Financial Performance - Turn Therapeutics Inc. reported net losses of approximately $3.19 million and $1.77 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of approximately $22.39 million as of December 31, 2025[317]. - Total operating expenses increased by $4.06 million from $1.80 million in 2024 to $5.86 million in 2025, primarily due to legal and advisory services related to the company's direct listing[330][332]. - General and administrative expenses rose to $5.59 million in 2025, up from $1.55 million in 2024, driven by increased payroll costs and professional fees[332]. - Research and development expenses remained relatively stable, with a slight increase from $245,956 in 2024 to $265,570 in 2025[330][333]. - Net cash used in operating activities for the year ended December 31, 2025, was $2.56 million, primarily due to a net loss of $3.19 million[343]. - The company recognized stock-based compensation expenses of $0.42 million for the year ended December 31, 2025[343]. Liquidity and Capital Resources - The company had cash and cash equivalents of approximately $5.08 million as of December 31, 2025, compared to $0.87 million in 2024, indicating improved liquidity[318]. - As of December 31, 2025, the company has approximately $5.08 million in cash and cash equivalents to fund operations for the next 12 months[341]. - The company expects to incur significant additional costs, including research and development, general and administrative expenses, and marketing expenses, and plans to fund operations through equity and debt financing[342]. - The company plans to engage in additional debt and/or equity financing as necessary to fund operations and planned research and development activities[342]. - Net cash provided by financing activities for the year ended December 31, 2025, was $6.92 million, mainly from proceeds of common stock issuance[346]. - The company issued an initial draw-down notice to GEM for 1,235,200 shares, resulting in gross proceeds of $4.07 million at approximately $3.29 per share[341]. Assets and Liabilities - Total assets as of December 31, 2025, were reported at $12.16 million, with total liabilities of $7.48 million[338][339]. - The company had federal cumulative net operating loss (NOL) carryforwards of approximately $14.5 million and state NOL carryforwards of approximately $7.3 million as of December 31, 2025[355]. - The company has established a full valuation allowance against its net deferred tax assets, indicating it is unlikely to recognize these benefits in the near future[355]. Clinical Development and Future Plans - GX-03 is currently being evaluated in a randomized, double-blind clinical study for moderate-to-severe eczema, with topline results expected in the first half of 2026[314][319]. - The company anticipates requiring approximately $60.0 to $65.0 million to complete planned Phase 3 trials for eczema and onychomycosis, and $1.5 million to $2.5 million for its vaccine program[340]. - The company has licensed the K183681 medical device to Medline Industries, which is expected to contribute to future revenue streams[315]. Derivative Liabilities - The change in fair value of derivative liability instruments resulted in a net gain of $2.57 million for the year ended December 31, 2025[334]. - Net cash used in investing activities for the year ended December 31, 2025, was $152.99 thousand, primarily for capitalization of patent-related legal costs[345].
Global Health Solutions(TTRX) - 2025 Q4 - Annual Report