The widening loss is offset by strengthened balance sheet and progress in clinical development; monitor mid-2026 GX-03 topline data as key catalyst. The Avenue Capital debt facility reduces near-term dilution risk but adds future repayment obligations.
Price Chart
Executive Summary
Turn Therapeutics reported full-year 2025 financial results with a net loss of $3.19 million, up from $1.77 million in 2024, driven by higher G&A expenses related to its Nasdaq listing. The company secured up to $25 million in venture debt from Avenue Capital, extending its cash runway into 2027, and advanced its GX-03 Phase 2 trial for atopic dermatitis with topline data expected mid-2026.
Key Financial Metrics
Key Facts
- Net loss for 2025 was $3.19 million vs. $1.77 million in 2024
- G&A expenses rose to $5.5 million from $1.5 million due to public listing costs
- R&D expenses increased to $265,570 from $245,956
- Cash and equivalents were $5.08 million as of Dec 31, 2025, before $7 million drawdown from Avenue Capital
- Secured up to $25 million venture debt facility with Avenue Capital, initial tranche of $7 million drawn
- Phase 2 trial for GX-03 in atopic dermatitis on track for mid-2026 topline readout
- Appointed Dr. Robert Redfield (former CDC Director) and Martin Dewhurst (ex-McKinsey) to leadership team
Financial Impact
Net loss increased 81% YoY to $3.19M; G&A up 257% due to public listing costs; $7M in growth capital received with access to up to $18M more
Risk Factors
- Increasing net losses and reliance on external financing
- Clinical trial risk for GX-03 with no guaranteed efficacy
- Venture debt increases financial obligations and potential covenants
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-037470 |
| Document: ea0283795-8k_turn.htm | 0001213900-26-037470 |
| Document: 0001213900-26-037470-index-headers.html | 0001213900-26-037470 |
| Document: 0001213900-26-037470-index.html | 0001213900-26-037470 |
| Document: 0001213900-26-037470.txt | 0001213900-26-037470 |
| 8-K Data (Synthetic) | 0001213900-26-037470 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | DEF 14A | $10.47 | awaiting T+60 | — | $10.69 (+2.10%) |
Oct 6, 2026 20d ago | 8-K | $12.10 | awaiting T+60 | — | $10.69 (−11.65%) |
Sep 10, 2026 6w ago | 8-K | $13.38 | awaiting T+60 | — | $10.69 (−20.10%) |
Sep 9, 2026 6w ago | 8-K | $13.75 | awaiting T+60 | — | $10.69 (−22.25%) |
Aug 18, 2026 10w ago | 8-K | $9.99 | awaiting T+60 | — | $10.69 (+7.01%) |
Jul 7, 2026 16w ago | 8-K | $9.71 $14.39 | ▲ +48.20% | ▲ +46.20% | $10.69 (+10.09%) |
Jun 3, 2026 20w ago | 8-K | $6.02 $10.11 | ▲ +67.94% | ▲ +65.44% | $10.69 (+77.57%) |
Jun 1, 2026 21w ago | 8-K | $6.33 $9.73 | ▲ +53.71% | ▲ +52.48% | $10.69 (+68.88%) |
May 27, 2026 21w ago | 8-K | $5.29 $9.54 | ▲ +80.34% | ▲ +78.46% | $10.69 (+102.08%) |
May 19, 2026 23w ago | 8-K | $4.55 $9.86 | ▲ +116.70% | ▲ +110.41% | $10.69 (+134.95%) |
US Market Status
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