Turn Therapeutics Inc.
TTRX evidence brief
What we can confirm
- BioSniper Score:
- 5.6 / 10
- Market Cap:
- $385.4M
- Lead Asset:
- gx-03 (Phase 2/Phase 3)
What it means
What to watch
Prepared research question
What matters most for TTRX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TTRX
Turn Therapeutics Inc. (TTRX) is a pre-revenue biopharmaceutical company developing topical drug candidate GX-03 for atopic dermatitis and onychomycosis, with a cash position of $9.9M as of 2026-06-30 and an accumulated deficit of $29.2M as of 2026-08-12.
Key risk: Cash runway <12 months
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$385.4M
Cash Runway
—
Lead Asset
gx-03 (Phase 2/Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Turn Therapeutics Inc..
Turn Therapeutics Inc. (TTRX) is a pre-revenue biopharmaceutical company developing topical drug candidate GX-03 for atopic dermatitis and onychomycosis, with a cash position of $9.9M as of 2026-06-30 and an accumulated deficit of $29.2M as of 2026-08-12.
- Cash & equivalents of $9.9M as of 2026-06-30 [sec]
- Net loss of -$5.8M as of 2026-06-30 [sec]
- Shareholders' equity of $0.7M as of 2026-06-30 [sec]
- Accumulated deficit of approximately $29.2M as of 2026-08-12 [sec_mda]
- Lead candidate GX-03 is in an ongoing Phase 2/3 trial for atopic dermatitis with an interim analysis completed in June 2026 [sec_mda]
What works
- GX-03 has completed an interim analysis in AD and is expanding enrollment to full EASI range, indicating ongoing clinical progress [sec_mda]
- The company has a licensed medical device (K183681) to Medline, providing a potential revenue stream [sec_mda]
- GX-03 is also being advanced for onychomycosis with in-vivo data supporting nail penetration and antifungal activity [sec_mda]
What to weigh
- Cash runway is less than 12 months from June 30, 2026, raising substantial doubt about ability to continue as a going concern [sec_mda]
- The company requires $60–$65 million to complete planned Phase 3 trials for AD and onychomycosis, with no committed funding [sec_mda]
- Accumulated deficit of $29.2M as of 2026-08-12 and no product revenue; expects losses to increase [sec_mda]
- Shareholders' equity is only $0.7M as of 2026-06-30, indicating very thin equity cushion [sec]
From the filings
Quoted directly from source documents.
Accumulated deficit as of August 2026
“we had an accumulated deficit of approximately $29.2 million”
SEC MD&A · August 12, 2026
Cash runway concern
“12 months from the date that the accompanying unaudited condensed consolidated interim financial statements as of June 30, 2026 are issued based on our expected cash needs, which raises substantial doubt about our ability to continue as a going concern”
SEC MD&A · August 12, 2026
Funding need for Phase 3 trials
“we currently anticipate that we will require up to approximately $60 to $65 million to complete our planned Phase 3 trials for AD and onychomycosis”
SEC MD&A · August 12, 2026
Risks & what to watch (4)›
Key risks
- Cash runway <12 months — Cash expected to last less than 12 months from June 30, 2026, raising going-concern doubts [sec_mda]
- Large funding gap for trials — Needs $60–$65M for Phase 3 trials with no committed financing [sec_mda]
- No product revenue — No revenue from product sales; relies on capital markets for funding [sec_mda]
- Thin equity cushion — Shareholders' equity only $0.7M as of 2026-06-30 [sec]
What to watch
- Completion of enrollment in the GX-03 AD trial, anticipated Q4 2026 [sec_mda]
- Ability to raise $60–$65M for Phase 3 trials [sec_mda]
- Any revenue from Medline license agreement [sec_mda]
- Cash burn rate and any further equity/debt financing [sec_mda]
Sources: SEC MD&A · Generated October 3, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 23.69 · 0% dilution
Lead: Phase 2/Phase 3
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
20
Total value held
$1.5M
| Holder | Shares | Value |
|---|---|---|
| ddfg, inc | 70,534 | $226K |
| millennium management llc | 69,757 | $223K |
| wellington shields & co., llc | 65,732 | $210K |
| vanguard capital management llc | 49,450 | $158K |
| tamar securities, llc | 30,000 | $96K |
| brown brothers harriman & co | 23,688 | $76K |
| xtx topco ltd | 19,727 | $63K |
| hightower advisors, llc | 19,684 | $63K |
| rvw wealth, llc | 18,000 | $58K |
| geode capital management, llc | 17,142 | $55K |
Showing top 10 of 20 institutional holders of Turn Therapeutics Inc.. Open the full 13F history after sign-in.
Short Interest
- % of float
- -
- Days to cover
- —
- Shares short
- -
- Daily short volume (May 7, 2026)
- 54.0%
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TTRX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Turn Therapeutics Inc.?
Turn Therapeutics Inc. (TTRX) is a pre-revenue biopharmaceutical company developing topical drug candidate GX-03 for atopic dermatitis and onychomycosis, with a cash position of $9.9M as of 2026-06-30 and an accumulated deficit of $29.2M as of 2026-08-12.
What is Turn Therapeutics Inc.'s lead drug candidate?
Turn Therapeutics Inc.'s most advanced tracked candidate is gx-03 (Phase 2/Phase 3) for onychomycosis.
Who is the CEO of Turn Therapeutics Inc.?
Mr. Bradley E. Burnam is the chief executive officer of Turn Therapeutics Inc. (TTRX).
Where is Turn Therapeutics Inc. headquartered?
Turn Therapeutics Inc. (TTRX) is headquartered in Westlake Village, CA, United States.
What therapeutic areas does Turn Therapeutics Inc. focus on?
Turn Therapeutics Inc. develops therapies across Immunology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.