TTRX

Turn Therapeutics is a pre-revenue, clinical-stage dermatology developer whose own filing carries explicit substantial-doubt-going-concern language. Management states existing cash funds operations only 'into the third quarter of 2026' — i.e., runway effectively runs out this quarter — against a $22.4M accumulated deficit, a FY2025 net loss of $3.19M (widening 80.6% YoY from -$1.77M) and an operating loss of -$5.86M. There is no product revenue; the only near-term inflows are contingent on the Medline license (K183681) and possible IP out-licensing. This is a company that must raise capital imminently just to keep the lights on, and it says so plainly.

The balance sheet is thin and getting tighter. Despite total assets jumping to $12.2M and equity swinging positive to $4.69M (both off tiny prior-year bases, and largely a function of financing inflows), current liabilities ($6.00M) now exceed current assets ($5.20M), leaving negative working capital of roughly -$0.8M. Cash of $4.03M against a -$2.56M operating cash burn confirms the runway math. Liabilities/equity sits at 1.60x and ROE is -68.2% — but ROE is meaningless here because equity is a sliver and earnings are deeply negative. R&D of just $266K is strikingly small for a company claiming to run a randomized, double-blind Phase-stage eczema trial, underscoring how under-resourced the pipeline is relative to its ambitions; management itself warns R&D costs 'will increase substantially,' which means more losses and near-certain dilution.