Turn Therapeutics (TTRX) Q3 2025 earnings summary

Executive summary

• Completed direct listing on Nasdaq under ticker TTRX on October 8, 2025, marking a significant milestone.

• Focused on developing pharmaceuticals and medical devices using proprietary PermaFusion technology, with lead programs in dermatology and vaccine delivery.

• Entered a global supply, development, and license agreement with Medline to commercialize products using the PermaFusionⓇ platform.

• Strengthened leadership with two new Board members and a new VP of Corporate Communications.

• Advanced clinical programs in eczema and onychomycosis, with key data expected in early 2026.

Financial highlights

• Net loss of $1.90M for Q3 2025, up from $0.67M in Q3 2024; net loss of $3.47M for nine months ended September 30, 2025, up from $1.45M year-over-year.

• Operating expenses rose to $1.91M in Q3 2025, mainly due to legal and advisory costs for the direct listing.

• R&D expenses for Q3 2025 were $158,699, up from $153,282 in Q3 2024.

• Cash and cash equivalents at $3.11M as of September 30, 2025; total assets $4.3M; accumulated deficit $22.67M.

• No revenue recognized in the period; deferred revenue of $1.44M from licensing agreement remains unrecognized pending FDA milestones.

Outlook and guidance

• Cash expected to fund operations into Q1 2026; additional $18–20M needed for Phase 3 trials and $1.5–2.5M for vaccine program.

• Plans to raise capital through equity, debt, or licensing; GEM agreement allows up to $85M in equity financing.

• Anticipates data from the lead eczema program in early 2026 to inform development pathways.

• Expects revenue generation from the Medline partnership to offset costs and support drug development.

• Ongoing and planned clinical trials for eczema, onychomycosis, and vaccine candidates.