Turn Therapeutics (TTRX) Registration Filing summary

Company overview and business model

• Develops pharmaceutical and medical device products based on a proprietary PermaFusion platform for stable suspension of APIs in oil-based carriers, targeting dermatological diseases and thermostable vaccines.

• Focuses on licensing medical device products to commercial partners while internally advancing drug development for eczema and onychomycosis.

• Employs a lean operating model, leveraging contractors and vendors to minimize cash burn and maximize capital allocation to R&D.

• Holds multiple FDA clearances for wound care and dermatology devices and is pursuing new drug approvals for lead candidates.

Financial performance and metrics

• Reported net losses of $1.57M (six months ended June 30, 2025), $1.77M (2024), and $2.29M (2023), with an accumulated deficit of $20.76M as of June 30, 2025.

• Operating expenses for the six months ended June 30, 2025, were $1.75M, with $1.68M in G&A and $71.9K in R&D.

• Cash and cash equivalents totaled $3.19M as of June 30, 2025; working capital was $2.33M.

• No product revenue recognized in 2023–2025; revenue deferred from licensing agreements due to pending FDA approvals.

• Substantial doubt exists about the ability to continue as a going concern without additional capital.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by registered stockholders in the direct listing.

• Intends to use available funds and future earnings to fund R&D, clinical trials, and business expansion; no plans to pay dividends.

• May access up to $85M under a share purchase agreement with GEM Global Yield, subject to conditions.

• Expects to require $18–20M for Phase 3 trials and $1.5–2.5M for the vaccine program over the next two years.