Turnstone Biologics Discontinues Final Clinical Program, Initiates Strategic Review Amid Financial Constraints

Turnstone Biologics has decided to discontinue all clinical studies of TIDAL-01, its last remaining clinical-stage program, due to capital-intensive manufacturing requirements13.

The company is planning further layoffs, following a previous 60% workforce reduction in October 202412.

Turnstone's management and Board of Directors have initiated a process to explore strategic alternatives, which may include an acquisition, merger, business combination, sale of assets, or licensing34.

The decision comes after a comprehensive business assessment and consideration of future funding needs in the current financial market conditions34.

Turnstone has engaged a financial advisor to assist in the strategic review process34.

The company is implementing cost-containment measures and retaining essential employees to support the strategic review process34.

Turnstone went public via an $80 million IPO in 2023 and had $45.3 million in cash as of September 20241.

This decision marks a significant shift for Turnstone, which had previously focused on developing Selected TIL therapy for solid tumors48.

The biotech industry is facing challenges, particularly for companies with capital-intensive cell therapy programs3.

Sources:

1. https://www.fiercebiotech.com/biotech/turnstone-ends-last-remaining-til-program-due-costs-plans-more-layoffs

2. https://www.pharmamanufacturing.com/industry-news/news/55234912/turnstone-to-axe-60-of-workforce

3. https://www.stocktitan.net/news/TSBX/turnstone-biologics-announces-plans-to-explore-strategic-b8kw39y3qg61.html

4. https://www.globenewswire.com/news-release/2025/02/04/3020396/0/en/Turnstone-Biologics-Announces-Plans-to-Explore-Strategic-Alternatives.html

8. https://www.biospace.com/press-releases/turnstone-biologics-announces-plans-to-explore-strategic-alternatives