Turnstone Biologics Corp. Reports Fourth Quarter and Full Year 2024 Financial Results

On March 28, 2025 Turnstone Biologics Corp. ("Turnstone" or the "Company") (Nasdaq: 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 its financial results for the fourth quarter and full year ended December 31, 2024, and provided recent corporate updates (Press release, Turnstone Biologics, MAR 28, 2025, View Source [SID1234651686]).

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Corporate Updates

In November 2024, the Company presented preclinical data on its Selected TIL therapies at the 2024 Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) ("SITC") Annual Meeting. Turnstone also presented clinical data at the SITC (Free SITC Whitepaper) TIL Symposium in a presentation titled "TIDAL-01: Enriching for a More Potent TIL Population with Selected TIL Therapy".

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.

Financial Highlights

Cash, Cash Equivalents and Short-Term Investments: As of December 31, 2024, cash, cash equivalents, and short-term investments were $28.9 million.

Research and Development ("R&D") Expenses: R&D expenses for the three months ended December 31, 2024, were $8.2 million, compared to $13.5 million for the same period in 2023. The decrease was due primarily to corporate restructuring, workforce reduction, and strategic prioritization of pipeline.

General and Administrative ("G&A") Expenses: G&A expenses for the three months ended December 31, 2024, were $3.2 million, compared to $4.4 million for the same period in 2023. The decrease was due primarily to reductions in personnel costs, professional service costs, and other general and administrative costs.

Net Loss: Net loss for the three months ended December 31, 2024, was $12.9 million, compared to net loss of $16.5 million for the same period in 2023.

2024 Annual Results Presentation

On March 28, 2025 CStone Pharmaceauticals reported 2024 Annual Results (Presentation, CStone Pharmaceauticals, MAR 28, 2025, View Source [SID1234656444]).

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FDA approves Novartis radioligand therapy Pluvicto® for earlier use before chemotherapy in PSMA-positive metastatic castration-resistant prostate cancer

On March 28, 2025 Novartis reported that the US Food and Drug Administration (FDA) approved Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC) who have been treated with an androgen receptor pathway inhibitor (ARPI) therapy and are considered appropriate to delay chemotherapy (Press release, Novartis, MAR 28, 2025, View Source [SID1234651584]).

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The expanded indication, which approximately triples the number of patients eligible to receive Pluvicto, is based on results of the Phase III PSMAfore trial. In the study, Pluvicto reduced the risk of radiographic progression or death by 59% (HR=0.41; 95% CI: 0.29, 0.56; p<0.0001) compared to a change in ARPI in patients with PSMA-positive mCRPC after treatment with ARPI therapy. At an updated exploratory analysis, Pluvicto more than doubled median radiographic progression-free survival (11.6 months vs. 5.6 months)*.

"The earlier indication for Pluvicto could really change our treatment paradigms for patients with mCRPC. It offers a targeted therapy that better delays disease progression compared to a second ARPI," said Michael Morris, MD, Prostate Cancer Section Head, GU Oncology, Memorial Sloan Kettering Cancer Center, and the Principal Investigator of the study in the US. "This approval is a significant step forward and should open the doorway to a therapy that has clear clinical advantages for the patient with mCRPC who has progressed on one ARPI and has not received chemotherapy."

In PSMAfore, the final overall survival (OS) analysis numerically favored Pluvicto, with a hazard ratio of 0.91 (95% CI: 0.72, 1.14), but was not statistically significant. The OS analysis was confounded by the high rate of patients who crossed over from the control arm to Pluvicto (60.3%). When adjusted for crossover, the OS hazard ratio was 0.59 (95% CI: 0.38, 0.91) with the inverse probability of censoring weighting (IPCW) method**.

Additional findings from the PSMAfore study showed Pluvicto demonstrated a consistent and favorable safety profile. The most frequently reported all-grade adverse events for Pluvicto were primarily Grade 1-2 and included dry mouth (61%), fatigue (53%), nausea (32%), and constipation (22%). Pluvicto did not impair the ability of patients to be treated with subsequent chemotherapy.

"The clinical development of PSMA-targeting radioligand therapy has provided important insights into the treatment of metastatic castration-resistant prostate cancer," said Oliver Sartor, MD, Chair of Genitourinary Cancer Disease Group and Director of Radiopharmaceutical Clinical Trials, Mayo Clinic. "The trial data demonstrated a clear clinical benefit in delaying disease progression in eligible patients, offering an additional therapeutic approach in this setting."

More than 35,000 men die from prostate cancer each year, and the incidence of the disease is rising.2 Half of patients with mCRPC will not live long enough to receive a second treatment.1 While hormone therapy and chemotherapy are essential treatments for mCRPC, they may not be appropriate for all patients.3 Many patients and their healthcare providers prefer to avoid or delay chemotherapy due to side effects, and treatment guidelines recommend avoiding the use of multiple ARPIs.4-7

"With worsening outcomes after each successive line of treatment, patients with this type of metastatic prostate cancer and their families have long faced limited options and uncertain outcomes," said Gina Carithers, CEO and President of the Prostate Cancer Foundation.8 "The now expanded approval of Pluvicto is an empowering development for the prostate cancer community. We now have more choices earlier in the treatment journey, enabling patients to advocate for their preferences and work with their oncologist or urologist to determine the treatment option that best suits their needs."

"Today’s approval for an expanded indication for Pluvicto brings more choice to nearly three times as many patients, enabling us to further establish radioligand therapies as a pillar in cancer care," said Victor Bultó, President US, Novartis. "As pioneers in the RLT space, Novartis is committed to providing education, resources, and practical solutions to healthcare providers to help ensure access for all patients navigating this challenging disease."

Novartis RLT Patient and Office Support
As the only organization with a dedicated commercial RLT portfolio, we have established a strong infrastructure to ensure patient access and now offer Pluvicto in multiple administration methods, including prefilled syringes. With unparalleled customer experience in the RLT space, Novartis can deliver Pluvicto to the nearly 600 US RLT treatment sites, typically within 5 days to ensure prompt treatment initiation.

Novartis has introduced innovative solutions—including the newly launched RLT Institute—to educate and simplify the integration of RLT into routine clinical practice. The Novartis RLT Institute is an educational platform focused on radiation safety for the setup of treatment sites, equipping site staff with the necessary knowledge to safely administer RLT.

Novartis Patient Support is available to help eligible patients get started on treatment, including help understanding insurance coverage and identifying potential financial assistance options. Patients or providers can speak to a live agent at 1-844-638-7222 or visit View Source

About Pluvicto (lutetium Lu 177 vipivotide tetraxetan)
Pluvicto is an intravenous radioligand therapy (RLT) combining a targeting compound (a ligand) with a therapeutic radionuclide (a radioactive particle, in this case lutetium-177). After administration into the bloodstream, Pluvicto binds to target cells, including prostate cancer cells that express PSMA, a transmembrane protein. Once bound, energy emissions from the radioisotope damage the target cells and nearby cells, disrupting their ability to replicate and/or triggering cell death.

Based on two Phase III studies, Pluvicto is the only PSMA-targeted agent proven to significantly improve rPFS and demonstrate a safety profile with proven tolerability in both pre- and post-taxane settings for patients with ARPI-treated, PSMA-positive mCRPC. Pluvicto is the first and only targeted radioligand therapy for patients with PSMA-positive mCRPC before the need for chemotherapy.

Novartis is investigating Pluvicto in earlier stages of disease, including metastatic hormone-sensitive prostate cancer (PSMAddition, NCT04720157) and oligometastatic prostate cancer (PSMA-DC, NCT05939414).

*Results observed at third interim analysis of PSMAfore (NCT04689828) with a data cutoff of February 2024. Pluvicto met its primary endpoint of rPFS at the primary analysis based on centrally confirmed rPFS events with an October 2022 data cut off.
**IPCW is an established statistical method that includes a number of assumptions

Purple Biotech Announces Three Posters Accepted for Presentation at the 2025 American Association for Cancer Research Meeting

On March 28, 2025 Purple Biotech Ltd. ("Purple Biotech" or "the Company") (NASDAQ/TASE: PPBT), a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance, reported upcoming poster presentations including one for CM24 in the treatment of pancreatic cancer, and two for NT219 in the treatment of colorectal and head and neck cancers, at the 2025 American Association for Cancer Research (AACR) (Free AACR Whitepaper) Meeting (2025 AACR (Free AACR Whitepaper)), scheduled to take place from April 25th to April 30th in Chicago (Press release, Purple Biotech, MAR 28, 2025, View Source [SID1234651586]). Presentation details are below:

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Abstract Title: Final analysis of the randomized Phase 2 cohort of CM24 with nivolumab and chemotherapy in pancreatic cancer & potential serum biomarkers

Session Title: Liquid Biopsy: Circulating Nucleic Acids 4 / Predictive Biomarkers 1

Session Date and Time: Wednesday, April 30, 9:00 a.m. – 12:00 p.m.

Abstract Title: APC-loss as a potential biomarker for NT219 treatment in colorectal cancer (CRC)

Session Title: Molecular Classification of Tumors for Diagnostics, Prognostics, and Therapeutic Outcomes

Session Date and Time: Sunday, April 27, 2:00 – 5:00 p.m.

Abstract Title: NT219 overcomes immune evasion-resistant mechanisms in head and neck squamous cell carcinoma (HNSCC)

Session Title: Novel Drug Resistance Mechanisms

Session Date and Time: Monday, April 28, 2:00 – 5:00 p.m.

Sensei Biotherapeutics Reports Full Year 2024 Financial Results and Update on Clinical Progress

On March 28, 2025 Sensei Biotherapeutics, Inc. (Nasdaq: SNSE), a clinical stage biotechnology company focused on the discovery and development of next-generation therapeutics for cancer patients, reported financial results for the full year 2024, and provided corporate updates (Press release, Sensei Biotherapeutics, MAR 28, 2025, View Source [SID1234651587]).

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"2024 was a pivotal year for Sensei, as we advanced solnerstotug through dose expansion and began to demonstrate its clinical potential in patients who have progressed on and are resistant to PD-(L)1 therapy" said John Celebi, President and CEO of Sensei Bio. "The responses we’ve observed in PD-(L)1 resistant tumors are highly encouraging and we believe support solnerstotug’s differentiated approach to targeting VISTA. In the context of available data across checkpoint inhibitor regimens, solnerstotug stands out for its encouraging response rates and favorable tolerability profile in PD-(L)1 resistant tumors, a setting with limited treatment options and no approved therapies targeting VISTA. We are now focused on completing dose expansion for patients on study and finalizing a robust Phase 2 strategy."

Highlights and Milestones

Solnerstotug (formerly SNS-101) is a conditionally active antibody designed to selectively target the immune checkpoint VISTA (V-domain Ig suppressor of T cell activation) within the tumor microenvironment. VISTA is implicated in numerous cancer indications and its expression correlates with low survival rates.

Sensei is conducting a multi-center Phase 1/2 clinical trial to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of solnerstotug as both a monotherapy and in combination with Regeneron’s PD-1 inhibitor Libtayo (cemiplimab) in patients with advanced solid tumors. Recent updates include:

Preliminary Activity in PD-(L)1 Resistant "Hot" Tumors
In March 2025, Sensei presented preliminary dose expansion data showing, as of the data cutoff of March 17, 2025:
Among 21 evaluable PD-(L)1 resistant "hot" tumor patients, the combination of solnerstotug + cemiplimab demonstrated a 14% ORR (overall response rate), which is almost 3x higher than historical PD-(L)1 rechallenge response rates (≤5%), and a 62% DCR (disease control rate), suggesting meaningful disease control in resistant tumors.
One durable complete response in a patient with Merkel Cell Carcinoma (MCC).
Two partial responses (PRs): one in a second MCC patient and one in a microsatellite instability-high (MSI-H) Colorectal Cancer (CRC) patient.
All patients with tumor shrinkage remain on treatment, suggesting potential for prolonged clinical benefit.
An additional 11 patients have not yet reached the first baseline scan, and an additional eight patients discontinued the study prior to any post-baseline scan.
All patients in this cohort had progressed on prior PD-(L)1.
Yesterday, Sensei hosted an investor webcast to discuss the dose expansion data, featuring Company leadership and Dr. Shiraj Sen, M.D., Medical Oncologist and Director of Clinical Research at NEXT-Oncology, Dallas, an investigator on the Phase 1/2 study. The replay of the webcast is available here.

Favorable Safety Profile:
Solnerstotug continues to be well tolerated, with no dose-limiting toxicities and the majority of AEs Grade 1 or 2 in severity to date. Out of 60 patients, there have been four (7%) cases of Grade 1 cytokine release syndrome (CRS), all mild and manageable. Two patients in the combination cohort experienced immune-mediated events.
Clinical Progress and Outlook:
Target enrollment (n=60) in the dose expansion cohort has been achieved.
Full expansion data expected by year-end 2025.
Scientific and Clinical Visibility:
Sensei presented new data and mechanistic insights across multiple forums in 2024:
SITC 2024: Spatial proteomic profiling of VISTA and PSGL-1 in diverse tumor types.
Nature Communications: Sensei published a peer-reviewed research paper in Nature Communications in April 2024 describing the mechanism of action of solnerstotug selectively targeting the active form of VISTA within the tumor microenvironment.
PEGS Europe, IO360, Keystone Symposia, and others: Continued showcasing of solnerstotug and the TMAb platform.
Corporate Updates

In Q4, Sensei implemented an organizational restructuring to streamline operations and focus resources on clinically advancing solnerstotug.
Appointed Josiah Craver as Senior Vice President of Finance and later as Principal Financial and Accounting Officer.
Named Ron Weitzman, M.D., F.A.C.P., as part-time Chief Medical Officer.
Year End 2024 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $41.3 million as of December 31, 2024, as compared to $65.8 million as of December 31, 2023. Sensei expects its current cash balance to fund operations into the second quarter of 2026.

Research and Development (R&D) Expenses: R&D expenses were $18.6 million for the year ended December 31, 2024, compared to $18.3 million for the year ended December 31, 2023. The increase in R&D expenses was primarily attributable to higher expense associated with clinical trials and one-time employee termination benefits primarily offset by lower preclinical research expense and consulting fees.

General and Administrative (G&A) Expenses: G&A expenses were $13.0 million for the year ended December 31, 2024, compared to $18.8 million for the year ended December 31, 2023. The decrease in G&A expense was primarily attributable to lower costs for external professional services, lower personnel costs, and lower insurance costs.

Net Loss: Net loss was $30.2 million for the year ended December 31, 2024, compared to $34.1 million for the year ended December 31, 2023.