Turnstone Biologics Corp.: restructuring charge — Turnstone cuts 60% of workforce, extends cash runway into Q2 2026; CFO and CMO leave

Turnstone Biologics Corp.

Workforce reduction of ~60%; one-time severance charge of ~$2.3M expected in Q4 2024.
Cash runway extended by three quarters, now expected into Q2 2026.
Portfolio prioritized to focus on Phase 1 TIDAL-01 (Selected TIL) program; clinical update expected H1 2025.
CFO Venkat Ramanan resigns effective Oct 25; VP Finance Wendy Worcester named Principal Financial Officer.
CMO Michael Burgess retires as interim CMO but remains on board; COO Saryah Azmat promoted.

item 2.05 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Turnstone Biologics Corp. announced a restructuring with charges of approximately $2.3 million (approximately 60%).

Type: restructuring
Charge: approximately $2.3 million
Headcount: approximately 60%

Exact text from the filing

Turnstone anticipates a one-time severance-related charge associated with the workforce reduction to be approximately $2.3 million, which represents cash expenditures related to employee severance and notice period payments, benefits and related costs that Turnstone expects to incur in connection with the workforce reduction.

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Source: SEC EDGAR

accession 0001193125-24-236377

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