Quoin Pharmaceuticals, Ltd. QNRX
We are a late-stage clinical specialty pharmaceutical company focused on the development and commercialization of therapeutic products that treat rare and orphan diseases for which there are currently either no approved or very limited treatments or cures. Our lead product, QRX003, is under clinical development as a potential treatment for Netherton Syndrome ("NS"), a rare hereditary genetic disease. QRX003 is entering pivotal registrational clinical testing under an open Investigational New Drug ("IND") application with the Food and Drug Administration ("FDA"). We have opened six clinical sites in the United States ("U.S.") along with international sites that are being opened in the UK, Spain, France and the Netherlands. QRX003 is currently being tested in seven pediatric NS patients in investigator-initiated studies in Ireland, Austria, the Netherlands and New Zealand. QRX003 is also being developed as a potential treatment for Peeling Skin Syndrome with the first subject being treated in New Zealand. We are in the process of expanding this study to include up to an additional five pediatric subjects. We entered into a Research Agreement with the Queensland University of Technology ("QUT") in Australia, under which we have obtained an option for a global license to QRX008 for the potential treatment of scleroderma, as well as a Research Agreement with The School of Pharmacy at University College Cork ("UCC") for the development of novel topical formulations of rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are either limited or no approved therapies or cures, including microcystic lymphatic malformations, venous malformations and angiofibromas among others. We have also entered into 9 commercial partnerships for QRX003 spanning 61 countries outside of our core commercial territories of the U.S., Western Europe and Japan. These partnership countries include Canada, Australia, New Zealand, the Middle East, China, Taiwan, Hong Kong Singapore, Israel, Central and Eastern Europe, Turkey as well as several countries in Latin America.
No market cap here: QNRX is a depositary receipt for shares held in this company's home market, and the number of shares one receipt stands for could not be read from its latest 10-K cover page. Without it, the share count SEC publishes and the price quoted here count different things, and multiplying them would not be this company's value. The financial statements below are as filed.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $0 | $0 | — | — |
| R&D | $9.8M | $3.6M | $3.3M | $2.7M | $1.6M | $244.2K | $45.6K | — | — |
| SG&A | $6.5M | $5.9M | $6.1M | $6.6M | $4.5M | $1.4M | $1.5M | — | — |
| Operating income | — | — | — | — | — | -$4.4M | -$6.5M | — | -$7.0M |
| Interest expense | — | — | — | — | $1.1M | $47.0K | — | — | — |
| Pre-tax income | -$15.8M | -$9.0M | — | — | — | — | — | — | — |
| Net income | -$15.8M | -$9.0M | -$8.7M | -$9.4M | -$21.5M | -$2.1M | -$1.6M | — | -$8.1M |
| EPS, basic | — | — | — | — | -0.01 | -0.70 | -0.52 | — | — |
| EPS, diluted | — | — | — | — | -0.01 | -0.70 | -0.52 | — | — |
| Shares, diluted (wtd. avg.) | — | — | — | — | 1.58B | 1.20B | 1.20B | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.8M | $3.6M | $2.4M | $2.9M | $7.5M | $323.8K | — | $40 | — |
| Short-term investments | $14.9M | $10.4M | — | — | — | — | — | — | — |
| Total current assets | $20.0M | $14.9M | $11.3M | $13.4M | $8.2M | $465.2K | — | — | — |
| Other intangibles | $383.3K | $483.3K | $583.3K | $704.6K | $808.6K | $912.6K | — | — | — |
| Total assets | $20.4M | $15.7M | $12.2M | $14.5M | $9.4M | $1.4M | $6.2M | — | $8.8M |
| Accounts payable | $1.3M | $905.7K | $526.5K | $605.6K | $923.2K | — | — | — | — |
| Total current liabilities | $5.5M | $4.2M | $3.6M | $3.5M | $4.6M | — | — | — | — |
| Total liabilities | $7.3M | $6.5M | $6.5M | $7.1M | $8.7M | $8.0M | — | — | — |
| Retained earnings | -$71.0M | -$55.2M | -$46.2M | -$37.5M | -$28.1M | -$6.6M | — | — | — |
| Total equity | $13.1M | $9.2M | $5.7M | $7.4M | $657.0K | -$6.6M | -$4.5M | -$3.0M | $5.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13.5M | -$7.9M | -$7.9M | -$8.5M | -$5.7M | -$1.3M | -$1.3M | — | — |
| Stock-based compensation | $1.1M | $1.3M | $1.1M | $764.0K | — | — | — | — | — |
| Investing cash flow | -$4.3M | -$1.9M | $2.2M | -$10.1M | -$625.0K | -$125.0K | — | — | — |
| Financing cash flow | $18.0M | $11.0M | $5.2M | $14.0M | $13.5M | $1.8M | $1.3M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-084078.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $0 | $0 | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | -$8.1M | — | -$1.6M | -$2.1M | -$21.5M | -$9.4M | -$8.7M | -$9.0M | -$15.8M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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