- Successfully closed upsized IPO, raising
$88 million in gross proceeds to continue advancing pipeline of Selected TIL Therapy programs - Cash position expected to fund operations into second quarter of 2025
- Two Phase 1 clinical trials of lead program, TIDAL-01, in several solid tumor Indications ongoing
“I am extremely proud of the recent achievements of the Turnstone team, including the successful completion of our upsized IPO which, despite challenging current market conditions, is indicative of the potential for Turnstone to deliver transformative therapies to the millions of cancer patients underserved by current treatment options,” said
Recent Business Highlights
- Completed Upsized Initial Public Offering: In
July 2023 , Turnstone priced its initial public offering (IPO) at$12.00 per share. In connection with the offering, the Company issued 7,318,275 common shares, including 651,608 shares sold inAugust 2023 pursuant to the exercise of the underwriters’ option to purchase additional shares, and received gross proceeds of approximately$88.0 million before deducting underwriting discounts and commissions and other offering expenses. The shares began trading on the Nasdaq Global Market onJuly 21, 2023 , under the ticker symbol “TSBX”.
Clinical Development and Pre-Clinical Data
- Advancing TIDAL-01 in Two Phase 1 Clinical Trials: Turnstone’s lead Selected TIL product candidate, TIDAL-01, utilizes an unbiased identification and functional screening process to isolate and selectively expand the greatest breadth of tumor-reactive TILs from the patient’s tumor that we believe can extend the utility of TILs to solid tumor types where first-generation TILs have not to date shown objective responses in clinical trials. We have initiated two Phase 1 clinical trials for TIDAL-01, including STARLING, a multi-site trial for the treatment of breast cancer, colorectal cancer and uveal melanoma, and an investigator-sponsored trial with
H. Lee Moffitt Cancer Center and Research Institute in both cutaneous and non-cutaneous melanomas. We expect to provide an initial clinical update across these two trials in mid-2024. - Preclinical Data at AACR 2023 Annual Meeting Supporting Ongoing Clinical Efforts: In
April 2023 , Turnstone presented at theAmerican Association for Cancer Research (AACR) Annual Meeting pre-clinical data on TIDAL-01. Relative to bulk TIL, the data demonstrated that TIDAL-01 successfully enriched for tumor-reactive TIL in metastatic colorectal cancer, melanoma, non-small lung cancer and ovarian tumors, and these results further support continued advancement of the Company’s lead Selected TIL program in the ongoing STARLING and Moffitt-sponsored clinical trials. In addition, Turnstone presented pre-clinical data from its development pipeline showcasing a novel strategy to efficiently directly select and expand tumor-reactive TIL.
Second Quarter 2023 Financial Results
- Cash, Cash Equivalents and Short-Term Investments: As of
June 30, 2023 , cash, cash equivalents and short-term investments were$49.2 million . The Company’s subsequent IPO in the third quarter of 2023 raised$77.4 million in net proceeds after deducting underwriting discounts and commissions and other offering expenses. The Company expects that the combined cash, cash equivalents and short-term investments will be sufficient to fund its operations into the second quarter of 2025. - Research and Development (R&D) Expenses: R&D expenses for the three months ended
June 30, 2023 , were$17.2 million , compared to$26.5 million for the same period in 2022. The decrease was due primarily to a decrease in pre-clinical research costs and manufacturing expenses due to the termination of the discovery, collaboration and license agreement entered into onNovember 7, 2019 , with Takeda Oncology for certain viral immunotherapy candidates offset by increases in personnel-related costs, and in clinical and regulatory costs. - General and Administrative (G&A) Expenses: G&A expenses for the three months ended
June 30, 2023 , were$4.7 million , compared to$3.9 million for the same period in 2022. The increase was due primarily to an increase in professional services and compensation as we transition to being a public company. - Net Loss: Net loss for the three months ended
June 30, 2023 , was$21.5 million , compared to net income of$11.6 million for the second quarter of 2022.
About Turnstone
Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements related to Turnstone’s expectations regarding its cash runway; the potential for Turnstone to deliver transformative therapies to the millions of cancer patients underserved by current treatment options; anticipated development activities; the therapeutic potential of Turnstone’s product candidates; and other statements that are not historical fact. These forward-looking statements are based on Turnstone’s current plans, objectives and projections, and are inherently subject to risks and uncertainties that may cause Turnstone’s actual results to materially differ from those anticipated in such forward-looking statements. Such risks and uncertainties include, without limitation, those associated with the successful completion of development and regulatory activities with respect to Turnstone’s product candidates; maintaining and defending intellectual property protection; delays or failures to secure adequate supply of its product candidates; legal proceedings, government investigations or other actions; macroeconomic conditions; market volatility; and other risks and uncertainties affecting Turnstone including those described from time to time under the caption “Risk Factors” and elsewhere in Turnstone’s current and future reports filed with the
Condensed Consolidated Balance Sheet (unaudited) (In thousands) | ||||||
Cash and cash equivalents and short-term investments | $ | 49,236 | $ | 82,061 | ||
Total assets | 74,771 | 114,938 | ||||
Total liabilities | 23,393 | 44,461 | ||||
Total redeemable convertible preferred stock | 171,983 | 171,944 | ||||
Total stockholders' deficit | (120,605 | ) | (101,467 | ) | ||
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (unaudited) (In thousands, except share and per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Collaboration revenue | $ | - | $ | 41,915 | $ | 19,306 | $ | 52,633 | |||||||
Operating expenses | |||||||||||||||
Research and development | 17,193 | 26,537 | 32,861 | 45,238 | |||||||||||
General and administrative | 4,659 | 3,932 | 8,691 | 8,630 | |||||||||||
Total operating expenses | 21,852 | 30,469 | 41,552 | 53,868 | |||||||||||
Income (loss) from operations | (21,852 | ) | 11,446 | (22,246 | ) | (1,235 | ) | ||||||||
Other income (expense), net | 347 | 180 | 727 | 265 | |||||||||||
Net income before income taxes | (21,505 | ) | 11,626 | (21,519 | ) | (970 | ) | ||||||||
Benefit (provision) for income taxes | 6 | (26 | ) | 88 | (46 | ) | |||||||||
Net income (loss) | $ | (21,499 | ) | $ | 11,600 | $ | (21,431 | ) | $ | (1,016 | ) | ||||
Other comprehensive income (loss) | 59 | (81 | ) | 180 | (175 | ) | |||||||||
Total comprehensive income (loss) | $ | (21,440 | ) | $ | 11,519 | $ | (21,251 | ) | $ | (1,191 | ) | ||||
Net income (loss) | $ | (21,499 | ) | $ | 11,600 | $ | (21,431 | ) | $ | (1,016 | ) | ||||
Less: accretion of preferred stock to redemption value | $ | (19 | ) | $ | (57 | ) | $ | (39 | ) | $ | (114 | ) | |||
Less: undistributed earnings allocable to participating securities | $ | - | $ | (10,355 | ) | $ | - | $ | - | ||||||
Net income (loss) attributable to common stockholder, basic and diluted | $ | (21,518 | ) | $ | 1,188 | $ | (21,470 | ) | $ | (1,130 | ) | ||||
Weighted-average number of shares used in computing net earnings (loss) per share | |||||||||||||||
Basic | 2,847,675 | 2,355,553 | 2,817,008 | 2,317,631 | |||||||||||
Diluted | 2,847,675 | 2,827,238 | 2,817,008 | 2,317,631 | |||||||||||
Net income (loss) per share attributable to common stockholders | |||||||||||||||
Basic | $ | (7.56 | ) | $ | 0.50 | $ | (7.62 | ) | $ | (0.49 | ) | ||||
Diluted | $ | (7.56 | ) | $ | 0.42 | $ | (7.62 | ) | $ | (0.49 | ) | ||||
Contact
Ahmed Aneizi
+1 (613) 421-8930
ahmed.aneizi@turnstonebio.com
Source:
2023 GlobeNewswire, Inc., source