TTRX Turn Therapeutics Inc.
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Executive Summary
Turn Therapeutics released an updated investor presentation at the Jefferies Global Healthcare Conference, disclosing positive interim Phase 2 data for GX-03 in moderate-to-severe atopic dermatitis. The data showed a 79.43% mean EASI reduction at Week 4 vs 50.55% for vehicle, with zero serious adverse events. The company also highlighted a Phase 3-ready onychomycosis program and provided financial guidance including $11M cash as of March 31, 2026, with runway into Q1 2027.
Actionable Insight
The interim Phase 2 data for GX-03 in atopic dermatitis is compelling with strong efficacy and clean safety, positioning it as a potential best-in-class topical. The mid-2026 topline readout is the next major catalyst. Monitor enrollment progress and any Type B meeting outcomes with FDA. The onychomycosis program adds pipeline optionality but is earlier stage.
Key Facts
- GX-03 showed 79.43% mean EASI reduction at Week 4 vs 50.55% for vehicle (28.88% difference) in Phase 2 interim analysis
- Zero serious adverse events reported; only 1 mild AE in GX-03 arm (pleasant warming sensation)
- EASI-75 achieved by 70.4% of GX-03 patients at Week 4 vs 56.5% for vehicle
- EASI-100 (complete clearance) achieved by 18.5% of GX-03 patients at Week 4 vs 4.3% for vehicle
- Phase 2 adaptive trial ongoing; topline results expected mid-2026
- Onychomycosis program Phase 3 ready with ~85% efficacy in Phase 2 equivalent study
- Cash balance of $11M as of March 31, 2026; cash runway into Q1 2027
- ~30M common shares outstanding as of March 31, 2026
- 17 issued patents with coverage through 2037
- Total money raised since inception (2015): $29M
Financial Impact
No revenue or earnings reported. Cash balance $11M with runway into Q1 2027. Expected R&D spend of $55-60M for Phase 3 trials on both indications.
Risk Factors
- Phase 2 data is interim and from a small sample (N=50); final results may differ
- Cash runway only into Q1 2027; likely need for additional capital to fund Phase 3 trials
- Competitive landscape includes approved topicals (JAK/PDE4 inhibitors) and biologics
- No head-to-head data vs approved therapies; comparisons are cross-trial
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-064405 |
| Document: ea0293128-8k_turn.htm | 0001213900-26-064405 |
| Document: 0001213900-26-064405-index-headers.html | 0001213900-26-064405 |
| Document: 0001213900-26-064405-index.html | 0001213900-26-064405 |
| Document: 0001213900-26-064405.txt | 0001213900-26-064405 |
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Jun 3, 2026
9d ago
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8-K
| $6.02 $5.75 | ▼ −4.57% | ▼ −4.97% | $6.05 (+0.42%) |
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Jun 1, 2026
11d ago
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8-K
| $6.33 $6.42 | ▲ +1.42% | ▲ +1.28% | $6.05 (−4.50%) |
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May 27, 2026
16d ago
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| $5.29 $5.31 | ▲ +0.38% | ▼ −0.17% | $6.05 (+14.27%) |
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May 19, 2026
24d ago
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| $4.55 $4.76 | ▲ +4.62% | ▲ +3.58% | $6.05 (+32.86%) |
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May 18, 2026
25d ago
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May 11, 2026
4w ago
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| $3.98 $3.98 | · 0.00% | ▼ −0.54% | $6.05 (+51.88%) |
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Apr 3, 2026
10w ago
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EFFECT
| $3.33 $3.36 | ▼ −0.90% | ▼ −0.84% | $6.05 (−81.53%) |
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Mar 31, 2026
10w ago
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8-K
| $3.12 $3.35 | ▲ +7.54% | ▲ +7.46% | $6.05 (+94.06%) |
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