Turn Therapeutics Inc. · NASDAQ:TTRX
Turn Therapeutics — Investor Presentation (July 2026)
38 slides from Turn Therapeutics's investor presentation, Jul 28, 2026
Slide 1: Corporate Presentation July 2026
Corporate Presentation July 2026
Slide 2: Forward-Looking Statements & Safe Harbour
2 Forward-Looking Statements & Safe Harbour Except for historical information set forth herein, the matters set forth in this presentation contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
Slide 3: PermaFusion: API-Agnostic Delivery Platform
3 API in Liquid Solvent Patented Multi-Step Mixing Process w/out Emulsifier Petro / Oil Carrier A transformative delivery platform enabling stable, emulsifier-free dispersion of active ingredients in oil- based carriers for superior penetration by APIs • Multi-patented, proprietary process • API-agn
Slide 4: Executive Summary
Turn Therapeutics is a biotechnology company developing GX-03, a first-in-class, precision, non-systemic immunomodulation therapy that targets IL-36 and key downstream cytokines to address high-unmet-need inflammatory diseases, with an initial focus on moderate to severe AD. 1. In other FDA cleared
Slide 5: Turn Tx Pipeline
5 PRECLINICAL PHASE I PHASE 2 PHASE 3 Upcoming Milestones1 GX-03 IL-36α, IL-36γ, IL-31 and IL-4 inhibitor Non-systemic and non-steroid potentially best-in-class topical Moderate-to-Severe Atopic Dermatitis (AD) Q4 2026: Topline Readout Q4 2026: FDA Type B Meeting Mid-2027: Phase 3 initiation Onychom
Slide 6: GX-03 for AD
6 GX-03 for AD Phase 2 Ongoing IL-31 IL-4 IL-36
Slide 7: The Chronic Inflammatory 'Loop'
7 The Chronic Inflammatory 'Loop' TH2 IL-4, IL-13, IL-31 IL-31 Chronic AD Cycle IL-31 Drives Itch & Scratch Skin Barrier Disruption Skin barrier disruption results in release of IL-36 IL-36 initiates TH2 signaling with IL-4, IL-13, and IL-31 release IL-31 release drives itch which leads to further d
Slide 8: Stop the 'Loop': GX-03 Inhibition
8 Stop the 'Loop' GX-03 Inhibition 8 GX-03 suppresses IL-36 release via targeted modulation of the epithelial microenvironment, blunting Th2 response GX-03 suppresses IL-31 signaling, blunting itch/scratch signal and continued barrier disruption IL-36 and IL-31 Inhibition GX-03 targets key upstream
Slide 9: Ongoing Phase 2 for GX-03 in AD
9 Ongoing Phase 2 for GX-03 in AD Design: • Double-blind • 1:1 Randomized w/ Prospective 1:1 Stratification • Vehicle Controlled • BID Topical • Week 4 and Week 8 Endpoints • IDMC Governed Adaptive Design 9 Stage 2 Optimized Design Selected Endpoints: • Week 4 – vIGA-AD of 0/1 with ≥ 2 grade improve
Slide 10: How is Atopic Dermatitis Severity Measured?
How is Atopic Dermatitis Severity Measured? 10 Lesion Severity vs Inflammatory Burden Lesion Severity Measured through vIGA-AD Inflammatory Burden Measured through EASI vIGA = 4 EASI≈1.1 vIGA = 4 EASI ≈ 17 ▪ Validated Investigator Global Assessment (vIGA-AD): A 5 point scale (0-4) rating overall dis
Slide 11: Stage 2 Design – Prospective Stratification by EASI
Stage 2 Design – Prospective Stratification by EASI 11 2. Baseline EASI Stratified by baseline EASI score ▪ Separate strata(s) prevents imbalanced disease severity among GX-03 and Vehicle ▪ Stratified patient population represents full disease spectrum and EASI≥16 groups represent potential biologic
Slide 12: Stage 2 Design – Selected Endpoints
Stage 2 Design – Selected Endpoints 12 Endpoints and timepoints optimized from observed separation and effect in Stage 1 Selected Endpoints Family To be evaluated using Hochberg Method ▪ Week 4 – vIGA-AD Success (vIGA of 0/1 with ≥ 2 grade improvement) ▪ Week 4 – EASI-75 ▪ Week 8 – EASI-90 ▪ Week 8
Slide 13: Representative Subgroup from Interim Analysis
13 Stage 2 Design – Representative Subgroup from Interim Analysis Baseline EASI ≥ 1.1 and Baseline PP-NRS ≥ 7 13 Baseline Characteristics GX-03 (n=13) Vehicle (n=12) Mean EASI (SD) 12.1 (13.3) 7.2 (5.7) Mean vIGA (SD) 3.15 (0.36) 3.08 (0.49) Baseline characteristics favor Vehicle Legends: GX-03 Vehi
Slide 14: Representative Subgroup from Interim Analysis: Endpoints
Stage 2 Design – Representative Subgroup from Interim Analysis Baseline EASI ≥ 1.1 and Baseline PP-NRS ≥ 7 14 Endpoint GX-03 (n=13) Vehicle (n=12) Treatment Difference Two-Sided p-value* Week 4 vIGA-AD Success vIGA of 0/1 with ≥ 2 grade improvement 61.5% (8/13) 8.3% (1/12) Δ 53.2% 0.0100 Week 4 EASI
Slide 15: Stage 1 Safety Summary
15 Stage 1 – Safety Summary 15 *Subject reported a mild warming sensation that was described as pleasant. **Subject reported a common cold which was determined by PI to not be treatment related. GX-03 Vehicle N = 27 N = 23 Subjects with AE, n 1* 1** Severe (Grade ≥ 2) 0 0 Serious AEs 0 0 AEs leading
Slide 16: AD TAM & Prevalence; Path to Market
16 1. The National Eczema Association (NEA) 2. Largest by patient population, fastest based on projected market size (EvaluatePharma) 3. Grand View Research - AD Outlook 4. Subject to successful completion of each phase and capital availability. 16.5M US patients suffer from AD 6.6M patients in mode
Slide 17: GX-03: For Patients Across The Full Moderate-Severe AD Spectrum
17 GX-03: For Patients Across The Full Moderate-Severe AD Spectrum Moderate, Limited IGA 3/4 - EASI 1.1 - 3 Moderate, Scattered IGA 3/4 - EASI 3.1 – 7 Moderate, Extensive IGA 3 - EASI 14-16 Severe, Extensive IGA 4 - EASI > 20 Typical Therapy Used Typical Therapy Used Typical Therapy Used Typical The
Slide 18: GX-03 for Onychomycosis
18 (Toenail Fungus) GX-03 for Onychomycosis Phase 3 Ready
Slide 19: GX-03 – Human Data in Onychomycosis
19 Study Results • Visible evidence of Beau's line development, clear nail plate • 70% complete cure1 (approx.) with once-daily application • 85% complete cure1 (approx.) with BID application • No adverse events reported during the study Study Design (n≈100) • GX-03 applied once daily or BID applica
Slide 20: GX-03 Penetrated Nails and Eliminated Fungal Pathogens
20 1. https://pubmed.ncbi.nlm.nih.gov/21555762/ 2. Complete cure is defined as 0% involvement of the target toenail (no clinical evidence of onychomycosis of the target toenail). 3. Not studied in head-to-head trials with GX-03 GX-03 successfully penetrated nails and eliminated fungal pathogens in t
Slide 21: Onychomycosis TAM & Path to Market
21 2026 Phase 3 Ready 2029 Potential Commercial Launch GX-03 Path to Market 3 High Unmet Needs • Effective therapies as current topical treatments are only 6-18% effective • Patent cliff for current onychomycosis treatments in 2026 Onychomycosis TAM & Prevalence 2025 by 2030 $1.96B $2.8B 7.55% CAGR
Slide 22: Planned Phase 3 Pivotal Trial Design
22 Planned Phase 3 Pivotal Trial Design: • Double-blind • 1:1 Randomized • Vehicle Controlled • BID Topical Application • Week 52 Endpoints • Week 26 Interim Analysis 22 Endpoints: • Primary: Complete Cure at Week 52 • Key Secondary Endpoints: o Mycological Cure at Week 52 o < 5% Clinical Involvemen
Slide 23: GX-03 for Hidradenitis Suppurativa (HS)
23 GX-03 for Hidradenitis Suppurativa (HS) Preclinical Stage IL-36
Slide 24: HS – Major I&I Challenge with Significant Unmet Need
24 Abscess Draining Tunnels Early Nodule HS – Major I&I Challenge with Significant Unmet Need 24 Inflammatory Burden HS is an IL-36 driven chronic, inflammatory, recurrent skin disease that causes follicular occlusion and rupture leading to painful inflammatory nodules and abscesses GX-03's IL-36 Pa
Slide 25: GX-03 – Planned Phase 2a Trial in HS
25 GX-03 – Planned Phase 2a Trial in HS Study Evaluations • Safety and tolerability • Efficacy on four endpoints • Adaptive expansion available based on Phase 2a observed response • IDMC Governed Adaptive Design 25 Trial Design Four-Endpoint Efficacy Family (Week 12) • Week 12 – HiSCR75 (≥75% reduct
Slide 26: HS – TAM & Prevalence
26 High Unmet Need ▪Safe, non-systemic therapies ▪Lower cost treatment options ▪Limited approved treatment options for children ▪Tachyphylaxis and treatment durability HS – TAM & Prevalence Today by 2034 $1.96B $7.8B 15.6% CAGR Market Size 4 26 ~2.9M adults suffer from HS1 +300K new patients diagnos
Slide 27: GX-03 – Value-Driving Milestones
27 GX-03 – Value-Driving Milestones1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2026 2027 2028 Topline readout from Phase 2 trial for AD Initiation of Phase 3 in Onychomycosis Topline readout from Phase 2a in HS Type B Meeting with FDA Initiation of Phase 3 in AD Interim analysis from Phase 3 Onychomycosis Initiati
Slide 28: Financial & IP Highlights
28 Financial & IP Highlights $11.2M Cash Balance As of March 31, 2026 ~29.8M Common Shares Outstanding As of May 8, 2026 Cash Runway into Q3 2027 Additional capital available under existing facilities ~$250K/mo. Current G&A burn as a public co. ~$29M Total money raised since inception (2015) ~$21M C
Slide 29: Board Members, Key Management, Advisors & KOLs
29 Board Members Advisors & KOLs Arthur Golden, JD Andrew Gengos Kent Kester, MD Martin Dewhurst Senior Counsel, Davis Polk & Wardwell Former CFO Terns Pharmaceuticals Executive Director, Vaccine Research and Development at CEPI McKinsey Veteran Senior Advisor at PJT Partners Bradley Burnam Dr. Step
Slide 30: Thank You!
Investors@turntherapeutics.com 250 N. Westlake Blvd, #210 Westlake Village, CA 91362 Thank You!
Slide 31: Appendix: In-vivo and Safety Study
31 Appendix In-vivo and Safety Study
Slide 32: 57% Reduction in Disease Severity in an IL-36 Environment
32 1. Utilizing a validated in-vivo AD model, www.cell.com N = 30 Inflammation induced using a standardized epicutaneous Staphylococcus aureus exposure protocol Group 1 N = 10 Pre-treatment Control Group 2 N = 10 No Treatment Control Group 3 N = 10 GX-03 Treatment 3.33 ~ Mean IGA after 7 days of S.a
Slide 33: Demonstrated Inhibition of Key Upstream and Downstream Cytokines
33 Objective: To ascertain the immunological inhibitory effects of GX-03 for upstream and downstream cytokines N = 36 Group 1: no treatment (N = 18) Group 2: GX-03 treatment (N = 18) Inflammation induced using a standardized epicutaneous Staphylococcus aureus exposure protocol Cytokine Inhibition De
Slide 34: Phase 1-Level Safety Data: RIPT Study
34 Trial Design • First application: 48 hours of continuous exposure • 2nd through 9th application: 24 hours of continuous exposure three times a week for three consecutive weeks Trial Results: No adverse reactions of any kind were reported during the study (580+ applications across all subjects) GX
Slide 35: Appendix: Stage 1 Subgroup Analysis
35 Appendix Stage 1 Subgroup Analysis
Slide 36: Pruritus as Potential Predictive Biomarker for AD Success
Pruritus as Potential Predictive Biomarker for AD Success 36 Week 4 vIGA-AD Success (vIGA of 0/1 with ≥ 2 grade improvement) Week 4 EASI-75 (≥75% Improvement from Baseline) Week 8 EASI-90 (≥90% Improvement from Baseline) Week 8 EASI-100 (Complete Clearance) PP-NRS ≥ 5 N=40 (80% of Stage 1 completers
Slide 37: Moderate-Severe AD: Assessing for Stage 2 EASI Enrichment
37 Moderate-Severe AD: Assessing for Stage 2 EASI Enrichment IGA 3/4 & Baseline EASI ≥ 10 37 Baseline Characteristics GX-03 n=9 Vehicle n=4 Mean EASI (SD) 22.1 (10.8) 14.8 (3.51) Mean vIGA (SD) 3.44 (0.49) 3.25 (0.43) Endpoint GX-03 (n=9) Vehicle (n=4) Treatment Difference Week 4 vIGA-AD Success vIG
Slide 38: Interim Analysis – EASI 1.1 Subgroup
38 Interim Analysis – EASI 1.1 – 7 Subgroup Presents as Meaningful on Key Disease Clearance Endpoints 38 Endpoints GX-03 (n=14) Vehicle (n=18) Treatment Difference Week 4 vIGA-AD Success vIGA of 0/1 with ≥ 2 grade improvement 71.4% (10/14) 33.3% (6/18) Δ 38.1% Week 4 EASI-100 28.6% (4/14) 5.6% (1/18
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