{"id":7513,"date":"2025-05-09T05:00:00","date_gmt":"2025-05-08T22:00:00","guid":{"rendered":"https:\/\/www.globenewswire.com\/news-release\/2025\/05\/08\/3077878\/0\/en\/Turnstone-Biologics-Corp-Reports-First-Quarter-2025-Financial-Results-and-Provides-Recent-Corporate-Highlights.html3077878"},"modified":"2025-05-09T05:07:49","modified_gmt":"2025-05-08T22:07:49","slug":"turnstone-biologics-corp-reports-first-quarter-2025-financial-results-and-provides-recent-corporate-highlights","status":"publish","type":"post","link":"https:\/\/cryptoinsider.asia\/vi\/turnstone-biologics-corp-reports-first-quarter-2025-financial-results-and-provides-recent-corporate-highlights\/","title":{"rendered":"Turnstone Biologics Corp. Reports First Quarter 2025 Financial Results and Provides Recent Corporate Highlights"},"content":{"rendered":"\n

SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) — Turnstone Biologics Corp. (\u201cTurnstone\u201d or the \u201cCompany\u201d) (Nasdaq-CM: TSBX)<\/strong>, 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 (\u201cSelected TIL\u201d) therapy, today reported financial results for the first quarter ended March 31, 2025, and provided recent corporate updates.<\/p>\n

Corporate Updates<\/strong><\/p>\n

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.<\/p>\n

In March 2025, Turnstone received approval from the Listing Qualifications Department at the Nasdaq Stock Market (\u201cNasdaq\u201d) 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\u2019s shares of Common Stock continue to trade under the \u201cTSBX\u201d 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.<\/p>\n

Financial Highlights<\/strong><\/p>\n

Cash, Cash Equivalents and Short-Term Investments<\/strong>: As of March 31, 2025, cash, cash equivalents and short-term investments were $21.9 million.<\/p>\n

Research and Development (R&D) Expenses<\/strong>: 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.<\/p>\n

General and Administrative (G&A) Expenses<\/strong>: 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.<\/p>\n

Net Loss<\/strong>: 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.<\/p>\n

About Turnstone<\/strong><\/p>\n

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 (\u201cSelected TIL\u201d) therapy. For additional information about Turnstone, please visit www.turnstonebio.com<\/a>.<\/p>\n

Forward-Looking Statements <\/strong><\/p>\n

Statements contained in this press release regarding matters that may occur in the future are \u201cforward looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Turnstone\u2019s 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\u2019s ability to execute its planned exploration and evaluation of strategic alternatives; Turnstone\u2019s ability to maintain compliance with Nasdaq\u2019s listing rules; and unexpected demands on Turnstone\u2019s 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\u2019s 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\u2019s Quarterly Reports on Form 10-Q, especially, in each case, under the caption \u201cRisk Factors,\u201d 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.<\/p>\n

Contact<\/strong>:<\/p>\n

Ahmed Aneizi
Investor Relations
Turnstone Biologics
(347) 897-5988
ahmed.aneizi@turnstonebio.com<\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
 <\/td>\n<\/tr>\n
Turnstone Biologics, Corp.<\/strong>
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)(unaudited)<\/strong>
(In thousands, except share and per share data)<\/em><\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n<\/tr>\n
 <\/td>\nThree Months Ended March 31,<\/strong><\/td>\n<\/tr>\n
 <\/td>\n2025<\/strong><\/td>\n <\/td>\n2024<\/strong><\/td>\n<\/tr>\n
Collaboration revenue<\/td>\n$<\/td>\n\u2014<\/td>\n <\/td>\n <\/td>\n$<\/td>\n\u2014<\/td>\n <\/td>\n<\/tr>\n
Operating expenses:<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Research and development<\/td>\n <\/td>\n4,357<\/td>\n <\/td>\n <\/td>\n <\/td>\n15,790<\/td>\n <\/td>\n<\/tr>\n
General and administrative<\/td>\n <\/td>\n4,807<\/td>\n <\/td>\n <\/td>\n <\/td>\n4,901<\/td>\n <\/td>\n<\/tr>\n
Total operating expenses<\/td>\n <\/td>\n9,164<\/td>\n <\/td>\n <\/td>\n <\/td>\n20,691<\/td>\n <\/td>\n<\/tr>\n
Loss from operations<\/td>\n <\/td>\n(9,164<\/td>\n)<\/td>\n <\/td>\n <\/td>\n(20,691<\/td>\n)<\/td>\n<\/tr>\n
Other (expense) income, net<\/td>\n <\/td>\n(2,640<\/td>\n)<\/td>\n <\/td>\n <\/td>\n1,078<\/td>\n <\/td>\n<\/tr>\n
Net loss before income taxes<\/td>\n <\/td>\n(11,804<\/td>\n)<\/td>\n <\/td>\n <\/td>\n(19,613<\/td>\n)<\/td>\n<\/tr>\n
(Provision) benefit for income taxes<\/td>\n <\/td>\n(2<\/td>\n)<\/td>\n <\/td>\n <\/td>\n(16<\/td>\n)<\/td>\n<\/tr>\n
Net loss<\/td>\n$<\/td>\n(11,806<\/td>\n)<\/td>\n <\/td>\n$<\/td>\n(19,629<\/td>\n)<\/td>\n<\/tr>\n
Other comprehensive (loss) income<\/td>\n <\/td>\n–<\/td>\n <\/td>\n <\/td>\n <\/td>\n(117<\/td>\n)<\/td>\n<\/tr>\n
Total comprehensive loss<\/td>\n$<\/td>\n(11,806<\/td>\n)<\/td>\n <\/td>\n$<\/td>\n(19,746<\/td>\n)<\/td>\n<\/tr>\n
Net loss attributable to common stockholders, basic and diluted<\/td>\n <\/td>\n(11,806<\/td>\n)<\/td>\n <\/td>\n <\/td>\n(19,629<\/td>\n)<\/td>\n<\/tr>\n
Weighted-average shares of common stock outstanding, basic and diluted<\/td>\n <\/td>\n23,138,209<\/td>\n <\/td>\n <\/td>\n <\/td>\n23,011,795<\/td>\n <\/td>\n<\/tr>\n
Net loss per share attributable to common stockholders, basic and diluted<\/td>\n$<\/td>\n(0.51<\/td>\n)<\/td>\n <\/td>\n$<\/td>\n(0.85<\/td>\n)<\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n
Turnstone Biologics, Corp.<\/strong>
Condensed Consolidated Balance Sheet<\/strong>
(amount in thousands)<\/em><\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
 <\/td>\nMarch 31, 2025<\/strong><\/td>\n <\/td>\nDecember 31, 2024<\/strong><\/td>\n<\/tr>\n
 <\/td>\n(unaudited) <\/strong><\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Cash and cash equivalents and short term investments<\/td>\n$<\/td>\n21,847<\/td>\n <\/td>\n <\/td>\n$<\/td>\n28,926<\/td>\n <\/td>\n<\/tr>\n
Total assets<\/td>\n <\/td>\n27,613<\/td>\n <\/td>\n <\/td>\n <\/td>\n40,139<\/td>\n <\/td>\n<\/tr>\n
Total liabilities<\/td>\n <\/td>\n7,627<\/td>\n <\/td>\n <\/td>\n <\/td>\n8,672<\/td>\n <\/td>\n<\/tr>\n
Total stockholders’ deficit<\/td>\n <\/td>\n19,986<\/td>\n <\/td>\n <\/td>\n <\/td>\n31,467<\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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Corporate Updates In January 2025, Turnstone made the determination to discontinue all TIDAL-01 clinical studies and halted further…<\/p>\n","protected":false},"author":1,"featured_media":7514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[75,1406],"tags":[],"class_list":["post-7513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-globenewswire"],"yoast_head":"\nTurnstone Biologics Corp. 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(\u201cTurnstone\u201d or the \u201cCompany\u201d) (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 (\u201cSelected TIL\u201d) therapy, today reported financial results for the first quarter ended March 31, 2025, and provided recent corporate updates. 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