Turn Therapeutics (TTRX) Corporate presentation summary

Strategic focus and pipeline

• Developing first-in-class, non-systemic immunomodulation therapies targeting IL-36 and key cytokines for high unmet-need inflammatory diseases, initially moderate to severe eczema.

• Lead candidate GX-03 is a topical IL-36/IL-31/IL-4 inhibitor with a novel mechanism, strong safety profile, and robust IP protection through 2037.

• Phase 2 RCT for eczema underway, with topline results expected mid-2026 and Phase 3 initiation planned for early 2027.

• Pipeline includes additional indications such as onychomycosis (toenail fungus), psoriasis, and medical devices, with out-licensed products generating milestone revenue.

• Vaccine candidate leveraging thermostable, needle-free delivery platform in preclinical development.

Technology and differentiation

• PermaFusion® is a patented, API-agnostic delivery platform enabling stable, emulsifier-free dispersion of active ingredients for superior skin, nail, and mucosal penetration.

• GX-03 disrupts the chronic inflammatory loop in eczema by targeting upstream (IL-36) and downstream (IL-31, IL-4) cytokines, breaking the itch-scratch cycle and reducing disease severity.

• Demonstrated 57% reduction in disease severity in preclinical models and significant inhibition of key cytokines.

• Localized activity with zero systemic burden, preserving normal immune function and minimizing adverse events.

Clinical and market data

• Over 200,000 topical applications with zero reported adverse events; Phase 1 safety study (N=53) showed no adverse reactions.

• Phase 2 eczema trial (N=120, adaptive to 200) is double-blind, vehicle-controlled, with primary endpoint EASI change at week 8; interim and topline data expected in 2026.

• GX-03 for onychomycosis showed 70-85% efficacy in Phase 2-equivalent study, outperforming current topicals (6-18% efficacy) and with no adverse events.

• Eczema affects 16.5M in the US (6.6M moderate-severe); market projected to grow from $6.5B to $9.9B by 2030.

• Onychomycosis affects 47.6M in the US; market expected to reach $2.82B by 2030, with a patent cliff in 2026 creating opportunity for new entrants.