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Red Flags Detected

  • Going Concern (new) — Substantial doubt disclosed due to cash runway ending Q3 2026 and insufficient capital to fund drug development plans.
  • Material Weakness (new) — Stock-based compensation control deficiency identified in 2024 audit was remediated by September 30, 2025 through hiring GAAP-expert personnel and implementing formal controls.

Partial Analysis Warning

One or more filing sections could not be analyzed because the AI response was not valid JSON. The rest of the report was generated normally, but this report may omit material changes from:

  • Business: Section analysis failed; admin notified.
NASDAQ: TTRX Turn Therapeutics Inc. 10-K

Turn Therapeutics flags going concern, $5M cash runs to Q3 2026, needs $60-65M for trials

Filed March 31, 2026 · Period ending December 31, 2025 · ~2 min read

Key Changes

  • high

    Company discloses substantial doubt about continuing operations; $5.08M cash only funds through Q3 2026. Needs $60-65M to complete Phase 3 eczema and onychomycosis trials, plans dilutive equity raises via $85M GEM facility.

    MD&A: Liquidity & Capital verify on EDGAR →
  • high

    Net loss widened to $3.19M in 2025 from $1.77M in 2024; accumulated deficit reached $22.39M. Lead program GX-03 topline eczema results expected H1 2026, but company operates with only two full-time employees.

    MD&A: Operating Results verify on EDGAR →
  • high

    GEM equity facility allows up to $85M in drawdowns at 90% of 15-day average price. Company issued 1.19M warrant shares (4% of equity) at $5.03 strike and sold 750K shares through year-end. Founder controls 52% voting power.

    Risk Factors: Dilution verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify