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Turn Therapeutics is like a:

• Moderna for chronic wounds, applying novel biological mechanisms (nitric oxide) to difficult-to-heal skin conditions.
• Highly focused Gilead Sciences, but instead of antiviral drugs, they are pioneering nitric oxide therapies for advanced wound healing.

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• Ren/CPCS (Calcium Polyphosphate Ceramic Spheres): A biologic-device combination product engineered to accelerate healing in various chronic wounds, including diabetic foot ulcers and venous leg ulcers.
• Ren/CPCS with Antimicrobials: Formulations of Ren/CPCS that integrate antibiotics or antifungals, designed for the treatment of infected chronic wounds.

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Turn Therapeutics (TTRX) is a commercial-stage medical device company specializing in wound care. As such, it sells primarily to other companies and institutions within the healthcare sector, rather than directly to individuals.

The major categories of customers for Turn Therapeutics include:

• Hospitals and Healthcare Systems: These institutions utilize Turn Therapeutics' products, such as PeroxiCleanse and HexiCleanse, for managing and treating acute and chronic wounds, burns, and surgical sites. This category includes a wide range of facilities, from large multi-hospital systems to smaller community hospitals.
• Wound Care Centers and Clinics: Specialized outpatient clinics and centers dedicated to wound management are key customers, as their primary focus aligns directly with Turn Therapeutics' product offerings.
• Long-Term Care Facilities and Nursing Homes: These facilities often manage patients with chronic conditions susceptible to wounds (e.g., pressure injuries), making them important end-users of wound care solutions.
• Medical Distributors: Turn Therapeutics may sell its products to third-party medical distributors, who then distribute them to the various healthcare providers mentioned above. These distributors act as intermediaries in the supply chain, facilitating broader market access for Turn Therapeutics' products.

Due to the fragmented nature of the healthcare market and standard business practices, Turn Therapeutics typically does not disclose specific names of individual hospitals, healthcare systems, or distributor companies as major customers in its public filings, unless a particular entity represents an exceptionally large and material portion of its revenue, which is not commonly the case for a company selling medical devices into a broad market.

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• Evonik Operations GmbH (EVK)
• Lonza Biologics, Inc. (LONN)

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Bradley Burnam, Chief Executive Officer & Founder

Bradley Burnam founded Turn Therapeutics out of a personal health crisis in 2015, after battling a severe, drug-resistant bacterial infection for five years. With no available cure, he developed his own solution, which became the foundation of Turn Therapeutics and its proprietary PermaFusion® technology. He self-funded the initial FDA clearances using a credit line. Burnam previously worked as a medical device salesperson.

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

Zuraiz Chaudhary serves as the Interim Chief Financial Officer, Vice President of Finance, and Chief Accounting Officer at Turn Therapeutics.

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

Dr. Neil Ghodadra is the Chief Medical Officer and a Board Director for Turn Therapeutics. He has held this role since September 2018.

Andrew Scott, Vice President of Corporate Communications

Andrew Scott was appointed Vice President of Corporate Communications in November 2025. He brings over 30 years of experience in capital markets, having served as Managing Director of Investment Banking at ThinkEquity LLC and previously in business development at Fortress Biosciences. Scott has been instrumental in raising approximately $3 billion in transactions within the life sciences sector.

Muhammad Zubair, Controller

Muhammad Zubair holds the position of Controller at Turn Therapeutics.

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Key Risks to Turn Therapeutics (TTRX)

1. Funding and Liquidity / Ability to Secure Future Financing: Turn Therapeutics currently reports no revenue and a negative earnings per share, reflecting its developmental stage and ongoing cash burn. Recent filings indicate that the company's cash position as of September 2025 may only sustain operations through the first quarter of 2026, which raises substantial doubt about its ability to continue as a "going concern" without securing additional funding. While the company has a flexible financing agreement with GEM Global Yield, its continued success is heavily reliant on securing further capital, and future financing agreements could lead to significant shareholder dilution.
2. Reliance on Successful Clinical Trial Outcomes and Regulatory Approvals: As a biotechnology company, Turn Therapeutics' business model is entirely dependent on the successful completion of clinical trials and subsequent regulatory approvals (e.g., FDA clearance) for its drug candidates. The company is currently advancing late-stage clinical programs for treatments like GX-03 for eczema and therapies for onychomycosis. Any negative outcomes in these trials, delays, or failure to obtain necessary regulatory approvals would significantly impede its ability to commercialize products and generate revenue.
3. Intense Competition: Turn Therapeutics operates in a highly competitive biotechnology sector, facing numerous active competitors, including well-established pharmaceutical companies. This competitive landscape poses a risk to market penetration, pricing power, and overall commercial success, even if the company's products are approved. The company's current valuation reflects a high discount for potential failure in a market where competitive displacement is a significant possibility.

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Turn Therapeutics (NASDAQ: TTRX), a clinical-stage biotechnology company, is poised for potential future revenue growth driven by several key initiatives over the next two to three years. These drivers primarily stem from the advancement and commercialization of its proprietary therapeutic pipeline and strategic partnerships.

1. Commercialization of GX-03 for Eczema: Turn Therapeutics is actively advancing its Phase 2, randomized, double-blind, placebo-controlled trial of GX-03 as a potential treatment for moderate to severe eczema, with topline results anticipated in 2026. GX-03, identified as the first topical IL-36/IL-31 inhibitor, has gained recognition in the dermatology field for its innovative mechanism of action. Successful clinical trial outcomes and subsequent regulatory approvals would pave the way for the launch and commercialization of this product, representing a significant new revenue stream.
2. Expansion of Dermatology and Wound Care Products via Medline Partnership: A global supply, development, and license agreement with Medline, a major medical-surgical product manufacturer and distributor, was established on October 30, 2025. This collaboration is designed to develop, manufacture, and commercialize products utilizing Turn's proprietary PermaFusion® delivery platform. Leveraging Medline's extensive global reach and distribution network is expected to accelerate Turn Therapeutics' entry into both professional and consumer markets, thereby expanding the reach and sales of its existing and future FDA-cleared wound and dermatology formulations.
3. Commercialization of Onychomycosis Treatment: Beyond eczema, Turn Therapeutics has identified onychomycosis (fungal nail infection) as another primary focus within its dermatological development programs. The progression of late-stage clinical programs for this condition and its eventual market introduction would contribute to diversified revenue growth.
4. Advancement and Potential Commercialization of Thermostable Intranasal Vaccine: Turn Therapeutics is also pursuing global health initiatives, including the development of a thermostable intranasal vaccine delivery system aimed at serving underserved areas worldwide. In-vivo studies for this initiative are scheduled to commence in the fourth quarter of 2025. While potentially a longer-term driver, successful development and eventual commercialization of this vaccine platform could open up a new and substantial revenue channel in the global health sector.

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Share Issuance

• Turn Therapeutics commenced trading on the Nasdaq Capital Market via a direct listing on October 8, 2025. In this listing, the company did not raise new capital by issuing new shares; instead, existing stockholders sold their shares.
• Approximately 17.87 million existing shares were registered for sale by existing stockholders in the direct listing.
• Director Arthur F. Golden purchased 20,202 shares of common stock for $99,999 on October 23, 2025.

Inbound Investments

• Turn Therapeutics has an $85 million GEM Global Yield agreement in place, providing flexible, on-demand financing that allows the company to access capital opportunistically and potentially reduces reliance on future equity offerings.
• Prior to its public listing, the company had accumulated over $13.3 million in previous funding.
• An ongoing crowdfunding campaign on StartEngine raised $1.33 million from 268 investors.

Outbound Investments

• On October 27, 2025, Turn Therapeutics entered into a Global Supply, Development, and License Agreement with Medline Industries, LP, for the collaboration, development, manufacture, and commercialization of health products.