Announcement • Aug 12
Turnstone Biologics Corp.(NasdaqCM:TSBX) dropped from NASDAQ Composite Index Turnstone Biologics Corp has been dropped from the NASDAQ Composite Index. Announcement • Aug 11
XOMA Royalty Corporation (NasdaqGM:XOMA) completed the acquisition of Turnstone Biologics Corp. (NasdaqCM:TSBX). XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp. (NasdaqCM:TSBX) on June 27, 2025. Turnstone will be required to pay XOMA a termination fee of $350,000. If XOMA terminates the Merger Agreement due to the failure of the Closing Net Cash Condition, the Company will be required to pay to XOMA an expense reimbursement fee up to a maximum amount of $350,000.
Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the transaction. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions.
Pursuant and subject to the terms of the MergerAgreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remainingshares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer.
Leerink Partners is acting as financial advisor and Divakar Gupta and Rama Padmanabhan of Cooley LLP is acting as legal counsel to Turnstone. Ryan A. Murr and Branden C. Berns of Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty.
XOMA Royalty Corporation (NasdaqGM:XOMA) completed the acquisition of Turnstone Biologics Corp. (NasdaqCM:TSBX) on August 11, 2025. As of the Expiration Date, a total of 17,192,002 shares of Turnstone common stock were validly tendered, and not validly withdrawn, representing approximately 74% of the outstanding shares of Turnstone common stock as of the Expiration Date. Announcement • Jun 27
XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp. XOMA Royalty Corporation (NasdaqGM:XOMA) agreed to acquire Turnstone Biologics Corp. (NasdaqCM:TSBX) on June 27, 2025.
Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the transaction. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions.
Pursuant and subject to the terms of the MergerAgreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remainingshares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer.
Leerink Partners is acting as financial advisor and Cooley LLP is acting as legal counsel to Turnstone. Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty. Announcement • Apr 02
Nasdaq Approves to Transfer Listing of Turnstone Biologics Common Stock from Nasdaq Global to Nasdaq Capital Market As previously reported, on September 27, 2024, Turnstone Biologics Corp. received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company no longer met the minimum bid price requirement set in Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”) because the closing bid price for the Company’s common stock was less than $1.00 for the previous 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company had a 180-calendar day grace period, or until March 26, 2025, to regain compliance with the Minimum Bid Price Requirement. On March 24, 2025, the Company applied to transfer the listing of its common stock from The Nasdaq Global Market to The Nasdaq Capital Market. On March 27, 2025, the Company received approval from the Listing Qualifications Department of Nasdaq to transfer the listing of the Company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market (the “Approval”). The Company’s securities will be transferred to the Capital Market at the opening of business on March 31, 2025. The Company’s common stock will continue to trade under the symbol “TSBX.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, but with less stringent listing requirements, although listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. In connection with the Approval, the Company has been granted an additional 180-day grace period, or until September 22, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance with the Minimum Bid Price Requirement and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period. If the Company does not regain compliance during this additional grace period, its common stock would be subject to delisting by Nasdaq. As part of its transfer application, the Company notified Nasdaq that in order to regain compliance with the Minimum Bid Price Requirement during the additional grace period, it will implement a reverse stock split, and has filed a proxy statement soliciting a stockholder vote on such reverse stock split. If the Company’s stock becomes subject to delisting as a result of the Company’s failure to regain compliance with the Minimum Bid Price Requirement by September 22, 2025, the Company may appeal the decision to a Nasdaq Hearings Panel. In the event of an appeal, the Company’s common stock would remain listed on the Nasdaq Capital Market pending a written decision by the Nasdaq Hearings Panel following a hearing. In the event that the Nasdaq Hearings Panel determines not to continue the Company’s listing and the Company’s common stock is delisted from The Nasdaq Capital Market, the Company’s common stock may trade on the OTC Bulletin Board or other small trading markets, such as the pink sheets. Price Target Changed • Apr 01
Price target decreased by 58% to US$1.00 Down from US$2.38, the current price target is provided by 1 analyst. New target price is 166% above last closing price of US$0.38. Stock is down 87% over the past year. The company is forecast to post a net loss per share of US$16.10 next year compared to a net loss per share of US$3.07 last year. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Independent Director Will Waddill was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 05
Turnstone Biologics Corp. Presents Preclinical Data Highlighting Potential for Selected Tumor-Infiltrating Lymphocyte Therapy in Solid Tumors at the 2024 Society for Immunotherapy of Cancer Annual Meeting Turnstone Biologics Corp. announced it will be presenting two posters highlighting preclinical data on methods for TIL selection at the Society for Immunotherapy of Cancer (SITC) 39th Annual Meeting being held November 6-10, 2024 in Houston, Texas. In collaboration with the University of Montreal Hospital Research Centre (CRCHUM). Although tumor-reactive TIL infused to patients are associated with clinical responses, there are currently no biomarkers that can predict whether tumor-reactive T cells can be expanded from a tumor. Using single T cell sequencing, this poster illustrates a manufacturing method tested to enrich TIL in tumor-reactive T cells, the results for which suggest that the degree of baseline TCR (T cell repertoire) overlap between blood and tumor repertoire could help identify patients from which tumor-reactive TIL can be expanded. Announcement • Oct 02
Turnstone Biologics Receives Notice from Nasdaq Regarding Non-Compliance with the Minimum Bid Price Requirement for Continued Listing on The Nasdaq Global Select Market under Listing Rule 5450(a)(1) On September 27, 2024, Turnstone Biologics Corp. received notice (the ‘Notice’) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (‘Nasdaq’) that, because the closing bid price of Turnstone’s common stock was below $1.00 per share for 30 consecutive business days, Turnstone no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of Turnstone’s common stock on Nasdaq. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until March 26, 2025, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to March 26, 2025. If Turnstone does not regain compliance by March 26, 2025, the Company may be eligible for an additional 180 calendar day grace period if it applies to transfer the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. To qualify, Turnstone would be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards, with the exception of the minimum bid price requirement, and provide written notice to Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Nasdaq staff determines that Turnstone will not be able to cure the deficiency, or if Turnstone is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that Turnstone’s common stock will be subject to delisting. Turnstone is presently evaluating potential actions to regain compliance with the continued listing requirements of Nasdaq. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria. Announcement • Aug 15
Turnstone Biologics Corp. Reports Positive Initial Data from Phase 1 Trial of TIDAL-01 in Metastatic Colorectal Cancer Turnstone Biologics Corp. reported positive initial data from its Phase 1 STARLING trial of TIDAL-01 in metastatic microsatellite stable colorectal cancer (“MSS mCRC”). Turnstone’s Phase 1 STARLING trial is an ongoing muti-site, first-in-human, non-randomized, open label, single-dose study, and is evaluating the safety, tolerability, and clinical activity of TIDAL-01. The trial is currently enrolling patients with colorectal cancer, head and neck squamous cell carcinoma, and uveal melanoma. As of the cutoff date of July 15, 2024, key takeaways from the initial data include the following: Clinical Responses: Among the four evaluable MSS mCRC patients included in the study, Turnstone observed a 25% overall response rate ("ORR") and 50% disease control rate ("DCR"). One patient demonstrated a deep and durable ongoing complete response (CR). Durability of Response: 50% of patients showed sustained clinical benefit, with notable progression free survival of over one year in the patient with ongoing complete response and 6 months for a patient with stable disease.
Translational Profile: The TIDAL-01 process demonstrated the ability to generate high titer, polyclonal and multi-epitope tumor neoantigen-reactive T cells that expanded in the patient, persisted in the blood and correlated with an increase in CD8 T cell tumor infiltration. Tolerability Profile: TIDAL-01 was generally well-tolerated and safety events observed were consistent with known AEs associated with the lymphodepletion regimen, and IL-2 and pembrolizumab administration. Manufacturing Rates: The manufacturing success rate for TIDAL-01 in CRC for patients with sufficient starting material was 80%, which is consistent with other early clinical-stage cell therapy processes. The target dose of at least 1x10 total T cells was exceeded in all manufactured CRC products. Announcement • Jul 03
Turnstone Biologics Corp.(NasdaqGM:TSBX) dropped from Russell 3000 Index Turnstone Biologics Corp.(NasdaqGM:TSBX) dropped from Russell 3000 Index Announcement • Apr 24
Turnstone Biologics Corp., Annual General Meeting, Jun 03, 2024 Turnstone Biologics Corp., Annual General Meeting, Jun 03, 2024, at 13:30 Pacific Standard Time. Agenda: To elect the three nominees for Class I directors named in the accompanying proxy statement (the “Proxy Statement”) to hold office until the 2027 Annual Meeting of Stockholders and his or her successor has been duly elected and qualified or, if sooner, until such director’s earlier death, resignation or removal; to ratify the selection by the Audit Committee of the Board of Directors of Ernst & Young LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2024; and to conduct any other business properly brought before the meeting. Announcement • Apr 17
Turnstone Biologics Corp. Announces Board Changes Turnstone Biologics Corp. announced the appointment of industry veteran William Waddill to the Company’s Board of Directors. The Company also announced that Patrick Machado has stepped down as a member of its Board of Directors. These changes became effective as of April 15, 2024. Mr. Waddill brings more than three decades of financial and operational expertise in the biotechnology space, and proven leadership in industry organizations. Mr. Waddill currently sits on the Boards of Protagonist Therapeutics Inc., Arrowhead Pharmaceuticals, and Annexon Inc., serving as Audit Chair. He is also an emeritus Board member of the Association of Bioscience Financial Officers (ABFO) and former Chairman of the Biotechnology Industry Organization (BIO) Business Solutions Advisory Board and Finance and Tax Committee. In his most recent operational role, Mr. Waddill served as Senior Vice President (SVP) and Chief Financial Officer (CFO), of Calithera Biosciences Inc., from 2014 to 2016, which he joined from OncoMed Pharmaceuticals Inc., where he also served as SVP and CFO from 2007 to 2014. Prior to this, Mr. Waddill served as SVP and CFO of Ilypsa Inc., between 2006 and 2007, a biotechnology company that was acquired by Amgen Inc., in 2007. He received a B.S. in Accounting from the University of Illinois, Chicago, and a certification as a public accountant (inactive), after working at PricewaterhouseCoopers LLP and Deloitte LLP in Boston. Reported Earnings • Mar 23
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: US$4.77 loss per share. Revenue: US$19.3m (down 74% from FY 2022). Net loss: US$55.2m (loss widened 78% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is expected to decline by 94% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 18%. Announcement • Feb 22
Turnstone Biologics Corp. Announces Demise of P. Joseph Campisi, Jr., Esq, Chief Legal Officer Turnstone Biologics Corp. announced that P. Joseph Campisi, Jr., Esq, the company’s Chief Legal Officer, passed away on February 1, 2024, following a prolonged battle with cancer. Reported Earnings • Nov 15
Third quarter 2023 earnings released Third quarter 2023 results: US$0.99 loss per share. Net loss: US$17.3m (flat on 3Q 2022). Revenue is expected to decline by 82% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 15%. Announcement • Nov 05
Turnstone Biologics Presents Preclinical Data Highlighting Potential for Selected Tumor-Infiltrating Lymphocyte Therapy in Solid Tumors At the 2023 Society for Immunotherapy of Cancer Annual Meeting Turnstone Biologics Corp. announced it will be presenting four posters highlighting preclinical data from its pipeline of programs, including the lead clinical candidate, TIDAL-01, at the Society for Immunotherapy of Cancer (SITC) 38th Annual Meeting being held November 1-5, 2023 in San Diego, California. Key findings from the four poster presentations follow, copies of which will be added to Turnstone’s website and can be accessed here. Title: Expansion and Identification of Neoantigen-Reactive Tumor-Infiltrating Lymphocytes (TIL) from Metastatic Colorectal (CRC) and GI Cancers Date and Time: November 4, 2023, 9:00am - 8:30pm PT Abstract Number: 346 In collaboration with H. Lee Moffitt Cancer Center (Moffitt) Turnstone’s lead Selected TIL clinical candidate, TIDAL-01, utilizes a novel unbiased identification and functional screening process to isolate and selectively expand the greatest breadth of the most potent tumor-reactive (neoantigen-reactive) TIL from the patient’s tumor in vitro, before infusing them into the patient for more targeted tumor killing. This poster demonstrates that TIL from metastatic colorectal cancer and gastric cancer patient samples were successfully expanded from multiple disease sites in vitro. TIL from these samples were screened for neoantigens and enriched for neoantigen-reactive TIL, and furthermore, maintained reactivity following expansion. These results, along with previous findings for TIDAL-01 and from within the field, highlight the practicality of selecting and expanding tumor-reactive TIL as a potential treatment option for colorectal and gastric cancer patients. Title: TBio BFX 4101: A Neoantigen Prioritization Pipeline for Selected Tumor-Infiltrating Lymphocyte Therapy Date and Time: Saturday, November 4, 2023, 9:00am - 8:30pm PT Abstract Number: 900 Identifying tumor-specific neoantigens arising from somatic mutations is one of the differentiating features of Turnstone’s Selected TIL process for TIDAL-01. In this poster, Turnstone presents TBio BFX 4101, a bioinformatics pipeline, which provides a comprehensive and efficient approach to identifying and ranking these neoantigens, with encouraging results from a variety of solid tumor samples, including melanoma, colon, and breast cancers. Title: Tumor Neoantigen Prioritization from Liquid Biopsy Whole Exome Sequencing for Selected Tumor-Infiltrating Lymphocyte Therapy Date and Time: Saturday, November 4, 2023, 9:00am - 8:30pm PT Abstract Number: 178 In collaboration with Illumina Inc. Whole exome DNA and RNA sequencing were applied to patient liquid biopsy samples to assess the sensitivity of tumor variant detection and prioritization of neoantigen peptides in comparison with tissue data. This presentation highlights that minimally invasive liquid biopsy is viable for the detection of somatic variants in preclinical studies, and this approach to identifying neoantigens may increase the breadth and number of tumor-reactive T cells. Title: Enhancing Directly Selected Tumor-Reactive TIL Function Through Genetic Modification Date and Time: Saturday, November 4, 2023, 9:00am - 8:30pm PT Abstract Number: 350 Distinct from, yet complementary to TIDAL-01, Turnstone is developing a preclinical program associated with a next-generation direct selection process. Direct selection utilizes a proprietary combination of markers designed to rapidly select for the greatest breadth of tumor-reactive T cells without the requirement for sequencing or peptide generation. Turnstone scientists are presenting preclinical data highlighting that directly selected tumor-reactive TIL can be genetically engineered using CRISPR-Cas and demonstrate that knocking out genes of interest can potentially enhance directly selected TIL quality and function. Reported Earnings • Sep 04
Second quarter 2023 earnings released Second quarter 2023 results: US$7.56 loss per share. Net loss: US$21.5m (flat on 2Q 2022). Revenue is expected to decline by 82% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 15%. Board Change • Jul 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Kanya Rajangam was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
