Is Turn Therapeutics struggling financially?

Yes, by its own account. Turn Therapeutics told the SEC on 11 May 2026, in Form 10-Q, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

30/100

Fragile

Sector: Biotech/Pharma
Market cap: $281.8M
Source filing: 10-Q 11 May 2026
Balance sheet: 30 Jun 2026

Cash runway

15months

If the burn speeds up

Empty by Sep 2027
21months

If it eases off

Empty by Mar 2028

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$9.9M

Cash burned over the last 12 months

$6.8M

What Turn Therapeutics told the SEC

…from the date that these unaudited condensed consolidated financial statements as of March 31, 2026 are issued based on our expected cash needs, which raises substantial doubt about our ability to continue as a going concern. As we continue to pursue our business plan, we expect to finance our operations through potential public or private equity offerings, including future draw-downs under our Share…

Turn Therapeutics Inc., Form 10-Q, filed 11 May 2026.

Read the filing on SEC.gov

What this means

Not a bankruptcy filing, and not a prediction.
It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

Cash runway

The runway math

What Turn Therapeutics told the SEC

What this means

Other Biotech/Pharma companies that filed the doubt