Turn Therapeutics (Nasdaq: TTRX) Q1 2026 results, $25M Avenue loan facility
Rhea-AI Filing Summary
Turn Therapeutics Inc. reported financial results for the first quarter of 2026 and outlined key corporate developments. The company posted a net loss of $970,972, or $0.03 per share, compared with a net loss of $328,547, or $0.01 per share, a year earlier.
Cash and cash equivalents increased to $11.2 million as of March 31, 2026 from $5.1 million at year-end 2025, supported by an Avenue Capital Group growth capital facility of up to $25 million in term loans, including an initial funded tranche of $7 million. The lead drug candidate GX-03 continues in a Phase 2 trial for moderate-to-severe atopic dermatitis, with interim results expected in the second quarter of 2026 and topline data planned for mid-2026.
Positive
- Stronger liquidity and access to capital: Cash and cash equivalents rose to $11.2 million at March 31, 2026 from $5.1 million at December 31, 2025, supported by a new Avenue Capital term-loan facility providing up to $25 million, including an initial $7 million tranche funded in March.
Negative
- Higher operating loss as development scales: Total operating expenses increased to $1.25 million for the quarter ended March 31, 2026 from $0.38 million a year earlier, driving a wider net loss of $0.97 million versus $0.33 million despite positive other income items.
Insights
Turn Therapeutics expanded cash via a new loan facility while advancing its Phase 2 dermatology program.
Turn Therapeutics, a clinical-stage biotech with no product revenue, reported a Q1 2026 net loss of $970,972, up from $328,547 a year earlier, as operating expenses rose with development and corporate activity. Basic and diluted loss per share was $0.03 on 29.5 million weighted-average shares.
Liquidity improved meaningfully: cash and cash equivalents were $11.2 million at March 31, 2026 versus $5.1 million at year-end 2025. This increase reflects an Avenue Capital growth capital facility of up to $25 million in term loans, with an initial $7 million tranche funded in March 2026.
The lead asset GX-03 is in a randomized, double-blind, vehicle-controlled Phase 2 trial for moderate-to-severe atopic dermatitis, with an independent committee conducting an interim assessment at roughly 50% enrollment. Interim results are expected in Q2 2026, with topline data targeted for mid-2026, so subsequent company disclosures around these milestones will frame clinical progress and potential future funding needs.
8-K Event Classification
Key Figures
Key Terms
derivative liability instrument financial
amortization of deferred offering cost financial
Phase 2 clinical trial medical
atopic dermatitis medical
forward-looking statements regulatory
growth capital facility financial
Earnings Snapshot
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| Item 2.02 | Results of Operations and Financial Condition. |
On May 11, 2026, Turn Therapeutics Inc. issued a press release (the “Press Release”) announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K and the Press Release furnished as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated May 11, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TURN THERAPEUTICS INC. | ||
| Date: May 11, 2026 | ||
| By: | /s/ Bradley Burnam | |
| Name: | Bradley Burnam | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
Turn Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Updates
Phase 2 Trial for GX-03 in Moderate-to-Severe Atopic Dermatitis (AD) on Track, Topline Results Expected Mid-2026
Initial Tranche of $7 Million in Growth Capital has been Funded by Avenue Capital Group
Westlake Village, CA — May 11, 2026 — Turn Therapeutics Inc. (Nasdaq: TTRX), a clinical-stage biotechnology company developing targeted inflammatory and immunological therapies for dermatologic conditions, today reported financial results for the three months ended March 31, 2026, and provided corporate updates.
“The first quarter of 2026 materially strengthened Turn Therapeutics both operationally and financially,” said Bradley Burnam, Chief Executive Officer of Turn Therapeutics. “With the Avenue Capital facility now in place, we believe the Company is well positioned to advance our clinical programs through multiple near-term catalysts while maintaining focus on disciplined execution. Our Phase 2 trial evaluating GX-03 in moderate-to-severe atopic dermatitis remains on schedule, with an independent committee expected to assess conditional probability of success at the interim analysis and determine whether the study should continue as designed or expand enrollment based on the strength of the observed trend. We continue to expect topline results in mid-2026 and believe these upcoming milestones have the potential to meaningfully shape the future of both our platform and pipeline.”
Corporate Updates
| ● | Avenue Capital growth capital secured. On March 23, 2026, the Company closed a growth capital facility with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, providing access to up to $25 million in term loans. The initial $7 million tranche was funded on March 24, 2026, with up to an additional $18 million available upon achievement of clinical and corporate milestones. | |
| ● | GX-03 in AD advancing. The Company’s lead product candidate, GX-03, is being evaluated in an ongoing randomized, double-blind, vehicle-controlled Phase 2 clinical trial in adults with moderate-to-severe AD. An interim assessment will be conducted at approximately 50% trial completion by an independent data monitoring committee. Interim results are expected in the second quarter of 2026, with topline data expected to follow in mid-2026. |
| ● | Onychomycosis (nail fungus) program planned. GX-03 has demonstrated nail-plate penetration and significant reduction of fungal burden in in-vivo studies, supporting its development as a topical treatment for onychomycosis. Additional clinical steps are expected following completion of the AD program. |
First Quarter 2026 Financial Results
| ● | Cash and Cash Equivalents: Cash and cash equivalents as of March 31, 2026 were $11.2 million as compared to $5.08 million as of December 31, 2025. |
| ● | General and Administrative (G&A) Expenses: General and administrative expenses for the three months ended March 31, 2026 were $1.1 million, an increase of $0.8 million compared to $0.4 million for the three months ended March 31, 2025. |
Financial Tables
Turn Therapeutics Inc.
Consolidated Statements of Operations
(in US Dollars)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating expenses: | ||||||||
| General and administrative | $ | 1,136,709 | $ | 375,738 | ||||
| Research and development | 109,434 | 9,259 | ||||||
| Total operating expenses | 1,246,143 | 384,997 | ||||||
| Loss from operations | (1,246,143 | ) | (384,997 | ) | ||||
| Other income: | ||||||||
| Net gain from change in fair value of derivative liability instrument | 697,561 | — | ||||||
| Amortization of deferred offering cost | (477,647 | ) | — | |||||
| Interest income | 49,679 | 5,165 | ||||||
| Other income | 5,578 | 51,285 | ||||||
| Total other income | 275,171 | 56,450 | ||||||
| NET LOSS | $ | (970,972 | ) | $ | (328,547 | ) | ||
| Basic and diluted net loss per common share | $ | (0.03 | ) | $ | (0.01 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 29,476,002 | 26,956,217 | ||||||
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Turn Therapeutics Inc.
Selected Balance Sheet Data
(in US Dollars)
| March 31, 2026 | December 31, 2025 | |||||||
| Cash and cash equivalents | $ | 11,217,671 | $ | 5,076,144 | ||||
| Total assets | 18,644,136 | 12,162,241 | ||||||
| Total liabilities | 12,526,588 | 7,475,518 | ||||||
| Total stockholders’ equity | 6,117,548 | 4,686,723 | ||||||
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. Turn’s lead investigational therapy, GX-03, is a potentially first-in-class, non-systemic topical inhibitor currently in late-stage development for the potential 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 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 Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. 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.
Investor Relations/ Media Contact:
Sasha Damouni
Damouni Group LLC
Sasha@damounigroup.com
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