Turn Therapeutics (TTRX) Q3 2026 earnings summary

Executive summary

• GX-03 Phase 2b atopic dermatitis (AD) enrollment continued, with topline results expected in Q1 2027; cash was expected to fund AD and hidradenitis suppurativa (HS) work into Q3 2027.

• 9M net loss rose to $13.05M from $3.47M; cash was $10.36M at September 30, 2026, and management cited substantial doubt about continuing as a going concern.

Financial highlights

• Q3 net loss was $6.23M, or $0.21 per share, vs. $1.90M, or $0.07 per share, in Q3 2025; operating expenses and operating loss were $1.98M vs. $1.91M.

• Q3 G&A expense was $1.4M, down $0.4M YoY; R&D expense was $0.6M, up $0.4M, reflecting continued AD Phase 2b spending.

• 9M operating expenses and operating loss were $4.83M vs. $3.67M; net loss was $13.05M, or $0.44 per share, vs. $3.47M, or $0.13 per share.

• No revenue or cost of goods sold was recorded in 9M 2026 or 9M 2025.

Outlook and guidance

• AD Phase 2b targets 120–136 patients, with topline results expected in Q1 2027; no patient dropouts had been recorded to date.

• Enrollment in the approximately 80-patient HS Phase 2a study is expected to begin in Q1 2027, ahead of the prior Q2 target.

• Cash at September 30 is expected to fund AD and HS development into Q3 2027, subject to assumptions that may prove incorrect.

• Up to $60–$65M is estimated to complete planned Phase 3 trials for AD and onychomycosis, plus ~$2.5M for HS Phase 2a; additional onychomycosis steps depend on capital availability.

• R&D expenses are expected to rise substantially as clinical programs advance; G&A may also increase with public-company, compliance, insurance and equity-compensation costs.