TTRX Turn Therapeutics Inc.
Financings ·
A Form D filed August 26, 2026 reports $1,650,000 sold to eight investors, while the August 14 agreements covered $1.35 million. The shares carry registration rights.
The warrant covered 1,192,207 shares at $5.03. Because GEM used the cashless option, Turn received no cash and issued fewer shares than the warrant allowed it to buy.
Management says June 30 cash covers GX-03 work in atopic dermatitis into the third quarter of 2027, but the 10-Q also raises substantial doubt that Turn can continue as a going concern.
Turn Therapeutics signed a term loan of up to $25.0 million with Avenue Venture Opportunities Fund II, L.P. It bears interest of at least 12.25%, is secured on the company's assets, and only $7.0 million is committed up front.
The 10-K reports GEM bought 1,235,200 shares for about $4.07 million in 2025 under an $85.0 million agreement. The company has since drawn a $7.0 million term loan and flagged going-concern doubt.
Turn Therapeutics Inc. is developing non-systemic, non-biologic topical immunomodulators for inflammatory skin disease. Its lead program, GX-03, is being studied for moderate-to-severe eczema, and the company points to a real-world tolerability record from prior cleared medical device indications for the same formula. GX-03 is in an ongoing randomized, double-blind, vehicle-controlled clinical study, with an interim assessment planned at about 50% trial completion and topline results expected mid-2026. The company is also advancing GX-03 for onychomycosis, a fungal nail infection, based on in-vivo data showing nail penetration and antifungal activity. The drug candidate uses polyhexanide (PHMB) as the active ingredient, which the company says has never been formally submitted or approved as an API for a drug product in the United States. The company previously obtained FDA 510(k) clearances for medical devices containing the same formula and says its current model is to license and sell device products through commercial partners. Its K183681 gauze was recently licensed to Medline, the FleX Product was licensed to MiMedx, and GX-03 was distributed by McKesson for wound care from 2017 to 2019. It also runs an exploratory thermostable intranasal vaccine platform that sits outside its dermatology focus.
| Product or program | What it is | Stage |
|---|---|---|
| GX-03 for moderate-to-severe eczema | Non-systemic topical immunomodulator, lead program | ongoing clinical study |
| GX-03 for onychomycosis | Topical treatment for fungal nail infection | in-vivo studies |
| K183681 porous antimicrobial gauze | Gauze impregnated with the GX-03 formulation, licensed to Medline | FDA cleared |
| Thermostable intranasal vaccine platform | Formulation process for live vaccine stabilization and nasal application | exploratory |
| Line | FY2025 | FY2024 |
|---|---|---|
| Research and development | $265,570 | $245,956 |
| Net income (loss) | -$3.2 million | -$1.8 million |
| Cash from operations | -$2.6 million | -$1.4 million |
| Cash and equivalents | $4.0 million | $498,286 |
Our latest story on this, dated Aug 12, 2026: "Turn Therapeutics ends June with $10.3 million and a going-concern warning". The story links the filing or release it is based on. Read the story.
Our latest story on this, dated Aug 26, 2026: "Turn sells $1.35 million of stock to existing investors at $10.00 a share". The story links the filing or release it is based on. Read the story.
Turn Therapeutics Inc. trades under the ticker TTRX on NASDAQ.
Turn Therapeutics Inc. is listed on NASDAQ.
The SEC Central Index Key (CIK) for Turn Therapeutics Inc. is 2023016. Its filings are on SEC EDGAR.
29,788,040 shares as of 2026-08-12, per the cover page of its 10-Q filed 2026-08-12.
Our directory records Turn Therapeutics Inc. under United States.
Our directory classifies Turn Therapeutics Inc. as: Pharmaceuticals: Major. This is a directory classification, not a description of the pipeline.
The ISIN recorded for Turn Therapeutics Inc. is US90021W1053.
aibio.space lists Turn Therapeutics Inc. among 2,820 public biotech companies and publishes its news here as stories appear.
SEC records list its state or country of incorporation as DE.
Turn Therapeutics Inc. is developing non-systemic, non-biologic topical immunomodulators for inflammatory skin disease. Its lead program, GX-03, is being studied for moderate-to-severe eczema, and the company points to a real-world tolerability record from prior cleared medical device indications for the same formula.
GX-03 for moderate-to-severe eczema: Non-systemic topical immunomodulator, lead program Stage: ongoing clinical study.
GX-03 for onychomycosis: Topical treatment for fungal nail infection Stage: in-vivo studies.
Turn Therapeutics Inc. reported a net loss of $3.2 million for the fiscal year ended Dec 31, 2025, and used $2.6 million of cash in operations, per its annual report to the SEC.
The company announced Robert Redfield as chief scientific officer. Source
The later private-offering notice reported $1.65 million sold; no sum with the earlier $1.35 million report is asserted. Source
Turn entered purchase agreements for 135,000 common shares at $10 each, according to the contemporaneous report. Source
GEM exercised its warrant in full on a cashless basis and received 579,664 shares. Source
The second-quarter report retained substantial doubt even though it estimated cash would fund operating and GX-03 atopic dermatitis development expenses into the third quarter of 2027. Source
The company announced Stephen Hahn as clinical and regulatory lead. Source
The first-quarter report retained substantial doubt alongside a forecast that cash would fund operations into the first quarter of 2027. Source
The annual report retained substantial doubt and a need for further financing. Source
The first $7 million Avenue loan tranche was funded. Source
Reported an unregistered sale of its securities. SEC Form 8-K (Items 1.01,2.03,3.02,7.01,9.01). Source
Turn entered the Avenue loan and security agreement with conditional additional tranches. Source
The company announced Robert Redfield as a senior advisor. Source
The board expanded to six members and appointed Martin Dewhurst. Source
The first GEM draw closed with gross proceeds of approximately $4.1 million, including the earlier advance. Source
Reported substantial doubt about its ability to continue as a going concern. SEC Form 10-Q. Source
A company release announced Andrew Scott as Vice President of Corporate Communications, overseeing investor relations. Source
The first GEM draw-down notice was issued and a $3 million advance received. Source
Filed a final prospectus for a securities offering. SEC Form 424B5. Source
Arthur Golden and Kent Kester joined the board in connection with the listing. Source
Turn entered the amended and restated GEM share-purchase agreement referenced in the warrant filing. Source
The Regulation A+ offering closed; the later quarterly report says 83,610 shares were sold for net proceeds of $0.3 million. Source
The private Regulation D offering closed with common shares and simultaneous warrant exercises. Source
The board appointed WithumSmith+Brown as the independent accounting firm. Source
SetApart was dismissed as independent accountant, according to the annual disclosure. Source
The Regulation A offering was qualified; qualification itself is not a cash receipt. Source
A later crowdfunding progress filing reported $955,485.59 and 116,652 shares; no additive total with earlier progress reports is asserted. Source
The annual account says the crowdfunding campaign closed on this date. Source
A crowdfunding progress update reported $902,842.64 and 114,816 securities; original reporting units are not equated with later adjusted share totals. Source
The quarterly balance sheet reports $10,288,510 at 2026-06-30. It is not a pack-date cash balance. Source
The quarterly note estimates funding for its specified operating and GX-03 development scope into the third quarter of 2027. It retains substantial doubt and does not guarantee funding for all future programs. Source
No. The latest quarter identifies $7 million funded; further tranches have milestone and other conditions, with the final tranche discretionary. Source
The company says the warrant was exercised in full under its cashless provision, issuing 579,664 shares. That share issuance is not a cash exercise receipt. Source
The earlier report describes $1.35 million of agreements; the later notice reports $1.65 million sold. They are dated disclosures of the offering, not separate amounts to add. Source
The prospectus says the company receives no proceeds from registered-stockholder resales. The separate GEM purchase agreement is a different capital source. Source
No reverse split was verified. The annual account instead reports a two-for-one forward split effective on 2025-09-30. Source
BEB Holdings is listed at 15,116,260 shares and 49.51% as of 2026-10-05. Its interests overlap those attributed to founder Bradley Burnam. Source
The board dismissed SetApart effective 2025-03-31 and appointed WithumSmith+Brown effective 2025-04-01. No motive or misconduct is inferred. Source
The proxy schedules the annual meeting for 2026-11-30 to elect directors and ratify the auditor. Those proposed votes are not completed outcomes. Source
The disclosed GEM arrangement is a conditional share-purchase agreement with formula pricing and draw limits. It is not described here as an ATM sales-agency program. Source
No. The issuer says it was not party to proceedings that management considered probable to have a material adverse business effect as of that date. This is a dated materiality statement, not an independent complete court search. Source
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