Turn Therapeutics (NASDAQ:TTRX) executives outlined the company’s focus on inflammatory skin disease and provided updates on its lead topical candidate, GX-03, during a presentation at an Oppenheimer-hosted event. CEO and founder Bradley Burnam, joined by CFO Zuraiz Chaudhary, emphasized the company’s strategy of treating moderate-to-severe dermatologic conditions locally in the skin with non-systemic topical therapies.
Company focus and topical delivery approach
Burnam described Turn as a dermatology company centered on inflammatory skin diseases, with a specific emphasis on managing disease “where it happens,” via topical treatments rather than systemic drugs. He said the company aims to offer localized immunomodulation that could provide an option before patients move to systemic therapies in moderate-to-severe disease.
GX-03: Eczema program and trial design
Turn’s lead program is GX-03 in moderate-to-severe eczema (atopic dermatitis). Burnam said the company is currently in a randomized Phase II trial with approximately 214 to 220 patients, describing it as “a phase III-sized phase II.” He said the trial is fully capitalized and that enrollment is going well and accelerating. Turn expects both an interim assessment and a final top-line readout in Q2 2026, with the two occurring close together.
According to Burnam, the Phase II study uses standard atopic dermatitis endpoints:
- Primary endpoint: Change in Eczema Area and Severity Index (EASI)
- Secondary endpoints: Change in Investigator Global Assessment (IGA) and change in maximum itch (“max itch”)
Burnam also described an adaptive feature that he said is encouraged by the FDA: an independent interim assessment committee operating under its own charter and statistical analysis plan. Rather than providing an early efficacy “interim analysis” that can reduce p-value, Burnam said the committee can recommend whether the trial should continue as planned or increase enrollment—potentially up to doubling the sample size—if it sees a signal and wants greater statistical precision. He said the committee has three potential recommendations: continue with the current sample size, add patients, or stop for futility.
Mechanism rationale: IL-36 and inflammatory cascade
Burnam spent part of the discussion on his view of eczema as a “chronic inflammatory loop,” describing how disrupted skin and colonization with Staph aureus can lead to epithelial distress signaling. He highlighted interleukin-36 (IL-36) as an epithelial distress signal that can initiate a broader inflammatory cascade, including pathways familiar to the atopic dermatitis market such as IL-4 and IL-13, and downstream itch signaling via IL-31.
He said Turn developed an in vivo model based on a Johns Hopkins protocol linking IL-36 to atopic dermatitis and used it to evaluate GX-03. In an IL-36-induced environment, Burnam reported a 57% reduction in Investigator Global Assessment over a seven-day treatment period. He also said additional in vivo skin analyses—including protein expression work, histology, and Western blot testing—confirmed strong inhibition of both IL-36 alpha and IL-36 gamma after four days of pre-treatment, along with inhibition of IL-31 and selective IL-4 signaling.
Safety experience and positioning versus systemic therapies
On safety, Burnam cited a 53-patient “RAPT” trial with 48 hours of continuous exposure followed by 24 hours of exposure three times per week for three consecutive weeks, totaling 580 applications. He said the study did not produce “a single adverse reaction of any kind,” and added that the formulation has a lengthy safety history from earlier use, including time spent in wound care.
When asked how GX-03 might compare clinically and commercially with systemic biologics, Burnam cautioned against framing the opportunity as “replacing” Dupixent, calling that a “bold statement.” Instead, he said GX-03 could be used prior to biologics or as an adjunct, and potentially as a loading therapy. He added that he expects GX-03 to be equivalent to systemic therapies in both EASI and itch outcomes, while remaining non-systemic.
Onychomycosis program and other pipeline interests
Turn also highlighted a Phase III-ready toenail fungus (onychomycosis) program. Burnam cited a published 100-patient clinical trial by Dr. Dan Davis, described as a former president of the American Podiatric Medical Association, in which GX-03 used once or twice daily achieved 70% efficacy with once-daily application and 85% efficacy with twice-daily application. Burnam said Turn then evaluated nail penetration in an established in vivo model and reported that GX-03 penetrated the nail and eliminated 12% to 18% of fungus in two weeks.
He contrasted these results with topical onychomycosis products he listed as currently on the market—Penlac, Kerydin, and Jublia—stating that none exceed 20% efficacy and noting that Jublia loses patent protection in 2026. Burnam said only about 15% of affected patients seek treatment, attributing this in part to dissatisfaction with available options and concerns about systemic side effects from oral therapies such as Lamisil.
Looking beyond eczema and onychomycosis, Burnam said Turn sees potential to explore additional indications linked to inflammatory cytokines, mentioning hidradenitis suppurativa and chronic pruritus as areas of interest, along with undisclosed candidates.
In closing remarks, Burnam said Turn operates with a low burn rate by extensively outsourcing and highlighted the company’s intellectual property position, stating Turn has more than seven patent families and 17 issued patents. He also noted recent additions and long-standing members of the company’s advisory network, including the appointment of former CDC director Dr. Robert Redfield to assist with regulatory work. Asked about partnering versus going it alone, Burnam said the company intends to keep advancing its programs while remaining open to partnership if it could accelerate getting products to patients.
About Turn Therapeutics (NASDAQ:TTRX)
We are a pharmaceutical and medical device development company built around a proprietary platform technology designed to enhance drug performance. Our patented mixing process — commercially referred to as PermaFusion™ (“PermaFusion”) — enables stable suspension of polar, water-soluble active pharmaceutical ingredients (“APIs”) in oil-based carriers without the use of emulsifiers. This innovation reduces the quantity of required API inclusion by improving its bioavailability. Reduced API load reduces the likelihood of adverse events.
