Rishi Gupta - Jul 20, 2023 Form 4 Insider Report for Turnstone Biologics Corp. (TSBX)

Role: Director, 10%+ Owner
Signature: /s/ Rishi Gupta
Stock symbol: TSBX
Transactions as of: Jul 20, 2023
Transactions value $: $4,999,992
Form type: 4
Date filed: 7/24/2023, 04:40 PM
Previous filing: May 19, 2023
Next filing: Oct 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TSBX	Common Stock	Conversion of derivative security		+2.68M			2.68M	Jul 20, 2023	See Footnote	F1, F2, F3
transaction	TSBX	Common Stock	Purchase	$5M	+417K	+15.53%	$12.00	3.1M	Jul 20, 2023	See Footnote	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TSBX	Series B-1 Preferred Stock	Conversion of derivative security		-937K	-100%		0	Jul 20, 2023	Common Stock	937K		See Footnotes	F1, F2, F3
transaction	TSBX	Series B-2 Preferred Stock	Conversion of derivative security		-1.25M	-100%		0	Jul 20, 2023	Common Stock	1.25M		See Footnotes	F1, F2, F3
transaction	TSBX	Series C Preferred Stock	Conversion of derivative security		-266K	-100%		0	Jul 20, 2023	Common Stock	266K		See Footnotes	F1, F2, F3
transaction	TSBX	Series D Preferred Stock	Conversion of derivative security		-229K	-100%		0	Jul 20, 2023	Common Stock	229K		See Footnotes	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock automatically converted into shares of the Issuer's common stock on a one-to-one basis immediately prior to the closing of the Issuer's initial public offering and have no expiration date.
F2	These securities are held of record by OrbiMed Private Investments VI, LP ("OPI VI"). OrbiMed Capital GP VI LLC ("GP VI") is the general partner of OPI VI, and OrbiMed Advisors LLC ("OrbiMed Advisors") is the managing member of GP VI. The Reporting Person is an employee of OrbiMed Advisors. By virtue of such relationships, GP VI and OrbiMed Advisors may be deemed to have voting power and investment power over the securities held by OPI VI and, as a result, may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the securities held by OPI VI.
F3	Each of the Reporting Person, OrbiMed Advisors and GP VI disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of his or its pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Person, GP VI, or OrbiMed Advisors is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.