Turn Therapeutics Secures $25M Growth Facility, Medline Deal Targets Late-2026 Revenue
Turn Therapeutics obtained a $25M venture debt facility, providing a 42-month term and extending cash runway through end-2027 with a $7M initial tranche. The company reported a $3.19M net loss on $5.08M cash, appointed Dr. Robert Redfield and signed a global Medline license to start revenue in late-2026.
1. Full Year 2025 Financial Performance
Turn Therapeutics closed 2025 with $5.08M in cash and equivalents (excluding $7M drawn tranche), R&D expenses of $0.3M, G&A expenses of $5.5M, and a net loss of $3.19M. Total assets reached $12.16M against liabilities of $7.48M, resulting in $4.69M in stockholders’ equity.
2. $25 Million Venture Debt Facility
In March 2026 the company entered a 42-month venture debt facility for up to $25M from Avenue Capital, with an initial $7M tranche now drawn and two further tranches of $18M available upon achievement of predefined milestones. This financing extends the cash runway through the end of 2027 and supports continued development of lead programs.
3. Leadership Appointments
Turn Therapeutics appointed Dr. Robert Redfield, former CDC Director, to advise on regulatory strategy for GX-03 development and commercialization, and added Martin Dewhurst, a life sciences strategy and M&A veteran, to its Board of Directors to guide long-term growth initiatives.
4. Licensing and Pipeline Advances
The global supply, development and license agreement with Medline positions Turn to generate revenue in late 2026 using its PermaFusion® platform. The Phase 2 trial of GX-03 for atopic dermatitis remains on track for topline results in mid-2026, and the company is expanding its intranasal vaccine pipeline to include a thermostable influenza candidate.