# EDGAR Filing Document

**Accession Number:** 0002023016
**File Stem:** 0001213900-26-002173
**Filing Date:** 2026-1
**Character Count:** 38239
**Document Hash:** 3aa98a46679187fde49e92b5f0b62c8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-002173.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001213900-26-002173

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20260107

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Turn Therapeutics Inc.
- **CENTRAL INDEX KEY:** 0002023016
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 320456090
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42875
- **FILM NUMBER:** 26515920

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NORTH WESTLAKE BLVD.
- **STREET 2:** #210
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
- **BUSINESS PHONE:** 8185644011

**MAIL ADDRESS:**
- **STREET 1:** 250 N. WESTLAKE BLVD.
- **STREET 2:** #210
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Global Health Solutions, Inc
- **DATE OF NAME CHANGE:** 20240510

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(** **d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 7, 2026

**TURN THERAPEUTICS INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-42875** | **32-0456090** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (IRS Employer<br> Identification Number) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**250 N. Westlake Blvd., Westlake Village, California** | &nbsp;&nbsp;**91362** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(Zip Code) |

---

Registrant's telephone number, including area code: **(818) 564-4011**

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| **Common Stock, par value $0.0001 per share** | **TTRX** | **The Nasdaq Stock Market LLC** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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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.

Biographical information for Mr. Dewhurst is set forth below:

*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.

There are no arrangements or understandings between Mr. Dewhurst and any other person pursuant to which Mr. Dewhurst was selected as a director. There are no family relationships between Mr. Dewhurst and any of the Company's officers or directors. There are no transactions in which Mr. Dewhurst has an interest that would require disclosure under Item 404(a) of Regulation S-K.

In connection with his appointment to the Board, Mr. Dewhurst received an initial grant of restricted stock units with a grant date fair value of $100,000 issued under the Company's 2025 Omnibus Incentive Plan and consistent with its non-employee director compensation program. The restricted stock units will vest on the earlier of (i) the first anniversary of the grant date or (ii) a change of control of the Company. Following the first anniversary of the effective date of the Company's direct listing, Mr. Dewhurst will be eligible to receive an annual grant of restricted stock units with a grant-date fair value of $70,000.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On January 7, 2026, the Company issued a press release announcing the appointment of Mr. Dewhurst to the Board (the "Press Release"). The Press Release is furnished herewith as Exhibit 99.1.

On January 7, 2026, the Company posted an updated investor presentation to its website, which is furnished herewith as Exhibit 99.2.

The information in this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered "filed" under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated January 7, 2026](ea027210901ex99-1_turn.htm) |
| 99.2 | [Investor Presentation, dated January 7, 2026](ea027210901ex99-2_turn.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **TURN THERAPEUTICS INC.** | **TURN THERAPEUTICS INC.** |
| Date: January 7, 2026 |  |  |
|  | By: | /s/ Bradley Burnam |
|  | Name: | Bradley Burnam |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Turn Therapeutics Appoints Martin Dewhurst to its Board of Directors**

*Mr. Dewhurst Brings Over 30 Years of Life Sciences and M&A Experience to the Board, Aligning with the Company's Strategic Long-Term Goals for Growth and Expansion*

**LOS ANGELES, January 7, 2026 —**Turn Therapeutics Inc. (Nasdaq: TTRX), a clinical-stage biotechnology company developing targeted inflammatory and immunology therapies for dermatology, advanced wound care, and infectious diseases, announced today the appointment of Mr. Martin Dewhurst to its Board of Directors. Mr. Dewhurst brings more than 30 years of global leadership experience in life sciences, with a particular focus on mergers and acquisitions.

"Martin's appointment comes at a pivotal moment for Turn Therapeutics as we advance a disciplined, M&A-focused strategy to expand our pipeline and accelerate long-term value creation," said Bradley Burnam, Chief Executive Officer of Turn Therapeutics. "Martin brings a unique strategic lens to capital allocation, portfolio expansion, and partnership development stemming from his deep experience as a leader in the life sciences industry. His insights will be instrumental as we evaluate accretive opportunities that complement our platform and position Turn for sustainable growth."

Mr. Dewhurst dedicated much of his three-decade career to McKinsey & Company, where he co-led the firm's global life sciences practice. His expertise encompasses biopharmaceuticals, medical technology, genetics, and consumer health. Most recently, he co-founded and led the McKinsey Health Institute, a nonprofit organization focused on tackling some of the world's most pressing health challenges.

"I am honored to join the Board of Directors at Turn Therapeutics at an exciting point in the company's evolution," said Martin Dewhurst. "Turn has built a differentiated platform addressing significant unmet needs across dermatology, wound care, and infectious disease. I look forward to working with the Board and management team to help advance the company's strategic priorities, including disciplined portfolio expansion and value-enhancing partnerships and acquisitions, while supporting the long-term growth and impact of the organization."

In addition to his consulting career, Mr. Dewhurst serves as a senior advisor to PJT Partners, a leading global investment and M&A advisory bank, as an external partner to Lightrock, a growth-stage impact investor, and holds board positions, including Distalmotion, a Switzerland-based medtech company focused on robotic surgery. Mr. Dewhurst is a frequent author and speaker at leading global forums, including Bloomberg New Economy, Milken Institute, Financial Times, and The Economist.

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.

**About Turn Therapeutics Inc.**

Turn Therapeutics is a biotechnology company developing and commercializing products for dermatology, wound care, and infectious disease. The Company has received three FDA clearances for its proprietary wound and dermatology formulations and is advancing late-stage clinical programs in eczema and onychomycosis. In addition, Turn is pursuing global health initiatives in thermostable vaccine delivery designed to serve underserved areas worldwide, reflecting its commitment to public health innovation.

**Forward-Looking Statement**

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "suggest," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Turn's current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict, including risks related to the timing and effectiveness of the Company's registration statement, the success of development programs, and the Company's ability to execute its strategic plan. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Turn Therapeutics in general, see the risk disclosures in the Company's filings with the SEC. All such forward-looking statements speak only as of the date they are made, and Turn undertakes no obligation to update or revise these statements, whether as a result of new information, future events, or otherwise.

**Investor Relations/Media Contact:** 

Sasha Damouni

Corporate Communications

pr@turntherapeutics.com

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

Stopping Inflammation at its Source January 2026

![](ex99-2_002.jpg)

Disclaimer This document contains forward - looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements may be identified by words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. We cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward - looking statements. We are under no duty to update any of these forward - looking statements after the date of this presentation to conform our prior statements to actual results or revised expectations. These statements are based upon the current beliefs and expectations of Turn Therapeutics' management and are subject to significant risks and uncertainties. By their nature, forward - looking statements involve risks and uncertainties because they depend on circumstances that may or may not occur in the future. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially. Risks include: industry competition; economic factors; regulatory challenges; uncertainties in clinical development and obtaining regulatory approvals; no guarantees that pipeline products will prove commercially successful; reliance on third - party partnerships and manufacturers; dependence on patent protections for PermaFusion®; and ability to access adequate capital. Although these statements are based on assumptions we believe are reasonable, we caution that forward - looking statements are not guarantees of future performance and you should not place undue reliance on them. Turn Therapeutics undertakes no obligation to publicly update any forward - looking statement, whether as a result of new information, future events or otherwise. Additional factors can be found in the company's SEC filings available at www.sec.gov. This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third - party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials. Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners . Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM or symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights . 02

![](ex99-2_003.jpg)

03 Proprietary Assets PermaFusion® Technology: Patented proprietary drug delivery platform with prior medical device clearances from the FDA Market Opportunity Unmet need as the moderate - to - severe eczema market is dominated by steroids, JAK inhibitors and injectable biologic systemic therapies Precision Non - Systemic Delivery Strategy GX - 03 employes precision immunomodulation to prevent unnecessary immune activation Leadership Team Experienced leadership team, supported by a scientific advisory board of leading experts in inflammatory skin diseases, immune and cytokine biology Proprietary Assets GX - 03 - Phase 2 trial underway for moderate to severe eczema 3 candidates in the pipeline Strategic Partnerships Commercial partnerships that generate revenue without additional capital investment 01 02 04 05 03 Executive Summary Turn Therapeutics is a biotechnology company developing a first - in - class, precision, non - systemic immunomodulation platform that targets IL - 36 and key downstream cytokines to address high - unmet - need inflammatory diseases, with an initial focus on moderate to severe eczema. 06

![](ex99-2_004.jpg)

TURN Pipeline 04 PRECLINICAL Moderate - to - Severe Eczema (AD) Onychomycosis Psoriasis rVSV - MARV Thermostability Validated with 100% recovery of rVSV - MARV at 14 days ambient and 28 days refrigerated Q1 2026: Interim Analysis Q2 2026: Phase 2 Readout 2H 2026: Phase 3 initiation 2H 2026: Phase 3 initiation Q1 2026: In - vivo studies initiation Q1 2026: In - vivo immunogenicity H1N1 - Influenza Q1 2026: Stability & In - Vivo Immunogenicity PHASE 1 PHASE 2 PHASE 3 GX - 03 IL - 36α, IL - 36γ, IL - 31 and IL - 4 inhibitor. Non - systemic and non - steroid potentially best - in - class topical Vaccine Candidate Targeted Intranasal Thermostable Respiratory Vaccine Medical Devices FDA cleared Antimicrobial Surgical Gauze out - licensed Sterile Collagen Powder out - licensed for $70M+ milestones

![](ex99-2_005.jpg)

GX - 03 in Eczema

![](ex99-2_006.jpg)

06 Addressing the Inflammatory Cascade at its Source IL - 36 operates upstream of key inflammatory pathways driving eczema severity. Increased IL - 36 signaling elevates downstream cytokines such as IL - 4 and IL - 31, which amplify itch, inflammation, and skin barrier dysfunction. IL - 4 and IL - 31 are central to the itch – scratch cycle and disease escalation, leading to chronic symptoms, sleep disruption, disease recurrence and meaningful quality - of - life burden. By locally targeting IL - 36α, IL - 36γ, IL - 4, and IL - 31 directly in the skin, GX - 03 is designed to address both, the core biology of eczema and its impact, without systemic exposure or injections.

![](ex99-2_007.jpg)

07 Expansion data supports the pro - inflammatory cytokines that are to be inhibited: Test Variable % Inhibition p - value 50.08% 0.0000000000 49.05% 0.0000000435 67.7% 0.0000011200 90% of eczema patients exhibit high levels of S. aureus on inflamed skin. This dysbiosis causes secretion of epithelial distress/inflammatory proteins that activate IL - 36 signaling, initiating an inflammatory cascade associated with eczema symptoms (2) . 2. https://pubmed.ncbi.nlm.nih.gov/18341620/ 1. https://www.dermatologytimes.com/view/turn - therapeutics - reports - significant - i ga - and - cytokine - inhibition - advances - to - plans - for - in - human - tria l IL - 31 levels, considered to play a significant role in the pathogenesis of eczema/atopic dermatitis IL - 36 is a key cytokine driving a spectrum of dermatological pathologies including atopic dermatitis Cytokine Studies (1) Demonstrate Strong Inhibition Before and After Evidence Backed Clinical Trials Before Before After Before After Non - sensitizing API in lipid carrier inhibits key upstream & downstream epithelial cytokines including Il - 36 and Il - 31 After

![](ex99-2_008.jpg)

08 Gx - 03 Reduces Disease Severity by 57% In - Vivo Utilizing a validated in - vivo AD model (1) , study designed to assess the reduction in disease severity in an IL - 36 environment. Treatment with GX - 03 resulted in a 5.7x reduction in IGA scores (~57%) compared with untreated control group. Mean scores for treatment group decreased from 3.00 to 1.44 with 7 days treatment (p<0.001). 1. www.cell.com 1 2 Group 2 at 7 days 3.0 1.44 Group 2 at 14 days Groups 3 4

![](ex99-2_009.jpg)

09 Phase 2 Ongoing: Moderate - Severe Eczema RCT Interim Analysis Projected Q1/2026 & Topline Data Readout Q2/2026 GX - 03 - Phase 2 trial design Jul'25 First patient enrolled Oct'25 Blinded Aggregate Safety = 0 AE 1Q26 Adaptive Interim Analysis N= ~ 120 1:1 (Adaptive to 200 patients) N = 30 Completed 2Q26 Topline Data Readout Double blind, Randomized, Vehicle Controlled Phase 2 Data Readout intended to support Phase 3 Design Phase 3 studies expected to initiate in Q4 2026 GX - 03 launch planned in 2030 Primary Endpoint: Change in EASI vs Vehicle at week 8 Secondary Endpoint: Change in IGA (- 2) vs Vehicle Secondary Endpoint: Change in NRS (Max - Itch) vs Vehicle1

![](ex99-2_010.jpg)

10 Topicals for Eczema Systemic burden with severe side effects warning Common side effects include skin rash, burning & stinging, headache, vomiting, ear infection Systemic burden with Black Box Warning Common side effects include infections including lung infection, cancer risk, blood clots, heart attach and low blood cell count May lack sufficient efficacy to achieve symptom relief Indicated for mild - to - moderate AD, not severe May lead to site pain, burning, irritation, application site reaction per reporting Rapid efficacy for short use cycles Consistent use causes necrosis Common side effects include discoloration and thinning of skin etc. Topical Aryl hydrocarbon JAK Inhibitors PDE4 Inhibitors Steroids CLOBEX OLUX TRIAMCINOLONE PDE4 Inhibitor - E6005 – Ralington Pharma/ Medimetriks Pharma - OPA - 15406 – Medimetriks Pharma/ Otsuka Pharma Topicals Under Development JAK Inhibitor - LNK01004 - Lynk Pharmaceuticals - CGB - 500 – CAGE Bio - ATI - 1777 – Aclaris Therapeutics

![](ex99-2_011.jpg)

11 Eczema Loop GX - 03 Skin Signals IL - 36 Broken Barrier Itch Scratching TH2 IL - 4, IL 13 IL - 31 PermaFusion® Delivery Platform Enables topical delivery of biologic - level therapeutics without needles or systemic exposure Disease Modification Approach Intervenes at earliest molecular events before chronic inflammation becomes self - sustaining Localized Activity, Zero Systemic Burden Preserves normal immune function with predictable, low adverse - event profile The GX - 03 Difference GX - 03 First - in - Class Topical Precision cytokine modulation (IL - 36, IL - 31, IL - 4) targeting upstream inflammatory cascade disrupting the eczema loop as well as downstream modulation of symptoms

![](ex99-2_012.jpg)

Eczema TAM Prevalence 12 16.5mm US Eczema Patient Population – 40% (6.6mm Patients) suffer from moderate - to - severe eczema Eczema is the largest and fastest growing I&I market (2) in the US Current Treatments Biologics JAK Inhibitors Others Market Gap Biologics demand painful injections sparking site reactions , cost $40,000+ yearly with major access hurdles, and discontinuation often triggers rapid, severe symptom rebound, locking patients into lifelong therapy. JAK inhibitors broadly suppress the immune system with high systemic exposure , raising risks of serious infections like herpes zoster, headaches, acne, and black - box warnings for malignancies, blood clots, heart attacks, and death — creating significant safety concerns that limit their use despite efficacy. Corticosteroids risk irreversible skin thinning, striae, and atrophy while sparking severe rebound flares and widespread steroid phobia; Calcineurin inhibitors provoke intense burning with malignancy black - box warnings; PDE4 inhibitors offer modest efficacy marred by painful stinging ; and Vtama® frequently causes folliculitis, dermatitis, and headaches — underscoring the urgent need for safer, better - tolerated options. GX - 03 First - in - Class IL - 36 inhibitor topical treatment eliminating needles Precision immunomodulation without systemic uptake Reduces itch factor by inhibiting IL - 31 - increasing quality of life Non - steroid and non - cytotoxic with established safety profile Today $16.8B (1) $37B by 2034 (1) 1. www.biospace.com 2 Largest by patient population, fastest based on projected market size (EvaluatePharma)

![](ex99-2_013.jpg)

GX - 03 in Onychomycosis (Toe - nail Fungus)

![](ex99-2_014.jpg)

14 `. pubmed.ncbi.nlm.nih.gov Onychomycosis (Nail Fungus) – Phase 3 Ready Currently approved topical onychomycosis products have failed to penetrate the nail and eliminate fungal pathogens per established model (1) Establishment of a Novel Model of Onychomycosis in Rabbits for Evaluation of Antifungal Agents GX - 03 successfully penetrated nail and eliminated fungal pathogens in the same model 17.8% 8.9% 6.5% In the same in - vivo model, GX - 03 successfully penetrated the nail, reducing fungal burden in the nail bed by 12% to 18% with just two weeks of application. Lipid - based delivery enables passive diffusion of API through lipid bilayers. Currently marketed topical products fail to materially penetrate the nail in the same published in - vivo model leading to lower efficacy: 100 80 60 40 20 Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group Group 0 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 2, 2, 2, 2, 2, 2, 1, 1, Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit Rabbit #12 #11 #10 #9 #8 #7 #6 #5 #4 #3 #2 #1 #6 #5 #4 #3 #2 #1 #2 #1

![](ex99-2_015.jpg)

15 A Novel Approach to Polymicrobial Nail Infection Independent Investigator - Initiated study of GX - 03 Informs Clinical Development Program N=100 Endpoint: Clinical cure ~ R. Daniel Davis, DPM Past President: American Podiatric Medical Association Before and After 2nd toe and hallux inprovement Before After Hallux nails clears Before After New nail growing out The use of [GX - 03] successfully initiated clinical improvement of the nail plate. There is visible evidence of the development of a Beau's line with progression of a clear nail plate to the distal end of the nail. In this study, we found the clinical efficacy varied from close to 70% with once - a - day application to over 85% efficacy with BID application. This has resulted in both patient and physician satisfaction from utilizing a unique antimicrobial gel that addresses nearly every cause of the nail infective processes. There were no reported adverse effects. Before After

![](ex99-2_016.jpg)

Onychomycosis TAM and Prevalence : 16 47.6mm US Patient Population – 1 in 7 people globally suffers from Onychomycosis(1) Only 15% of the affected population seeks treatment due to lack of awareness, limited efficacy and hepatoxicity of available therapeutics Current Treatments Oral Topical Market Gap Oral terbinafine (Lamisil) carries risk of severe hepatotoxicity , including liver failure that may lead to death or transplantation. Rare but serious effects include permanent taste/smell loss , depression, severe skin reactions, and blood disorders. Jublia (efinaconazole), Penlac (ciclopirox), and Kerydin (tavaborole) have a major limitation: low complete cure rates (efficacy ranging from 6% - 18%) due to inability to penetrate the nail . The onychomycosis patent cliff peaks in 2026 , with Jublia, the last major branded topical, facing patent expiry in 2026. Oral terbinafine and older topicals like Penlac are long generic; Kerydin generics already dominate. There is a huge gap: no innovative branded therapies amid rising prevalence and demand for safer, more effective treatments. GX - 03 First - in - Class Topical treatment with demonstrated in - vivo nail penetration Established antimicrobial properties and targeted delivery enables nail - bed reach 70% - 85% efficacy in independent investigation of 100+ human patients Established safety profile with historical in - human use and no systemic uptake Today $3.8B (2) $5.7B by 2034 (2) www.cdc.gov www.grandviewresearch.com

![](ex99-2_017.jpg)

Non - Cold Chain Limited: Intranasal Thermostable Respiratory Vaccine

![](ex99-2_018.jpg)

18 Viscous Intranasal Thermostable Vaccines Targeted Mucosal Immunity Current liquid vaccine formulations can drip or be swallowed leading to inconsistent dosing. Turn's viscous delivery medium solves this with consistent site - specific contact Respiratory virus receptors are in nares and targeted intranasal delivery provides immunization without unnecessary needles, additives, or adjuvants Cold - Chain Limitations of Current Vaccines Consistent Dosing with enhanced efficacy Targeted Delivery by Removing the Needles Rapid Deployability Possible Current live vaccines are limited by cold - chain requirements and typically have shelf lives of 2 - 6 hours at room temperature, with 2 - 5 days under refrigeration. Stabilization at room temperature with needle - dree delivery enables rapid distribution to clinics, hospitals, and patients via standard delivery. rVSV Thermostability Achieved rVSV - MARV successfully survived 14 days at ambient temperature and 28 days refrigerated (4 ƒ C) with 100 % recovery to 10 ^ - 7 dilution . Proof that delivery platform can maintain live virus with greater thermostability Assay Company developed patent - pending TCID50 assay to ascertain viral recovery in viscous medium down to 10^ - 7 dilution Development Plan We plan to conduct immunogenicity studies in live cell and animal models for rVSV and H1N1 Influenza

![](ex99-2_019.jpg)

Our Science

![](ex99-2_020.jpg)

PermaFusion: API Agnostic Water - In - Oil Delivery A potentially transformative delivery platform enabling stable, emulsifier - free dispersion of active ingredients in oil - based carriers for superior penetration by APIs Patented, Proprietary Process API - agnostic drug delivery platform designed for continued innovation Suspended, non - diluted nanodroplets embedded within oil - based carrier deliver active ingredients through skin, nails, and mucous membranes Compatible with any liquid or liquid - soluble API, including live payloads (i.e. viruses/vectors) 20 1.3 Micron Active ingredient nanodroplets suspended within petrolatum matrix API in Liquid Solvent Patented Multi - Step Mixing Process w/out Emulsifier Petro / Oil Carrier

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21 Mechanism of Action (Eczema) GX - 03 employs the PermaFusion® platform, to precision deliver cytokine - modulating agents into the base formulation. This represents an evolution from our FDA - cleared medical devices to an investigational, first - in - class topical immunomodulatory therapy for moderate to severe eczema that has demonstrated a consistent and predictable adverse event profile in early clinical studies. Why Target IL - 36 Release? IL - 36 acts as an upstream gatekeeper before IL - 31, IL - 4, and IL - 13 activation. Current biologics (anti - IL - 4, IL - 13, IL - 31) intervene after epithelial alarm signaling has already triggered immune amplification and inflammation - they suppress downstream signals but miss the initiating event. Inhibiting IL - 36 release interrupts the cascade before leukocyte recruitment and Th2 polarization begin. GX - 03 also impacts IL - 31, which drives the itch - scratch cycle and creates a pathogenic feedback loop: IL - 31 leads to barrier injury, epithelial stress, and more IL - 36 release. Breaking this cycle addresses both initiation and perpetuation of disease. Immune Cells Dermis Epidermis Cytokines

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22 Mechanism of Action (Onychomycosis) GX - 03 is a topical petrolatum - based formulation containing polyhexanide for treating onychomycosis, The mechanism of action involves two key aspects: enhanced nail penetration enabled by the lipid carrier base and direct antifungal effect. Nail Penetration & Delivery The occlusive base passively diffused through hydrophilic channels within the intercellular lipid bilayers and keratin corneocytes. This allows the API to diffuse through the nail to reach the underlying nail bed and infection site. In - vivo studies demonstrate the MOA. Antifungal Activity of API Polyhexanide has documented antifungal properties. Time - kill assays show >99.98% reduction in T. rubrum within 10 minutes and complete elimination of C. albicans within 2 days. Polyhexanide binds electrostatically to negatively charged phospholipid headgroups on the fungal cell membrane. This causes structural disruption, leakage of cellular contents, and cell lysis without forming pores. API Traveling through lipid bilayers Fungal Pathogens Nail Bed Nail Surface API travels through lipid channels in the nail shell and reach the nail bed reducing fungal burden at the source

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Corporate & Financial Highlights

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24 Financial Highlights Average Monthly Cash Burn vs Peer Average ($000's) Turn Therapeutics $9,000 $,8000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 2023 2024 Average for Peers 9M - 2025 $2,924 $115 $113 $154 $6,705 $8,727 $21M Total money raised since inception (i.e. 2015) $18M Cash burned since inception $22 - 25M Expected R&D spend to complete Phase 3 trials $10 - 12M Expected G&A burn through 1H 2028

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25 Our Partnerships FDA Cleared Product The product has been FDA cleared (510K) and does not have any regulatory hurdles to market $70M+ Milestone $70M in milestones payments + royalties on sales providing potential non - dilutive revenue Medline's Global Reach Medline is the largest provider of medical - surgical products and supply chain solutions serving all points of care. MIMEDX's Focus MIMEDX is aspiring to be the leading provider in wound care, burn, and surgical sectors. Antimicrobial Oil Emulsion Dressing Natural market replacement for standard oil emulsion dressings. Antimicrobial Collagen Powder Natural market replacement for standard collagen powder Potential Future Products Multi - year framework for supply, co - development activities and co - branding of future products in the professional and retail space. Potential Future Products Multi - year framework for joint - development of license - related products with $1M payment for each jointly developed product. Validation of IP Non - dilutive revenue Minimal risk, all upside partnerships Prospect of future products

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26 Management & Board Key Management Board Members Advisors Chairman & Founder 10+ Years of Experience Chief Accounting Officer, VP Finance 9+ Years of Experience Chief Medical Officer 11+ Years of Experience Controller 6+ Years of Experience Chief of Staff 9+ Years of Experience 35+ Years of Experience Conoon Kim David Swoish Angbeen Chaudary Muhammad Zubair, Dr. Neil Zuraiz Chaudhary, Bradley Burnam Digital Technology Operations CPA Ghodadra, MD CPA Chief Executive Officer, Podiatrist &. Surgeon Former President, APMA 18+ Years of Experience Board - Certified Plastic Surgeon Polk & Wardwell Chairman Emeritus, RPI Pharmaceuticals Vaccine Research and Development at CEPI Stephen Bresnick, Dr. R. Daniel Davis, Dr. Jeffrey Galpin, Martin Dewhurst Kent Kester, MD Andrew Gengos Arthur Golden, JD MD DPM MD McKinsey Veteran Executive Director, CFO Terns Senior Counsel, Davis Senior Advisor at PJT Partners Infectious Disease & Internal Medicine Providence Health & Services

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Thank You I nvestors@turntherapeutics.com Office: 250 N. Westlake Blvd, #210 Westlake Village, CA 91362