Turn Therapeutics Posts Q2 Loss, Expands GX-03 Phase 2 on Strong Interim Data
TTRX has more than doubled off its 52-week low of $2.57.
Summary
Q2 2026 results included a $5.85M net loss and $10.3M cash runway into Q3 2027. Interim Phase 2 data for GX-03 showed strong efficacy, leading to trial expansion and plans for a new indication.
Updates
· SEC 10-Q — The 10-Q reports a going concern warning and long-term debt of $6.06M, with total liabilities of $16.27M.
Key Events · Earnings and Guidance · TTRX
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Q2 2026 Financial Results
Net loss of $5.85M for Q2 2026, including a non-cash derivative liability fair value loss of $3.34M. Cash and cash equivalents of $10.3M as of June 30, 2026, providing runway into Q3 2027.
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GX-03 Phase 2 Interim Efficacy
Interim data showed 61.5% vs 8.3% clear/almost clear skin at Week 4, 69.2% vs 25.0% EASI-75 at Week 4, 53.8% vs 16.7% EASI-90 at Week 8, and 46.2% vs 8.3% EASI-100 at Week 8.
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Phase 2 Trial Expansion
Stage 2 enrollment expanded to 120-135 patients with broader disease extent, providing at least 99.8% statistical power across four efficacy endpoints. Enrollment expected to complete by end of 2026.
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New Indication: Hidradenitis Suppurativa
Company plans a Phase 2a study in hidradenitis suppurativa, enrolling approximately 60 patients, with first patient dosing targeted for Q2 2027.
Analysis · TTRX · Life Sciences
A Q2 net loss of $5.85 million was reported, driven largely by a non-cash derivative liability fair value charge of $3.34 million. The company's cash position of $10.3 million provides runway into Q3 2027. More importantly, interim Phase 2 data for GX-03 in atopic dermatitis showed strong efficacy across all four endpoints, prompting expansion of the trial to 120-135 patients with 99.8% statistical power. Plans were also announced to expand into hidradenitis suppurativa with first patient dosing targeted for Q2 2027.
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In the 30 days to Oct 1, 2026, 36.1% of the 1051 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TTRX was trading at $10.54 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $314M. The 52-week trading range was $2.57 to $26.50. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.