Turn Therapeutics (TTRX) TD Cowen 46th Annual Health Care Conference summary

Company background and innovation

• Originated from the founder's personal experience as a chronic wound patient, leading to the development of a novel polymer-based ointment with a unique PermaFusion process for high bioavailability and low ingredient weight.

• The lead asset, TT-03, is a new chemical entity and the first IL-36/IL-31 inhibitor of its kind, with a novel mechanism of action and extensive human safety data.

• The company operates with a low burn rate, has raised $21 million, and maintains strong patent protection extending into the late 2040s.

• Built a robust advisory board with industry leaders and recently enhanced PR efforts to increase institutional awareness.

Clinical development and pipeline

• Active phase II trial in moderate to severe eczema in the U.S., with interim and top-line data expected in Q2 2026; primary endpoint is EASI index change.

• Phase III-ready onychomycosis (toenail fungus) drug demonstrated 70%-85% efficacy in a 100-patient trial and effective nail penetration in preclinical studies.

• The product's safety profile is supported by a phase I RIPT study with no adverse events and thousands of patient uses in wound care.

• Adaptive trial design allows for interim committee review and potential patient number adjustments.

Mechanism of action and scientific rationale

• TT-03 inhibits IL-36 and IL-31, targeting the initial and downstream drivers of eczema and itch, validated in in vivo and cytokine expression studies.

• The product also addresses skin barrier dysfunction and pathogenic bioburden, particularly staph colonization, potentially working from both sides of the disease process.

• The company is exploring additional indications, including hidradenitis suppurativa and psoriasis, due to the shared IL-36-driven inflammatory pathways.