Turnstone Biologics Announces Q2 2024 Financials and Business Highlights

Turnstone Biologics Corp., a clinical-stage biotechnology company focused on innovative treatments for solid tumors, recently announced its financial outcomes for the second quarter ending June 30, 2024, alongside significant business updates. Turnstone's efforts are concentrated on developing a novel Selected Tumor-Infiltrating Lymphocyte (Selected TIL) therapy, aimed at enhancing the treatment and potential cure for patients with solid tumors.

CEO Sammy Farah highlighted the company's progress in the second quarter of 2024, emphasizing the promising initial data from the Phase 1 trial of TIDAL-01 in metastatic colorectal cancer patients. Among the first four evaluable patients, one exhibited a complete response, showcasing deep and durable anti-tumor activity. These findings affirm the company's approach to enriching tumor-reactive T cells in their Selected TIL therapies.

The STARLING Phase 1 study of TIDAL-01 in microsatellite stable metastatic colorectal cancer (MSS mCRC) demonstrated a 25% overall response rate (ORR) and a 50% disease control rate (DCR). These results are favorable compared to the current standard of care, which shows an ORR of 1-6% and a median progression-free survival (mPFS) of 2.0-5.6 months. Notably, one patient experienced a complete response and remained progression-free for over a year. This positive outcome is especially significant given the advanced and heavily pre-treated nature of MSS mCRC patients.

Turnstone is expanding TIDAL-01's clinical development into three high unmet medical need indications: colorectal cancer, head and neck cancer, and uveal melanoma. The company has chosen to deprioritize cutaneous melanoma and breast cancer to better focus their resources.

In July, Turnstone announced leadership changes to strengthen their clinical and research departments. Dr. Ines Verdon was promoted to Senior Vice President of Clinical Development, bringing over two decades of experience in academic and pharmaceutical settings. Additionally, David Stojdl, Ph.D., an original co-founder of Turnstone, has expanded his role to oversee all research and translational science activities. Dr. Stewart Abbot, the outgoing Chief Scientific Officer, will be stepping down.

Financially, Turnstone reported cash, cash equivalents, and short-term investments totaling $62.4 million as of June 30, 2024. This financial position is expected to sustain the company's operations into the third quarter of 2025. Their research and development (R&D) expenses for the three months ended June 30, 2024, were $17.7 million, a slight increase from $17.2 million during the same period in 2023. The rise in R&D costs is primarily attributed to increased manufacturing expenses associated with TIDAL-01 clinical trials.

General and administrative (G&A) expenses for the quarter were $4.3 million, down from $4.7 million in the previous year, largely due to reduced personnel costs. The net loss for the quarter stood at $21.3 million, marginally lower than the $21.5 million loss reported in the corresponding period of 2023.

Turnstone Biologics continues to advance its comprehensive pipeline, including the TIDAL-02 program and a combination program involving TIDAL-01 and viral immunotherapy. Their innovative approach to cancer treatment, particularly with Selected TIL therapies, aims to overcome the limitations of first-generation bulk TIL treatments, offering new hope for patients with various solid tumor types.

The company's strategic focus, robust financial health, and promising clinical data position Turnstone as a key player in the field of oncology, striving to bring groundbreaking therapies to patients with significant unmet medical needs.