Form 4: Versant Ventures Exits Turnstone Biologics Stake
Insider Transaction Report
Versant Ventures V, LLC and its affiliated entities have fully disposed of their common stock holdings in Turnstone Biologics Corp. following a tender offer.
Summary
- Versant Ventures V, LLC, along with its affiliated investment funds, reported the disposition of all their common stock in Turnstone Biologics Corp. (TSBX).
- The disposition occurred on August 8, 2025, as a result of a cash tender offer by XOMA Royalty Corporation.
- A total of 3,381,692 shares of common stock were disposed of across five Versant-managed entities.
- The consideration for each share was $0.34 in cash, plus one non-transferable contractual contingent value right (CVR).
- Following these transactions, Versant Ventures and its affiliates no longer beneficially own any common stock in Turnstone Biologics Corp.
Sentiment
Score: 5
Explanation: The filing is neutral as it reports a completed, pre-agreed transaction (disposition of shares due to a merger/tender offer) rather than new operational or financial performance data. It reflects the execution of a defined corporate action.
Future Outlook
The filing reports a completed transaction related to a merger and does not provide forward-looking statements or guidance regarding the company's future operations or financial performance.
Industry Context
This filing reflects the finalization of an acquisition, a common occurrence in the biotechnology and pharmaceutical sectors where smaller companies are often acquired by larger entities for their pipeline assets or technology. The disposition by a venture capital firm like Versant Ventures is a typical exit strategy following such an event.
Related Party Transactions
- Jerel C. Davis, a member of Turnstone Biologics' board of directors, is a managing director of Versant Ventures V GP, the general partner of several reporting entities. He disclaims beneficial ownership except for his pecuniary interest and files separate Section 16 reports.
Stakeholder Impact
- Shareholders of Turnstone Biologics Corp. who participated in the tender offer received $0.34 per share in cash and one non-transferable contractual contingent value right per share.
Key Dates
| Date | Description |
|---|---|
| 06/26/2025 | Date of the Agreement and Plan of Merger between Turnstone Biologics, XOMA Royalty Corporation, and XRA 3 Corp. |
| 08/08/2025 | Transaction date for the disposition of common stock by Versant Ventures affiliates. |
| 08/12/2025 | Filing date of the SEC Form 4. |
Keywords
Turnstone Biologics, TSBX, Versant Ventures, SEC Form 4, Insider Trading, Stock Disposition, Tender Offer, Merger, XOMA Royalty Corporation, Biologics, Venture Capital
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