Turnstone Biologics (TSBX)

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XOMA Royalty Announces Closing of Tender Offer for Turnstone Biologics
Globenewswire· 2025-08-11 13:00
EMERYVILLE, Calif., Aug. 11, 2025 (GLOBE NEWSWIRE) -- XOMA Royalty Corporation (NASDAQ: XOMA) ("XOMA Royalty" or the "Company"), a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health, today announced the Company has successfully completed its previously announced tender offer to acquire all outstanding shares of Turnstone Biologics Corp. (NASDAQ: TSBX) common stock for a price per share of $0.34 in cash (the "Cash Amount"), pl ...
Turnstone Biologics (TSBX) - 2025 Q2 - Quarterly Report
2025-08-08 20:44
(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 FORM 10-Q OR For the quarterly period ended June 30, 2025 (Exact name of registrant as specified in its charter) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 83-2909368 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1110 North Virg ...
$HAREHOLDER ALERT: Class Action Attorney Juan Monteverde Investigates the Merger of Turnstone Biologics Corp. (NASDAQ: TSBX)
GlobeNewswire News Room· 2025-06-30 22:14
Group 1 - Class Action Attorney Juan Monteverde's firm, Monteverde & Associates PC, is investigating Turnstone Biologics Corp. regarding its sale to XOMA Royalty Corporation, where existing shareholders will receive $0.34 in cash per share and one non-transferable contingent value right [1] - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has recovered millions for shareholders [1] - The firm operates from the Empire State Building in New York City and has a successful track record in trial and appellate courts, including the U.S. Supreme Court [2][3] Group 2 - The investigation raises questions about the fairness of the deal for existing Turnstone shareholders [1] - The firm offers free consultations for shareholders who have concerns or wish to obtain additional information [3]
Turnstone Biologics Corp. Enters into Agreement to be Acquired by XOMA Royalty Corporation for $0.34 in Cash Per Share Plus a Contingent Value Right
Globenewswire· 2025-06-27 11:30
Core Viewpoint - XOMA Royalty Corporation has entered into a definitive merger agreement to acquire Turnstone Biologics Corp for $0.34 in cash per share plus one non-transferable contingent value right (CVR) [1][3]. Group 1: Merger Agreement Details - The acquisition is unanimously approved by Turnstone's Board of Directors, which believes it is in the best interests of all stockholders [2]. - XOMA Royalty will commence a tender offer by July 11, 2025, to acquire all outstanding shares of Turnstone common stock, with the transaction expected to close in August 2025 [3]. - Approximately 25.2% of Turnstone stockholders have signed support agreements to tender their shares in the Offer [3]. Group 2: Company Profiles - XOMA Royalty is a biotechnology royalty aggregator that helps biotech companies by acquiring potential future economics associated with therapeutic candidates [5]. - Turnstone Biologics focuses on developing a differentiated approach to treat solid tumors through selected tumor-infiltrating lymphocyte therapy [6].
Turnstone Biologics (TSBX) - 2025 Q1 - Quarterly Report
2025-05-08 22:16
Financial Performance - The company incurred a net loss of $11.8 million for the three months ended March 31, 2025, compared to a net loss of $19.6 million for the same period in 2024, representing a 40% improvement[17]. - Total operating expenses for the first quarter of 2025 were $9.2 million, down 56% from $20.7 million in the first quarter of 2024[17]. - The company reported a net loss of $11.8 million for the three months ended March 31, 2025, compared to a net loss of $19.6 million for the same period in 2024, indicating a 40% improvement in losses year-over-year[34]. - The company recognized a loss on disposal of property and equipment of $2.3 million for the three months ended March 31, 2025[65]. - Other income (expense), net was $(2.6) million in Q1 2025, a decrease of $3.7 million or 336.4% from $1.1 million in Q1 2024, primarily due to reduced interest income and a loss on the sale of laboratory equipment[159]. - Cash used in operating activities for Q1 2025 was $7.1 million, down from $17.5 million in Q1 2024, indicating improved cash flow management[166]. Assets and Cash Position - As of March 31, 2025, the company reported total assets of $27.6 million, a decrease of 31% from $40.1 million as of December 31, 2024[15]. - The company had cash and cash equivalents of $21.8 million as of March 31, 2025, down from $28.9 million at the end of 2024[15]. - The company concluded that its cash and cash equivalents will be sufficient to fund planned expenditures for the next twelve months[33]. - As of March 31, 2025, the company had approximately $0.1 million in restricted cash, which is pledged as collateral for its San Diego facility lease[42]. - Total financial assets decreased from $22.275 million as of December 31, 2024, to $17.988 million as of March 31, 2025[60]. Strategic Alternatives and Workforce - The company is pursuing strategic alternatives, including potential mergers or asset sales, following the discontinuation of all clinical studies for TIDAL-01[27]. - The company reduced its workforce and implemented cost-containment measures, with 8 employees remaining as of March 31, 2025[28]. - A workforce reduction of approximately 60% was announced in October 2024, alongside a strategic prioritization of the pipeline focusing on the Phase 1 program, TIDAL-01[126]. - The company is exploring strategic alternatives, including potential mergers, acquisitions, or asset sales, to enhance stockholder value[123]. - The company expects its strategic review process to extend into, and possibly beyond, the second quarter of 2025[32]. Compliance and Regulatory Issues - The company received a deficiency notice from Nasdaq regarding its stock price, which has been below $1.00 per share for 30 consecutive business days[29]. - The company has been granted an additional 180-day grace period to regain compliance with Nasdaq's minimum bid price requirement[31]. - The company received a deficiency letter from Nasdaq on September 27, 2024, for not maintaining a minimum bid price of $1.00 per share for 30 consecutive business days[127]. - An additional 180-day grace period was granted to regain compliance with the minimum bid price requirement, expiring on September 22, 2025[130]. Research and Development - Research and development expenses increased to $1.219 million as of March 31, 2025, compared to $3.774 million as of December 31, 2024[66]. - The company has not generated any revenue from product sales since its inception and expects to continue incurring significant operating losses for the foreseeable future[34]. - The company anticipates that research and development expenses will continue to significantly decline as a result of the strategic review process[157]. - The company has committed to pay Moffitt a total of at least $17.5 million over five years for research and development services[75]. - The company has discontinued all clinical studies evaluating TIDAL-01 and is exploring strategic alternatives to enhance stockholder value[203]. Liabilities and Financial Obligations - As of March 31, 2025, the Company had an accumulated deficit of $259.4 million, reflecting ongoing financial challenges[34]. - The Company entered into a Loan and Security Agreement with Banc of California for a revolving credit facility of up to $20 million, but failed to meet the covenant requiring at least $40 million in new funding by March 31, 2025[35]. - As of March 31, 2025, no amounts have been drawn from the revolving credit facility due to unmet covenants[90]. - The Company is obligated to pay Moffitt a total of at least $17.5 million over five years for research and development services[141]. Stock and Equity - The Company has 490,000,000 shares of common stock authorized with a par value of $0.001 per share[91]. - Under the 2023 Equity Incentive Plan, an additional 1,156,830 shares were available for future issuance as of January 1, 2025[96]. - The total stock-based compensation expense for the three months ended March 31, 2025, was $325,000, a decrease from $1,046,000 in the same period of 2024[99]. - The company had unrecognized stock-based compensation expense of $1.8 million related to stock options and $0.1 million related to RSUs as of March 31, 2025[101]. Risks and Future Outlook - The Company is subject to risks common to early-stage biotechnology firms, including competition, regulatory compliance, and the need for additional capital[36]. - The company may face challenges in obtaining necessary capital for product development, which could delay or eliminate programs[202]. - Unfavorable global economic conditions could adversely affect the company's business and financial condition, impacting clinical trials and capital raising efforts[212]. - The company must navigate significant risks associated with product development, including regulatory approvals and market acceptance[210].
Turnstone Biologics (TSBX) - 2025 Q1 - Quarterly Results
2025-05-08 22:05
Financial Performance - The net loss for Q1 2025 was $11.8 million, a reduction of 40% from a net loss of $19.6 million in Q1 2024[6][12]. - The net loss per share attributable to common stockholders for Q1 2025 was $0.51, compared to $0.85 in Q1 2024[12]. - Total operating expenses for Q1 2025 were $9.2 million, down from $20.7 million in the same period of 2024, reflecting a 56% decrease[12]. Cash and Investments - As of March 31, 2025, cash, cash equivalents, and short-term investments totaled $21.9 million, down from $28.9 million at the end of 2024[5][14]. - The total stockholders' deficit as of March 31, 2025, was $20.0 million, down from $31.5 million at the end of 2024[14]. Expenses - Research and Development (R&D) expenses for Q1 2025 were $4.4 million, a significant decrease of 72% compared to $15.8 million in Q1 2024[5][12]. - General and Administrative (G&A) expenses for Q1 2025 were $4.8 million, slightly down from $4.9 million in Q1 2024[6][12]. Strategic Decisions - The company has discontinued all TIDAL-01 clinical studies and is exploring strategic alternatives to maximize shareholder value[3]. - Turnstone received approval to transfer its shares from the Nasdaq Global Market to the Nasdaq Capital Market effective March 31, 2025[4]. Shareholder Information - The weighted-average shares of common stock outstanding increased to 23,138,209 in Q1 2025 from 23,011,795 in Q1 2024[12].
Turnstone Biologics Corp. Reports First Quarter 2025 Financial Results and Provides Recent Corporate Highlights
GlobeNewswire News Room· 2025-05-08 22:00
Core Viewpoint - Turnstone Biologics Corp. reported its financial results for Q1 2025, highlighting a significant reduction in R&D expenses and a strategic shift following the discontinuation of the TIDAL-01 clinical studies [1][2][4]. Corporate Updates - In January 2025, the company decided to discontinue all TIDAL-01 clinical studies and is exploring strategic alternatives to maximize shareholder value [2]. - In March 2025, Turnstone received approval to transfer its shares from the Nasdaq Global Market to the Nasdaq Capital Market, effective March 31, 2025 [3]. Financial Highlights - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $21.9 million [4]. - R&D expenses for Q1 2025 were $4.4 million, a decrease from $15.8 million in Q1 2024, primarily due to the cessation of clinical development activities [4]. - G&A expenses for Q1 2025 were $4.8 million, slightly down from $4.9 million in Q1 2024 [5]. - The net loss for Q1 2025 was $11.8 million, compared to a net loss of $19.6 million for the same period in 2024 [5]. - Total operating expenses for Q1 2025 were $9.2 million, down from $20.7 million in Q1 2024 [8]. Balance Sheet Overview - As of March 31, 2025, total assets were $27.6 million, down from $40.1 million at the end of 2024 [9]. - Total liabilities decreased to $7.6 million from $8.7 million at the end of 2024 [9]. - The total stockholders' deficit was $20.0 million, down from $31.5 million at the end of 2024 [9].
Turnstone Biologics (TSBX) - 2024 Q4 - Annual Results
2025-03-29 01:05
Financial Performance - As of December 31, 2024, cash, cash equivalents, and short-term investments totaled $28.9 million, a decrease from $94.8 million in the previous year[4][13] - The net loss for Q4 2024 was $12.9 million, an improvement from a net loss of $16.5 million in Q4 2023, representing a 21.8% decrease[5][11] - Total operating expenses for the year ended December 31, 2024, were $72.5 million, down from $78.3 million in 2023, reflecting a 7.4% reduction[11] - The company reported no collaboration revenue for the year ended December 31, 2024, compared to $19.3 million in 2023[11] Expenses - Research and Development (R&D) expenses for Q4 2024 were $8.2 million, down 39.5% from $13.5 million in Q4 2023[4][5] - General and Administrative (G&A) expenses for Q4 2024 were $3.2 million, a reduction of 27.3% compared to $4.4 million in Q4 2023[5] Assets and Liabilities - Total assets decreased to $40.1 million as of December 31, 2024, from $112.8 million in the previous year[13] - Total liabilities decreased to $8.7 million as of December 31, 2024, down from $14.1 million in 2023[13] Strategic Decisions - The company has decided to discontinue all TIDAL-01 clinical studies and is exploring strategic alternatives to maximize shareholder value[3] Shareholder Information - The weighted-average shares of common stock outstanding increased to approximately 23.1 million in Q4 2024 from 22.9 million in Q4 2023[11]
Turnstone Biologics Corp. Reports Fourth Quarter and Full Year 2024 Financial Results
Globenewswire· 2025-03-29 01:03
Core Viewpoint - Turnstone Biologics Corp. reported its financial results for Q4 and the full year 2024, highlighting a strategic shift following the discontinuation of its TIDAL-01 clinical studies and ongoing evaluation of strategic alternatives to maximize shareholder value [1][3]. Financial Highlights - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments totaling $28.9 million, a significant decrease from $94.8 million in 2023 [4][10]. - Research and Development (R&D) expenses for Q4 2024 were $8.2 million, down from $13.5 million in Q4 2023, attributed to corporate restructuring and workforce reduction [4]. - General and Administrative (G&A) expenses for Q4 2024 were $3.2 million, compared to $4.4 million in Q4 2023, reflecting reductions in personnel and professional service costs [5]. - The net loss for Q4 2024 was $12.9 million, an improvement from a net loss of $16.5 million in Q4 2023 [5][8]. - Total operating expenses for the year ended December 31, 2024, were $72.5 million, down from $78.3 million in 2023 [8]. Corporate Updates - In November 2024, the company presented preclinical data on its Selected TIL therapies at the SITC Annual Meeting and clinical data at the SITC TIL Symposium [2]. - The decision to discontinue the TIDAL-01 clinical studies was made in January 2025, leading to a strategic review aimed at maximizing shareholder value [3].
Turnstone Biologics Corp. (TSBX) Upgraded to Buy: What Does It Mean for the Stock?
ZACKS· 2025-02-07 18:01
Core Viewpoint - Turnstone Biologics Corp. (TSBX) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Company-Specific Insights - For the fiscal year ending December 2024, Turnstone Biologics Corp. is expected to report earnings of -$3.32 per share, reflecting a 30.5% change from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Turnstone Biologics has increased by 59.7%, indicating a positive trend in earnings outlook [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Strong Buy' or 'Buy' rating, highlighting superior earnings estimate revisions [9][10]. - The upgrade of Turnstone Biologics to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].