Turn Therapeutics Inc (NASDAQ: TTRX) is an early-stage biopharmaceutical and medical device company focused on developing drug candidates and FDA-cleared medical devices, founded in January 2015. The company has generated minimal revenues from operations as of FY2024, with its primary commercial activity centered on licensing deals for its FDA-cleared medical devices, including an existing license for the FleX Product. Its lead drug candidate, GX-03, is a topical formulation targeting onychomycosis, designed to address nail penetration limitations of current topical therapies. Revenue recognition follows ASC 606, triggered when customers obtain control of promised goods or services. The company plans to fund operations over the next 12 months from approximately $5.08 million in cash and cash equivalents as of December 31, 2025, supplemented by licensing proceeds and an equity facility with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited for up to $85.0 million in common stock purchases, subject to conditions. A material weakness in internal controls over financial reporting was identified as of December 31, 2024 and remediated as of September 30, 2025.

Revenue model

Licensing fees from FDA-cleared medical devices, including the FleX Product license. Net cash from financing activities in FY2024 was $1.15 million, primarily from common stock issuances. Drug candidate revenue is contingent on regulatory approval not yet obtained.

Products and services

GX-03, a topical formulation for onychomycosis targeting nail fungal infections; FDA-cleared medical devices including the FleX Product available for licensing.

Customers and end markets

Licensing counterparties for medical devices. End markets include treatment of onychomycosis (nail fungal infection), with clinical data referencing diverse patient populations including diabetic patients.

Value-chain role

Drug and medical device developer operating at the research, development, and early commercialization stages. Relies on third-party contract research organizations for clinical trials and external laboratories such as Altogen Laboratories for in-vivo testing.

Source: SEC 10-K, filed 2026-03-31

Industry: Pharmaceutical Preparations