Turnstone to discontinue all clinical studies, explore strategic alternatives

Turnstone Biologics (TSBX) has completed an assessment of its business and operations, including the status of its program, resources, and capabilities. The Company has made the determination to discontinue all clinical studies evaluating TIDAL-01 and halt further development of the program. As a result, Turnstone’s management and its Board of Directors have initiated a process to explore and review strategic alternatives focused on maximizing shareholder value. Turnstone has engaged a financial advisor to assist in this process, and along with support from its other advisors, intends to explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, sale of assets, licensing, or other transactions. Turnstone does not intend to disclose further developments unless and until it is determined that further disclosure is appropriate or legally required. In addition, Turnstone is reducing its workforce while also implementing further cost-containment and cash conservation measures. The Company intends to retain all employees essential for supporting value-realization as part of its strategic review.