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Turn Therapeutics

TTRX Rare disease Lead: Phase 2 11 Biotech Distilled articles ↓ 35 filings & releases ↓ Cash $9.9M (Jun 30, 2026) ↓ 11 verdicts ↓ 1 timing quote ↓
DermatologyInfectious Disease Small Molecule

Market cap $282M 29.8M shares (10-Q, Aug 12, 2026) × $9.48 close Nov 6, 2026

Most recent annual filing: 2026-03-31

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. GX-03 eczema Ph2 topline1Q 2027GX-03 eczema Ph2 topline, 1Q 2027, thesis-defining
  2. GX-03 onychomycosis Ph3 start1Q 2027GX-03 onychomycosis Ph3 start, 1Q 2027, routine
  3. PermaFusion onychomycosis Ph3 start1Q 2027PermaFusion onychomycosis Ph3 start, 1Q 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

intranasal influenza vaccine

Technology platforms

PermaFusion · Medline

PermaFusion is an oil-based suspension delivery platform enabling uniform delivery of water-soluble actives without emulsifiers; applications include thermostable intranasal live vaccine stabilization and dermatologic/antifungal product formulations. Focus areas include vaccines and dermatology.

PermaFusion

Multi-patented, API-agnostic topical drug delivery platform enabling stable, emulsifier-free dispersion of active ingredients in oil-based carriers; delivers APIs through skin, nails, and mucous membranes via suspended nanodroplets in petrolatum matrix; compatible with liquid or liquid-soluble APIs including live payloads; focus on dermatological and inflammatory diseases

Capital (as filed)

Cash
$9.9M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$923K quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$10.3M cash, runway Q3 2027 per the update of Oct 7, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (11)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (11 calls)

Every verdict Biotech Distilled has published on Turn Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-03-19 Watch Turn Therapeutics (TTRX) - Scientific Deep Dive for GX-03 and Pipeline Products Fascinating PermaFusion delivery platform but toxic GEM financing structure and binary Phase 2 readout make it too risky to buy ahead of data.
  2. 2026-03-28 Watch UPDATE: Turn Therapeutics (TTRX) - TTRX Buys Time with a $25M Lifeline... Avenue Capital debt extends runway through Phase 2 readout but mortgages the PermaFusion IP and doesn't eliminate GEM dilution risk; stay on sidelines until data.
  3. 2026-05-12 Watch UPDATE: Turn Therapeutics (TTRX) - The Interim Clock Just Moved Up Phase 2 interim pulled into Q2 2026 but Phase 3 budget tripled to $60-65M and going-concern language persists; binary setup favors waiting for IAC decision before entering.
  4. 2026-05-18 Watch UPDATE: Turn Therapeutics (TTRX) - A Former FDA Commissioner Walks Into a Pre-Readout Small-Cap Former FDA Commissioner Hahn joining as Executive Clinical and Regulatory Lead is meaningful self-selection and sharpens M&A appeal, but stock is up 26% and binary risk remains; wait for IAC data before sizing anything material.
  5. 2026-06-02 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - The Interim Drops, and the Vehicle Arm Did Not Get the Memo Phase 2 interim shows PermaFusion delivers measurable vehicle-controlled efficacy in human skin validating the platform, though high vehicle response rate and adaptive mid-trial enrollment changes require monitoring; M&A optionality sharpened.
  6. 2026-07-07 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - The Vehicle-Response Problem Just Got a Prospective Fix Stage 2 PP-NRS≥7 enrichment and Hochberg four-endpoint design prospectively address the vehicle-response problem, runway extended to Q3 2027 without GEM draws, but Q4 2026 topline remains the real binary at a 3x richer strike.
  7. 2026-08-13 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - The GEM Facility Went Untouched Zero GEM draws in H1 2026 with only 1.2% share-count growth confirms management restraint; 99.8%-powered Stage 2 and new HS indication add platform optionality, but going-concern language and $60-65M Phase 3 gap remain.
  8. 2026-08-19 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - GEM Cashed In Its Chips GEM's cashless warrant exercise produces only 1.9% dilution and retires one named overhang, but the $81M purchase facility and Phase 3 funding gap are unchanged; a technical supply event, not a thesis break.
  9. 2026-08-26 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - They Finally Sold Some Stock. Just Not to GEM. $1.65M 506(b) private placement to 8 accredited investors with no bank fees confirms management raising in small non-punitive slices; banks 16.5% of Avenue Tranche 2 equity gate but doesn't change the Q4 binary.
  10. 2026-09-09 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - First a Commissioner, Now a Director Former CDC Director Redfield joining as CSO with host-microbe immunology expertise directly fits the IL-36/microbiome mechanism and strengthens M&A legibility, but the +42.8% move is a credibility re-rating not a data re-rating; Q4 binary unchanged.
  11. 2026-10-08 Speculative buy speculative UPDATE: Turn Therapeutics (TTRX) - The Binary Slipped a Quarter Topline readout slipped one quarter to Q1 2027 with no explanation, tightening the runway cushion, but trial design, Hochberg structure, and clean safety record are unchanged; registrational endpoint named as Week 4 vIGA-AD Success.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (35)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Mar 31, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

8 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)