Turnstone Biologics Halts All Solid Tumor TIL Therapy Clinical Trials Citing High Manufacturing Costs

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Four months after cutting 60% of its workforce, Turnstone Biologics is planning further layoffs as the biotech company abandons its last remaining clinical-stage drug candidate due to manufacturing costs.

Turnstone Narrows Focus of Selected Tumor Infiltrating Lymphocyte (TIL) Therapy to Colorectal Cancer, Head and Neck Cancer, and Uveal Melanoma in August 2024, Prioritizing Efforts in Cutaneous Melanoma and Breast Cancer. Maintaining Funding for the Streamlined Program, Referred to as TIDAL-01, Was the Primary Reason for the Large-Scale Layoffs in October.

But now Turnstone is reconsidering its limited options. The remainder of TIDAL-1 will be halted, including all clinical studies involving solid tumor TIL therapy. The company attributes the termination of the program to manufacturing costs, and the board of this biotech firm is exploring "strategic alternatives focused on maximizing shareholder value."

Turnstone Biologics, Inc. went public through an $80 million IPO in 2023, and as of September 2024, the company had $45.3 million in cash on hand, which it previously estimated would last until the second quarter of 2026.

Turnstone Biologics Stock Price Movement Since Listing

"The manufacturing of our selected TIL therapy requires continuous investment in process improvements," said Dr. Sammy Farah, CEO of Turnstone Biologics, in a statement. "Due to these capital-intensive requirements, after carefully reviewing future funding needs and the current financial market, the company has decided to halt the development of TIDAL-01 and conclude all clinical studies evaluating this program in solid tumors."

The biotech company added that Turnstone is "reducing its workforce while implementing further cost control and cash conservation measures." "As part of its strategic review, the company intends to retain all employees critical to supporting value realization."

References:

https://www.fiercebiotech.com/biotech/turnstone-ends-last-remaining-til-program-due-costs-plans-more-layoffs

https://stockanalysis.com/

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