TTRX · Turn Therapeutics Inc.

Turn Therapeutics reported full year 2025 results showing a GAAP net loss of $3.19 million, or $(0.12) per share, widening from $1.77 million, or $(0.07) per share, in 2024, driven primarily by general and administrative expenses surging to $5.59 million from $1.55 million due to costs associated with the company's public listing. R&D expenses rose modestly to $0.27 million from $0.25 million, reflecting ongoing investment in clinical programs. Offset by $2.66 million in other income, mainly from fair value changes in derivative and forward contract liabilities. Balance sheet as of December 31, 2025, showed $5.08 million in cash (excluding $7 million initial Avenue Capital proceeds), total assets of $12.16 million, and positive stockholders' equity of $4.69 million, a stark improvement from prior year's deficit. CEO Bradley Burnam highlighted productivity as a public company, with Phase 2 topline data for lead asset GX-03 in atopic dermatitis on track for mid-2026, potentially positioning it as a first-line non-systemic topical therapy. The $25 million Avenue Capital facility, with flexible drawdowns tied to milestones, critically extends runway through 2027 to fund this catalyst. Strategic moves include the Q4 2025 Medline agreement for PermaFusion platform commercialization targeting revenue in late 2026, and high-profile appointments of ex-CDC Director Dr. Robert Redfield for regulatory expertise and M&A veteran Martin Dewhurst for growth strategy. Pipeline expansion into intranasal influenza vaccine adds long-term optionality. These developments signal focused execution amid tight cash position, with financing and partnerships mitigating burn risks ahead of key trial readout.