New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.7% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Jun 02
Turn Therapeutics Reports Interim Analysis Findings And Adaptive Optimization Strategy From Phase 2 GX-03 Trial In Moderate-To-Severe Atopic Dermatitis Turn Therapeutics Inc. announced interim analysis findings from the first 50 completed subjects enrolled in its ongoing randomized, double-blind, vehicle-controlled Phase 2 clinical trial evaluating GX-03 in adults with moderate-to-severe atopic dermatitis. The interim review was conducted under the study’s established independent data monitoring committee framework. Upon the advice of the Company’s independent statisticians and clinical and regulatory advisors, Turn Therapeutics elected to utilize the completed cohort as an integrated Stage 1 analysis to comprehensively evaluate responder dynamics, endpoint sensitivity, inflammatory burden behavior, and opportunities to optimize the second stage of the trial while enrollment continued. Within the completed interim cohort, 92.6% of GX-03-treated subjects achieved at least a 50% reduction in overall eczema severity within 4 weeks (EASI-50) compared to 65.2% for vehicle-treated subjects. Additional separation was observed across deeper responder thresholds designed to measure near-clearance of disease, including Week 4 EASI-90 responses (90% reduction) of 44.4% for GX-03 versus 30.4% for vehicle, which further increased to 51.9% versus 34.8%, respectively, by Week 8. These findings suggest that a substantial proportion of GX-03-treated subjects experienced rapid and progressively deeper reductions in eczema severity over the course of treatment. There were no observed or reported treatment-related serious adverse events during the interim analysis period, no treatment-related tolerability concerns reported by subjects, and no treatment-related discontinuations, with GX-03 continuing to demonstrate a favorable safety and tolerability profile. The Company is now strategically utilizing the interim findings to optimize the remainder of the trial, including refinement of enrollment criteria to better control for baseline EASI and body surface area involvement in a manner more consistent with comparable atopic dermatitis studies, as well as increased focus on earlier inflammatory burden endpoints following observation of higher-than-anticipated vehicle response within subsets of the study population. Enrollment has continued throughout the interim analysis process and is nearing completion of the originally planned target population. In parallel, the Company is preparing to initiate FDA interactions, including a requested meeting to discuss the evolving regulatory strategy for GX-03 and potential pathways that may support more efficient advancement of the program toward market following successful completion of the trial. GX-03 is an investigational extended-release topical formulation designed to provide sustained localized exposure to polyhexanide at the skin surface. GX-03 is being developed as a targeted, localized therapy for inflammatory skin diseases. New Risk • May 28
New major risk - Revenue and earnings growth Earnings have declined by 4.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.3% per year over the past 5 years. Revenue is less than US$1m. Announcement • May 19
Turn Therapeutics Inc. Appoints Stephen M. Hahn as Executive Clinical and Regulatory Lead Turn Therapeutics Inc. announced the appointment of Stephen M. Hahn, M.D., former Commissioner of the U.S. Food and Drug Administration (FDA), to oversee the clinical and regulatory strategy for GX-03, the Company’s investigational topical therapy currently in a Phase 2 clinical trial for moderate-to-severe atopic dermatitis (eczema). Stephen M. Hahn, M.D., is a physician, biotechnology executive, and former Commissioner of the U.S. Food and Drug Administration with decades of leadership experience spanning clinical medicine, regulatory science, healthcare operations, and medical product development. As the 24th FDA Commissioner from 2019 to 2021, Dr. Hahn oversaw both COVID and non-COVID regulatory activities, including therapeutics, vaccines, diagnostics, medical devices, and clinical trials. Prior to joining the FDA, Dr. Hahn served as Chief Medical Executive, Deputy President, and Chief Operating Officer at MD Anderson Cancer Center, where he helped oversee one of the world’s leading academic medical centers with more than 21,000 employees and a $5.2 billion operating budget. He also held senior academic and clinical leadership positions at MD Anderson and the University of Pennsylvania’s Perelman School of Medicine. In the biotechnology sector, Dr. Hahn has served in executive leadership roles including CEO-Partner at Flagship Pioneering and Chief Executive Officer of Harbinger Health. He has extensive experience in clinical research and medical product development, including topical therapies, and has authored more than 220 peer-reviewed scientific publications. Dr. Hahn earned his M.D. from Temple University and his B.A. in Biology from Rice University. He completed his internal medicine residency at University of California, San Francisco, and his fellowship and residency training at the National Cancer Institute in Bethesda, Maryland. Announcement • Mar 25
Turn Therapeutics Inc. announced that it expects to receive $25 million in funding from Avenue Capital Management II, L.P. Turn Therapeutics Inc. announced that it will raise $25 million in a round of funding on March 24, 2026. The transaction include participation from new investor Avenue Venture Opportunities Fund II, L.P., a fund managed by Avenue Capital Management II, L.P. The company has issued growth capital loan facility in the transaction.
On same date the company has received its first tranche of $7 million. Announcement • Jan 08
Turn Therapeutics Inc. Appoints Martin Dewhurst to Board of Directors On January 7, 2026, the board of directors (the “Board”) of Turn Therapeutics Inc. (the “Company”) enlarged the Board from five to six members and appointed Martin Dewhurst to the Board, effective immediately. Mr. Dewhurst will serve as an independent Class III director until his term of office expires at the annual meeting of the Company’s stockholders in 2028, or until his earlier death, resignation or removal. Mr. Dewhurst will serve as the chair of the compensation committee of the Board. Martin Dewhurst, age 62, has served as advisor to GHO Capital, a healthcare specialist private equity firm since July 2024. Mr. Dewhurst has been a senior advisor since April 2023 to PJT Partners, a global investment and M&A advisory bank. Mr. Dewhurst has also served as a senior advisor to LightRock, a growth capital fund, since April 2023. Mr. Dewhurst also holds various board positions including at Unilabs Ltd. (since September 2025), KOS AI (since June 2025), Cytovation ASA (since February 2025), Distalmotion (since April 2023) and MedGenome (April 2023 through January 2025). Prior to his various advisory and board roles, Mr. Dewhurst was a senior partner with McKinsey & Co., a leading management consulting firm where he served from 1992 through 2023 and co-led the firm’s life sciences practice (2014 to 2021). Mr. Dewhurst earned his undergraduate degree from Magdalen College, University of Oxford, and holds an MBA from INSEAD, where he graduated on the Dean’s List. Mr. Dewhurst’s more than 30 years of global leadership experience in life sciences, with a strong focus on mergers and acquisitions, complemented by senior advisory roles and board positions across leading healthcare and investment firms, make him well qualified to serve as a director. 
