Turnstone Biologics Corp. Reports Fourth Quarter and Full Year 2024 Financial Results
Turnstone Biologics (Nasdaq: TSBX) reported its Q4 and full year 2024 financial results, marking significant changes in its operations. The company, previously focused on Selected TIL therapy for solid tumors, announced the discontinuation of all TIDAL-01 clinical studies in January 2025 and is now exploring strategic alternatives to maximize shareholder value.
Financial highlights show cash, cash equivalents, and short-term investments of $28.9 million as of December 31, 2024. Q4 2024 R&D expenses decreased to $8.2 million from $13.5 million in Q4 2023, while G&A expenses reduced to $3.2 million from $4.4 million year-over-year. The company's net loss improved to $12.9 million in Q4 2024 compared to $16.5 million in Q4 2023, primarily due to corporate restructuring and workforce reduction.
Turnstone Biologics (Nasdaq: TSBX) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, segnando cambiamenti significativi nelle sue operazioni. L'azienda, in precedenza focalizzata sulla terapia con TIL selezionati per i tumori solidi, ha annunciato la cessazione di tutti gli studi clinici TIDAL-01 a gennaio 2025 e sta ora esplorando alternative strategiche per massimizzare il valore per gli azionisti.
I punti salienti finanziari mostrano disponibilità liquide, equivalenti di cassa e investimenti a breve termine di 28,9 milioni di dollari al 31 dicembre 2024. Le spese per R&S del quarto trimestre 2024 sono diminuite a 8,2 milioni di dollari rispetto ai 13,5 milioni di dollari del quarto trimestre 2023, mentre le spese generali e amministrative sono scese a 3,2 milioni di dollari dai 4,4 milioni di dollari dell'anno precedente. La perdita netta dell'azienda è migliorata a 12,9 milioni di dollari nel quarto trimestre 2024 rispetto ai 16,5 milioni di dollari del quarto trimestre 2023, principalmente a causa della ristrutturazione aziendale e della riduzione del personale.
Turnstone Biologics (Nasdaq: TSBX) informó sus resultados financieros del cuarto trimestre y del año completo 2024, marcando cambios significativos en sus operaciones. La compañía, que anteriormente se enfocaba en la terapia de TIL seleccionados para tumores sólidos, anunció la discontinuación de todos los estudios clínicos TIDAL-01 en enero de 2025 y ahora está explorando alternativas estratégicas para maximizar el valor para los accionistas.
Los aspectos destacados financieros muestran efectivo, equivalentes de efectivo e inversiones a corto plazo de 28,9 millones de dólares al 31 de diciembre de 2024. Los gastos de I+D del cuarto trimestre de 2024 disminuyeron a 8,2 millones de dólares desde 13,5 millones de dólares en el cuarto trimestre de 2023, mientras que los gastos generales y administrativos se redujeron a 3,2 millones de dólares desde 4,4 millones de dólares en comparación interanual. La pérdida neta de la compañía mejoró a 12,9 millones de dólares en el cuarto trimestre de 2024 en comparación con 16,5 millones de dólares en el cuarto trimestre de 2023, principalmente debido a la reestructuración corporativa y la reducción de personal.
Turnstone Biologics (Nasdaq: TSBX)는 2024년 4분기 및 연간 재무 결과를 발표하며 운영의 중요한 변화를 알렸습니다. 이전에 고형 종양에 대한 선택된 TIL 치료에 집중했던 이 회사는 2025년 1월에 모든 TIDAL-01 임상 연구를 중단한다고 발표하고 현재 주주 가치를 극대화하기 위한 전략적 대안을 모색하고 있습니다.
재무 하이라이트에 따르면 2024년 12월 31일 기준으로 현금, 현금 등가물 및 단기 투자액은 2890만 달러입니다. 2024년 4분기 연구개발(R&D) 비용은 2023년 4분기의 1350만 달러에서 820만 달러로 감소했으며, 일반 및 관리(G&A) 비용은 전년 대비 440만 달러에서 320만 달러로 줄었습니다. 회사의 순손실은 2023년 4분기의 1650만 달러에 비해 2024년 4분기에는 1290만 달러로 개선되었으며, 이는 주로 기업 구조조정과 인력 감축 때문입니다.
Turnstone Biologics (Nasdaq: TSBX) a publié ses résultats financiers du quatrième trimestre et de l'année 2024, marquant des changements significatifs dans ses opérations. L'entreprise, qui était auparavant axée sur la thérapie par TIL sélectionnés pour les tumeurs solides, a annoncé l'arrêt de toutes les études cliniques TIDAL-01 en janvier 2025 et explore désormais des alternatives stratégiques pour maximiser la valeur pour les actionnaires.
Les points forts financiers montrent des liquidités, des équivalents de liquidités et des investissements à court terme de 28,9 millions de dollars au 31 décembre 2024. Les dépenses de R&D pour le quatrième trimestre 2024 ont diminué à 8,2 millions de dollars contre 13,5 millions de dollars au quatrième trimestre 2023, tandis que les dépenses générales et administratives ont été réduites à 3,2 millions de dollars contre 4,4 millions de dollars d'une année sur l'autre. La perte nette de l'entreprise s'est améliorée à 12,9 millions de dollars au quatrième trimestre 2024 par rapport à 16,5 millions de dollars au quatrième trimestre 2023, principalement en raison de la restructuration de l'entreprise et de la réduction des effectifs.
Turnstone Biologics (Nasdaq: TSBX) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, was erhebliche Veränderungen in seinen Operationen markiert. Das Unternehmen, das zuvor auf die Therapie mit ausgewählten TIL für solide Tumoren fokussiert war, gab die Einstellung aller TIDAL-01 klinischen Studien im Januar 2025 bekannt und erkundet nun strategische Alternativen zur Maximierung des Aktionärswertes.
Die finanziellen Höhepunkte zeigen, dass das Unternehmen zum 31. Dezember 2024 über liquide Mittel, Zahlungsmitteläquivalente und kurzfristige Investitionen von 28,9 Millionen Dollar verfügt. Die F&E-Ausgaben im vierten Quartal 2024 sanken auf 8,2 Millionen Dollar von 13,5 Millionen Dollar im vierten Quartal 2023, während die allgemeinen und administrativen Ausgaben im Jahresvergleich auf 3,2 Millionen Dollar von 4,4 Millionen Dollar gesenkt wurden. Der Nettoverlust des Unternehmens verbesserte sich im vierten Quartal 2024 auf 12,9 Millionen Dollar im Vergleich zu 16,5 Millionen Dollar im vierten Quartal 2023, was hauptsächlich auf Unternehmensrestrukturierungen und Personalabbau zurückzuführen ist.
- Net loss improved by $3.6 million year-over-year in Q4
- Reduced R&D expenses by $5.3 million through restructuring
- Decreased G&A expenses by $1.2 million through cost-cutting measures
- Discontinuation of all TIDAL-01 clinical studies
- Company forced to explore strategic alternatives
- Significant workforce reduction implemented
- Cash position of $28.9M may limit future operations
Insights
Turnstone Biologics' announcement reveals a critical strategic shift with the discontinuation of all TIDAL-01 clinical studies and halting further development of their Selected TIL therapy platform. This represents a significant negative development for the company, as this program appeared to be their primary therapeutic focus.
The decision to explore "strategic alternatives to maximize shareholder value" is typically corporate language indicating the company is considering options like a sale, merger, or substantial restructuring following a major pipeline setback. While the company reduced its quarterly net loss to
The reduced R&D spending (
Discontinuing their lead program signals a fundamental challenge with their scientific approach or clinical results, though specific reasons weren't disclosed. For a clinical-stage biotech company to abandon its main therapeutic platform represents an existential challenge rather than a normal pipeline prioritization.
SAN DIEGO, March 28, 2025 (GLOBE NEWSWIRE) -- 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, today announced its financial results for the fourth quarter and full year ended December 31, 2024, and provided recent corporate updates.
Corporate Updates
In November 2024, the Company presented preclinical data on its Selected TIL therapies at the 2024 Society for Immunotherapy of Cancer (“SITC”) Annual Meeting. Turnstone also presented clinical data at the SITC 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
Research and Development (“R&D”) Expenses: R&D expenses for the three months ended December 31, 2024, were
General and Administrative (“G&A”) Expenses: G&A expenses for the three months ended December 31, 2024, were
Net Loss: Net loss for the three months ended December 31, 2024, was
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; 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, to be filed with the Securities and Exchange Commission, 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
ahmed.aneizi@turnstonebio.com
| Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Collaboration revenue | $ | — | $ | — | $ | — | $ | 19,306 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 8,160 | 13,458 | 56,104 | 60,491 | ||||||||||||
| General and administrative | 3,218 | 4,398 | 16,390 | 17,847 | ||||||||||||
| Total operating expenses | 11,378 | 17,856 | 72,494 | 78,338 | ||||||||||||
| Loss from operations | (11,378 | ) | (17,856 | ) | (72,494 | ) | (59,032 | ) | ||||||||
| Other (expense) income, net | (659 | ) | 1,241 | 1,694 | 3,546 | |||||||||||
| Net loss before income taxes | (12,037 | ) | (16,615 | ) | (70,800 | ) | (55,486 | ) | ||||||||
| (Provision) benefit for income taxes | (835 | ) | 165 | (37 | ) | 286 | ||||||||||
| Net loss | $ | (12,872 | ) | $ | (16,450 | ) | $ | (70,837 | ) | $ | (55,200 | ) | ||||
| Other comprehensive (loss) income | (6 | ) | 122 | (83 | ) | 294 | ||||||||||
| Total comprehensive loss | $ | (12,878 | ) | $ | (16,328 | ) | $ | (70,920 | ) | $ | (54,906 | ) | ||||
| Net loss attributable to common stockholders, basic and diluted | (12,872 | ) | (16,773 | ) | (70,837 | ) | (55,239 | ) | ||||||||
| Weighted-average shares of common stock outstanding, basic and diluted | 23,059,747 | 22,934,594 | 23,037,078 | 11,562,910 | ||||||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.56 | ) | $ | (0.73 | ) | $ | (3.07 | ) | $ | (4.78 | ) | ||||
| Condensed Consolidated Balance Sheet (unaudited) (In thousands) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| Cash and cash equivalents and short term investments | $ | 28,926 | $ | 94,777 | |||
| Total assets | 40,139 | 112,815 | |||||
| Total liabilities | 8,672 | 14,148 | |||||
| Total stockholders' deficit | 31,467 | 98,667 | |||||
FAQ
Why did Turnstone Biologics (TSBX) discontinue the TIDAL-01 clinical studies in January 2025?
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How much did Turnstone Biologics (TSBX) reduce its R&D expenses in Q4 2024?
What was TSBX's net loss in Q4 2024 compared to Q4 2023?
