Turnstone Biologics Corp. Price & Performance (TSBX)

Several biotech firms are undergoing significant layoffs as they adapt to financial pressures and strategic pivots. Elevation Oncology is cutting 70% of its workforce following disappointing trial results, while TC BioPharm is reducing its staff by 50% to transition to an outsourced production model. Cargo Therapeutics is also laying off 90% of its employees as it halts operations.123

Turnstone Biologics' stock has hit a 52-week low of $0.35, reflecting a 91% annual decline. The company is discontinuing its TIDAL-01 program and implementing layoffs to conserve cash. Analysts downgraded its stock, reducing price targets, as Turnstone explores strategic alternatives, including potential mergers or asset sales, to navigate its financial challenges.435

The biotech industry is seeing a surge in layoffs, with companies like Vaxart and Sutro Biopharma reducing headcounts by 10% and 50%, respectively. These moves come as firms reassess their pipelines amid funding concerns. Others, such as GRO Biosciences, are also exploring strategic alternatives to sustain operations.12