Turn Therapeutics raises $7M debt, discloses going concern as cash runs to Q1 2027

Filed May 11, 2026 · Period ending March 31, 2026 · ~1 min read

Key Changes

• high

  Company disclosed substantial doubt about ability to continue as a going concern; $11.2M cash expected to fund operations only into Q1 2027. Needs $60-65M for planned Phase 3 trials.

  MD&A: Liquidity verify on EDGAR →
• high

  Secured $25M term loan facility from Avenue Capital; $7M funded immediately, additional $8M contingent on dosing Phase 3 onychomycosis trial, raising $10M equity, and positive Phase 2 AD data.

  MD&A: Avenue Capital Facility verify on EDGAR →
• high

  Lead candidate GX-03 in Phase 2 trial for moderate-to-severe atopic dermatitis with topline results expected mid-2026; also advancing for onychomycosis with in-vivo nail penetration data.

  MD&A: Business Overview verify on EDGAR →