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DEF 14A
TSBX
Turnstone Biologics Corp.
22 Apr 24
Definitive proxy
4:28pm
The following table represents aggregate fees billed to the Company for the fiscal years ended December 31, 2023 and December 31, 2022, by Ernst & Young LLP, the Company’s principal accountant. All fees described below were pre-approved by the Audit Committee.
Fiscal Year Ended | ||||||||
2023 | 2022 | |||||||
Audit Fees(1) | $ | 1,508,407 | $ | 800,486 | ||||
Audit-related Fees | $ | — | $ | — | ||||
Tax Fees | $ | — | $ | — | ||||
All Other Fees | $ | — | $ | — | ||||
Total Fees | $ | 1,508,407 | $ | 800,486 |
10-K
2023 FY
TSBX
Turnstone Biologics Corp.
21 Mar 24
Annual report
8:51pm
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Loss before income taxes | $ | (55,486) | $ | (30,693) | ||||
Statutory rate | 21 | % | 21 | % | ||||
Expected income tax recovery | (11,652) | (6,446) | ||||||
Permanent differences | 211 | 260 | ||||||
Foreign rate differential | (149) | (462) | ||||||
Canada ITC credits | (715) | (1,617) | ||||||
Federal R&D credit | (1,776) | (1,637) | ||||||
Unrecognized tax benefit | (13) | 22 | ||||||
State tax | 3,348 | (2,422) | ||||||
Myst transaction | 210 | 1,877 | ||||||
Other | 1,337 | (4) | ||||||
Change in valuation allowance | 9,525 | 10,570 | ||||||
R&D credit carryback claim | (612) | — | ||||||
Provision for income taxes (benefit) expenses | $ | (286) | $ | 141 |
10-K
2023 FY
TSBX
Turnstone Biologics Corp.
21 Mar 24
Annual report
8:51pm
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Deferred tax assets: | ||||||||
Credits | $ | 10,874 | $ | 7,960 | ||||
Accruals | 125 | 108 | ||||||
Stock compensation | 898 | 1,111 | ||||||
State taxes | 1 | 33 | ||||||
Right-of-use lease liability | 680 | 1,319 | ||||||
Property and equipment | — | 144 | ||||||
Intangibles | 20,726 | 16,858 | ||||||
Tax losses | 14,783 | 7,253 | ||||||
Deferred revenue | — | 5,290 | ||||||
Total deferred tax assets | $ | 48,087 | $ | 40,076 | ||||
Deferred tax liability: | ||||||||
Right-of-use lease asset | $ | (588) | $ | (1,174) | ||||
Property and equipment | (734) | (1,665) | ||||||
Unrealized gains/losses | (3) | — | ||||||
Total deferred tax liability | $ | (1,325) | $ | (2,839) | ||||
Valuation allowance | (46,762) | (37,237) | ||||||
Net deferred tax assets | $ | 0 | $ | 0 |
10-K
2023 FY
TSBX
Turnstone Biologics Corp.
21 Mar 24
Annual report
8:51pm
December 31, 2022 | $ | (857) | ||
Increases in balances related to tax positions taken during a prior period | (541) | |||
Increases in balances related to tax positions taken during the current period | (799) | |||
Decreases in balances related to tax positions tax during the prior period | — | |||
December 31, 2023 | $ | (2,197) |
10-K
2023 FY
TSBX
Turnstone Biologics Corp.
21 Mar 24
Annual report
8:51pm
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Current: | ||||||||
Federal | $ | (522) | $ | 80 | ||||
State taxes | 236 | 61 | ||||||
Deferred: | ||||||||
Federal | — | |||||||
State | — | |||||||
Total tax provision (benefit) | $ | (286) | $ | 141 |
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