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QNRX

Quoin Pharmaceuticals, Ltd.

QNRX

Quoin Pharmaceuticals, Ltd. • NASDAQ
$21.47 ▲ 3.62% (+0.75)
Market Cap $12.63 M
52w High $48.30
52w Low $5.01
Dividend Yield 0%
P/E -0.74
Volume 46.02K
Outstanding Shares 588.17K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $4.02M ▲ $-3.948M ▼ 0% $-6.71 ▼ $-3.923M ▼
Q2-2025 $0 $3.793M ▼ $-3.696M ▲ 0% $-6.28 ▲ $-3.768M ▲
Q1-2025 $0 $3.957M ▲ $-3.812M ▼ 0% $-6.5 ▲ $-3.932M ▼
Q4-2024 $0 $2.405M ▼ $-2.311M ▲ 0% $-12.37 ▲ $-2.38M ▲
Q3-2024 $0 $2.528M $-2.35M 0% $-16.45 $-2.503M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.413M ▼ $6.424M ▼ $7.638M ▲ $-1.215M ▼
Q2-2025 $7.79M ▼ $8.913M ▼ $6.361M ▼ $2.551M ▼
Q1-2025 $11.553M ▼ $12.955M ▼ $7.029M ▲ $5.926M ▼
Q4-2024 $14.057M ▲ $15.709M ▲ $6.505M ▲ $9.205M ▲
Q3-2024 $10.307M $11.389M $5.947M $5.442M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.948M ▼ $-2.225M ▲ $2.538M ▲ $-150K $162.414K ▲ $-2.225M ▲
Q2-2025 $-3.696M ▲ $-3.686M ▼ $1.683M ▼ $-150K ▼ $-2.154M ▼ $-3.686M ▼
Q1-2025 $-3.812M ▼ $-2.594M ▼ $2.77M ▲ $22.958K ▼ $198.779K ▼ $-2.594M ▼
Q4-2024 $-2.311M ▲ $-2.237M ▼ $-3.178M ▼ $5.921M ▲ $506.593K ▲ $-2.237M ▼
Q3-2024 $-2.35M $-2.179M $2.601M $-149.892K $271.624K $-2.179M

Five-Year Company Overview

Income Statement

Income Statement Quoin is a classic pre‑revenue biotech. Over the past several years it has reported essentially no product sales and a steady stream of operating losses. The spending level looks modest for a drug developer, but with no income coming in, even modest costs translate into ongoing net losses. Reported earnings per share look extremely volatile and very negative, but that is mostly a function of repeated reverse stock splits rather than a sudden change in the underlying business. Fundamentally, this is still an early‑stage R&D company burning cash to advance its pipeline, not yet a commercial operation generating revenue.

Balance Sheet

Balance Sheet The balance sheet is very thin. Total assets and cash are both quite small, indicating limited financial resources on hand. Debt that existed a few years ago appears to have been largely removed, which reduces financial pressure but likely came via equity issuance and dilution. Shareholders’ equity is only slightly positive, suggesting a narrow capital cushion to absorb further losses. In simple terms, Quoin is running with a light balance sheet: little cash, no meaningful hard assets, and a capital base that depends on continued access to outside funding.

Cash Flow

Cash Flow Cash flows mirror the pre‑revenue profile. Operating cash flow has been consistently negative as the company funds clinical trials and overhead with no offsetting revenue. Capital spending is minimal, which is typical for a virtual or asset‑light biotech model, so almost all cash burn comes from day‑to‑day operations and R&D. The pattern suggests an ongoing need for fresh capital over time, via equity raises, partnerships, or other financing, to keep the development programs moving. There is no sign yet of internally generated cash to support the business.

Competitive Edge

Competitive Edge Competitively, Quoin is positioned as a focused niche player in rare dermatological diseases, especially where no approved treatments exist. Its exclusive rights to the Invisicare topical delivery technology for orphan skin diseases offer a clear differentiator, particularly for conditions with fragile skin barriers. The lead program, QRX003 for Netherton Syndrome, targets a disease with no approved therapies and is relatively advanced compared with many rivals, which could provide a first‑mover edge if late‑stage data are positive. That said, the company is small and will face competition from both specialized biotechs and large pharma companies exploring the same indications. Its advantage rests on speed to market, clinical results, and its ability to execute on commercialization despite its limited size and resources.

Innovation and R&D

Innovation and R&D Innovation is the core of Quoin’s story. The company is built around a drug‑delivery platform (Invisicare) and a concentrated pipeline in rare skin and vascular disorders. QRX003, its lead candidate, uses a protease inhibitor with Invisicare to address the downstream effects of the genetic defect in Netherton Syndrome, an approach that differs from gene‑based strategies. Additional programs, such as topical rapamycin formulations (QRX009) and an early scleroderma candidate (QRX008), extend the same technology into adjacent rare indications. Management has shown some discipline by pruning less promising projects to focus resources on the most advanced and differentiated assets. The key uncertainty is not the existence of ideas, but whether upcoming clinical results validate these scientific concepts enough to support approvals and real‑world use.

Summary

Overall, Quoin is a very early‑stage, high‑risk biotechnology company with an extremely lean financial base and no current revenue, but with a focused and distinctive R&D strategy in rare dermatological diseases. The entire investment case hinges on successful clinical development and eventual commercialization of its lead asset, QRX003, and follow‑on programs that reuse its delivery platform. The upside scenario is meaningful, given the lack of existing treatments and potential regulatory advantages in orphan diseases. The downside is also substantial: ongoing cash burn, reliance on external financing, execution risk in trials, and the possibility that competitors or clinical setbacks erode its first‑mover ambitions. Anyone following QNRX is essentially tracking clinical milestones and funding capacity rather than traditional earnings or growth metrics at this stage.

NEWS

November 6, 2025 · 8:30 AM UTC

Quoin Pharmaceuticals Announces Corporate Update and Third Quarter 2025 Financial Results

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October 30, 2025 · 8:30 AM UTC

Quoin Pharmaceuticals to Provide Corporate Update and Announce Third Quarter 2025 Financial Results on Thursday, November 6, 2025

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October 10, 2025 · 9:24 AM UTC

Quoin Pharmaceuticals Announces Private Placement Financing of Up to $104.5 Million

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September 9, 2025 · 8:30 AM UTC

Quoin Pharmaceuticals Releases Fifth NETHERTON NOW Video Featuring Writers and Influencers Allie and Kaleigh Fasanella, Twin Sisters Living with Netherton Syndrome

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