Turn Therapeutics (TTRX) Registration Filing summary

Company overview and business model

• Develops pharmaceutical and medical device products based on a proprietary PermaFusion platform for enhanced drug delivery, focusing on dermatological diseases and wound care.

• Business model centers on licensing and/or selling medical device products through commercial partners, while focusing internal resources on drug development.

• Lead programs target moderate to severe eczema and onychomycosis, with additional applications in thermostable intranasal vaccines and wound care.

• Employs a lean operating structure, leveraging contractors and vendors to minimize cash burn and maximize capital allocation to clinical development.

• Holds multiple FDA clearances for medical devices and is pursuing new drug approvals for its lead candidates.

Financial performance and metrics

• Reported net losses of $1.57 million for the six months ended June 30, 2025, and $1.77 million for the year ended December 31, 2024.

• Accumulated deficit of $20.76 million as of June 30, 2025.

• Cash and cash equivalents of $3.19 million as of June 30, 2025, with working capital of $2.33 million.

• No revenue generated from product sales in 2023 or 2024; revenue primarily from licensing and collaboration agreements.

• Operating expenses primarily consist of general and administrative costs and research and development expenses.

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 drug development and business expansion; no plans to pay dividends in the foreseeable future.

• May access up to $85 million in equity capital through a share purchase agreement with GEM Global Yield, subject to certain conditions.

• Anticipates requiring $18–20 million for Phase 3 trials for eczema and onychomycosis and $1.5–2.5 million for the vaccine program over the next two years.