Turn Therapeutics (TTRX) TD Cowen 46th Annual Health Care Conference summary

Company background and innovation

• Originated from personal experience with chronic wounds and dissatisfaction with existing wound care products, leading to the development of a novel polymer-based ointment using a patented PermaFusion process.

• The lead asset, TT-03, is a new chemical entity with NCE status in the U.S., offering high bioavailability and a strong safety profile validated by human data and FDA clearance in wound care.

• The product acts as a first-in-class IL-36 and IL-31 inhibitor, targeting key cytokines involved in eczema and other inflammatory skin diseases.

• Extensive patent protection with 7 families and 17 issued patents, providing coverage through 2037 and expected extensions into the late 2040s.

• Built with a low burn rate and funded primarily through family office money, with a recent direct listing to support further clinical development.

Clinical development and pipeline

• Active phase II trial in moderate to severe eczema underway in the U.S., with interim and top-line data expected in Q2 2026; primary endpoint is EASI index change versus vehicle.

• Phase I safety study showed no adverse events in over 53 patients and 580+ applications, confirming non-cytotoxic, non-irritating, and non-sensitizing properties.

• Phase III-ready onychomycosis (toenail fungus) program demonstrated 70%-85% efficacy in a 100-patient trial, with strong nail penetration and potential for market entry as branded topical competition wanes.

• Adaptive trial design allows for interim committee review and potential patient number adjustments, with robust controls to ensure compliance and data integrity.

• Exploring additional dermatology indications, including hidradenitis suppurativa and psoriasis, leveraging the IL-36 mechanism.

Mechanism of action and scientific rationale

• TT-03 inhibits IL-36 and IL-31, disrupting the inflammatory cascade in eczema and reducing itch and skin injury.

• Preclinical models showed a 57% reduction in Investigator Global Assessment in 7 days and significant inhibition of IL-36-alpha, IL-36-gamma, IL-31, and IL-4.

• The product addresses both skin barrier dysfunction and pathogenic skin bioburden, particularly staph colonization, potentially working from both sides of the disease process.

• Non-systemic, non-steroid, and non-sensitizing profile positions it as a potential first-line treatment for eczema, addressing safety and efficacy gaps in current options.

• Ongoing efforts to increase awareness in the dermatology community through academic conferences, peer-reviewed publications, and targeted hiring in medical affairs.