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Turnstone Biologics (TSBX) investor relations material
Turnstone Biologics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Entered into a definitive merger agreement with XOMA Royalty Corporation, with shareholders to receive $0.34 per share in cash plus a contingent value right (CVR) for potential future payments; if the merger fails, dissolution and liquidation will be pursued.
All clinical and research activities discontinued; company reduced to 2-3 employees, with no standalone business plan outside the merger.
Nasdaq listing transferred to the Capital Market due to non-compliance with minimum bid price; reverse stock split planned to regain compliance.
Financial highlights
Net loss for Q2 2025 was $5.5 million, a significant improvement from $21.3 million in Q2 2024; six-month net loss was $17.3 million, down from $40.9 million year-over-year.
Research and development expenses dropped 99% to $0.1 million for Q2 2025 and 87% to $4.5 million for the six months, reflecting the shutdown of clinical programs.
General and administrative expenses increased 26% to $5.4 million in Q2 2025, mainly due to merger and restructuring costs.
Cash and cash equivalents were $16.7 million as of June 30, 2025, down from $28.9 million at year-end 2024.
No revenue from product sales; accumulated deficit reached $264.9 million.
Outlook and guidance
Merger expected to close in Q3 2025; if not completed, board intends to dissolve and liquidate the company.
Cash on hand expected to fund operations through the anticipated merger closing.
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Next Turnstone Biologics earnings date
Q3 20257 Nov, 2025
Next Turnstone Biologics earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Turnstone Biologics Corp is a clinical-stage biotechnology company engaged in developing innovative therapies for patients with solid tumors. Their work is centered around the development of tumor infiltrating lymphocytes (TIL) therapies, with a specific focus on selecting and expanding potent tumor-reactive T cells to address the limitations of bulk TILs. Their pipeline includes TIDAL-01 and TIDAL-02, with TIDAL-01 being their lead selected TIL product candidate. This candidate utilizes an unbiased identification and functional screening process to isolate and expand a broad range of tumor-reactive TILs from a patient's tumor. The company is headquartered in La Jolla, California, and its shares are listed on the Nasdaq under the symbol TSBX.
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