Turnstone Biologics (TSBX) investor relations material

Executive summary

• Discontinued all company-sponsored clinical studies, including TIDAL-01, and began exploring strategic alternatives in January 2025.

• Workforce reduced to 8 employees as of March 31, 2025, with further reductions possible; cost-containment and cash conservation measures implemented.

• Engaged a financial advisor to assist in the strategic review process, which may extend beyond Q2 2025.

• Transferred listing from Nasdaq Global Market to Nasdaq Capital Market effective March 31, 2025, maintaining the TSBX ticker.

• If no transaction is consummated, the board may pursue dissolution and liquidation, with cash available to stockholders dependent on timing and contingent liabilities.

Financial highlights

• Net loss of $11.8 million for Q1 2025, compared to $19.6 million for Q1 2024, reflecting a 40% year-over-year improvement.

• Operating expenses decreased to $9.2 million in Q1 2025 from $20.7 million in Q1 2024, primarily due to the shutdown of clinical development.

• Cash, cash equivalents, and short-term investments totaled $21.9 million as of March 31, 2025, down from $28.9 million at December 31, 2024.

• No revenue from product sales; accumulated deficit reached $259.4 million as of March 31, 2025.

• Net loss per share was $0.51 for Q1 2025, compared to $0.85 for Q1 2024.

Outlook and guidance

• Cash and cash equivalents expected to fund planned expenditures and obligations for at least 12 months from the financial statement filing date.

• Actively evaluating a range of strategic alternatives to maximize shareholder value; further updates will be provided as appropriate.

• Strategic review process is ongoing, with no assurance of a transaction or cash distributions to stockholders.

• If a strategic transaction is not completed, dissolution and liquidation may be pursued.