Turn Therapeutics Inc. · NASDAQ:TTRX
Turn Therapeutics — Investor Presentation (January 2026)
27 slides from Turn Therapeutics's investor presentation, Jan 7, 2026
Slide 1: Stopping Inflammation at its Source
Stopping Inflammation at its Source January 2026
Slide 2: Disclaimer
Disclaimer This document contains forward - looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements may be identified by words such as "may," "might," "will," "should," "expects," "plans," "anticip
Slide 3: Executive Summary
03 Proprietary Assets PermaFusion® Technology: Patented proprietary drug delivery platform with prior medical device clearances from the FDA Market Opportunity Unmet need as the moderate - to - severe eczema market is dominated by steroids, JAK inhibitors and injectable biologic systemic therapies P
Slide 4: TURN Pipeline
TURN Pipeline 04 PRECLINICAL Moderate - to - Severe Eczema (AD) Onychomycosis Psoriasis rVSV - MARV Thermostability Validated with 100% recovery of rVSV - MARV at 14 days ambient and 28 days refrigerated Q1 2026: Interim Analysis Q2 2026: Phase 2 Readout 2H 2026: Phase 3 initiation 2H 2026: Phase 3
Slide 5: GX-03 in Eczema
GX - 03 in Eczema
Slide 6: Addressing the Inflammatory Cascade at its Source
06 Addressing the Inflammatory Cascade at its Source IL - 36 operates upstream of key inflammatory pathways driving eczema severity. Increased IL - 36 signaling elevates downstream cytokines such as IL - 4 and IL - 31, which amplify itch, inflammation, and skin barrier dysfunction. IL - 4 and IL - 3
Slide 7: Cytokine inhibition expansion data
07 Expansion data supports the pro - inflammatory cytokines that are to be inhibited: Test Variable % Inhibition p - value 50.08% 0.0000000000 49.05% 0.0000000435 67.7% 0.0000011200 90% of eczema patients exhibit high levels of S. aureus on inflamed skin. This dysbiosis causes secretion of epithelia
Slide 8: GX-03 Reduces Disease Severity by 57% In-Vivo
08 Gx - 03 Reduces Disease Severity by 57% In - Vivo Utilizing a validated in - vivo AD model (1) , study designed to assess the reduction in disease severity in an IL - 36 environment. Treatment with GX - 03 resulted in a 5.7x reduction in IGA scores (~57%) compared with untreated control group. Me
Slide 9: Phase 2 Ongoing: Moderate-Severe Eczema RCT
09 Phase 2 Ongoing: Moderate - Severe Eczema RCT Interim Analysis Projected Q1/2026 & Topline Data Readout Q2/2026 GX - 03 - Phase 2 trial design Jul’25 First patient enrolled Oct’25 Blinded Aggregate Safety = 0 AE 1Q26 Adaptive Interim Analysis N= ~ 120 1:1 (Adaptive to 200 patients) N = 30 Complet
Slide 10: Topicals for Eczema
10 Topicals for Eczema Systemic burden with severe side effects warning 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 clots, heart
Slide 11: The GX-03 Difference: Eczema Loop
11 Eczema Loop GX - 03 Skin Signals IL - 36 Broken Barrier Itch Scratching TH2 IL - 4, IL 13 IL - 31 PermaFusion® Delivery Platform Enables topical delivery of biologic - level therapeutics without needles or systemic exposure Disease Modification Approach Intervenes at earliest molecular events bef
Slide 12: Eczema TAM and Prevalence
Eczema TAM Prevalence 12 16.5mm US Eczema Patient Population – 40% (6.6mm Patients) suffer from moderate - to - severe eczema Eczema is the largest and fastest growing I&I market (2) in the US Current Treatments Biologics JAK Inhibitors Others Market Gap Biologics demand painful injections sparking
Slide 13: GX-03 in Onychomycosis (Toe-nail Fungus)
GX - 03 in Onychomycosis (Toe - nail Fungus)
Slide 14: Onychomycosis (Nail Fungus) – Phase 3 Ready
14 `. pubmed.ncbi.nlm.nih.gov Onychomycosis (Nail Fungus) – Phase 3 Ready Currently approved topical onychomycosis products have failed to penetrate the nail and eliminate fungal pathogens per established model (1) Establishment of a Novel Model of Onychomycosis in Rabbits for Evaluation of Antifung
Slide 15: A Novel Approach to Polymicrobial Nail Infection
15 A Novel Approach to Polymicrobial Nail Infection Independent Investigator - Initiated study of GX - 03 Informs Clinical Development Program N=100 Endpoint: Clinical cure ~ R. Daniel Davis, DPM Past President: American Podiatric Medical Association Before and After 2nd toe and hallux inprovement B
Slide 16: Onychomycosis TAM and Prevalence
Onychomycosis TAM and Prevalence : 16 47.6mm US Patient Population – 1 in 7 people globally suffers from Onychomycosis(1) Only 15% of the affected population seeks treatment due to lack of awareness, limited efficacy and hepatoxicity of available therapeutics Current Treatments Oral Topical Market G
Slide 17: Non-Cold Chain Limited: Intranasal Thermostable Respiratory Vaccine
Non - Cold Chain Limited: Intranasal Thermostable Respiratory Vaccine
Slide 18: Viscous Intranasal Thermostable Vaccines
18 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 19: Our Science
Our Science
Slide 20: PermaFusion: API Agnostic Water-In-Oil Delivery
PermaFusion: API Agnostic Water - In - Oil Delivery A potentially 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
Slide 21: Mechanism of Action (Eczema)
21 Mechanism of Action (Eczema) GX - 03 employs the PermaFusion® platform, to precision 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 immunomodulatory therapy for m
Slide 22: Mechanism of Action (Onychomycosis)
22 Mechanism of Action (Onychomycosis) 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 antifungal effect. Nail Penetration
Slide 23: Corporate & Financial Highlights
Corporate & Financial Highlights
Slide 24: Financial Highlights
24 Financial Highlights Average Monthly Cash Burn vs Peer Average ($000’s) Turn Therapeutics $9,000 $,8000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 2023 2024 Average for Peers 9M - 2025 $2,924 $115 $113 $154 $6,705 $8,727 $21M Total money raised since inception (i.e. 2015) $18M Cash burne
Slide 25: Our Partnerships
25 Our Partnerships FDA Cleared Product The product has been FDA cleared (510K) and does not have any regulatory hurdles to market $70M+ Milestone $70M in milestones payments + royalties on sales providing potential non - dilutive revenue Medline’s Global Reach Medline is the largest provider of med
Slide 26: Management & Board
26 Management & Board Key Management Board Members Advisors Chairman & Founder 10+ Years of Experience Chief Accounting Officer, VP Finance 9+ Years of Experience Chief Medical Officer 11+ Years of Experience Controller 6+ Years of Experience Chief of Staff 9+ Years of Experience 35+ Years of Experi
Slide 27: Thank You
Thank You I nvestors@turntherapeutics.com Office: 250 N. Westlake Blvd, #210 Westlake Village, CA 91362
Turn Therapeutics — Investor Presentation (January 2026) on 6ix