Turnstone Biologics reported Q1 2025 financial results, discontinued TIDAL-01 studies, and is exploring strategic alternatives.
Quiver AI Summary
Turnstone Biologics Corp. reported its financial results for the first quarter of 2025, highlighting significant corporate updates including the discontinuation of its TIDAL-01 clinical studies as part of a broader strategy to explore alternatives for maximizing shareholder value. As of March 31, 2025, the company had $21.9 million in cash and equivalents, with reduced research and development expenses of $4.4 million compared to $15.8 million in the same quarter a year earlier, primarily due to the shutdown of clinical activities. General and administrative expenses were relatively stable at $4.8 million, while the net loss decreased to $11.8 million from $19.6 million year-over-year. Additionally, Turnstone transferred its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective March 31, 2025.
Potential Positives
- Turnstone Biologics received approval from Nasdaq to transfer its listing to the Nasdaq Capital Market, indicating compliance with market requirements, which can enhance visibility and investor confidence.
- The company significantly reduced its Research and Development expenses from $15.8 million in Q1 2024 to $4.4 million in Q1 2025, reflecting cost-saving measures amidst the halt of clinical studies.
- The net loss for Q1 2025 decreased to $11.8 million from $19.6 million in the same period of 2024, demonstrating improved financial performance year-over-year.
Potential Negatives
- Turnstone has discontinued the TIDAL-01 clinical studies, indicating potential setbacks in its product pipeline and research focus.
- The transfer of listing to the Nasdaq Capital Market suggests a decline in market confidence, as it may reflect struggles to meet the higher standards of the Nasdaq Global Market.
- The significant net loss of $11.8 million for the first quarter of 2025, although lower than previous year's loss, still highlights ongoing financial challenges for the company.
FAQ
What are the recent corporate updates from Turnstone Biologics?
Turnstone discontinued TIDAL-01 clinical studies and is exploring strategic alternatives to maximize shareholder value.
How much cash did Turnstone have as of March 31, 2025?
As of March 31, 2025, Turnstone reported cash, cash equivalents, and short-term investments of $21.9 million.
What were Turnstone's R&D expenses for Q1 2025?
Research and Development expenses for Q1 2025 were $4.4 million, down from $15.8 million in the same quarter of 2024.
Is Turnstone's stock still trading under the same ticker symbol?
Yes, Turnstone's shares continue to trade under the ticker symbol "TSBX" after its transfer to the Nasdaq Capital Market.
What was Turnstone's net loss for the first quarter of 2025?
Turnstone reported a net loss of $11.8 million for the three months ended March 31, 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TSBX Hedge Fund Activity
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- BML CAPITAL MANAGEMENT, LLC added 1,103,386 shares (+inf%) to their portfolio in Q1 2025, for an estimated $452,388
- EXODUSPOINT CAPITAL MANAGEMENT, LP removed 454,026 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $225,605
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 67,324 shares (+inf%) to their portfolio in Q4 2024, for an estimated $33,453
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- BALYASNY ASSET MANAGEMENT L.P. removed 49,880 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $24,785
- MILLENNIUM MANAGEMENT LLC removed 29,284 shares (-28.4%) from their portfolio in Q4 2024, for an estimated $14,551
- XTX TOPCO LTD added 23,982 shares (+203.9%) to their portfolio in Q1 2025, for an estimated $9,832
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Full Release
SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) -- Turnstone Biologics Corp. (“Turnstone” or the “Company”) (Nasdaq-CM: 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, today reported financial results for the first quarter ended March 31, 2025, and provided recent corporate updates.
Corporate Updates
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.
In March 2025, Turnstone received approval from the Listing Qualifications Department at the Nasdaq Stock Market (“Nasdaq”) to transfer listing of its shares from the Nasdaq Global Market to the Nasdaq Capital Market. This transfer was effective as of the opening of business on March 31, 2025, and the Company’s shares of Common Stock continue to trade under the “TSBX” ticker symbol. The approval by Nasdaq was conditioned upon the Company meeting the applicable market value requirement of publicly held shares for continued listing and all other applicable requirements for listing on the Nasdaq Capital Market.
Financial Highlights
Cash, Cash Equivalents and Short-Term Investments : As of March 31, 2025, cash, cash equivalents and short-term investments were $21.9 million.
Research and Development (R&D) Expenses : R&D expenses for the three months ended March 31, 2025, were $4.4 million, compared to $15.8 million for the same period in 2024. The decrease was due primarily to shutting down almost all clinical development activities and the pursuit of strategic alternatives.
General and Administrative (G&A) Expenses : G&A expenses for the three months ended March 31, 2025, were $4.8 million, compared to $4.9 million for the same period in 2024.
Net Loss : Net loss for the three months ended March 31, 2025, was $11.8 million, compared to net loss of $19.6 million for the same period in 2024.
About Turnstone
Turnstone Biologics is 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. For additional information about Turnstone, please visit www.turnstonebio.com .
Forward-Looking Statements
Statements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Turnstone’s plans to explore and evaluate a range of potential strategic alternatives focused on maximizing shareholder value. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Turnstone’s ability to execute its planned exploration and evaluation of strategic alternatives; Turnstone’s ability to maintain compliance with Nasdaq’s listing rules; and unexpected demands on Turnstone’s cash resources. For a fuller description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see Turnstone’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 31, 2025, and Turnstone’s Quarterly Reports on Form 10-Q, especially, in each case, under the caption “Risk Factors,” as well as other documents that may be filed by Turnstone from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Turnstone undertakes no obligation to update any forward-looking statement in this press release, except as required by law.
Contact :
Ahmed Aneizi
Investor Relations
Turnstone Biologics
(347) 897-5988
[email protected]
Turnstone Biologics, Corp.
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)(unaudited) (In thousands, except share and per share data) |
|||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Collaboration revenue | $ | — | $ | — | |||
Operating expenses: | |||||||
Research and development | 4,357 | 15,790 | |||||
General and administrative | 4,807 | 4,901 | |||||
Total operating expenses | 9,164 | 20,691 | |||||
Loss from operations | (9,164 | ) | (20,691 | ) | |||
Other (expense) income, net | (2,640 | ) | 1,078 | ||||
Net loss before income taxes | (11,804 | ) | (19,613 | ) | |||
(Provision) benefit for income taxes | (2 | ) | (16 | ) | |||
Net loss | $ | (11,806 | ) | $ | (19,629 | ) | |
Other comprehensive (loss) income | - | (117 | ) | ||||
Total comprehensive loss | $ | (11,806 | ) | $ | (19,746 | ) | |
Net loss attributable to common stockholders, basic and diluted | (11,806 | ) | (19,629 | ) | |||
Weighted-average shares of common stock outstanding, basic and diluted | 23,138,209 | 23,011,795 | |||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.51 | ) | $ | (0.85 | ) | |
Turnstone Biologics, Corp.
Condensed Consolidated Balance Sheet (amount in thousands) |
|||||||
March 31, 2025 | December 31, 2024 | ||||||
(unaudited) | |||||||
Cash and cash equivalents and short term investments | $ | 21,847 | $ | 28,926 | |||
Total assets | 27,613 | 40,139 | |||||
Total liabilities | 7,627 | 8,672 | |||||
Total stockholders' deficit | 19,986 | 31,467 | |||||