Turnstone Biologics (TSBX) - 2024 Q3 - Quarterly Results

Financial Position - As of September 30, 2024, cash, cash equivalents, and short-term investments totaled $45.3 million, sufficient to fund operations into Q2 2026[4]. - Turnstone's total liabilities as of September 30, 2024, were$ 14.8 million, with total stockholders' deficit at $43.6 million[9]. Research and Development - Research and development (R&D) expenses for Q3 2024 were$ 14.4 million, slightly up from $14.2 million in Q3 2023, primarily due to increased costs related to TIDAL-01 clinical trials[4]. - The STARLING Phase 1 trial of TIDAL-01 reported a 25% overall response rate (ORR) and a 50% disease control rate (DCR) in heavily pre-treated patients with microsatellite stable colorectal cancer[2]. - A complete response was achieved in one patient from the STARLING trial, who has been progression-free for over one year, highlighting the potential of the Selected TIL therapy[2]. - The company plans to share its next clinical update in the first half of 2025, indicating ongoing commitment to advancing its TIL therapy[1]. Operational Changes - General and administrative (G&A) expenses decreased to$ 3.9 million in Q3 2024 from $4.8 million in Q3 2023, attributed to reductions in personnel and professional service costs[4]. - The company executed a 60% workforce reduction to prioritize the development of the TIDAL-01 program and extend its cash runway[3]. - Turnstone's corporate restructuring aims to sharpen focus on the TIDAL-01 program, enhancing its financial position and achieving clinical milestones[2]. Financial Performance - The net loss for Q3 2024 was$ 17.0 million, compared to a net loss of $17.3 million in Q3 2023[4].