Turnstone Biologics (TSBX) Q4 2024 earnings summary

Executive summary

• Discontinued all TIDAL-01 clinical studies in January 2025 and halted further development of the program.

• Initiated a process to explore strategic alternatives to maximize shareholder value.

• Presented preclinical and clinical data on Selected TIL therapies at major immunotherapy conferences in late 2024.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $28.9 million as of December 31, 2024.

• R&D expenses for Q4 2024 were $8.2 million, down from $13.5 million in Q4 2023, reflecting restructuring and pipeline prioritization.

• G&A expenses for Q4 2024 were $3.2 million, down from $4.4 million in Q4 2023, due to cost reductions.

• Net loss for Q4 2024 was $12.9 million, compared to $16.5 million in Q4 2023; full-year net loss was $70.8 million, up from $55.2 million in 2023.

• Net loss per share for Q4 2024 was $0.56, compared to $0.73 in Q4 2023; full-year net loss per share was $3.07, compared to $4.78 in 2023.

Outlook and guidance

• Actively evaluating a range of strategic alternatives following the discontinuation of TIDAL-01, with updates to be provided as appropriate.