Private company

Turnstone Biologics Corp.

Turnstone Biologics Corp. is an American biological products company, incorporated in Delaware.1 It is headquartered in La Jolla, California.1

Last updated Oct 20, 2026.

Overview

  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersLa Jolla, California1
  • Incorporated inDE2
  • Business address9310 Athena Circle, Suite 300, La Jolla, Ca 920372
  • Filer category, Emerging growth company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-305.8%Operating margin3
-285.9%Net margin3
-73.7%Revenue growth, 20233
-55.9%Return on equity3
-$67.4MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Research and development100¢$60.5M
  • Income tax0¢$286.0K

Out of $19.3M in revenue.3 The company lost money this year.

Financial statements

Revenue43$19.3M in 2023−74% since 2022
0$20.0M$40.0M$60.0M$80.0M2022: $73.3M$73.3M20222023: $19.3M$19.3M2023−74%
Operating income43-$59.0M in 2023+87% since 2022
-$60.0M-$40.0M-$20.0M02022: -$31.6M-$31.6M20222023: -$59.0M-$59.0M2023+87%
Net income43-$55.2M in 2023+79% since 2022
-$60.0M-$40.0M-$20.0M02022: -$30.8M-$30.8M20222023: -$55.2M-$55.2M2023+79%
Fiscal year202120222023
Revenue$73.3M4$19.3M3
Research and development$86.7M4$60.5M3
Operating expenses$104.9M4$78.3M3
Operating income-$31.6M4-$59.0M3
Income before tax-$30.7M4-$55.5M3
Income tax$141.0K4-$286.0K3
Net income-$30.8M4-$55.2M3
Earnings per share-$12.494-$4.783
Earnings per share (diluted)-$12.494-$4.783
Shares (weighted, basic)2.5M shares411.6M shares3
Shares (weighted, diluted)2.5M shares411.6M shares3

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Corporate structure

Turnstone Biologics Corp. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Turnstone Biologics Corp.

  • Point72 Asset Management, L.P. Filed SCHEDULE 13G/A on Turnstone Biologics Corp., latest Nov 14, 2025 (2 filings since Jul 27, 2023)
  • Versant Venture Capital V, L.P. Filed SCHEDULE 13D/A on Turnstone Biologics Corp., latest Aug 12, 2025 (2 filings since Aug 3, 2023)
  • FMR LLC Filed SCHEDULE 13G/A on Turnstone Biologics Corp., latest May 12, 2025 (4 filings since Jul 27, 2023)
  • Timothy Langer Filed SC 13G/A on Turnstone Biologics Corp., latest May 31, 2024 (2 filings since Mar 18, 2024)
  • ORBIMED ADVISORS LLC Filed SC 13D on Turnstone Biologics Corp., latest Jul 24, 2023
  • Turnstone Biologics Corp. La Jolla, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Turnstone Biologics Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$10.1M3 Dec 31, 2024$11.0M3 Dec 31, 2023−9.0%
Furniture and fixtures$690.0K3 Dec 31, 2024$690.0K3 Dec 31, 20230%
Leasehold improvements$1.3M3 Dec 31, 2024$1.3M3 Dec 31, 20230%
Property and equipment, before depreciation$12.1M3 Dec 31, 2024$13.0M3 Dec 31, 2023−7.6%
Accumulated depreciation$7.9M3 Dec 31, 2024$6.7M3 Dec 31, 2023+17.7%
Property and equipment, net$4.2M3 Dec 31, 2024$6.4M3 Dec 31, 2023−34.3%
Operating-lease assets (leased space)$933.0K3 Dec 31, 2024$2.8M3 Dec 31, 2023−66.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.9M3 Dec 31, 2024$17.8M3 Dec 31, 2023+62.5%
Marketable securities, current$03 Dec 31, 2024$77.0M3 Dec 31, 2023−100.0%

Properties, in its own words

In July 2018, the Company entered into a lease agreement for approximately 6,500 square feet of office space in New York, New York. The Company subleased this space in November 2022 until the lease expires in February 2026.

In June 2021, the Company leased its current corporate headquarters of approximately 19,474 square feet of office and laboratory space in San Diego, California. The lease expires in May 2025. We believe that this facility is sufficient to meet our needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-K filed Mar 31, 2025.7

Leadership

Who has led Turnstone Biologics Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Sammy J. Farah2023

President

  1. Sammy J. Farah2023

Chief financial officer

  1. Venkat Ramanan2023
2025
Board members and other officers (11)

Timeline

  1. Aug 11, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights20
  2. Jul 17, 20258-K Executive or director change21
  3. Jul 1, 20258-K Financial statements and exhibits22
  4. Jun 27, 20258-K Entered a material agreement; Ended a material agreement; Executive or director change23
  5. May 9, 20258-K Results of operations24
  6. Apr 1, 20258-K Listing notice or transfer25
  7. Mar 31, 20258-K Results of operations26
  8. Feb 4, 20258-K Regulation FD disclosure; Other events27
  9. Nov 12, 20248-K Results of operations28
  10. Oct 11, 20248-K Exit or restructuring costs; Executive or director change; Regulation FD disclosure29
  11. Oct 1, 20248-K Listing notice or transfer30
  12. Aug 14, 20248-K Completed an acquisition or sale31
  13. Jul 20, 2023New chief executive Sammy J. Farah becomes CEO8

Calendar

When it reported results

  1. May 9, 2025Reported quarterly or annual results24
  2. Mar 31, 2025Reported quarterly or annual results26
  3. Nov 12, 2024Reported quarterly or annual results28
  4. May 13, 2024Reported quarterly or annual results32
  5. Mar 21, 2024Reported quarterly or annual results33

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

109 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 18 major events, 41 insider forms, 11 large holders, 30 other. The latest 20:

  1. Nov 14, 2025SCHEDULE 13G/A EDGAR
  2. Aug 21, 202515-12G EDGAR
  3. Aug 12, 2025SCHEDULE 13D/A EDGAR
  4. Aug 12, 20254 EDGAR
  5. Aug 12, 20254 EDGAR
  6. Aug 11, 2025S-8 POS EDGAR
  7. Aug 11, 2025S-8 POS EDGAR
  8. Aug 11, 20258-K EDGAR
  9. Aug 11, 2025SC 14D9/A EDGAR
  10. Aug 8, 20254 EDGAR
  11. Aug 8, 20254 EDGAR
  12. Aug 8, 202510-Q EDGAR
  13. Jul 18, 2025UPLOAD EDGAR
  14. Jul 17, 2025SC 14D9/A EDGAR
  15. Jul 17, 20258-K/A EDGAR
  16. Jul 11, 2025SC 14D9 EDGAR
  17. Jul 1, 20258-K/A EDGAR
  18. Jun 27, 20258-K EDGAR
  19. Jun 27, 2025SC14D9C EDGAR
  20. May 12, 2025SCHEDULE 13G/A EDGAR

The 109 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 25, 2023Versant Venture Capital V, L.P.10% ownerBuy225,000$12.00$2.7MForm 4
Jul 25, 2023Jerel DavisDirectorBuy225,000$12.00$2.7MForm 4
Jul 20, 2023Gupta RishiDirectorBuy416,666$12.00$5.0MForm 4
Jul 20, 2023ORBIMED ADVISORS LLCDirectorBuy416,666$12.00$5.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Turnstone Biologics Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTurnstone Biologics Corp.1
  • CIK0001764974
  • Employer ID (EIN)83-29093687
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address9310 Athena Circle, Suite 300, La Jolla, CA 920371
  • Phone347-897-59881
  • Shares outstanding23,140,691 as of Aug 10, 20256
  • Public float$44.9M as of Jun 30, 20247
  • AuditorErnst & Young LLP, San Diego, California PCAOB ID 42; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceJan 18, 20191
  • Filings116 in all: 4 (25), 3 (16), 8-K (16), 10-Q (7), CORRESP (6), SC 13G (3), SC 13G/A (3), UPLOAD (3)1
    All 35 form types

    10-K (2), 8-K/A (2), D (2), S-1/A (2), S-8 (2), S-8 POS (2), SC 13D (2), SC 14D9/A (2), SC TO-T/A (2), SCHEDULE 13G/A (2), 15-12G (1), 25-NSE (1), 424B4 (1), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), DRS (1), EFFECT (1), S-1 (1), S-1MEF (1), SC 14D9 (1), SC TO-C (1), SC TO-T (1), SC14D9C (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2025
    Quarterly report (10-Q) Aug 8, 2025
    Proxy statement (DEF 14A) Apr 22, 2024
    Latest 8-K (8-K) Aug 11, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock ($0.001 par value)TSBXNasdaq Global Market

From the cover page of the 10-K filed Mar 31, 2025 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Turnstone Biologics Corp. names in Item 1A of its 10-K filed Mar 31, 2025: 72 risks under these headings, as written.7

  • Risks Related to Our Strategic Review Process
  • We may not be successful in identifying and implementing any potential strategic alternatives in a timely manner or at all, and any strategic transactions that we may consummate in the future could have negative consequences.
  • Even if we successfully consummate any strategic transaction, or series of transactions, from our strategic assessment, we may fail to realize all or any of the anticipated benefits of any such transaction, such benefits may take longer to realize than expected, we may encounter integration difficulties, or we may be exposed to other operational and financial risks.
  • If a strategic transaction is not consummated, our Board may decide to pursue a dissolution and liquidation. In such an event, the amount of cash available for distribution to our stockholders will depend significantly on the timing of such liquidation as well as the amount of cash that may need to be reserved for commitments and contingent liabilities.
  • The value to stockholders in the event of a strategic transaction or dissolution may depend on the extent to which we will be able to successfully satisfy our existing contractual obligations to third parties and regulatory commitments on favorable terms, which may include the outcome of our negotiations to reduce or terminate such commitments.
  • We may become involved in litigation, including securities class action litigation, that could divert our management’s attention and harm our business, and insurance coverage may not be sufficient to cover all costs and damages.
  • Risks Related to Our Financial Condition and Capital Requirements
  • We have limited operating history, have incurred substantial net losses and anticipate that we will continue to incur net losses for the foreseeable future.
  • If we decide to resume development of our product candidates or any future product candidate, we will require additional capital, and may be unable to obtain necessary capital on acceptable terms, or at all, which will force us to delay, reduce or eliminate product development programs.
  • Should we resume development of our product candidates or any future product candidates, we will be required to undertake significant additional preclinical or clinical development before we are able to seek regulatory approval for and launch a product commercially.
  • Should we resume development of our product candidates or future product candidates, if we are unable to successfully complete clinical development, obtain regulatory approvals for our product candidates or future product candidates, our commercial opportunity could be limited which could adversely affect our business, results of operations and financial condition.
  • Unfavorable global economic conditions, including any adverse macroeconomic conditions or geopolitical events, including the conflict between Ukraine and Russia and the conflict in the Middle East, could adversely affect our business, financial condition, results of operations or liquidity, either directly or through adverse impacts on certain of the third parties on which we may rely to conduct certain aspects of preclinical studies or clinical trials.
The other 62 risks
  • Our ability to use our net operating loss carryforwards to offset future income could be subject to limitation.
  • We may have exposure to greater-than-anticipated tax liabilities, which could seriously harm our business.
  • Exchange rate fluctuations may adversely affect our business, results of operations and financial condition.
  • Risks Related to Our Operations and the Development and Commercialization of Potential Product Candidates
  • Should we resume development of our product candidates or any future product candidates, we will need to grow the size of our organization, and we may experience difficulties in managing this growth, which could adversely affect our business.
  • Our internal information technology systems, or those of our third-parties with whom we regularly work, may fail or suffer security breaches, loss or leakage of data and other disruptions, which could result in a material disruption of our development programs, compromise sensitive information related to our business or prevent us from accessing critical information, potentially exposing us to liability, and could adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, if product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit future commercialization of our product candidates, if approved, which could adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, if we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could adversely affect our business, results of operations and financial condition.
  • Our insurance policies may be inadequate and potentially expose us to unrecoverable risks.
  • Our operations are concentrated in one location, and we or the third parties upon whom we depend, may be adversely affected by earthquakes, pandemics or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Should we resume development of our product candidates or any future product candidates, the successful development of biopharmaceuticals is highly uncertain.
  • Should we resume development of our product candidates or any future product candidates, clinical development involves a lengthy and expensive process, with uncertain outcomes. We may incur significant costs and/or experience delays in completing, or ultimately be unable to complete, the development of our product candidates and future product candidates, including our product candidates.
  • Should we resume development of our product candidates or any future product candidates, preclinical development is uncertain and any preclinical programs we pursue may experience delays or generate unfavorable data, and may never advance to clinical trials, which would adversely affect our ability to obtain regulatory approvals or commercialize these programs on a timely basis or at all, and any of these events would adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, changes in product candidate manufacturing, formulation or analytical methods may result in additional costs or delay, which could adversely affect our business, results of operations and financial condition.
  • Use of our product candidates could be associated with side effects, adverse events or other properties or safety risks, which could cause us to suspend or discontinue clinical trials, abandon a product candidate, delay or preclude approval, prevent market acceptance, limit the commercial profile of an approved label or result in other significant negative consequences that could severely harm our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, if we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected, which could adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, interim, initial, “top-line,” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data, and results in one indication may not be predictive of results to be expected for the same product candidate in another indication.
  • Due to our limited resources and access to capital, if we resume development of our product candidates or any future product candidates, we will need to prioritize development of certain programs and product candidates;
  • these decisions may prove to be wrong and may adversely affect our business, results of operations and financial condition.
  • The FDA and other regulatory authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Risks Related to the Biotechnology Industry
  • We face significant competition and if we fail to compete effectively, our business, results of operations and financial condition could be adversely affected.
  • Should we resume development of our product candidates or any future product candidates, negative developments in the fields of immuno-oncology and TIL-based immunotherapy could damage public perception of our product candidates and adversely affect our business, results of operations and financial condition.
  • Should we resume development of our product candidates or any future product candidates, even if a product candidate we develop receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success and any revenue that we generate from its sales could be limited.
  • Risks Related to Our Reliance on Third Parties
  • Should we resume development of our product candidates or any future product candidates, we have relied and expect to continue to rely on third parties to conduct certain aspects of our preclinical studies, to conduct our clinical trials and to conduct investigator sponsored clinical trials of our product candidates. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, comply with regulatory
  • requirements or terminate the relationship, we may not be able to obtain regulatory approval of or commercialize any potential product candidates.
  • Because we expect to rely on third-party manufacturing and supply partners, should we resume development of our product candidates or any future product candidates, our supply of research and development, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality.
  • Should we resume development activities in the future, any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and ultimately commercialize our product candidate or any potential future product candidate.
  • Should we resume development activities in the future, our reliance on third parties, such as manufacturers, may subject us to risks relating to manufacturing scale-up and may cause us to undertake substantial obligations, including financial obligations.
  • Risks Related to Government Regulation
  • The regulatory approval process for our product candidates in the United States and other jurisdictions is currently uncertain and will be lengthy, time-consuming and inherently unpredictable, and we may experience significant delays in the clinical development and regulatory approval, if any, of our product candidates.
  • Should we resume development activities in the future, we may fail to obtain regulatory approval of our product candidates.
  • Should we resume development of our product candidates or future product candidates, our relationships with healthcare providers and physicians and third-party payors may be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Should we resume development activities in the future, obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Should we resume development activities in the future, even if we receive regulatory approval of any product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Should we resume development activities in the future, coverage and reimbursement may be limited or unavailable in certain market segments for our product candidates, if approved, which could make it difficult for us to sell any product candidates profitably.
  • Should we resume development activities in the future, disruptions at the FDA and other national and foreign government and regulatory authorities caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Our actual or perceived failure (or that of the third parties with whom we work) to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.
  • Additional laws and regulations governing international operations could adversely affect our business, results of operations and financial condition.
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. We can face serious consequences for violations.
  • Risks Related to Our Intellectual Property
  • Should we resume development activities in the future, our success will depend in part on our ability to protect our intellectual property. It is difficult and costly to protect our proprietary rights and technology, and we may not be able to ensure their protection.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • Should we resume development activities in the future, we will depend on intellectual property licensed from third parties and termination of any of these licenses could result in the loss of significant rights, which could adversely affect our business, results of operations and financial condition.
  • Should we resume development activities in the future, if we fail to comply with our obligations under our patent licenses with third parties, we could lose license rights that are important to our business, which could adversely affect our business, results of operations and financial condition.
  • Should we resume development activities in the future, third-party claims of intellectual property infringement may prevent or delay our product discovery and development efforts.
  • Should we resume development activities in the future, we may not be successful in obtaining or maintaining necessary rights to develop product candidates on acceptable terms.
  • We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time-consuming and unsuccessful.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and should we resume development activities in the future, our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Should we resume development activities in the future, issued patents covering our product candidates could be found invalid or unenforceable if challenged in court or the USPTO.
  • Should we resume development activities in the future, changes in patent law in the United States and in other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Should we resume development activities in the future, we may incur substantial costs as a result of litigation or other proceedings relating to patents, and we may be unable to protect our rights to our products and technology.
  • Should we resume development activities in the future, patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business, results of operations and financial condition could be adversely affected.
  • Risks Related to Our Common Stock
  • The price of our common stock has been and may continue to be volatile, and you could lose all or part of your investment.
  • We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • We are an emerging growth company and a smaller reporting company, and the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies may make our common stock less attractive to investors.
  • Conflicts of interest may arise because some members of our board of directors are representatives of our principal stockholders.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district court for the District of Delaware of the United States will be the exclusive
  • forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • General Risk Factors
  • We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.

Legal proceedings

We are not a party to any material legal proceedings at this time. From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Although the results of litigation and claims cannot be predicted with certainty, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our results of operations or financial condition. Regardless of the outcome, litigation can have an adverse effect on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.7

Sources

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