Turnstone Biologics (NASDAQ:TSBX) has announced restructuring initiatives that include the strategic prioritization of its pipeline, a 60% workforce reduction, and changes to its leadership team, aimed at focusing resources on advancing its TIDAL-01 Phase 1 study.
The company reports that the anticipated cost savings from its restructuring efforts are expected to extend its cash runway into the second quarter of 2026 and maximize shareholder value.
In a statement, Sammy Farah, MBA, Ph.D., said, “Following a comprehensive evaluation of our business operations, we have decided to prioritize our pipeline and sharpen our clinical focus. As a result, we have made the decision to streamline our team, align resources towards manufacturing and clinical development, and optimize our cost structure. We expect these changes will extend our cash runway by three additional quarters, further enabling us to build upon our encouraging initial Phase 1 data, which demonstrated the potential of our Selected TILs in high unmet need solid tumors and potentially generate near-term value for our shareholders, while continuing to shape a strong company for the future.”
Dr. Farah noted, “These mission-driven measures impact a number of our talented colleagues. I would like to convey my gratitude for their innumerable contributions to Turnstone, their commitment to patients with solid tumors, and I wish them the very best in their future endeavors.”
Currently, TIDAL-01 is being evaluated in multiple studies in patients with colorectal cancer, head and neck cancer, and uveal melanoma.
