Turn Therapeutics Q3 net loss widens to $6.23M
Turn Therapeutics expects its cash to fund operations into the third quarter of 2027; Phase 2b atopic dermatitis results are expected in the first quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Turn Therapeutics Inc. reported a third-quarter net loss of $6,230,868, compared with $1,904,184 a year earlier; nine-month net loss was $13,051,733 versus $3,473,150. The quarter included a $3,343,491 net loss from the change in fair value of a derivative liability instrument and $640,122 of amortization of deferred offering and financing costs. Cash and cash equivalents were $10,363,975 at September 30, 2026, compared with $5,076,144 at December 31, 2025.
In a 50-patient Stage 1/Phase 2a atopic dermatitis trial, 59.3% of GX-03 patients achieved clear or almost clear skin after four weeks, versus 30.4% receiving vehicle; 40.7% achieved EASI-100 at Week 8, versus 17.4%. The Phase 2b trial is evaluating 120–136 patients with severe itch, with topline results expected in the first quarter of 2027. Enrollment in an approximately 80-patient hidradenitis suppurativa trial is expected to begin in the first quarter of 2027. Turn Therapeutics expects cash to fund operations into the third quarter of 2027, with additional tranches of capital available from existing facilities.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointQuarterly net loss widened to $6,230,868 from $1,904,184.
- Minor pointNine-month net loss widened to $13,051,733 from $3,473,150.
8-K Event Classification
Key Figures
Key Terms
intent-to-treat population medical
Eczema Area and Severity Index (EASI) medical
EASI-100 medical
pruritus medical
Earnings Snapshot
Turn Therapeutics expects cash to fund operations into the third quarter of 2027, with additional tranches of capital available from existing facilities.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Turn Therapeutics' third-quarter 2026 financial results?
What did the TTRX Stage 1 trial show for GX-03?
What were the GX-03 results for atopic dermatitis patients with severe itch?
What is the TTRX Phase 2b atopic dermatitis trial evaluating?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Turn Therapeutics Inc. issued a press release (the “Press Release”) announcing its financial and operating results for the quarter ended September 30, 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 November 9, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
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: November 9, 2026 | ||
| By: | /s/ Bradley Burnam | |
| Name: | Bradley Burnam | |
| Title: | Chief Executive Officer | |
2
Exhibit 99.1
Turn Therapeutics Provides Corporate Updates and Reports Third Quarter 2026 Financial Results
Completed GX-03 Stage 1/Phase 2a Trial: 59.3% of GX-03 Patients Achieved Clear or Almost Clear Skin After Four Weeks, Compared with 30.4% Receiving Vehicle
Larger Phase 2b Atopic Dermatitis Trial Continues, Informed by Findings from Completed Stage 1/Phase 2a
Building on GX-03 Momentum, Turn Therapeutics Accelerates Hidradenitis Suppurativa Trial with Enrollment Now Expected to Begin in First Quarter 2027
Former CDC Director Robert R. Redfield, M.D., Appointed Chief Scientific Officer
Company Expects Cash to Fund Operations into Third Quarter of 2027, with Additional Tranches of Capital Available from Existing Facilities
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--November 9, 2026-- Turn Therapeutics Inc. (Nasdaq: TTRX), a clinical-stage biotechnology company developing targeted, non-systemic therapies for inflammatory and infectious skin diseases, today provided corporate updates and reported financial results for the three and nine months ended September 30, 2026.
Additional Stage 1/Phase 2a results show encouraging response in the full atopic dermatitis trial population
In October 2026, Turn Therapeutics reported additional results from the full intent-to-treat population of its 50-patient Stage 1 trial of GX-03 in atopic dermatitis. The analysis includes all 50 patients assigned to treatment in the trial. After four weeks, 59.3% of patients treated with GX-03 achieved clear or almost clear skin, compared with 30.4% of patients receiving vehicle, a difference of 28.8 percentage points. Additionally, 40.7% of GX-03 patients achieved EASI-100 at Week 8, compared with 17.4% receiving vehicle. The Eczema Area and Severity Index (EASI) measures how much skin is affected by eczema and how severe the visible signs are; EASI-100 means no visible eczema remained. These findings show encouraging responses at both four and eight weeks.
“The results from our full Stage 1 trial population give us an important look at how patients responded to GX-03 across a wide range of disease severity and extent,” said Bradley Burnam, Chief Executive Officer of Turn Therapeutics. “We took what we learned from the initial trial and used it to refine our ongoing Phase 2b trial.”
The Stage 1/Phase 2a results also show improved separation between GX-03 and vehicle arm. Among patients who entered the trial with severe itch, 61.5% of those treated with GX-03 achieved clear or almost clear skin after four weeks, compared with 8.3% receiving vehicle. Additionally, 46.2% of GX-03 patients with severe itch achieved EASI-100 at Week 8, compared with 8.3% receiving vehicle.
The ongoing Phase 2b trial is evaluating GX-03 in 120–136 atopic dermatitis patients with severe itch (pp-NRS>7), across a range of skin involvement (EASI>1.1). The trial compares GX-03 with an ointment vehicle and measures how many patients achieve clear or almost clear skin, as well as improvement in disease extent and severity as measured by EASI. To date, the Phase 2b trial has recorded no patient dropouts. In the Phase 2a trial, the dropout rate was below 5%, with no treatment-related discontinuations. These rates are well below the attrition typically seen in trials of this kind, reflecting the program’s favorable tolerability. Turn Therapeutics expects to report topline results from the Phase 2b trial in the first quarter of 2027.
“The completed Stage 1 trial gives us a clearer picture of GX-03’s potential, particularly for patients with severe itching. We believe severe itch may also help strengthen confidence in an atopic dermatitis diagnosis, since other skin conditions can look similar on visual examination alone,” said Robert R. Redfield, M.D., Chief Scientific Officer of Turn Therapeutics. “Our Phase 2b trial is designed to find out whether those results can be repeated in a larger group of patients.”
Turn Therapeutics accelerates Phase 2a trial of GX-03 in hidradenitis suppurativa
We are also accelerating patient enrollment in the planned Phase 2a trial of GX-03 for hidradenitis suppurativa (HS) which is now expected to begin in the first quarter of 2027, ahead of the previously announced second-quarter target. HS is a chronic, often debilitating inflammatory skin disease that causes painful lumps, abscesses, and, in more advanced cases, tunnels beneath the skin. It affects an estimated 900,0001 adults in the U.S. The approximately 80-patient trial will compare GX-03 with a matched ointment placebo, assessing its effect on active inflammatory lesions and symptoms such as pain at both early and later timepoints.
The trial will be designed to evaluate the safety and efficacy of GX-03 in patients with HS. GX-03 is designed to combine anti-inflammatory activity with the bacterial membrane-disrupting properties of its proprietary formulation. This dual approach may be particularly relevant to HS, where bacteria may contribute to persistent inflammation and recurrent lesions. By potentially addressing both processes directly at the affected skin, GX-03 could offer patients a differentiated, non-systemic treatment option. Treatment duration and assessment timepoints are being finalized.
With HS enrollment beginning and our Phase 2b atopic dermatitis trial moving forward, we expect the first quarter of 2027 to be a very active time for Turn.
Onychomycosis program
Onychomycosis, commonly known as nail fungus, affects an estimated 10% of the general population and up to 50% of adults over 702. GX-03 has shown that it can penetrate the nail and reduce fungal burden in animal studies which, coupled with independent investigator-sponsored human evidence, supports its continued development to test its efficacy as a potential topical treatment for fungal nail infections. Turn Therapeutics plans to share more about the next steps in onychomycosis as its atopic dermatitis and HS programs move forward.
| 1 | Epidemiology of hidradenitis suppurativa”: https://www.sciencedirect.com/science/article/pii/S0738081X23000998 |
| 2 | Westerberg DP, Voyack MJ. Onychomycosis: current trends in diagnosis and treatment. Am Fam Physician. 2013;88(11):762–770. |
New published research offers clues about how GX-03 may reduce inflammation and itching
In August 2026, Turn Therapeutics announced its second peer-reviewed research publication. In an animal study of skin inflammation, GX-03 reduced two forms of IL-36, proteins involved in early skin inflammation, by about 50%. It also reduced IL-31, a protein associated with itching, by nearly 68%. Average dermatitis severity was 66% lower in GX-03 treated group when compared to control group. These findings help researchers understand how GX-03 may work, although they do not show that the same effects will occur in people. The publication follows Turn Therapeutics’ first peer-reviewed study announced in May 2026.
Company appoints former CDC Director as Chief Scientific Officer
On September 9, 2026, Turn Therapeutics appointed Robert R. Redfield, M.D., as Chief Scientific Officer. Dr. Redfield served as the 18th Director of the U.S. Centers for Disease Control and Prevention from 2018 to 2021, and previously co-founded the Institute of Human Virology at the University of Maryland School of Medicine, where he was Professor of Medicine and Chief of Infectious Diseases. His research has been cited more than 35,000 times. At Turn Therapeutics, Dr. Redfield is contributing to the scientific and clinical strategy for GX-03 across atopic dermatitis, HS, onychomycosis and potential additional indications, with a focus on cytokine signaling and the host inflammatory response to microbial stimulus.
Recent investor presentations
On September 23, 2026, Bradley Burnam and Stephen M. Hahn, M.D., Executive Clinical and Regulatory Lead, presented the atopic dermatitis program at the Stifel 2026 Virtual Immunology and Inflammation Forum, including the pruritus-focused Stage 2 enrichment strategy and findings in patients with lower EASI scores despite high investigator-assessed disease severity. A replay is available on the Turn Therapeutics events page for approximately six months following the presentation.
On October 28, 2026, Mr. Burnam and Dr. Hahn participated in a webcast conversation hosted by U.S. Bancorp | BTIG, “Building a Program for Patient Access in Atopic Dermatitis,” during which the Company discussed the GX-03 development programs in atopic dermatitis, hidradenitis suppurativa (HS) and onychomycosis, the design of the ongoing Phase 2b atopic dermatitis trial, how GX-03 could fit into treatment for patients with atopic dermatitis, and the Company’s upcoming milestones and funding priorities.
Third Quarter 2026 Financial Results
The following highlights summarize the Company’s cash position and spending for the third quarter of 2026:
| ● | Cash and Cash Equivalents: The Company had $10.4 million in cash and cash equivalents as of September 30, 2026. Based on current estimates, the Company expects its available cash to support the ongoing Phase 2b atopic dermatitis trial and planned Phase 2a HS trial, with operations funded into the third quarter of 2027. |
| ● | General and Administrative (G&A) Expenses: G&A expenses for the three months ended September 30, 2026 were $1.4 million, a decrease of $0.4 million compared to $1.8 million for the three months ended September 30, 2025. |
| ● | Research and Development (R&D) Expenses: R&D expenses were $0.6 million for the three months ended September 30, 2026, an increase of $0.4 million compared to $0.2 million for the same period in 2025, reflecting continued spend on Phase 2b for atopic dermatitis. |
| ● | Net Loss: Net loss for the three months ended September 30, 2026 was $6.2 million, or $(0.21) per basic and diluted share, compared to $1.9 million, or $(0.07) per basic and diluted share, for the same period in 2025. |
Financial Tables
Turn Therapeutics Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in US Dollars)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | $ | 1,379,245 | $ | 1,754,856 | $ | 3,637,573 | $ | 3,434,442 | ||||||||
| Research and development | 605,197 | 158,699 | 1,189,697 | 230,636 | ||||||||||||
| Total operating expenses | 1,984,442 | 1,913,555 | 4,827,270 | 3,665,078 | ||||||||||||
| Loss from operations | (1,984,442 | ) | (1,913,555 | ) | (4,827,270 | ) | (3,665,078 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Net loss from change in fair value of derivative liability instrument | (3,343,491 | ) | - | (5,987,498 | ) | - | ||||||||||
| Amortization of deferred offering and financing costs | (640,122 | ) | - | (1,756,520 | ) | - | ||||||||||
| Interest expense | (341,208 | ) | - | (703,502 | ) | - | ||||||||||
| Interest income | 83,973 | 5,111 | 223,057 | 15,408 | ||||||||||||
| Other income (expense) | (5,578 | ) | 4,260 | - | 176,520 | |||||||||||
| Total other income (expense) | (4,246,426 | ) | 9,371 | (8,224,463 | ) | 191,928 | ||||||||||
| NET LOSS | $ | (6,230,868 | ) | $ | (1,904,184 | ) | $ | (13,051,733 | ) | $ | (3,473,150 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.21 | ) | $ | (0.07 | ) | $ | (0.44 | ) | $ | (0.13 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 30,137,336 | 27,975,207 | 29,802,800 | 27,479,246 | ||||||||||||
Turn Therapeutics Inc.
Selected Balance Sheet Data
(in US Dollars)
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Cash and cash equivalents | $ | 10,363,975 | $ | 5,076,144 | ||||
| Total assets | 16,349,722 | 12,162,241 | ||||||
| Total liabilities | 10,657,545 | 7,475,518 | ||||||
| Total stockholders’ equity | 5,692,177 | 4,686,723 | ||||||
About GX-03
GX-03 is Turn Therapeutics’ proprietary, non-systemic topical formulation. The formulation is based on the same core formula used in Turn Therapeutics’ prior, FDA-cleared products and is currently being evaluated as a drug candidate in atopic dermatitis, and is also being developed for hidradenitis suppurativa and onychomycosis.
About Turn Therapeutics
Turn Therapeutics Inc. is a clinical-stage biotechnology company developing targeted, non-systemic therapies for inflammatory and infectious dermatologic diseases. Its lead therapeutic candidate, GX-03, is being evaluated in atopic dermatitis and is also being developed for hidradenitis suppurativa and onychomycosis. For more information, visit www.turntherapeutics.com.
Forward-Looking Statements
This press release contains 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, including statements regarding clinical development plans, optimization of enrollment criteria and endpoints, interpretation of interim clinical observations, expected trial timing, regulatory interactions, anticipated financial results, cash runway, and the therapeutic potential of GX-03. 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 Therapeutics’ 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, the availability of additional financing, and Turn Therapeutics’ 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 its filings with the SEC. All such forward-looking statements speak only as of the date they are made, and Turn Therapeutics 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@turntherapeutics.com