders for their commitment to our Company," concluded Dr. Farah.