Turnstone Biologics Corp. Reports Fourth Quarter and Full Year 2024 Financial Results

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].