Turn Therapeutics is an early-stage biopharmaceutical company developing topical drug candidates for inflammatory skin diseases. The company's core asset is GX-03, a topical formulation based on polyhexanide (PHMB), a well-characterized antimicrobial and anti-inflammatory polymer. Turn is pursuing FDA drug approval for GX-03 in two dermatology indications: moderate-to-severe eczema (atopic dermatitis) and onychomycosis (fungal nail infections). GX-03 is non-steroidal, non-biologic, and non-injectable, and Turn argues it is differentiated by a favorable tolerability profile built up through years of use as a cleared medical device. A Phase 2 eczema trial in roughly 114-120 adult patients began dosing in mid-2025, with topline results expected mid-2026; the onychomycosis program is secondary and will advance after the eczema trial concludes. Turn operates a capital-light model with two full-time employees, relying heavily on contractors and outsourced manufacturing. The company also holds several FDA-cleared medical device products using the same base formulation, which it licenses to commercial partners including Medline and MiMedx, generating passive revenue while Turn focuses capital on drug development. The MiMedx agreement includes up to $69.55M in milestones plus a royalty on net sales. Turn holds 14 issued U.S. patents with expected coverage into the late 2030s to mid-2040s.