Full Press Release Details
Phase 2 Trial for GX-03 in Moderate-Severe Atopic Dermatitis on Track, Topline Results Expected Mid-2026
Secured up to $25 Million in Growth Capital from Avenue Capital Group
Strengthened Leadership Team via Appointments of Dr. Robert Redfield and Martin Dewhurst
LOS ANGELES--(BUSINESS WIRE)--Turn Therapeutics Inc. (Nasdaq: TTRX), a clinical-stage biotechnology company developing targeted inflammatory and immunology therapies for dermatologic conditions, today reported financial results for the year ended December 31, 2025, and provided corporate updates.
“Our first months as a public company have been highly productive, with strong progress across our clinical, financial, and strategic priorities,” said Bradley Burnam, Chief Executive Officer of Turn Therapeutics. “Our Phase 2 trial of GX-03 for moderate-to-severe atopic dermatitis remains on track for topline results in mid-2026, positioning us to advance a potential first-line therapy in atopic dermatitis. Securing up to $25 million in growth capital from Avenue Capital extends our expected runway through the end of 2027 and supports focused investment in the Company’s therapeutic programs. In parallel, our global license, supply, and distribution agreement with Medline creates the opportunity to begin generating revenue in late 2026 while also validating the commercial viability of our technology across multiple applications.”
Recent Corporate Updates
Full Year2025 Financial Results
| Financial Tables | ||||||||
| Turn Therapeutics Inc. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (in US Dollars) | ||||||||
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating expenses: | ||||||||
| General and administrative | $ | 5,593,078 | $ | 1,551,168 | ||||
| Research and development | 265,570 | 245,956 | ||||||
| Total operating expenses | 5,858,648 | 1,797,124 | ||||||
| Loss from operations | (5,858,648 | ) | (1,797,124 | ) | ||||
| Other income: | ||||||||
| Net gain from change in fair value of derivative liability instrument | 2,574,971 | - | ||||||
| Gain from change in fair value of forward contract liability | 380,442 | - | ||||||
| Amortization of deferred offering cost | (496,948 | ) | - | |||||
| Interest income | 29,583 | 28,709 | ||||||
| Other income | 176,520 | - | ||||||
| Total other income | 2,664,568 | 28,709 | ||||||
| NET LOSS | $ | (3,194,080 | ) | $ | (1,768,415 | ) | ||
| Basic and diluted net loss per common share | $ | (0.12 | ) | $ | (0.07 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 27,716,045 | 26,643,432 |
| Turn Therapeutics Inc. | ||||||||
| Selected Balance Sheet Data | ||||||||
| (in US Dollars) | ||||||||
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents | $ | 5,076,144 | $ | 872,599 | ||||
| Total assets | 12,162,241 | 2,048,889 | ||||||
| Total liabilities | 7,475,518 | 2,226,321 | ||||||
| Total stockholders’ equity (deficit) | 4,686,723 | (177,432 | ) |
About Turn Therapeutics
Turn Therapeutics is a biotechnology company focused on developing innovative, precision therapies that target the underlying causes of inflammatory diseases with high unmet needs. Their lead investigational therapy, GX-03, is a first-in-class, non-systemic topical inhibitor currently in late-stage development for the treatment of moderate-to-severe atopic dermatitis (eczema). This therapy is designed to modulate key inflammatory pathways involved in eczema and other inflammatory dermatological conditions.
Forward-Looking Statement
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “suggest,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Turn’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict, including risks related to the timing and effectiveness of the Company’s registration statement, the success of development programs, and the Company’s ability to execute its strategic plan. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Turn Therapeutics in general, see the risk disclosures in the Company’s filings with the SEC. All such forward-looking statements speak only as of the date they are made, and Turn undertakes no obligation to update or revise these statements, whether as a result of new information, future events, or otherwise.