Turnstone Biologics Corp. (Nasdaq: TSBX) announced a strategic restructuring to prioritize its pipeline, focusing on the clinical advancement of its Selected Tumor-Infiltrating Lymphocyte (TIL) therapy, TIDAL-01. The move includes a workforce reduction of approximately 60% and leadership changes to streamline operations and extend the company's cash runway into the second quarter of 2026.
The company's decision follows a comprehensive evaluation of its business operations, aiming to sharpen its clinical focus and optimize its cost structure. Turnstone expects these changes will enable them to build upon encouraging initial Phase 1 data, which demonstrated the potential of their Selected TILs in high unmet need solid tumors.
Portfolio Prioritization
Turnstone will direct resources towards advancing TIDAL-01, its clinical program, over other preclinical pipeline assets. The Selected TIL process utilizes a novel unbiased identification and functional screening method to isolate and selectively expand the most potent tumor-reactive TIL from the patient’s tumor in vitro, before infusing them into the patient for more targeted tumor killing.
Initial positive data from the STARLING trial supports the biological hypothesis for TIL selection and warrants further development. The initial data showcased the achievement of a complete response in a heavily pre-treated late-line microsatellite stable colorectal cancer (MSS-CRC) patient with progression free survival extending beyond one year.
TIDAL-01 is currently being evaluated in multiple Phase 1 trials including patients with colorectal cancer, head and neck cancer, and uveal melanoma, and the Company expects to provide a clinical update in the first half of 2025.
Leadership Transitions
Ines Verdon, M.D., Senior Vice President of Clinical Development, is assuming leadership of all clinical activities. Michael Burgess, MBChB, Ph.D., is retiring as Interim Chief Medical Officer and will continue to serve as a member of the Turnstone Board of Directors.
Michael Fitch, Ph.D., has been promoted to Senior Vice President of Manufacturing and will oversee all manufacturing and technical operations activities. Wendy Worcester, CPA, current Vice President of Finance, will assume responsibility of the Finance function as the Principal Financial and Accounting Officer. Saryah Azmat has been promoted to Chief Operating Officer.
