Turn Therapeutics Inc. · NASDAQ:TTRX
Turn Therapeutics — Investor Presentation (February 2026)
31 slides from Turn Therapeutics's investor presentation, Feb 9, 2026
Slide 1: Stopping Inflammation at its Source
Stopping Inflammation at its Source February 2026
Slide 2: Disclaimer
Disclaimer 02 Except for historical information set forth herein, the matters set forth in this presentation contain forward - looking statement s within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements may be identi
Slide 3: Executive Summary
Executive Summary 03 Turn Therapeutics is a biotechnology company developing first - in - class, precision, non - systemic immunomodulation therapies that target IL - 36 and key downstream cytokines to address high - unmet - need inflammatory diseases, with an initial focus on moderate to severe ecz
Slide 4: TURN Pipeline
TURN Pipeline 04 GX - 03 PRECLINICAL Moderate - to - Severe Eczema (AD) Onychomycosis (Toenail Fungus) Psoriasis 2026 - 2027 : Phase 3 initiation PHASE 1 PHASE 2 PHASE 3 MedicalDevices IL - 36α, IL - 36γ, IL - 31 and IL - 4 inhibitor. Non - systemic and non - steroid potentially best - in - class to
Slide 5: API Agnostic Delivery Platform
API Agnostic Delivery Platform PermaFusion: A transformative delivery platform enabling stable, emulsifier - free dispersion of active ingredients in oil - based carriers for superior penetration by APIs Patented, Proprietary Process API - agnostic drug delivery platform designed for continued innov
Slide 6: for Eczema
GX - 03 for Eczema
Slide 7: The Chronic Inflammatory 'Loop'
07 The Chronic Inflammatory ‘Loop’ IL - 36 operates upstream of key inflammatory pathways driving eczema severity. Damaged skin releases IL - 36 which promotes activation of immune cells and amplifies type 2 inflammation. This leads to activation and polarization of TH2 cells along with ILC2s and ot
Slide 8: Reduction in Disease Severity in an IL-36 Environment
0 8 i n a n I L - 3 6 E n v i r o n m e n t 5 7 % R e d u c t i o n i n D i s e a s e S e v e r i t y Utilizing a validated in - vivo AD model (1) 1. www.cell.com N = 3 0 Inflammation induced using a standardized epicutaneous Staphylococcus aureus exposure protocol Group 1 N = 1 0 P r e - t r e a t
Slide 9: Key Upstream and Downstream Cytokines Demonstrated Inhibition
09 Key Upstream and Downstream Cytokines DemonstratedInhibition of Objective: T o a s c e r t a i n t h e i m m u n o l o g i c a l i n h i b i t o r y e f f e c t s o f G X - 0 3 f o r u p s t r e a m a n d d o w n s t r e a m c y t o k i n e s N = 36 Group 1: N = 1 8 N o T r e a t m e n t Group 2:
Slide 10: Patient RIPT Study Phase-Level Safety Data
10 53 Patients RIPT Study Phase 1 - Level Safety Data: Eligibility & Population Demographic N = 53 Age Range: 18 – 63 Male: 13 | Female: 40 Inclusion : - Free of dermatological disorder - Free of acute or chronic disease - Not currently under care Trial Design - First Application: 48 hours of contin
Slide 11: Moderate-Severe Eczema RCT Key Details
KEY DETAILS 11 Moderate - Severe Eczema RCT (1) Phase 2 Ongoing: GX - 03 - Phase 2 Trial Timeline Jul’25 First patient enrolled Oct’25 Blinded Aggregate Safety Data Mar/Apr 2026 Adaptive Interim Assessment N = 30 Completed Safety = 0 AE Mid - 2026 Topline Data Readout Double - blind, Randomized, Veh
Slide 12: Atopic Dermatitis Treatment Progression
12 Progression Atopic Dermatitis Treatment GX - 03 has the potential to serve as first - line treatment for Eczema 1. Subject to successful completion of each phase and capital availability. Topical Steroids - Quick Relief - Consistent use causes necrosis Topical JAK/ PDE4 - With or without steroids
Slide 13: Current Treatments for Eczema
13 for Eczema Topicals • Systemic burden with severe side effect warnings • Common side effects include skin rash, burning & stinging, headache, vomiting, ear infection • Systemic burden with Black Box Warning • Common side effects include infections including lung infection, cancer risk, blood clot
Slide 14: First-in-Class Topical Disease Modification Approach
14 First - in - Class Topical PermaFusion® Delivery Platform Disease Modification Approach Localized Activity, Zero Systemic Burden P r e c i s i o n c y t o k i n e m o d u l a t i o n ( I L - 3 6 , I L - 3 1 , I L - 4 ) t a r g e t i n g u p s t r e a m i n f l a m m a t o r y c a s c a d e d i s
Slide 15: TAM & Prevalence in U.S. Eczema
TAM & Prevalence in U.S. Eczema 15 1 . G r a n d V i e w R e s e a r c h - A D O u t l o o k 2 L a r g e s t b y p a t i e n t p o p u l a t i o n , f a s t e s t b a s e d o n p r o j e c t e d m a r k e t s i z e ( E v a l u a t e P h a r m a ) 16.5M p a t i e n t s s u f f e r f r o m E c z e m a
Slide 16: Phase 3 Ready for Onychomycosis (Toenail Fungus)
Phase 3 Ready GX - 03 for Onychomycosis (Toenail Fungus)
Slide 17: Novel Approach to Polymicrobial Nail Infection
17 Novel Approach to Polymicrobial Nail Infection R. Dan Davis, DPM Phase 2 Equivalent Study Study Design - N ~ 100 - GX - 03 applied once daily or BID application - No debridement or occlusive dressings required Inclusion : - Patients with bacterial infected nails - Patients with yeast and fungus i
Slide 18: Nail Penetration and Fungal Burden Reduction
18 1. pubmed.ncbi.nlm.nih.gov GX - 03 successfully penetrated nails and eliminated fungal pathogens in the standard model 8.9% 6.5% 17.8% In the same in - vivo model, GX - 03 successfully penetrated the nail, reducing fungal burden by 12% to 18% with just two weeks of application. Lipid - based deli
Slide 19: Current Topicals for Onycho
19 Current Topicals for Onycho Drug Treatment Cost Annual US Revenue Efficacy Jublia (Efinaconazole) Kerydin (Tavaborole) Penlac (Ciclopirox) $8,000 - $12,000 (Off - patent in 2026) $7,000 - $10,000 (Off - patent, generic version available) $100 – 400 (Generic) $300M - $350M (Revenue declining due t
Slide 20: TAM & Prevalence in U.S. Onychomycosis
TAM & Prevalence in U.S. Onychomycosis 20 47.6M patients suffer from Onycho in U.S. 1 in 7 people globally suffers from Onycho (1) 2026 Phase 3 Ready 2027 Phase 3 Initiation 2029 Planned Launch GX - 03 – Path to Market (3) Today $1.96B (2) $2.82B by 2030 (2) 7.55% CAGR High Unmet Needs • Effective T
Slide 21: i Oo
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Slide 22: Mechanism of Action (Eczema)
22 of Action (Eczema) Why Target IL - 36 Release? Mechanism GX - 03 employs the PermaFusion® platform, to precisely deliver cytokine - modulating agents into the base formulation. This represents an evolution from our FDA - cleared medical devices to an investigational, first - in - class topical im
Slide 23: Mechanism of Action (Onychomycosis)
23 of Action (Onychomycosis) Nail Penetration & Delivery Mechanism GX - 03 is a topical petrolatum - based formulation containing polyhexanide for treating onychomycosis, The mechanism of action involves two key aspects: enhanced nail penetration enabled by the lipid carrier base and direct antifung
Slide 24: Broader Opportunities in Dermatology and I&I Diseases
24 GX - 03 Broader Opportunities in Dermatology and I&I Diseases IL - 36 Auto - immune Blistering Diseases Psoriasis Actinic Keratosis Hidradenitis Suppurativa IL - 31 Prurigo Nodularis Bullous Pemphigoid Chronic Pruritus
Slide 25: Viscous Intranasal Thermostable Vaccines
25 Viscous Intranasal Thermostable Vaccines Targeted Mucosal Immunity Current liquid vaccine formulations can drip or be swallowed leading to inconsistent dosing. Turn’s viscous delivery medium solves this with consistent site - specific contact Respiratory virus receptors are in nares and targeted
Slide 26: Corporate & Financial Highlights
Corporate & Financial Highlights
Slide 27: Value-Driving Milestones
27 GX - 03 Value - Driving Milestones (1) Interim Assessment from Phase 2 trial for Eczema Q2 - 2026 Topline Readout from Phase 2 trial for Eczema Mid - 2026 Initiation of Phase 3 in Onychomycosis Q1 - 2027 Initiation of Phase 3 in Eczema Q1 - 2027 Phase 3 readout from Eczema Q4 - 2027 Interim Asses
Slide 28: Financial Highlights
28 Financial Highlights $21M $18M Cash burned since inception $55 - 60M Expected R&D spend for Phase 3 trials on both indications $250K/month Expected G&A burn as a public company $10 - 13M Expected G&A spend to through 2028 IP Highlights Total money raised since inception (i.e. 2015) Various Patent
Slide 29: Our Partnerships
29 Our Partnerships The product has been FDA cleared (510K) and does not have any regulatory hurdles to market $70M in milestone payments + royalties on sales providing potential non - dilutive revenue Medline is the largest provider of medical - surgical products and supply chain solutions serving
Slide 30: Management & Board
30 Management & Board Board Members Advisors & KOLs Dr. R. Daniel Davis, DPM Stephen Bresnick, MD Arthur Golden, JD Andrew Gengos Kent Kester, MD Martin Dewhurst Senior Counsel, Davis Polk & Wardwell CFO Terns Pharmaceuticals Executive Director, Vaccine Research and Development at CEPI McKinsey Vete
Slide 31: Thank You
Thank You Investors@turntherapeutics.com Office: 250 N. Westlake Blvd, #210 Westlake Village, CA 91362
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