10-Q · May 11, 2026
Turn Therapeutics reported a net loss of $970,972 or $0.01 EPS for Q1 2026, with no revenue generated during the period. Significant increases in operating expenses were noted, particularly in general and administrative…
Earnings analysis · 10-Q
TTRX earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Turn Therapeutics reported a $0.20 diluted loss per share in Q2 2026, materially worse than the $0.03 loss in Q1 2026 and $0.01 profit in Q4 2025; revenue, margins and free cash flow were not disclosed in the provided…
Read full summary
Turn Therapeutics reported a $0.20 diluted loss per share in Q2 2026, materially worse than the $0.03 loss in Q1 2026 and $0.01 profit in Q4 2025; revenue, margins and free cash flow were not disclosed in the provided filing text. The company is expanding the GX-03 Phase 2 trial to approximately 120-135 patients while targeting completion of enrollment by year-end 2026. Management reiterated that $10.3 million of cash as of June 30, 2026 should fund operations into Q3 2027, but the $5.85 million net loss and $3.34 million derivative-liability charge underscore financing and earnings-volatility risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.2
What stood out
-
Quarterly loss widened materially
Diluted loss was $0.20 per share in Q2 2026, worsening from a $0.03 loss in Q1 2026 and a $0.01 profit in Q4 2025.
-
GX-03 development remains funded
The company reported a $5.85 million net loss for the quarter, including a $3.34 million derivative-liability charge.
-
Phase 2 enrollment plan expanded
Interim GX-03 data supported expanding the Phase 2 study to approximately 120-135 patients, with enrollment targeted for completion by year-end 2026.
-
Runway reiterated into Q3 2027
Cash and cash equivalents totaled $10.3 million as of June 30, 2026, and management expects this balance to fund operations into Q3 2027.
-
Controls remained effective
Management concluded disclosure controls were effective as of the end of the period, and reported no material change in internal control during the three months ended June 30, 2026.
What to watch
-
Large loss and derivative volatility
The company incurred a $5.85 million net loss in the quarter and recorded a $3.34 million derivative-liability charge, highlighting earnings volatility from non-operating and financing-related items.
-
Liquidity depends on financing discipline
Cash was $10.3 million at June 30, 2026, with the stated runway extending only into Q3 2027; continued clinical spending may require additional financing if costs or timelines increase.
-
Expanded trial execution risk
The Phase 2 study is expected to expand to 120-135 patients with enrollment targeted by year-end 2026, increasing clinical execution, recruitment and funding requirements.
-
No new risk-factor changes disclosed
The filing states there were no material changes to previously disclosed risk factors as of the filing date, but the company remains a smaller reporting company under Rule 12b-2 and may provide less extensive disclosure than larger issuers.
Management's outlook
Management reiterated that $10.3 million of cash and cash equivalents as of June 30, 2026 is expected to fund operations into the third quarter of 2027, including the ongoing Phase 2 trial. No quantitative revenue or EPS guidance was provided.
Earlier filings 2
10-K · March 31, 2026
Turn Therapeutics is a clinical-stage dermatology company advancing topical immunomodulator GX-03 (lead program) with topline eczema trial results expected in the first half of 2026. The company reported no product…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.