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Turnstone Biologics Corp. (TSBX-1.31%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's pursuit of strategic alternatives following the discontinuation of all clinical studies evaluating TIDAL-01 for solid tumors. This decision was made by the Board of Directors on January 30, 2025, as part of a comprehensive evaluation of the company's programs and resources.
Turnstone is actively exploring potential strategic alternatives, including mergers, acquisitions, and other business combinations, with the assistance of a financial advisor. The company has not set a definitive timeline for completing this strategic review process.
In October 2024, Turnstone announced a strategic prioritization of its pipeline and a workforce reduction of approximately 60%. This included changes to the leadership team, with Saryah Azmat being promoted to Chief Operating Officer and Corporate Secretary.
The company received a deficiency letter from Nasdaq on September 27, 2024, for not maintaining a minimum bid price of $1.00 per share. Turnstone has been granted an additional 180-day grace period to regain compliance.
Turnstone reported a net loss of $70.8 million for the year ended December 31, 2024, compared to a net loss of $55.2 million for the previous year. The company had cash and cash equivalents of $28.9 million as of December 31, 2024.
The company has raised $449.8 million in capital since its inception, including proceeds from its initial public offering completed on July 25, 2023.
Turnstone's collaboration with Moffitt Cancer Center, which included a master collaboration agreement and a life science alliance agreement, expired in January 2025. The company may seek to terminate the alliance agreement in connection with a potential strategic transaction.
The filing also highlights various risks, including potential litigation, competition, and regulatory challenges, as well as the company's dependence on third-party manufacturers and collaborators.
Turnstone's focus has shifted to maximizing stockholder value through strategic transactions, with no assurance of successful outcomes or increased stockholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Turnstone Biologics Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.