--- title: "Turn Therapeutics (TTRX) news: going concern and offering" url: "https://aibio.space/companies/turn-therapeutics/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "TTRX going concern and offering news: Turn Therapeutics ends June with $10.3 million and a going-concern warning. Turn Therapeutics Inc." --- TTRX Turn Therapeutics Inc. NASDAQ · United States # Turn Therapeutics (TTRX) news TTRX going concern and offering news Financings · 2026-08-26 ## [Turn sells $1.35 million of stock to existing investors at $10.00 a share](https://aibio.space/news/turn-sells-1-35-million-stock-existing-investors-10-00-share/) 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. ## Latest Turn Therapeutics news 1. 2026-08-13 Financings [Turn issues 579,664 shares as GEM exercises warrant on a cashless basis](https://aibio.space/news/turn-issues-579-664-shares-gem-exercises-warrant-cashless-basis/) 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. 2. 2026-08-12 Distress [Turn Therapeutics ends June with $10.3 million and a going-concern warning](https://aibio.space/news/turn-therapeutics-ends-june-10-3-million-going-concern-warning/) 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. 3. 2026-03-23 Debt Financing [Turn Therapeutics draws $7 million from $25 million secured loan with Avenue](https://aibio.space/news/turn-therapeutics-draws-7-million-25-million-secured-loan-avenue/) 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. 4. 2025-12-15 Financings [Turn completes first GEM equity draw for $4.1 million at about $3.29 a share](https://aibio.space/news/turn-completes-first-gem-equity-draw-4-1-million-about-3-29-share/) 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 at a glance - **Ticker**: TTRX - **Listing**: NASDAQ - **Country**: United States - **Cash, Jun 30, 2026**: $9.9 million ### Related companies - [Evommune](https://aibio.space/companies/evommune/) NYSE: EVMN - [Agentix](https://aibio.space/companies/agentix/) OTC: AGTX - [Ocean Biomediacal](https://aibio.space/companies/ocean-biomediacal/) OTC: OCEA - [Johnson & Johnson](https://aibio.space/companies/johnson-johnson/) NYSE: JNJ - [Viridian Therapeutics](https://aibio.space/companies/viridian-therapeutics/) NASDAQ: VRDN - [Panbela Therapeutics](https://aibio.space/companies/panbela-therapeutics/) OTC: PBLA - [AIM ImmunoTech](https://aibio.space/companies/aim-immunotech/) AMEX: AIM - [Oncology Pharma](https://aibio.space/companies/oncology-pharma/) OTC: ONPH ### Also on NASDAQ - [INmune Bio](https://aibio.space/companies/inmune-bio/) INMB - [Fennec Pharmaceuticals](https://aibio.space/companies/fennec-pharmaceuticals/) FENC - [Trevi Therapeutics](https://aibio.space/companies/trevi-therapeutics/) TRVI - [Context Therapeutics](https://aibio.space/companies/context-therapeutics/) CNTX - [Rapport Therapeutics](https://aibio.space/companies/rapport-therapeutics/) RAPP - [Cardio Diagnostics Holdings](https://aibio.space/companies/cardio-diagnostics/) CDIO ## What Turn Therapeutics does 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 | Summarised from the company's [10-K filed Mar 31, 2026](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/ea0281342-10k_turntherap.htm). ## Turn Therapeutics annual financials | Line | FY2025 | FY2024 | |---|---|---| | Research and development | [$265,570](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | [$245,956](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | | Net income (loss) | [-$3.2 million](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | [-$1.8 million](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | | Cash from operations | [-$2.6 million](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | [-$1.4 million](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | | Cash and equivalents | [$4.0 million](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/) | [$498,286](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/) | Latest balance sheet, Jun 30, 2026 (10-Q): cash and equivalents $9.9 million. Figures as reported to the SEC in XBRL; each one links to its filing. Not adjusted, not investment advice. ## Questions about Turn Therapeutics Has Turn Therapeutics issued a going-concern warning? 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](https://aibio.space/news/turn-therapeutics-ends-june-10-3-million-going-concern-warning/). Has Turn Therapeutics raised money recently? 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](https://aibio.space/news/turn-sells-1-35-million-stock-existing-investors-10-00-share/). What is the ticker symbol of Turn Therapeutics? Turn Therapeutics Inc. trades under the ticker TTRX on NASDAQ. Where is Turn Therapeutics listed? Turn Therapeutics Inc. is listed on NASDAQ. What is the SEC CIK of Turn Therapeutics? The SEC Central Index Key (CIK) for Turn Therapeutics Inc. is 2023016. Its filings are on SEC EDGAR. How many shares does Turn Therapeutics have outstanding? 29,788,040 shares as of 2026-08-12, per the cover page of its 10-Q filed 2026-08-12. Which country or territory is Turn Therapeutics listed under? Our directory records Turn Therapeutics Inc. under United States. What does Turn Therapeutics do? Our directory classifies Turn Therapeutics Inc. as: Pharmaceuticals: Major. This is a directory classification, not a description of the pipeline. What is the ISIN of Turn Therapeutics? The ISIN recorded for Turn Therapeutics Inc. is US90021W1053. Does aibio.space cover Turn Therapeutics? aibio.space lists Turn Therapeutics Inc. among 2,820 public biotech companies and publishes its news here as stories appear. Where is Turn Therapeutics incorporated? SEC records list its state or country of incorporation as DE. What does Turn Therapeutics develop? 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. What is GX-03 for moderate-to-severe eczema from Turn Therapeutics? GX-03 for moderate-to-severe eczema: Non-systemic topical immunomodulator, lead program Stage: ongoing clinical study. What is GX-03 for onychomycosis from Turn Therapeutics? GX-03 for onychomycosis: Topical treatment for fungal nail infection Stage: in-vivo studies. Is Turn Therapeutics profitable? 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. ## Investor discussion: Turn Therapeutics Members talk about Turn Therapeutics (TTRX). Reader posts, not aibio.space reporting, and not investment advice. Rules 1. **Securities violations are strictly forbidden.** No market manipulation, no pump-and-dump, no false or misleading statements, and no inside information. 2. **Say whether you hold the stock.** Every post states long, short or no position. 3. **No paid or sponsored posts.** Do not post for anyone who pays or rewards you. 4. **No buy or sell calls and no price targets.** 5. **No accusations of crime or fraud against named people** unless you link a court filing or a regulator's release that makes them. 6. **No personal details and no spam.** No links at all for your first 7 days as a member. Posts that break the rules may be deleted without notice, and the account restricted or closed. See the [terms](https://aibio.space/terms/#discussion) and the [privacy policy](https://aibio.space/privacy/#discussion). ## Capital-markets timeline Financings, listing notices, splits, legal actions and other investor events at Turn Therapeutics, newest first. Each line links the filing it comes from. 1. 2026-09-09 Leadership The company announced Robert Redfield as chief scientific officer. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026098224/ea030480601ex99-1.htm) 2. 2026-08-26 Financing The later private-offering notice reported $1.65 million sold; no sum with the earlier $1.35 million report is asserted. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000202301626000001/xslFormDX01/primary_doc.xml) 3. 2026-08-14 Financing Turn entered purchase agreements for 135,000 common shares at $10 each, according to the contemporaneous report. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026090766/ea0302457-8k_turn.htm) 4. 2026-08-13 Financing GEM exercised its warrant in full on a cashless basis and received 579,664 shares. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026091002/ea0302512-8k_turn.htm) 5. 2026-08-12 Going concern 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](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 6. 2026-05-18 Leadership The company announced Stephen Hahn as clinical and regulatory lead. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026058140/ea029122301ex99-1.htm) 7. 2026-05-11 Going concern The first-quarter report retained substantial doubt alongside a forecast that cash would fund operations into the first quarter of 2027. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026054490/ea0287381-10q_turn.htm) 8. 2026-03-31 Going concern The annual report retained substantial doubt and a need for further financing. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/ea0281342-10k_turntherap.htm) 9. 2026-03-24 Financing The first $7 million Avenue loan tranche was funded. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 10. 2026-03-24 Financings Reported an unregistered sale of its securities. SEC Form 8-K (Items 1.01,2.03,3.02,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026033233/ea028292601ex99-1.htm) 11. 2026-03-23 Financing Turn entered the Avenue loan and security agreement with conditional additional tranches. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026033233/ea0282926-8k_turn.htm) 12. 2026-02-17 Leadership The company announced Robert Redfield as a senior advisor. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026016916/ea027721201ex99-1_turn.htm) 13. 2026-01-07 Leadership The board expanded to six members and appointed Martin Dewhurst. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026002173/ea0272109-8k_turn.htm) 14. 2025-12-15 Financing The first GEM draw closed with gross proceeds of approximately $4.1 million, including the earlier advance. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 15. 2025-11-13 Distress Reported substantial doubt about its ability to continue as a going concern. SEC Form 10-Q. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390025109586/ea0264591-10q_turn.htm) 16. 2025-11-04 Leadership A company release announced Andrew Scott as Vice President of Corporate Communications, overseeing investor relations. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390025106265/ea026408301ex99-1_turn.htm) 17. 2025-10-31 Financing The first GEM draw-down notice was issued and a $3 million advance received. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 18. 2025-10-29 Financings Filed a final prospectus for a securities offering. SEC Form 424B5. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000110465925103384/tm2524982-4_424b5.htm) 19. 2025-09-30 Leadership Arthur Golden and Kent Kester joined the board in connection with the listing. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000110465925096003/tm2527800d1_8k.htm) 20. 2025-08-29 Financing Turn entered the amended and restated GEM share-purchase agreement referenced in the warrant filing. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026091002/ea0302512-8k_turn.htm) 21. 2025-06-27 Financing The Regulation A+ offering closed; the later quarterly report says 83,610 shares were sold for net proceeds of $0.3 million. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 22. 2025-06-27 Financing The private Regulation D offering closed with common shares and simultaneous warrant exercises. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 23. 2025-04-01 Auditor change The board appointed WithumSmith+Brown as the independent accounting firm. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/ea0281342-10k_turntherap.htm) 24. 2025-03-31 Auditor change SetApart was dismissed as independent accountant, according to the annual disclosure. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/ea0281342-10k_turntherap.htm) 25. 2025-03-31 Financing The Regulation A offering was qualified; qualification itself is not a cash receipt. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) 26. 2025-03-25 Financing A later crowdfunding progress filing reported $955,485.59 and 116,652 shares; no additive total with earlier progress reports is asserted. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000166516025000478/xslC_X01/primary_doc.xml) 27. 2025-03-15 Financing The annual account says the crowdfunding campaign closed on this date. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000121390026037505/ea0281342-10k_turntherap.htm) 28. 2024-11-12 Financing A crowdfunding progress update reported $902,842.64 and 114,816 securities; original reporting units are not equated with later adjusted share totals. [Source](https://www.sec.gov/Archives/edgar/data/2023016/000166516024001586/xslC_X01/primary_doc.xml) ## Investor questions about Turn Therapeutics ### What cash balance did Turn report? The quarterly balance sheet reports $10,288,510 at 2026-06-30. It is not a pack-date cash balance. Source ### What funding horizon did management state? 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 ### Is all $25 million of the loan facility already cash? No. The latest quarter identifies $7 million funded; further tranches have milestone and other conditions, with the final tranche discretionary. Source ### Did GEM pay cash when it exercised in August? 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 ### How should the August private-offering figures be read? 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 ### Did the direct listing itself produce issuer resale proceeds? The prospectus says the company receives no proceeds from registered-stockholder resales. The separate GEM purchase agreement is a different capital source. Source ### Has a reverse split been verified? No reverse split was verified. The annual account instead reports a two-for-one forward split effective on 2025-09-30. Source ### Who is the latest proxy's five-percent holder? 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 ### Who is the auditor, and was there a change? The board dismissed SetApart effective 2025-03-31 and appointed WithumSmith+Brown effective 2025-04-01. No motive or misconduct is inferred. Source ### What is the next stated annual meeting date? 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 ### Is the equity purchase facility an ATM? 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 ### Does the latest quarter certify that no litigation exists? 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 ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:TTRX on TradingView](https://www.tradingview.com/symbols/NASDAQ-TTRX/). ## SEC filings and registration - **SEC name**: Turn Therapeutics Inc. - **CIK**: 2023016 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: TTRX (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**:
Emerging growth company - **Business address**: 250 NORTH WESTLAKE BLVD., WESTLAKE VILLAGE, CA, 91362 - **Phone**: 8185644011 - **Shares outstanding**: 29,788,040 as of 2026-08-12 (10-Q filed 2026-08-12) - **Former names**: Global Health Solutions, Inc ### Recent filings (8-K and 6-K are the company's own announcements) - [DEF 14A](https://www.sec.gov/Archives/edgar/data/2023016/000121390026110670/ea0308272-01.htm) filed 2026-10-19 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026107329/ea0307911-8k_turn.htm) filed 2026-10-07 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026098584/ea0305037-8k_turn.htm) filed 2026-09-10 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026098224/ea0304806-8k_turn.htm) filed 2026-09-09 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026091002/ea0302512-8k_turn.htm) filed 2026-08-18 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026090766/ea0302457-8k_turn.htm) filed 2026-08-17 - [10-Q](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088427/ea0299361-10q_turn.htm) filed 2026-08-12 - [8-K](https://www.sec.gov/Archives/edgar/data/2023016/000121390026088411/ea0301772-8k_turn.htm) filed 2026-08-12 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002023016), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. ## Listing details Turn Therapeutics Inc. is a public biotech or pharmaceutical company listed on NASDAQ under the ticker TTRX, recorded under United States. The directory classifies it as Pharmaceuticals: Major. aibio.space tracks 2,820 public biotech companies worldwide and publishes investor news on them. - **Company**: Turn Therapeutics Inc. - **Ticker**: TTRX - **Listing**: NASDAQ - **Country or territory**: United States - **Business scope**: Pharmaceuticals: Major - **ISIN**: US90021W1053 - **Last quote in directory**: 2026-10-21 - **Directory source**: [Listing page](https://www.tradingview.com/symbols/NASDAQ-TTRX/) Listing facts come from our company directory, researched on October 22, 2026. A listing record does not certify that a security currently trades. [Tell us about a change](https://aibio.space/reputation/#update). Work at this company? [Claim this page](https://aibio.space/claim/). Published and maintained by aibio.space. Not investment advice. [How we work](https://aibio.space/disclosures/). Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/turn-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Turn Therapeutics (TTRX) news: going concern and offering", 2026-10-31, https://aibio.space/companies/turn-therapeutics/