Turnstone Biologics Corp. Reports Second Quarter 2024 Financial Results and Provides Recent Business Highlights

Core Insights - Turnstone Biologics announced positive initial data from the Phase 1 trial of TIDAL-01 in metastatic colorectal cancer, including a complete response in one of the four patients [1][2] - The company expects its cash position to fund operations into the third quarter of 2025, with cash, cash equivalents, and short-term investments totaling $62.4 million as of June 30, 2024 [5][11] Clinical Developments - The STARLING Phase 1 trial of TIDAL-01 reported a 25% overall response rate (ORR) and a 50% disease control rate (DCR) in microsatellite stable metastatic colorectal cancer patients, where current standard care has an ORR of only 1-6% [3] - One patient achieved a complete response and has been progression-free for over one year, while another patient had stable disease, highlighting the potential of TIDAL-01 in a heavily pre-treated patient population [3] - The company is focusing its clinical development strategy on high unmet medical need indications, including colorectal cancer, head and neck cancer, and uveal melanoma, while deprioritizing cutaneous melanoma and breast cancer [3] Financial Performance - Research and development (R&D) expenses for Q2 2024 were$ 17.7 million, up from $17.2 million in Q2 2023, primarily due to increased manufacturing costs related to TIDAL-01 clinical trials [6] - General and administrative (G&A) expenses decreased to$ 4.3 million in Q2 2024 from $4.7 million in Q2 2023, attributed to reduced personnel costs [6] - The net loss for Q2 2024 was$ 21.3 million, slightly improved from a net loss of $21.5 million in the same period of 2023 [7] Leadership Changes - In July 2024, Ines Verdon was promoted to Senior Vice President of Clinical Development, and David Stojdl's role was expanded to oversee all research and translational science activities [4]