Turn Therapeutics Secures Up to \$25 Million in Financing from Avenue Capital Group

Major Growth Capital Infusion Supports Pivotal Pipeline Programs

LOS ANGELES, March 24, 2026 – Turn Therapeutics, Inc. (Nasdaq: TTRX), a clinical-stage dermatology company specializing in novel therapies for inflammatory skin diseases, has announced a significant financial development: the company has entered into a growth capital loan facility with Avenue Venture Opportunities Fund II, L.P., a fund managed by Avenue Capital Group. The total facility is valued at up to \$25 million, providing Turn Therapeutics with strategic capital at a critical juncture.

Key Highlights for Investors

• Initial Funding: The agreement provides an immediate \$7 million tranche, funded at closing. Up to an additional \$18 million may be accessed upon the achievement of certain clinical and corporate milestones.
• Pipeline Acceleration: The new capital extends Turn Therapeutics’ financial runway through the anticipated mid-year readout of its Phase 2 trial in moderate-to-severe atopic dermatitis (eczema), and supports preparation for registrational trials for its lead asset, GX-03.
• Onychomycosis Program Advancement: Encouraging data has been generated for GX-03 in onychomycosis (nail fungus) through independent investigator-sponsored human studies. The company intends to advance this program in parallel with the atopic dermatitis study.
• Extended Runway: If all tranches are accessed, the financing is expected to fund operations through the end of 2027, including support for late-stage trials.

Strategic and Price-Sensitive Information for Shareholders

• Critical Inflection Point: This funding comes as Turn Therapeutics approaches a crucial mid-year data readout for its Phase 2 trial in moderate-to-severe atopic dermatitis. The outcome of this trial could have a material impact on the company’s valuation and future prospects.
• Milestone-Driven Access to Capital: The additional \$18 million of the facility is contingent on achieving specific clinical and corporate milestones. Success in the ongoing programs could unlock this capital, further derisking the company’s development timeline.
• Pipeline Differentiation: Avenue Capital’s involvement and the structure of the facility reflect confidence in GX-03’s potential as a first-in-class, non-systemic topical therapy for both eczema and onychomycosis—two areas with significant unmet medical need.
• Potential Share Price Catalyst: Investors should closely monitor the upcoming Phase 2 data release. Positive results could trigger milestone payments, increase investor confidence, and materially impact TTRX’s share price.

About the Parties

Avenue Capital Group is a global investment firm founded in 1995, managing over \$11 billion in assets and specializing in opportunistic credit and special situations investments across the US, Europe, and Asia.

Turn Therapeutics is a clinical-stage biotechnology company focused on precision therapies for inflammatory skin diseases. Its lead candidate, GX-03, is in development for moderate-to-severe atopic dermatitis with additional potential in onychomycosis.

Forward-Looking Statements

The press release contains forward-looking statements related to Turn Therapeutics’ expectations, plans, and prospects. These statements are subject to risks and uncertainties such as timing and effectiveness of regulatory filings, success of development programs, and the company’s ability to execute its strategic plan. Actual results may differ from current expectations due to various factors.

Investor Relations Contact

Sasha Damouni
Damouni Group, LLC
[email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consider consulting a licensed financial advisor before making investment decisions. The statements herein are based on publicly available information as of March 24, 2026 and may be subject to change. The company’s actual future performance may differ materially from any forward-looking statements contained herein.

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