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Turnstone Biologics (TSBX) investor relations material
Turnstone Biologics Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary9 May, 2025
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.
Strategic alternatives impact on cash?
Why transfer to Nasdaq Capital Market?
What milestones trigger Myst payments?
Projected cash runway with current burn rate?
Update on strategic alternatives timeline?
Plan to meet Nasdaq listing requirements?
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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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