On May 9, 2025 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, reported financial results for the first quarter ended March 31, 2025, and provided recent corporate updates (Press release, Turnstone Biologics, MAY 9, 2025, View Source [SID1234652828]).
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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.