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.
https://www.biospace.com/job-trends/turnstone-biologics-to-lay-off-60-of-workforce-overhaul-c-suite