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.
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.
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