The company continues to report zero commercial revenue while sustaining significant operating losses that peaked at $2.2M in 2025Q4.
| Sales/Revenue | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 42.28K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - |
| Gross Profit | -42.28K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - |
| Gross Profit Growth % | - | - | - | - |
| Operating Expenses | 6.68M | 5.86M | 1.8M | 2.31M |
| OpEx % of Revenue | - | - | - | - |
| Selling, General & Admin | 6.31M | 5.59M | 1.55M | 2.3M |
| SG&A % of Revenue | - | - | - | - |
| Research & Development | 365.75K | 265.57K | 245.96K | 7.5K |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -6.72M | -5.86M | -1.8M | -2.31M |
| Operating Margin % | - | - | - | - |
| Operating Income Growth % | - | -226% | 22.14% | - |
| EBITDA | -6.68M | -5.81M | -1.75M | -2.26M |
| EBITDA Margin % | - | - | - | - |
| EBITDA Growth % | - | -231.83% | 22.73% | - |
| D&A (Non-Cash Add-back) | 42.28K | 52.75K | 47.48K | 43.92K |
| EBIT | -6.72M | -5.86M | -1.8M | -2.31M |
| Net Interest Income | 74.1K | 29.58K | 28.71K | 15.88K |
| Interest Income | 74.1K | 29.58K | 28.71K | 15.88K |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.88M | 2.66M | 28.71K | 15.88K |
| Pretax Income | -3.84M | -3.19M | -1.77M | -2.29M |
| Pretax Margin % | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% |
| Net Income | -3.84M | -3.19M | -1.77M | -2.29M |
| Net Margin % | - | - | - | - |
| Net Income Growth % | - | -80.62% | 22.85% | - |
| Net Income (Continuing) | -3.84M | -3.19M | -1.77M | -2.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.13 | -0.23 | -0.13 | -0.17 |
| EPS Growth % | - | -76.92% | 23.53% | - |
| EPS (Basic) | - | -0.23 | -0.13 | -0.17 |
| Diluted Shares Outstanding | 29.48M | 13.74M | 13.42M | 13.25M |
| Basic Shares Outstanding | 29.48M | 13.74M | 13.42M | 13.25M |
| Dividend Payout Ratio | - | - | - | - |
Pre-revenue liquidity exhaustion
As indicated by the company's financial statements over the last four quarters, Turn Therapeutics has failed to generate any top-line revenue, confirming its status as a pre-commercial entity that remains entirely dependent on external capital to fund its ongoing research and development activities and operational overhead.
The lack of revenue generation since 2025Q2 suggests that the company has yet to achieve the necessary regulatory or commercial milestones required to monetize its PermaFusion platform. Investors should monitor whether this stagnation reflects a prolonged clinical development cycle or an inability to secure the strategic partnerships essential for market entry.
Based on reported figures, the company's cost structure is heavily skewed toward SG&A expenses, which reached $2.1M in 2025Q4, significantly outpacing R&D spending and suggesting that administrative and operational overhead currently consumes the majority of the firm's limited capital resources rather than clinical innovation.
This allocation pattern appears counterintuitive for a biotechnology firm in the development stage, where R&D should typically represent the primary investment priority. The high SG&A burden warrants further investigation into whether these costs are driven by necessary regulatory compliance or inefficient corporate spending that may accelerate the depletion of the $5M cash balance.
According to recent quarterly filings, the company consistently reports negative operating income, with losses peaking at $2.2M in 2025Q4, a trend that highlights the absence of operating leverage and the significant financial strain imposed by a business model that lacks a recurring revenue stream.
The widening gap between operating expenses and the lack of gross profit indicates that the company is currently unable to scale its operations efficiently. Without a clear path to revenue, the current trajectory suggests that the firm may face increasing pressure to dilute existing shareholders to sustain its ongoing cash burn.
As reported in financial statements, the company maintains a cash position of approximately $5M, which, when measured against the quarterly operating losses, suggests a limited runway that may force management to seek dilutive financing or face potential liquidity constraints in the near-term future.
While the company maintains a clean balance sheet with minimal debt, the lack of access to non-dilutive capital markets appears to be a significant vulnerability. Investors should remain cautious, as the absence of commercial revenue makes the firm highly sensitive to any delays in clinical trial readouts or regulatory approvals.
Quick answers to the most common questions about buying TTRX stock.
For fiscal year 2025, Turn Therapeutics Inc. (TTRX) reported total revenue of $0.0M.
Turn Therapeutics Inc. (TTRX) reported a net loss of $3.2M for the fiscal year ending 2025.