The stock will trade on GX-03 clinical milestones, not Q1 financials. Interim analysis in Q2 2026 is the next binary catalyst — positive results could drive significant upside for this $113M market cap name. Monitor for any data read-through from the independent data monitoring committee.
Price Chart
Executive Summary
Turn Therapeutics reported Q1 2026 results: net loss of $0.97M ($0.03/share) vs $0.33M ($0.01/share) a year ago, with no revenue yet as a clinical-stage biotech. Cash increased to $11.2M from $5.1M at year-end 2025 after drawing the first $7M tranche of the Avenue Capital facility. The key catalyst remains the Phase 2 GX-03 atopic dermatitis trial with interim analysis expected Q2 2026 and topline data mid-2026.
Key Financial Metrics
Key Facts
- Net loss of $0.97M for Q1 2026 vs $0.33M in Q1 2025
- EPS of -$0.03 vs -$0.01 year ago
- Cash and cash equivalents $11.2M as of March 31, 2026 vs $5.1M at Dec 31, 2025
- First $7M tranche of $25M Avenue Capital facility funded March 24, 2026
- Phase 2 GX-03 trial for atopic dermatitis on track; interim analysis expected Q2 2026, topline mid-2026
- No revenue reported — pre-commercial clinical-stage biotech
- G&A expenses $1.1M vs $0.4M year ago; R&D $0.1M vs $9K year ago
Financial Impact
Net loss widened to $0.97M from $0.33M; cash burn rate ~$1.2M/quarter in operating expenses
Risk Factors
- Phase 2 GX-03 trial failure or mixed results would be a major negative catalyst
- Cash runway extended to end of 2027 via Avenue facility but dependent on milestone achievement for additional tranches
- Operating losses widening as company scales G&A and R&D for clinical programs
- No revenue expected until late 2026 at earliest (Medline agreement)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-054480 |
| Document: ea028985601ex99-1.htm | 0001213900-26-054480 |
| Document: 0001213900-26-054480-index-headers.html | 0001213900-26-054480 |
| Document: 0001213900-26-054480-index.html | 0001213900-26-054480 |
| Document: 0001213900-26-054480.txt | 0001213900-26-054480 |
| 8-K Data (Synthetic) | 0001213900-26-054480 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | DEF 14A | $10.47 | awaiting T+60 | — | $10.61 (+1.34%) |
Oct 6, 2026 20d ago | 8-K | $12.10 | awaiting T+60 | — | $10.61 (−12.31%) |
Sep 10, 2026 6w ago | 8-K | $13.38 | awaiting T+60 | — | $10.61 (−20.70%) |
Sep 9, 2026 6w ago | 8-K | $13.75 | awaiting T+60 | — | $10.61 (−22.84%) |
Aug 18, 2026 9w ago | 8-K | $9.99 | awaiting T+60 | — | $10.61 (+6.21%) |
Jul 7, 2026 15w ago | 8-K | $9.71 $14.39 | ▲ +48.20% | ▲ +46.20% | $10.61 (+9.27%) |
Jun 3, 2026 20w ago | 8-K | $6.02 $10.11 | ▲ +67.94% | ▲ +65.44% | $10.61 (+76.25%) |
Jun 1, 2026 21w ago | 8-K | $6.33 $9.73 | ▲ +53.71% | ▲ +52.48% | $10.61 (+67.61%) |
May 27, 2026 21w ago | 8-K | $5.29 $9.54 | ▲ +80.34% | ▲ +78.46% | $10.61 (+100.57%) |
May 19, 2026 22w ago | 8-K | $4.55 $9.86 | ▲ +116.70% | ▲ +110.41% | $10.61 (+133.19%) |
US Market Status
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