Turn Therapeutics (TTRX) Registration filing summary

Company overview and business model

• Clinical-stage biotech developing targeted anti-inflammatory dermatology therapies; lead GX-03 is a non-systemic topical candidate for atopic dermatitis (AD), with programs also advancing for hidradenitis suppurativa (HS) and onychomycosis.

• GX-03 uses polyhexanide (PHMB) in a petrolatum-based formula; historical medical-device clearances provide tolerability experience, while new drug indications require FDA drug approval.

• Business model prioritizes drug development while licensing and commercializing medical-device products through partners; lean staffing, contractors and outsourced manufacturing are intended to preserve capital.

• K183681 is licensed to Medline; a separate PermaFusion® platform is being explored for thermostable intranasal live vaccines.

Financial performance and metrics

• Historical net tangible book value at September 30, 2026 was approximately $(0.1) million, or $(0.00) per share; audited FY2025 and FY2024 financial statements include a going-concern explanatory paragraph.

• At the assumed $50 million sale priced at $9.48 per share, adjusted net tangible book value was estimated at $48.3 million, or $1.35 per share; illustrative dilution to new investors was $8.13 per share.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for general corporate purposes, including R&D, preclinical and clinical development, working capital and capital expenditures; management retains broad allocation discretion.

• For the ATM, proceeds pending use may be invested in short- and intermediate-term interest-bearing securities, investment-grade instruments, certificates of deposit or U.S. government obligations.