Strengthened its Board of Directors with the appointments of Arthur Golden and Dr. Kent Kester
Entered into a global supply, development, and license agreement with leading medical-surgical product manufacturer and distributor Medline
LOS ANGELES, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Turn Therapeutics Inc. (NASDAQ:TTRX), a clinical-stage biotechnology company developing dermatologic, advanced wound, and infectious disease therapies, today reported financial results for the third quarter ended September 30, 2025, and provided corporate updates.
"Our first weeks as a public company have been extremely productive, and our continued execution brings us closer to achieving our immediate strategic goal of developing a portfolio of potential best-in-class products in eczema and onychomycosis," said Bradley Burnam, Founder and Chief Executive Officer of Turn Therapeutics. "We look forward to seeing data from our lead program in moderate to severe eczema in early 2026, which will inform our development pathway. At the same time, we continue to develop global relationships to leverage our PermaFusion® platform technology and have entered into an exciting license, supply, and distribution agreement with Medline, the largest provider of medical-surgical products and supply chain solutions serving all points of care. Partnerships like this will generate revenues for us without significant capital investment. This revenue will allow us to offset some of the costs, given our modest burn rate, as we focus our internal efforts on high-value drug development programs."
Mr. Burnam continued, "We have also been steadily strengthening our Board and executive team and have added two new Board members and a capital markets veteran as Vice President of Corporate Communications recently. We will continue to add to our team ensuring we are positioned to capitalize on our near and long-term opportunities."
Corporate Updates
Successfully began trading on NASDAQ on October 8, 2025. The important corporate milestone allows Turn to secure funding from the public markets to fuel growth and ultimately treat a greater number of patients.
Entered into a global supply, development, and license agreement with Medline, the largest provider of medical-surgical products and supply chain solutions serving all points of care. The agreement establishes a long-term collaboration to develop, manufacture, and commercialize products leveraging Turn's proprietary PermaFusion® delivery platform in the professional and retail markets.
Appointed two new members to the Board of Directors. Arthur Golden joined Turn's Board of Directors with over 40 years of experience in advising complex multinational organizations across regulatory, operational, and corporate development functions. Dr. Kent Kester joined as a globally recognized infectious disease physician and R&D leader with extensive experience spanning clinical development, translational medicine, vaccine and anti-infective innovation, and public-private collaboration.
Appointed Andrew Scott as Vice President of Corporate Communications. Mr. Scott will oversee investor relations, capital markets strategy, and corporate communications. He joined Turn with over 30 years of experience in capital markets and corporate finance, most recently as an investment banker at Think Equity.
Demonstrated extended stability for our Intranasal Vaccine Program. The live, lipid-enveloped vaccine demonstrated 14-days of viability at ambient temperature and 28 days under standard refrigeration. The vaccine candidate's formulation employs the rVSV-MARV vector, suspended in Turn's proprietary oil-based delivery system, PermaFusion ®.
Commenced clinical trial of first topical IL-36/IL-31 inhibitor for Eczema. Designed to support new drug approval, this clinical trial builds on 1000's of in-human uses of the formula in prior indications, as well as in-vivo confirmation of the formulation's potent immunological inhibition of key eczema-related cytokines, including interleukins (IL)-36 and (IL)-31.
Third Quarter 2025 Financial Results
Research and Development (R&D) Expenses: Research and development expenses for the three months ended September 30, 2025 were $158,699 compared to $153,282 for the three months ended September 30, 2024.
General and Administrative (G&A) Expenses: General and administrative expenses for the three months ended September 30, 2025 were $1.75 million, an increase of $1.2 million, compared to $0.52 million for the three months ended September 30, 2024. The increase was primarily a result of an increase in legal services, advisory services and other fees related to the Company's direct listing on Nasdaq.
Other income remained comparable with no material change for the three months ended September 30, 2025 when compared to three months ended September 30, 2024.
As of September 30, 2025, the Company had $3.11 million in cash and cash equivalents.
Financial Tables
Turn Therapeutics Inc.Condensed Consolidated Statements of Operations(Unaudited; in US Dollars)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Operating expenses:
General and administrative
$
1,754,856
$
519,710
$
3,434,442
$
1,231,977
Research and development
158,699
