On March 28, 2025 Turnstone Biologics Corp. ("Turnstone" or the "Company") (Nasdaq: TSBX), a biotechnology company historically focused on the development of a differentiated approach to treat and cure patients with solid tumors by pioneering selected tumor-infiltrating lymphocyte ("Selected TIL") therapy, reported its financial results for the fourth quarter and full year ended December 31, 2024, and provided recent corporate updates (Press release, Turnstone Biologics, MAR 28, 2025, View Source [SID1234651686]).
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Corporate Updates
In November 2024, the Company presented preclinical data on its Selected TIL therapies at the 2024 Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) ("SITC") Annual Meeting. Turnstone also presented clinical data at the SITC (Free SITC Whitepaper) TIL Symposium in a presentation titled "TIDAL-01: Enriching for a More Potent TIL Population with Selected TIL Therapy".
In January 2025, Turnstone made the determination to discontinue all TIDAL-01 clinical studies and halted further development of the program. As a result, the Company initiated a process to explore a range of potential strategic alternatives focused on maximizing shareholder value. Turnstone continues to evaluate strategic alternatives and will provide additional updates when it is determined that further disclosure is appropriate or legally required.
Financial Highlights
Cash, Cash Equivalents and Short-Term Investments: As of December 31, 2024, cash, cash equivalents, and short-term investments were $28.9 million.
Research and Development ("R&D") Expenses: R&D expenses for the three months ended December 31, 2024, were $8.2 million, compared to $13.5 million for the same period in 2023. The decrease was due primarily to corporate restructuring, workforce reduction, and strategic prioritization of pipeline.
General and Administrative ("G&A") Expenses: G&A expenses for the three months ended December 31, 2024, were $3.2 million, compared to $4.4 million for the same period in 2023. The decrease was due primarily to reductions in personnel costs, professional service costs, and other general and administrative costs.
Net Loss: Net loss for the three months ended December 31, 2024, was $12.9 million, compared to net loss of $16.5 million for the same period in 2023.