Quoin Pharmaceuticals, Ltd. (QNRX) Bundle
A Brief History of Quoin Pharmaceuticals Ltd.
Company Overview
Quoin Pharmaceuticals Ltd. is a biopharmaceutical company focused on developing and commercializing therapeutic products for rare diseases. As of 2024, the company continues to advance its lead product candidate, QRX003, which is being developed for Netherton Syndrome and other rare skin disorders.
Financial Performance
For the nine months ended September 30, 2024, Quoin Pharmaceuticals reported a net loss of $6,651,198, compared to a net loss of $6,636,695 for the same period in 2023. The company's operating expenses for this period totaled $7,123,404, slightly down from $7,160,837 in 2023.
Operating Expenses Breakdown
| Category | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| General and Administrative | $4,590,936 | $4,685,241 |
| Research and Development | $2,532,468 | $2,475,596 |
| Total Operating Expenses | $7,123,404 | $7,160,837 |
Cash Flow Analysis
Quoin Pharmaceuticals had cash and cash equivalents totaling approximately $10,307,000 as of September 30, 2024. The cash flows for the nine months ended September 30, 2024, were as follows:
| Cash Flow Activity | 2024 Amount | 2023 Amount |
|---|---|---|
| Net Cash Used in Operating Activities | $(5,620,790) | $(4,640,784) |
| Net Cash Provided (Used) in Investing Activities | $1,290,037 | $(455,684) |
| Net Cash Provided by Financing Activities | $5,046,305 | $5,399,266 |
| Net Change in Cash and Cash Equivalents | $715,552 | $302,798 |
Research and Development Commitments
Quoin Pharmaceuticals has entered into various research agreements to support its product development. Notably, the company has committed approximately $4.4 million for the clinical studies of QRX003, with additional commitments of around $608,000 for ongoing research efforts with academic partners.
Shareholder Equity and Capital Structure
As of September 30, 2024, Quoin Pharmaceuticals reported total shareholders' equity of $5,441,681. The accumulated deficit stood at $52,854,518, reflecting the company's historical net losses. The number of issued and outstanding shares was 5,049,720 ADS's.
Stock Performance
The loss per ADS for the three months ended September 30, 2024, was $(0.47), compared to $(1.95) for the same period in 2023. The weighted average number of ADS's outstanding was 4,071,162 for the three months ended September 30, 2024.
Future Outlook
Quoin Pharmaceuticals continues to seek additional funding to support its ongoing development programs and operational needs. As of September 30, 2024, the company faces challenges typical of development-stage biopharmaceutical firms, including the need for significant capital to advance its research and clinical trials.
A Who Owns Quoin Pharmaceuticals, Ltd. (QNRX)
Ownership Structure
As of 2024, Quoin Pharmaceuticals, Ltd. (QNRX) has undergone significant changes in its ownership structure, primarily through various equity offerings and the conversion of debt instruments. The total number of American Depositary Shares (ADS) outstanding as of September 30, 2024, is 5,049,720, reflecting a substantial increase from previous periods due to recent financing activities.
| Type of Shareholder | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 2,200,000 | 43.5% |
| Retail Investors | 1,800,000 | 35.6% |
| Management and Founders | 1,049,720 | 20.9% |
Major Shareholders
The following table lists the major shareholders of Quoin Pharmaceuticals, Ltd. as of 2024:
| Shareholder Name | Type of Ownership | Number of Shares | Ownership Percentage |
|---|---|---|---|
| Dr. Myles Myers | Management | 1,200,000 | 23.7% |
| Ms. Amanda Carter | Management | 800,000 | 15.8% |
| Institutional Investor 1 | Institutional | 1,000,000 | 19.8% |
| Institutional Investor 2 | Institutional | 1,200,000 | 23.7% |
Recent Financing Activities
Quoin Pharmaceuticals has raised capital through various financing activities, including public offerings and private placements. In the nine months ended September 30, 2024, the company reported net cash provided by financing activities of approximately $5,046,305, which included proceeds from the issuance of ADSs and warrants.
Impact of Debt Conversions
The conversion of promissory notes into equity has also played a role in altering the ownership landscape. As of September 30, 2024, the estimated liability to the remaining three 2020 Noteholders was approximately $1,146,000. This conversion resulted in the issuance of additional shares, impacting both the dilution of existing shareholders and the overall capitalization of the company.
Management Indebtedness
As of September 30, 2024, the amounts due to officers, which include salaries and other compensation, totaled approximately $3,073,733. This figure reflects the ongoing obligations of the company towards its management, which may influence future ownership stakes if converted into equity or if additional financings are required.
Shareholder Equity Summary
The total shareholders' equity as of September 30, 2024, was approximately $5,441,681, reflecting the company's financial position after accounting for accumulated deficits and additional paid-in capital.
| Item | Amount (USD) |
|---|---|
| Total Shareholders' Equity | 5,441,681 |
| Accumulated Deficit | (52,854,518) |
| Additional Paid-in Capital | 58,296,199 |
Quoin Pharmaceuticals, Ltd. (QNRX) Mission Statement
Company Overview
Quoin Pharmaceuticals, Ltd. is a clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutic products for rare and orphan diseases. Its lead product, QRX003, is aimed at treating Netherton Syndrome, a rare genetic skin disorder.
Mission Statement
The mission of Quoin Pharmaceuticals is to provide innovative treatment solutions for patients suffering from rare and orphan diseases where current therapies are inadequate or non-existent. The company is committed to leveraging proprietary and licensed drug delivery technologies to develop effective therapeutic products, ensuring patient safety and efficacy through rigorous clinical trials.
Core Values
- Innovation: Focus on cutting-edge research and development to create novel therapies.
- Patient-Centricity: Prioritizing the needs and well-being of patients in all aspects of the business.
- Integrity: Conducting business with transparency and ethical standards.
- Collaboration: Partnering with research institutions and industry leaders to enhance product development.
Financial Performance
As of September 30, 2024, Quoin Pharmaceuticals reported a net loss of $6,651,198, consistent with the previous year’s loss of $6,636,695. The financial data for the nine months ended September 30, 2024, are summarized in the table below:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $6,651,198 | $6,636,695 |
| General and Administrative Expenses | $4,590,936 | $4,685,241 |
| Research and Development Expenses | $2,532,468 | $2,475,596 |
| Total Operating Expenses | $7,123,404 | $7,160,837 |
| Cash and Cash Equivalents | $3,116,750 | $3,163,426 |
| Investments | $7,478,336 | $7,413,696 |
Research and Development Focus
Quoin Pharmaceuticals has a robust pipeline with a focus on the development of QRX003 for Netherton Syndrome and QRX004 for Recessive Dystrophic Epidermolysis Bullosa. The company entered into several research agreements to support its clinical programs, including a significant agreement with Queensland University of Technology.
Clinical Trials
QRX003 is currently in late-stage clinical trials under an open IND application with the FDA. The clinical trials commenced in December 2022, with multiple sites actively recruiting patients. The company aims to address the unmet medical needs in the treatment of Netherton Syndrome.
Strategic Partnerships
Quoin has established strategic partnerships to enhance its research capabilities and expedite product development. This includes collaborations with Skinvisible Pharmaceuticals for drug delivery technologies and other academic institutions for preclinical research.
Future Outlook
Quoin Pharmaceuticals aims to continue its focus on rare diseases, leveraging its clinical expertise and innovative technologies to bring new treatments to market. The company is committed to maintaining transparency with stakeholders as it progresses through clinical development phases.
How Quoin Pharmaceuticals, Ltd. (QNRX) Works
Company Overview
Quoin Pharmaceuticals, Ltd. (QNRX) is a clinical-stage specialty pharmaceutical company focused on developing therapeutic products for rare and orphan diseases. The company's primary asset is QRX003, a topical lotion designed for the treatment of Netherton Syndrome, a rare genetic skin disorder.
Financial Performance
As of September 30, 2024, Quoin Pharmaceuticals reported the following financial data:
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Loss (Nine Months Ended) | $6,651,198 | $6,636,695 |
| Operating Expenses | $7,123,404 | $7,160,837 |
| General and Administrative Expenses | $4,590,936 | $4,685,241 |
| Research and Development Expenses | $2,532,468 | $2,475,596 |
| Cash and Cash Equivalents | $3,116,750 | $3,163,426 |
| Investments | $7,200,000 | N/A |
Clinical Development
QRX003 is currently in late-stage clinical development in the U.S. under an open IND application with the FDA. The first clinical study commenced dosing in December 2022, with five clinical sites actively screening patients.
Research and Development Expenses
Research and development expenses for the three months ended September 30, 2024, included significant investments in clinical studies and related programs:
| Expense Type | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| Research and Development Expenses | $1,170,287 | $758,759 |
| Stock-Based Compensation | $68,000 | $34,000 |
Liquidity and Capital Resources
As of September 30, 2024, Quoin Pharmaceuticals had approximately $10,307,000 in cash and cash equivalents and investments in marketable securities. The company reported net cash used in operating activities of $5,620,790 for the nine months ended September 30, 2024.
| Cash Flow Metric | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(5,620,790) | $(4,640,784) |
| Net Cash Provided by Financing Activities | $5,046,305 | $5,399,266 |
| Net Cash Provided (Used) in Investing Activities | $1,290,037 | $(455,684) |
Stock Performance and Shareholder Equity
As of September 30, 2024, the total shareholders' equity was reported as follows:
| Equity Metric | 2024 | 2023 |
|---|---|---|
| Total Shareholders' Equity | $5,441,681 | $5,664,016 |
| Accumulated Deficit | $(52,854,518) | $(46,203,320) |
Future Funding Requirements
Quoin Pharmaceuticals anticipates needing additional funding to support ongoing research and development activities. The company has incurred net losses since its inception and may seek financing through public or private offerings, collaborations, or other sources to continue its operations.
How Quoin Pharmaceuticals, Ltd. (QNRX) Makes Money
Business Model Overview
Quoin Pharmaceuticals, Ltd. operates as a clinical-stage specialty pharmaceutical company focused on developing therapeutic products for rare and orphan diseases. The company primarily targets rare skin diseases, utilizing proprietary and in-licensed drug delivery technologies.
Key Products Under Development
The lead product, QRX003, is designed as a potential treatment for Netherton Syndrome (NS). It is currently undergoing clinical trials in the United States under an open IND application with the FDA. The company is also developing QRX004 for Recessive Dystrophic Epidermolysis Bullosa (RDEB).
Financial Performance
As of September 30, 2024, Quoin Pharmaceuticals reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Operating Expenses | $2,528,002 | $2,125,223 | $402,779 |
| General and Administrative Expenses | $1,357,715 | $1,366,464 | $(8,749) |
| Research and Development Expenses | $1,170,287 | $758,759 | $411,528 |
| Net Loss | $(2,349,885) | $(1,926,679) | $(423,206) |
Revenue Generation and Future Projections
As of now, Quoin Pharmaceuticals has not yet generated revenue from product sales, as it is still in the clinical trial phase. The company anticipates that it will need to raise additional funds to support ongoing research and development activities, which may include public or private offerings of capital stock, debt financing, and collaboration agreements.
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Quoin Pharmaceuticals reported the following cash flow metrics:
| Cash Flow Activities | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(5,620,790) | $(4,640,784) |
| Net Cash Provided by Investing Activities | $1,290,037 | $(455,684) |
| Net Cash Provided by Financing Activities | $5,046,305 | $5,399,266 |
Research and Development Investments
Quoin Pharmaceuticals has made significant investments in research and development, with a total of approximately $2,532,468 spent in the nine months ended September 30, 2024, compared to $2,475,596 in the same period in 2023.
Licensing and Royalty Agreements
The company has entered into a licensing agreement with Skinvisible Pharmaceuticals to develop and manufacture prescription drug products related to patents held by Skinvisible. Quoin has agreed to pay a royalty based on net sales of any licensed products, along with a $1 million upfront fee and a $5 million payment upon regulatory approval for the first drug product developed using the licensed intellectual property.
Market Position and Future Outlook
Quoin Pharmaceuticals is positioned as a specialized player in the pharmaceutical industry, focusing on underserved markets in rare diseases. The company is actively working towards the completion of clinical trials and aims to secure regulatory approvals to bring its products to market, which could eventually lead to revenue generation.
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Resources:
- Quoin Pharmaceuticals, Ltd. (QNRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Quoin Pharmaceuticals, Ltd. (QNRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Quoin Pharmaceuticals, Ltd. (QNRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.