Turn Therapeutics Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 9, 2026, disclosing a net loss of $13,051,733 for the first nine months of the year.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $13,051,733 for the nine months ended September 30, 2026, compared to $3,473,150 for the same period in 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $6,230,868, versus $1,904,184 in the prior-year quarter.
  • Derivative liability charge: The company recorded a net loss from change in fair value of derivative liability instrument of $5,987,498 for the nine months ended September 30, 2026.
  • Cash position: Cash and cash equivalents stood at $10,363,975 as of September 30, 2026, up from $5,076,144 at December 31, 2025.
  • Total assets: Total assets were $16,349,722 at September 30, 2026, compared to $12,162,241 at December 31, 2025.
  • Accumulated deficit: The accumulated deficit reached $35,441,826 as of September 30, 2026, versus $22,390,093 at December 31, 2025.
  • Shares outstanding: As of November 6, 2026, the registrant had 30,572,704 shares of common stock outstanding.

Turn Therapeutics Q3 2026 Financial Results: Derivative Losses and Rising R&D Costs Widen Deficit

According to the filing, Turn Therapeutics Inc. (NASDAQ:TTRX) reported total operating expenses of $4,827,270 for the nine months ended September 30, 2026, up from $3,665,078 in the comparable prior-year period. Research and development expenses grew to $1,189,697 from $230,636 year-over-year for the nine-month period, while general and administrative expenses were $3,637,573 compared to $3,434,442 for the same span.

Beyond operating expenses, the filing disclosed significant non-operating charges that substantially widened the net loss. The company reported a net loss from the change in fair value of its derivative liability instrument of $5,987,498 for the nine months ended September 30, 2026, a charge that did not appear in the prior-year period. Additionally, amortization of deferred offering and financing costs totaled $1,756,520, and interest expense was $703,502 for the nine-month period. Interest income of $223,057 partially offset these charges.

On the balance sheet, the company reported long-term debt, net of current portion and debt discount, of $5,740,860, which carried no comparable balance at December 31, 2025. The derivative liability instrument declined to $570,579 from $3,028,401 at year-end 2025. Deferred offering costs were $4,302,249 as of September 30, 2026, down from $5,956,424 at December 31, 2025. Total stockholders' equity was $5,692,177 at the close of the quarter. The filing notes that common stock shares issued were 30,532,704 at September 30, 2026, compared to 29,445,183 at December 31, 2025. The filing contains forward-looking statements that, according to the company's cautionary language, involve known and unknown risks and uncertainties and are subject to factors that may cause actual results to differ materially.

What Was Disclosed

Turn Therapeutics filed its Form 10-Q for the quarter ended September 30, 2026, reporting a nine-month net loss of $13,051,733, driven in part by a $5,987,498 derivative liability fair-value loss, with cash of $10,363,975 and an accumulated deficit of $35,441,826.