TTRX · Turn Therapeutics Inc.

Turn Therapeutics announced first quarter 2026 financial results alongside key corporate updates, highlighting operational progress and strengthened liquidity. Cash position improved significantly to $11.2 million from $5.08 million at year-end 2025, primarily due to the initial $7 million tranche from a new $25 million growth capital facility with Avenue Venture Opportunities Fund II, L.P., closed on March 23, 2026. Additional funding up to $18 million is tied to clinical and corporate milestones, providing a pathway to support ongoing programs without immediate dilution. Operating expenses rose sharply to $1.25 million, driven by a $0.8 million increase in G&A to $1.1 million, reflecting heightened activity, while R&D expenses grew to $0.11 million from a minimal $9k prior year. This resulted in a net loss of $0.97 million or $(0.03) per share, partially offset by $0.70 million gain from derivative liability fair value change. CEO Bradley Burnam emphasized the facility positions the company for near-term catalysts, particularly the Phase 2 trial of lead candidate GX-03 in moderate-to-severe atopic dermatitis, with independent interim analysis at 50% enrollment expected Q2 2026 to assess success probability and potential enrollment expansion. Topline data mid-2026 could validate the topical inhibitor's efficacy in modulating inflammatory pathways. Plans for GX-03 in onychomycosis follow, supported by in-vivo data showing nail penetration and fungal reduction. These developments signal disciplined execution amid biotech funding challenges, with liquidity runway to key readouts.