Here are 1-2 brief analogies for Turn Therapeutics (TTRX):

• The Gore-Tex of drug formulation, with a unique platform to make active ingredients more effective.
• Like Moderna, but for drug delivery rather than new drug molecules, making existing active ingredients more potent and safer.

• PermaFusion™ Platform: A proprietary platform technology designed to enhance drug performance by enabling stable suspension of active pharmaceutical ingredients in oil-based carriers without emulsifiers.
• Hexagen™: An initial formulation developed using the PermaFusion platform that suspends antimicrobial/anti-inflammatory compounds in petrolatum, which has received three FDA clearances as a medical device but is not currently marketed.
• Dermatological Drug Candidates: Development programs focusing on topical treatments for dermatological diseases, including moderate to severe eczema and onychomycosis.
• Thermostable Intranasal Vaccines: A development program in partnership with a global nonprofit organization to create intranasal vaccines that do not require deep-freeze storage.
• Preclinical Therapeutic Candidates: Exploratory preclinical programs investigating applications of the PermaFusion platform for conditions such as herpes zoster ophthalmicus (shingles of the eye) and basal cell carcinoma.

Based on the provided company description, Turn Therapeutics (TTRX) is a pharmaceutical and medical device development company that is not currently generating revenue from its products. The company explicitly states, "These products are not presently on the market, and we are not currently generating revenue from these devices, as we focus on drug development of our core technology."

Therefore, Turn Therapeutics does not currently have any major customers in the traditional sense of revenue-generating sales. As a development-stage company, its focus is on advancing its drug programs and technology.

Bradley Burnam, Chief Executive Officer

Bradley Burnam is the founder of Turn Therapeutics, which he initially formed as Global Health Solutions, LLC in 2015. His inspiration for establishing the company stemmed from a personal and severe multidrug-resistant infection, leading him to develop a topical ointment known as Hexagen. Prior to founding Turn Therapeutics, Mr. Burnam gained experience in medical device sales. He is recognized as a self-taught formulator and regulatory expert, having personally secured the company's first three FDA clearances.

Zuraiz Chaudhary, CPA, Interim Chief Financial Officer, Vice President of Finance & Chief Accounting Officer

Zuraiz Chaudhary holds the titles of Interim Chief Financial Officer, Vice President of Finance, and Chief Accounting Officer at Turn Therapeutics. He has been identified in SEC filings with a date of service for Director of Finance/CFO as April 30, 2025.

Dr. Neil Ghodadra, MD, Chief Medical Officer, Board Director

Dr. Neil Ghodadra is a Board Certified Orthopedic Surgeon who joined Turn Therapeutics in Q3 2017. He is also the President and Owner of Neil Ghodadra MD Inc. since July 2011. Dr. Ghodadra specializes in minimally invasive, arthroscopic surgeries of the knee, shoulder, elbow, and hip, with extensive expertise in cartilage restoration. He graduated Magna Cum Laude from Duke University and with Honors from Duke Medical School, completing his residency at Rush Medical Center.

Andrew Scott, Vice President of Corporate Communications

Andrew Scott was appointed as Vice President of Corporate Communications in November 2025. He brings over 30 years of experience in capital markets and corporate finance. Before joining Turn Therapeutics, Mr. Scott served as a Managing Director of Investment Banking at ThinkEquity LLC and as Vice President of Business Development at Fortress Biosciences, Inc. Throughout his career, he has played a role in raising approximately $3 billion across various life-sciences transactions.

Martin Dewhurst, Board Director

Martin Dewhurst joined Turn Therapeutics' Board of Directors in January 2026. He possesses over 30 years of global leadership experience in the life sciences sector, with a significant focus on mergers and acquisitions. Mr. Dewhurst spent three decades at McKinsey & Company, where he co-led the firm's global life sciences practice and co-founded and led the McKinsey Health Institute. He currently serves as an advisor to GHO Capital, a healthcare specialist private equity firm, and PJT Partners, a global investment and M&A advisory bank, and is an external partner to Lightrock, a growth-stage impact investor, demonstrating a pattern of managing or advising companies backed by private equity firms.

Key Risks to Turn Therapeutics (TTRX)

1. High-Risk, Lengthy, and Costly Drug Development and Regulatory Approval Process: Turn Therapeutics' primary focus is on the development of new drugs utilizing its PermaFusion platform. This endeavor involves extensive preclinical and clinical trials, which are inherently high-risk, time-consuming, and expensive with a significant likelihood of failure at any stage. Successfully navigating the stringent regulatory approval processes by agencies like the FDA for new drugs is a monumental challenge, and failure to secure approvals would severely impact the company's prospects.
2. Lack of Current Revenue Generation and Dependence on External Financing: The company explicitly states that it is not currently generating revenue from its devices and is focused on drug development. As such, Turn Therapeutics is operating without a revenue stream and is entirely dependent on securing sufficient external capital to fund its ongoing research, development, and operational expenses. A failure to raise adequate financing could significantly impede its ability to continue operations and advance its drug programs.

Expected Revenue Growth Drivers for Turn Therapeutics (TTRX) Over the Next 2-3 Years

• Commercial Partnerships in Advanced Wound Care: Turn Therapeutics anticipates generating near-term revenue in 2026 through its strategic partnership with Medline in the advanced wound care market. This collaboration is expected to expand the company's market presence and leverage Medline's extensive reach for commercialization.
• Commercialization of GX-03 for Moderate-to-Severe Atopic Dermatitis (Eczema): The company's lead clinical trial, a Phase 2 Randomized Controlled Trial (RCT) of GX-03 for moderate-to-severe atopic dermatitis, is on track to deliver both interim and topline data in the first half of 2026. Successful clinical outcomes and subsequent commercial execution of this program are considered pivotal for future revenue generation.
• Advancement of Onychomycosis Programs: Turn Therapeutics is actively progressing late-stage clinical programs for onychomycosis, aiming to develop a portfolio of potential best-in-class products in this therapeutic area. This focus on advancing these programs is a key component of its immediate strategic goals, indicating a potential revenue driver in the coming years.
• Expansion into Intranasal Vaccines: The company has expanded its pipeline to include an intranasal influenza vaccine candidate, with in-vivo and in-vitro studies scheduled to commence in the first quarter of 2026. This initiative is viewed as a significant expansion of Turn Therapeutics' addressable market and growth opportunities, leveraging its proprietary delivery technology for thermostable vaccines.

Capital Allocation Decisions for Turn Therapeutics (TTRX) Over the Last 3-5 Years

Share Repurchases

Share Issuance

• The company issued 17,900,000 shares during its Initial Public Offering (IPO), commencing trading on the Nasdaq Capital Market under the ticker TTRX on October 8, 2025.
• A registration statement on Form S-1 for the public listing of its common stock on Nasdaq became effective on September 30, 2025.
• From March 31, 2025, to June 27, 2025, Turn Therapeutics conducted a Regulation A offering, selling 41,805 shares of common stock at $11.65 per share, prior to a stock split.
• The company executed a 2-for-1 forward stock split of its common stock in connection with the effectiveness of its registration statement.
• As of February 19, 2026, the number of outstanding shares stood at 29.45 million, representing a 3.81% increase in one year.

Inbound Investments

• Turn Therapeutics secured an $85 million GEM Global Yield agreement, providing a flexible, on-demand financing mechanism designed to allow opportunistic capital access and reduce reliance on future equity offerings.
• The company opted for a direct listing structure for its Nasdaq debut, which allowed early shareholders to maintain their ownership positions by bypassing traditional IPO share issuance.
• Significant institutional shareholders include Millennium Management LLC, Wellington Shields & Co. LLC, XTX Topco Ltd, and Brown Brothers Harriman & Co.

Capital Expenditures