Quarterly ResultMay 11, 2026, 04:18 PM
Turn Therapeutics Q1 Net Loss $(0.97M); Secures $7M Capital
AI Summary
Turn Therapeutics reported its first quarter 2026 financial results, with a net loss of $(0.97) million and cash and cash equivalents of $11.2 million as of March 31, 2026. The company significantly strengthened its financial position by securing an initial $7 million tranche from a $25 million growth capital facility with Avenue Capital Group. Operationally, the Phase 2 trial for GX-03 in moderate-to-severe atopic dermatitis remains on track, with topline results expected in mid-2026, and an onychomycosis program is planned.
Key Highlights
- Secured $25 million growth capital facility from Avenue Capital Group.
- Initial $7 million tranche of growth capital funded on March 24, 2026.
- Cash and cash equivalents increased to $11.2 million as of March 31, 2026.
- Reported Q1 2026 net loss of $(0.97) million.
- Basic and diluted net loss per common share was $(0.03) for Q1 2026.
- General and administrative expenses rose to $1.1 million in Q1 2026.
- Phase 2 trial for GX-03 in Atopic Dermatitis on track; topline results expected mid-2026.