Turnstone is shifting resources to focus on clinical advancement of its selected tumor-infiltrating lymphocyte therapy as three C-suite members exit their roles.
As part of a strategic restructuring, Turnstone Biologics will lay off about 60% of its employees and change up its leadership team, the La Jolla, California–based clinical-stage biotech announced Oct. 11. The company expects to complete the workforce reduction by the end of the fourth quarter, according to an SEC filing on the same day.
Turnstone had 80 employees as of Dec. 31, according to a March SEC filing, meaning the layoffs could affect about 48 people. While the company lists a second location in Ontario on its website, neither the Oct. 11 announcement nor SEC filing specified if the layoffs will affect both sites.
As a result of the changes it’s making, the biotech expects to extend its cash runway into the second quarter of 2026.
Moving forward, Turnstone will focus resources on clinical advancement of its selected tumor-infiltrating lymphocyte (TIL) therapy via its Phase I program, TIDAL-01, over other preclinical pipeline assets. Turnstone is evaluating TIDAL-01 in multiple Phase I trials including in colorectal cancer, head and neck cancer and uveal melanoma. The company expects to provide a clinical update in the first half of 2025, according to the Oct. 11 announcement.
The biotech in August reported positive initial data from its Phase I STARLING trial of TIDAL-01 in metastatic microsatellite stable colorectal cancer (MSS mCRC). The data showed a 25% overall response rate and 50% disease control rate in the first four evaluable patients in the study and a complete response in a heavily pretreated late-line patient, with progression-free survival extending beyond one year.
Turnstone’s C-suite shakeup includes the exits of Michael Burgess, interim chief medical officer; Vijay Chiruvolu, interim chief technology officer; and Venkat Ramanan, chief financial officer, according to the announcement. Burgess is retiring and will continue to serve as a board member, while Chiruvolu has completed his agreed-to term of service and will move into a strategic advisory role for Turnstone. Ramanan is stepping down from his role.
Other C-suite changes include:
- Ines Verdon, senior vice president of clinical development, is assuming leadership of all clinical activities.
- Saryah Azmat has been promoted to chief operating officer. She was previously chief business officer.
- Wendy Worcester, vice president of finance, will lead the finance function as principal financial and accounting officer.
- Michael Fitch has been promoted to senior vice president of manufacturing. He will oversee all manufacturing and technical operations activities.
The restructuring, leadership changes and layoffs come a little over a year after the biotech filed for an $86 million initial public offering amidst the company’s doubts about its “ability to continue as a going concern” without an IPO, according to an SEC filing at that time.
