Turn Therapeutics Inc.

TTRXdata completeness 63%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Turn Therapeutics Inc. earns about -68% on equity, but has diluted owners by 4% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025
Revenue	—	—
Net income	−$1.77M¹	−$3.19M¹
Operating cash flow	−$1.36M²	−$2.56M²
Capital expenditure	—	—
Free cash flow (derived)	—	—
Total debt	—	—
Cash & equivalents	$498,286³	$4.03M³
Diluted shares	26.6M	27.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$1.69

your share of equity

Profit it earned you last year

−$1.15

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $1.69 of net worth that earned you −$1.15 last year.

iii. Is this a good business?

Moat signal · return on equity

-68% avg · 2y

FY24 —FY25 -68%

It earned an average -68% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+4% shares · 2y

Share count is up 4% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001213900-26-037505 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-037505 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-037505 (CashAndCashEquivalentsAtCarryingValue)