Turnstone Biologics to be acquired by XOMA Royalty for $0.34/share plus CVR; asset sale to Moffitt

Turnstone Biologics Corp.

Cash consideration $0.34 per share plus one non-transferable CVR; CVR aggregate potential up to $1.11M from tax receivables/lease deposit and net cash adjustments.
Approximately 25.2% of shares committed via support agreements; tender offer expected by July 11, 2025; closing anticipated in August 2025.
Turnstone selling TIDAL-01 assets to H. Lee Moffitt Cancer Center for ~$3M total, with $1.8M placed in escrow; terminates Alliance Agreement with Moffitt.
CEO Dr. Sammy Farah to depart July 31, 2025 with severance of $686,757; COO Saryah Azmat to depart June 30, 2025 with severance of $354,327; both to remain as consultants until merger close.

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