Quoin Pharmaceuticals, Ltd. (QNRX) Financials

QNRX

FY2025 annual

Revenue Not reported for FY2025

Net Income -$15.8M -75.6% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow -$13.5M -72.3% YoY

Market Cap $19.4M as of Oct 15, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 4.9x on $3.9M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the QNRX SEC filings page.

This page shows Quoin Pharmaceuticals, Ltd. (QNRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI QNRX FY2025 2026-10-04

Quoin remains a development-stage cash consumer: rising research spending is funded externally because operations do not yet generate cash.

R&D intensity nearly tripled from FY2023 to FY2025, while operating cash outflow also widened, so added development spending has not yet translated into internally funded operations.

The latest net loss was $15.8M and operating cash flow was -$13.5M, making the reported loss largely cash-backed rather than mainly a non-cash accounting result.

Reported leverage fell from 1.1x in FY2023 to 0.6x in FY2025. The 3.6x current ratio coexisted with FY2025 financing cash flow of $18.0M, indicating liquidity is being replenished externally while no revenue is reported in the annual rows.

Financial Health Signals

Financial health score not available

Quoin Pharmaceuticals, Ltd. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

Quoin Pharmaceuticals, Ltd. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Quoin Pharmaceuticals, Ltd. reported a net loss of $15.8M while operations used $13.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$5.4M

YoY-45.3%

QoQ-7.5%

Quoin Pharmaceuticals, Ltd. reported -$5.4M in net income in Q2 2026. This represents a decrease of 45.3% from the same quarter a year earlier. Against the prior quarter it is down 7.5%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$3.8M

YoY+130.5%

QoQ+23.1%

5Y CAGR+17.5%

Quoin Pharmaceuticals, Ltd. held $3.8M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

70M

QoQ+2.4%

Quoin Pharmaceuticals, Ltd. had 70M shares outstanding in Q2 2026. Against the prior quarter it is up 2.4%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-136.6%

YoY+8.3pp

QoQ-79.6pp

Quoin Pharmaceuticals, Ltd.'s ROE was -136.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 79.6 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$3.6M

YoY+76.9%

QoQ+5.6%

Quoin Pharmaceuticals, Ltd. invested $3.6M in research and development in Q2 2026. This represents an increase of 76.9% from the same quarter a year earlier. Against the prior quarter it is up 5.6%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

QNRX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QNRX quarterly income statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
R&D Expenses	N/A	$9.8M+172.1%	$3.6M+8.9%	$3.3M+23.8%	$2.7M+71.0%	$1.6M+540.1%	$244K+434.8%	$46K
SG&A Expenses	N/A	$6.5M+9.5%	$5.9M-2.4%	$6.1M-7.8%	$6.6M+46.3%	$4.5M+215.6%	$1.4M-5.9%	$1.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$1.1M+2219.0%	$47K	N/A
Net Income	N/A	-$15.8M-75.6%	-$9.0M-3.4%	-$8.7M+7.3%	-$9.4M+56.3%	-$21.5M-924.3%	-$2.1M-34.3%	-$1.6M
EPS (Basic)	N/A	N/A	N/A	N/A	N/A	-$0.01+98.6%	-$0.70-34.6%	-$0.52
EPS (Diluted)	—	N/A	N/A	N/A	N/A	-$0.01	-$0.70-34.6%	-$0.52
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	1.58B	1.20B0.0%	1.20B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	$3.6M+76.9%	$3.4M+44.6%	N/A	$2.3M+111.3%	$2.1M+249.0%	$2.4M+168.2%	N/A	$1.1M+42.3%
SG&A Expenses	$1.8M+6.0%	$1.7M+7.2%	N/A	$1.7M+20.0%	$1.7M+12.5%	$1.6M+0.6%	N/A	$1.4M+6.0%
Net Income	-$5.4M-45.3%	-$5.0M-31.1%	N/A	-$3.9M-68.0%	-$3.7M-87.2%	-$3.8M-63.8%	N/A	-$2.3M-22.0%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

QNRX Balance Sheet

QNRX quarterly balance sheet

Metric	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$20.4M+29.8%	$15.7M+29.1%	$12.2M-15.8%	$14.5M+54.5%	$9.4M+579.1%	$1.4M	N/A
Current Assets	$20.0M+34.0%	$14.9M+32.3%	$11.3M-15.6%	$13.4M+63.1%	$8.2M+1662.4%	$465K	N/A
Cash & Equivalents	$3.8M+5.4%	$3.6M+50.9%	$2.4M-16.1%	$2.9M-61.8%	$7.5M+2210.7%	$324K	N/A
Short-Term Investments	$14.9M+43.1%	$10.4M	$0	$0	$0	$0	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	N/A
Total Liabilities	$7.3M+11.8%	$6.5M0.0%	$6.5M-7.7%	$7.1M-18.9%	$8.7M+9.0%	$8.0M	N/A
Current Liabilities	$5.5M+32.7%	$4.2M+16.7%	$3.6M+1.5%	$3.5M-22.9%	$4.6M	N/A	N/A
Non-Current Liabilities	$1.7M-25.8%	$2.3M-20.5%	$2.9M-17.0%	$3.5M-14.5%	$4.1M	N/A	N/A
Total Equity	$13.1M+42.5%	$9.2M+62.5%	$5.7M-23.5%	$7.4M+1027.3%	$657K+109.9%	-$6.6M-46.4%	-$4.5M
Retained Earnings	-$71.0M-28.6%	-$55.2M-19.4%	-$46.2M-23.2%	-$37.5M-33.7%	-$28.1M-324.8%	-$6.6M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$12.0M+34.3%	$15.7M+21.1%	$20.4M+29.8%	$6.4M-43.6%	$8.9M-36.6%	$13.0M-19.6%	$15.7M+29.1%	$11.4M-24.4%
Current Assets	$11.6M+37.2%	$15.3M+22.7%	$20.0M+34.0%	$6.0M-42.7%	$8.5M-35.9%	$12.5M-18.1%	$14.9M+32.3%	$10.5M-25.8%
Cash & Equivalents	$3.8M+130.5%	$3.1M-18.3%	$3.8M+5.4%	$1.8M-41.3%	$1.7M-41.4%	$3.8M+108.5%	$3.6M+50.9%	$3.1M-1.5%
Short-Term Investments	$7.0M	$10.9M	$14.9M+43.1%	$0	$0	$0	$10.4M	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$8.0M+26.3%	$6.9M-1.6%	$7.3M+11.8%	$7.6M+28.4%	$6.4M-3.3%	$7.0M+0.5%	$6.5M0.0%	$5.9M-22.3%
Current Liabilities	$6.6M+52.5%	$5.3M+10.1%	$5.5M+32.7%	$5.8M+65.9%	$4.3M+9.7%	$4.9M+15.0%	$4.2M+16.7%	$3.5M-24.2%
Non-Current Liabilities	$1.4M-29.6%	$1.6M-27.6%	$1.7M-25.8%	$1.9M-24.3%	$2.0M-22.9%	$2.2M-21.6%	$2.3M-20.5%	$2.5M-19.5%
Total Equity	$3.9M+54.1%	$8.8M+48.0%	$13.1M+42.5%	-$1.2M-122.3%	$2.6M-65.9%	$5.9M-35.1%	$9.2M+62.5%	$5.4M-26.6%
Retained Earnings	-$81.3M-29.8%	-$76.0M-28.8%	-$71.0M-28.6%	-$66.6M-26.0%	-$62.7M-24.1%	-$59.0M-21.5%	-$55.2M-19.4%	-$52.9M-19.7%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

QNRX Cash Flow Statement

QNRX quarterly cash flow statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$15.3M	-$13.5M-72.3%	-$7.9M+0.1%	-$7.9M+7.3%	-$8.5M-48.3%	-$5.7M-327.3%	-$1.3M-3.1%	-$1.3M
Stock-Based Compensation	N/A	$1.1M-8.9%	$1.3M+15.0%	$1.1M+43.3%	$764K	$0	N/A	N/A
Investing Cash Flow	-$594K	-$4.3M-126.5%	-$1.9M-186.3%	$2.2M+121.6%	-$10.1M-1523.9%	-$625K-400.0%	-$125K	N/A
Financing Cash Flow	$18.0M	$18.0M+64.2%	$11.0M+110.2%	$5.2M-62.8%	$14.0M+3.7%	$13.5M+655.5%	$1.8M+37.6%	$1.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$3.1M+14.7%	-$4.9M-87.7%	-$5.0M-125.1%	-$2.2M-2.1%	-$3.7M-83.7%	-$2.6M-80.9%	-$2.2M+30.6%	-$2.2M-64.9%
Stock-Based Compensation	$532K+65.7%	$445K+23.4%	N/A	$182K-41.9%	$321K+2.6%	$360K+17.6%	N/A	$313K+16.4%
Investing Cash Flow	$4.0M+138.8%	$4.1M+48.7%	-$11.3M-254.5%	$2.5M-2.4%	$1.7M-46.7%	$2.8M+162.0%	-$3.2M-220.2%	$2.6M+316685.7%
Financing Cash Flow	-$152K-1.3%	$56K+143.8%	$18.3M+208.9%	-$150K-0.1%	-$150K-10.1%	$23K-99.6%	$5.9M+3343.1%	-$150K+45.5%

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

QNRX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QNRX quarterly financial ratios

Metric	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Return on Equity	-120.4%-22.6pp	-97.8%+55.8pp	-153.6%-26.9pp	-126.7%+3139.9pp	-3266.6%	N/A	N/A
Return on Assets	-77.5%-20.2pp	-57.3%+14.2pp	-71.5%-6.6pp	-64.9%+164.5pp	-229.4%-77.3pp	-152.1%	N/A
Current Ratio	3.610.0x	3.57+0.4x	3.15-0.6x	3.79+2.0x	1.79	N/A	N/A
Debt-to-Equity	0.55-0.2x	0.71-0.4x	1.15+0.2x	0.95-12.3x	13.24	N/A	N/A
Asset Turnover	N/A	N/A	N/A	N/A	0.000.0x	0.00	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-136.6%+8.3pp	-57.0%+7.4pp	N/A	N/A	-144.9%-118.5pp	-64.3%-38.8pp	N/A	-43.2%-17.2pp
Return on Assets	-44.9%-3.4pp	-31.9%-2.4pp	N/A	-61.5%-40.8pp	-41.5%-27.4pp	-29.4%-15.0pp	N/A	-20.6%-7.8pp
Current Ratio	1.76-0.2x	2.87+0.3x	3.610.0x	1.04-2.0x	1.95-1.4x	2.57-1.0x	3.57+0.4x	3.02-0.1x
Debt-to-Equity	2.04-0.4x	0.79-0.4x	0.55-0.2x	N/A	2.49+1.6x	1.19+0.4x	0.71-0.4x	1.09+0.1x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Quoin Pharmaceuticals, Ltd. QNRX	FY2025	N/A	-$15.8M	N/A	$19.4M	—
Azitra Inc AZTR	FY2025	$0	-$11.0M	N/A	$4.3M	—
XORTX Therapeutics Inc. XRTX	FY2025	N/A	-$2.7M	N/A	$2.8M	—
Xenetic Biosciences, Inc. XBIO	FY2025	$3.0M	-$2.7M	-90.1%	$4.9M	66/100
Jaguar Health, Inc. JAGX	FY2025	$11.5M	-$54K	-0.5%	$8.1M	33/100
CNS Pharmaceuticals, Inc. CNSP	FY2025	N/A	-$16K	N/A	$7.8M	—

Where Quoin Pharmaceuticals, Ltd. Ranks

Frequently Asked Questions

Is Quoin Pharmaceuticals, Ltd. profitable?

No, Quoin Pharmaceuticals, Ltd. (QNRX) reported a net income of -$15.8M in fiscal year 2025.

What is Quoin Pharmaceuticals, Ltd.'s return on equity (ROE)?

Quoin Pharmaceuticals, Ltd. (QNRX) has a return on equity of -120.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Quoin Pharmaceuticals, Ltd.'s operating cash flow?

Quoin Pharmaceuticals, Ltd. (QNRX) recorded an outflow of $13.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Quoin Pharmaceuticals, Ltd.'s total assets?

Quoin Pharmaceuticals, Ltd. (QNRX) had $20.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Quoin Pharmaceuticals, Ltd. spend on research and development?

Quoin Pharmaceuticals, Ltd. (QNRX) invested $9.8M in research and development during fiscal year 2025.

How many shares does Quoin Pharmaceuticals, Ltd. have outstanding?

Quoin Pharmaceuticals, Ltd. (QNRX) had 52M shares outstanding as of fiscal year 2025.

What is Quoin Pharmaceuticals, Ltd.'s current ratio?

Quoin Pharmaceuticals, Ltd. (QNRX) had a current ratio of 3.61 as of fiscal year 2025, which is generally considered healthy.

What is Quoin Pharmaceuticals, Ltd.'s debt-to-equity ratio?

Quoin Pharmaceuticals, Ltd. (QNRX) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Quoin Pharmaceuticals, Ltd.'s return on assets (ROA)?

Quoin Pharmaceuticals, Ltd. (QNRX) had a return on assets of -77.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Quoin Pharmaceuticals, Ltd.'s P/E ratio?

Quoin Pharmaceuticals, Ltd. (QNRX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $19.4M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Quoin Pharmaceuticals, Ltd.'s price-to-sales ratio?

Quoin Pharmaceuticals, Ltd. (QNRX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $19.4M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Quoin Pharmaceuticals, Ltd.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Quoin Pharmaceuticals, Ltd. (QNRX) held $18.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.5M over that year. Dividing the one by the other, the reported balance equals about 17 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Quoin Pharmaceuticals, Ltd.'s Piotroski F-Score?

Quoin Pharmaceuticals, Ltd. (QNRX) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Quoin Pharmaceuticals, Ltd.'s earnings high quality?

Quoin Pharmaceuticals, Ltd. (QNRX) reported a net loss of $15.8M while operations used $13.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.