Turnstone Biologics completes acquisition by XOMA Royalty for $0.34/share plus CVR

Turnstone Biologics Corp.

Merger closed Aug 11, 2025; shareholders get $0.34 cash plus one non-transferable CVR per share.
17,192,002 shares (≈74% of outstanding) tendered; all conditions satisfied; no shareholder vote required.
CVR may pay up to ~$1.1M from Canadian tax refunds and sublease security deposit within 12 months.
Asset sale to Moffitt Cancer Center closed for ~$3.0M total consideration; $1.8M in escrow initially.
All Turnstone directors resigned; Owen Hughes became sole director/officer of surviving corporation.

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