Earnings

Turn Therapeutics Pulls Forward Hidradenitis Trial Start

The Tip Desk · November 12, 2026 · 3 min read

Cash of $10.4 million as of September 30, 2026 is expected to fund operations into the third quarter of 2027.

Turn Therapeutics Inc. (TTRX), a clinical-stage biotechnology company developing targeted, non-systemic therapies for inflammatory and infectious skin diseases, said enrollment in a planned Phase 2a trial of GX-03 in hidradenitis suppurativa is now expected to begin in the first quarter of 2027, ahead of a previously announced second-quarter target.

The company also reported additional results from the full intent-to-treat population of its 50-patient Stage 1 trial of GX-03 in atopic dermatitis. After four weeks, 59.3% of patients treated with GX-03 achieved clear or almost clear skin, compared with 30.4% of patients receiving vehicle, a difference of 28.8 percentage points. At Week 8, 40.7% of GX-03 patients achieved EASI-100, compared with 17.4% on vehicle.

Among patients who entered the trial with severe itch, 61.5% of those treated with GX-03 achieved clear or almost clear skin after four weeks, compared with 8.3% receiving vehicle. Additionally, 46.2% of GX-03 patients with severe itch achieved EASI-100 at Week 8, compared with 8.3% receiving vehicle. Chief Executive Officer Bradley Burnam said the company took what it learned from the initial trial and used it to refine the ongoing Phase 2b trial.

The Phase 2b study is evaluating GX-03 in 120–136 atopic dermatitis patients with severe itch (pp-NRS>7), across a range of skin involvement (EASI>1.1). That design follows a July expansion, after an interim analysis, to approximately 120–135 patients across a broader range of overall disease extent while requiring moderate-to-severe lesion severity. Turn Therapeutics expects to report topline results from the Phase 2b trial in the first quarter of 2027. The Phase 2b trial has recorded no patient dropouts to date; in the Phase 2a trial, the dropout rate was below 5%, with no treatment-related discontinuations.

The approximately 80-patient hidradenitis suppurativa trial will compare GX-03 with a matched ointment placebo, assessing its effect on active inflammatory lesions and symptoms such as pain at both early and later timepoints. The company said GX-03 is designed to combine anti-inflammatory activity with the bacterial membrane-disrupting properties of its proprietary formulation. With HS enrollment beginning and the Phase 2b atopic dermatitis trial moving forward, the company said it expects the first quarter of 2027 to be a very active time.

On September 9, 2026, Turn Therapeutics appointed Robert R. Redfield, M.D., former director of the U.S. Centers for Disease Control and Prevention, as Chief Scientific Officer. The company said Dr. Redfield is contributing to the scientific and clinical strategy for GX-03 across atopic dermatitis, HS, onychomycosis and potential additional indications.

For the three months ended September 30, 2026, net loss was $6.2 million, or $(0.21) a share, compared with $1.9 million, or $(0.07) a share, a year earlier. Other expense included a $3.3 million loss on the derivative liability, $0.6 million of deferred-cost amortization and $0.3 million of interest expense. General and administrative expenses were $1.4 million, down from $1.8 million a year earlier. Research and development expenses were $0.6 million, up from $0.2 million a year earlier, reflecting continued spend on Phase 2b for atopic dermatitis.

Cash and cash equivalents were $10.4 million as of September 30, 2026, down from $11.2 million at March 31, 2026. Based on current estimates, the company said available cash is expected to support the ongoing Phase 2b atopic dermatitis trial and planned Phase 2a HS trial, with operations funded into the third quarter of 2027. Additional tranches of capital are available from existing facilities.

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