- Turn Therapeutics Inc.'s registration statement on Form S-1 for its **direct listing** on the Nasdaq Global Market was declared effective by the SEC on **September 30, 2025**.  **[2023016_0001104659-25-096003_tm2527800d1_8k.htm:1]**  Registered stockholders may offer and sell up to **17,868,760 shares** of Common Stock.  **[2023016_0001104659-25-096003_tm2527800d1_8k.htm:1]** 
- In connection with the direct listing, the company entered into a **Stockholders Agreement** on September 11, 2025, with its founder and CEO, Bradley Burnam, and BEB Holdings, LLC (the "Holders"). This agreement requires the Holders' consent for certain corporate actions, including mergers, significant asset acquisitions, equity issuances over **$50 million**, and changes to senior management compensation over **$200,000**.  **[2023016_0001104659-25-096003_tm2527800d1_ex10-1.htm:0]** **[2023016_0001104659-25-096003_tm2527800d1_8k.htm:1]** 
- The company also entered into **employment agreements** on September 15, 2025, with Bradley Burnam and Zuraiz Chaudhary, which became effective with the direct listing.  **[2023016_0001104659-25-096003_tm2527800d1_ex10-3.htm:0]** **[2023016_0001104659-25-096003_tm2527800d1_ex10-4.htm:0]** **[2023016_0001104659-25-096003_tm2527800d1_8k.htm:1]** 
- The compensation for Bradley Burnam is as follows:
| Metric | Bradley Burnam |
|---|---|
| Annual Base Salary ($USD) | $575,000  **[2023016_0001104659-25-096003_tm2527800d1_ex10-3.htm:2]**  |
| Target Annual Bonus (% of Base Salary) | 50%  **[2023016_0001104659-25-096003_tm2527800d1_ex10-3.htm:2]**  |
| Target Annual Equity Awards (% of Base Salary) | 50%  **[2023016_0001104659-25-096003_tm2527800d1_ex10-3.htm:2]**  |
- The company's capital structure includes **500,000,000 shares of Common Stock** and **100,000,000 shares of Preferred Stock** authorized, each with a par value of **$0.0001**.  **[2023016_0001104659-25-096003_tm2527800d1_ex3-1.htm:1]**  A **two-for-one stock split** of Common Stock became effective with the amended and restated certificate of incorporation.  **[2023016_0001104659-25-096003_tm2527800d1_ex3-1.htm:1]**

Turn Therapeutics (TTRX)