Turn Therapeutics (TTRX) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in clinical, financial, and strategic priorities during first months as a public company.

• Phase 2 trial of GX-03 for moderate-to-severe atopic dermatitis remains on track, with topline results expected mid-2026.

• Entered global license, supply, and distribution agreement with Medline, enabling potential revenue generation in late 2026.

• Expanded intranasal vaccine pipeline to include a thermostable influenza candidate.

Financial highlights

• Cash and cash equivalents as of December 31, 2025, were $5.08 million, excluding $7.0 million from Avenue Capital facility.

• Research and development expenses for 2025 were $0.3 million, up from $0.2 million in 2024.

• General and administrative expenses rose to $5.5 million in 2025 from $1.5 million in 2024, mainly due to costs associated with public listing.

• Net loss for 2025 was $3.19 million, compared to $1.77 million in 2024.

• Basic and diluted net loss per share was $0.12 in 2025, compared to $0.07 in 2024.

Outlook and guidance

• Growth capital from Avenue Capital extends cash runway through end of 2027, supporting continued investment in therapeutic programs.

• Topline results for GX-03 Phase 2 trial expected mid-2026; commercial revenue anticipated to begin in late 2026.