Turn Therapeutics (TTRX) Q1 2026 earnings summary

Executive summary

• GX-03 is in phase 2 trials for moderate-to-severe atopic dermatitis, with topline results expected mid-2026 and interim analysis in Q2 2026; development for onychomycosis will proceed after AD program completion.

• Licensed medical device K183681 to Medline; other FDA-cleared devices provide background experience but are not current development focus.

• Net loss for Q1 2026 was $970,972, up from $328,547 in Q1 2025; accumulated deficit reached $23.36 million.

• Cash and cash equivalents were $11.22 million as of March 31, 2026, up from $5.08 million at December 31, 2025, and expected to fund operations into Q1 2027.

• Initial $7 million tranche of a $25 million growth capital facility funded by Avenue Capital Group to support clinical programs.

Financial highlights

• Q1 2026 operating expenses rose to $1.25 million from $0.38 million year-over-year, mainly due to higher stock-based compensation, legal, advisory, and compensation expenses.

• General and administrative expenses increased to $1.1 million for Q1 2026, compared to $0.4 million in Q1 2025.

• Research and development expenses increased to $0.11 million from $9,259, reflecting ongoing clinical trials.

• Net gain from change in fair value of derivative liabilities was $0.70 million in Q1 2026.

• No revenue generated in Q1 2026 or Q1 2025.

Outlook and guidance

• Cash on hand expected to fund operations into Q1 2027, but substantial doubt exists about ability to continue as a going concern without additional funding.

• Up to $65 million needed to complete planned Phase 3 trials for AD and onychomycosis, plus $1.5–2.5 million for vaccine program.

• Additional $18 million in growth capital available upon achievement of clinical and corporate milestones.

• Plans to fund operations through additional equity, debt financing, and licensing deals.