Executive Summary

Turn Therapeutics reported no revenue and a net loss of $1.90M ($0.07 loss per share) for Q3 2025, primarily driven by public listing-related G&A costs; cash and equivalents were $3.11M as of September 30, 2025 .
General & Administrative expense rose to $1.75M (vs. $0.52M YoY), reflecting legal/advisory fees tied to the NASDAQ direct listing; R&D expense was stable at $0.16M .
Strategic updates: NASDAQ debut (Oct 8), GEM $85M equity facility initiated (S-1 effective; initial $3M advanced), Medline global supply/development/license agreement on PermaFusion-based products, and continued progress in eczema (GX-03) and thermostable intranasal vaccine programs .
Near-term catalysts include GEM facility utilization, Medline commercialization milestones, and clinical readouts for eczema in early 2026; risk factors include going-concern language and potential dilution from committed equity financing .

What Went Well and What Went Wrong

What Went Well

“Successfully began trading on NASDAQ under ticker TTRX on October 8, 2025,” positioning the company to access public markets for growth .
Medline agreement: “Partnering with Medline represents a transformative milestone…accelerate our entry into professional and consumer markets,” enabling potential revenue generation without significant capital investment .
Pipeline execution: “We look forward to seeing data from our lead program in moderate to severe eczema in early 2026,” while showing vaccine thermostability (14 days ambient, 28 days refrigerated) and commencing the first topical IL-36/IL-31 eczema trial .

What Went Wrong

No revenue recognized; continued operating losses with net loss of $1.90M in Q3 2025, reflecting early-stage profile and listing-related costs .
G&A surged to $1.75M (vs. $0.52M YoY), driven by legal/advisory fees for the direct listing; this materially widened quarterly loss .
Going-concern disclosure and reliance on external financing (GEM facility) underscore funding risk and potential dilution, with estimates of $18–20M for Phase 3 trials and $1.5–2.5M for vaccine program .

Financial Results

P&L and Cash Metrics

Metric	Q3 2024	Q3 2025
Revenue ($USD)	$0	$0
Net Loss ($USD)	$(666,442)	$(1,904,184)
Diluted EPS ($USD)	$(0.03)	$(0.07)
G&A Expense ($USD)	$519,710	$1,754,856
R&D Expense ($USD)	$153,282	$158,699
Cash & Equivalents ($USD)	$872,599 (Dec 31, 2024)	$3,106,157 (Sep 30, 2025)

Notes:

YoY EPS decline driven by listing-related G&A; revenue remained nil, consistent with development-stage priorities .
Cash increased via equity financings and GEM facility setup .

Prior Quarter Trend (EPS)

Metric	Q1 2025	Q2 2025	Q3 2025
Diluted EPS ($USD)	$(0.028836)*	$(0.045126)*	$(0.07)

Values with asterisk retrieved from S&P Global.

Operating Expense Components (Q3 2025)

Component	Amount ($USD)
Personnel-related expenses	$202,360
Legal, professional & consulting	$1,363,192
Corporate expenses	$189,304
Research & development	$158,699

Estimates vs Actuals (Q3 2025)

S&P Global consensus for EPS and revenue was unavailable (no Wall Street estimates found) [Functions.GetEstimates].

KPIs

KPI	Q3 2025	Prior
Deferred Revenue ($USD)	$1,438,013	$1,438,013 (Dec 31, 2024)
Eczema Phase 2-equivalent trial enrollment	~30% completed	~25% completed; no safety/tolerability concerns in blinded safety summary
Vaccine thermostability (live, lipid-enveloped)	14 days ambient; 28 days refrigerated	N/A
Weighted-average shares (basic/diluted)	27,975,207	26,645,835 (Q3 2024)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Through Q1 2026	N/A	Cash sufficient into Q1 2026	Initial disclosure
Capital needs (Phase 3 eczema/onychomycosis)	2025–2026	N/A	~$18–20M	Initial disclosure
Capital needs (vaccine program)	2025–2026	N/A	~$1.5–2.5M	Initial disclosure
GEM equity facility	3-year window	N/A	Up to $85M; initial S-1 effective, $3M advanced; warrant at $5.03 for 4% FD shares; 1% commitment fee settled in shares	New facility
Eczema Phase 2-equivalent topline	Early 2026	N/A	Expect topline early 2026	Initial timeline
Vaccine in-vivo studies	Q4 2025	N/A	Scheduled to commence Q4 2025	Initial timeline

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available; company hosted a shareholder webinar (Oct 22) for pipeline and capital strategy updates . Themes drawn from 10-Q and press releases:

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Capital markets strategy	Not publicly reported (pre-listing)	Direct listing; GEM facility; dilution-sparing approach	Strengthening access; potential dilution risk
Partnerships/commercialization	Not publicly reported	Medline global supply/development/license for PermaFusion	Expanding commercialization pathways
Eczema program (GX-03)	Not publicly reported	Phase 2-equivalent trial ongoing; ~30% completed; topline early 2026	Progressing to data
Vaccine program (intranasal thermostability)	Not publicly reported	14-day ambient/28-day refrigerated viability; in-vivo studies planned Q4 2025	Advancing preclinical
Revenue outlook	Not publicly reported	No revenue; deferred revenue tied to MiMedx licensing	Awaiting milestones/FDA outcomes
Governance/board	Not publicly reported	Added Arthur Golden and Dr. Kent Kester; appointed VP Corporate Communications	Strengthening governance/IR

Management Commentary

“Our first weeks as a public company have been extremely productive…developing a portfolio of potential best-in-class products in eczema and onychomycosis.” — Bradley Burnam, CEO .
“Partnerships like [Medline] will generate revenues for us without significant capital investment. This revenue will allow us to offset some of the costs, given our modest burn rate…” — Bradley Burnam, CEO .
“Partnering with Medline represents a transformative milestone…accelerate our entry into professional and consumer markets.” — Bradley Burnam, CEO .
“Approximately 25% of the targeted sample size has completed the [eczema] trial…no safety or tolerability concerns.” — Shareholder update .

Q&A Highlights

No Q3 2025 earnings call transcript available. The Oct 22 shareholder webinar addressed development roadmap, capital strategy, and near-term milestones; recording/materials available on IR site .

Estimates Context

S&P Global consensus estimates for Q3 2025 EPS and revenue were unavailable (no Wall Street estimates found) [Functions.GetEstimates].
EPS trend intra-2025 shows sequentially widening loss as G&A scaled for listing: Q1 $(0.028836)* → Q2 $(0.045126)* → Q3 $(0.07) . Values with asterisk retrieved from S&P Global.

Key Takeaways for Investors

Financing runway: cash into Q1 2026, with GEM facility providing flexible drawdowns; monitor dilution and warrant mechanics at $5.03 with potential exercise price adjustment .
Commercial pathway: Medline partnership could unlock professional/retail product revenue with limited capital intensity; watch for product updates and volume thresholds tied to exclusivity .
Clinical catalysts: eczema Phase 2-equivalent topline expected early 2026; progress and safety profile to shape Phase 3 design and timelines .
Vaccine optionality: validated thermostability and planned in-vivo studies create upside optionality in global health; modest capital needs relative to dermatology programs .
Risk management: going-concern language and no current revenue underscore dependency on capital markets and partnership milestones; trading volatility likely near-term .
Governance and IR: additions to board and VP Corporate Communications enhance public company readiness and investor engagement .
Trend watch: elevated legal/advisory G&A in Q3 tied to listing should normalize; future operating spend will reflect clinical progression and commercialization steps .

Turn Therapeutics Inc. (TTRX)·Q3 2025 Earnings Summary