Quoin Pharmaceuticals Provides Corporate Update and Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Quoin Pharmaceuticals (NASDAQ: QNRX) reported Q4 and full-year 2025 updates, including a closed private placement of up to $104.5 million, orphan and Fast Track designations for QRX003, expanded pediatric Netherton Syndrome cohorts to seven patients, and continued clinical progress with planned Phase 3 start and topline data in 2H 2026. Year-end cash was $18.7 million, which the company expects will fund operations into 2027.
Positive
- Private placement closed for $104.5M of potential gross proceeds
- Orphan and Fast Track designations secured for QRX003
- Pediatric NS cohort expanded to 7 patients
- Company expects Phase 3 start and topline data in 2H 2026
- Topical rapamycin platforms achieved target loadings (4% and 5%)
Negative
- Net loss increased to $15.8M in 2025 from $9.0M in 2024
- Year-end cash of $18.7M funds operations only into 2027
- Up to $88M of warrant-driven dilution remains possible
News Market Reaction – QNRX
On the day this news was published, QNRX declined 18.39%, reflecting a significant negative market reaction. Argus tracked a trough of -30.0% from its starting point during tracking. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $14.98M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum data flag QNRX moving down while one peer in the scanner (AZTR) moved down 5.06% and another (OGEN) moved up 4.17%. Broader peer list shows mixed moves, suggesting today’s reaction is company-specific rather than a coordinated biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 results | Positive | -11.2% | Large private placement, cash runway into 2027, QRX003 and awareness progress. |
| Oct 30 | Earnings date notice | Neutral | -7.2% | Scheduling announcement for upcoming Q3 2025 results and corporate update. |
| Aug 07 | Q2 2025 results | Positive | -6.2% | Positive 6‑month NS data, new pivotal study, EMA ODD and FDA pediatric designation. |
| May 13 | Q1 2025 results | Positive | +3.9% | Strong QRX003 data, cash of $11.6M funding into Q1 2026, expanded studies. |
| Mar 13 | FY 2024 results | Positive | -0.7% | Promising QRX003 trials, $6.8M offering, $14.1M cash, extended runway. |
Earnings and corporate updates have often seen weak or negative immediate reactions, even when operational and clinical news skewed positive.
Across the last five earnings-tagged updates from March 2025 through November 2025, Quoin repeatedly paired QRX003 clinical and regulatory progress with financing moves and balance sheet updates. Earlier results highlighted expanding QRX003 data, new designations, and awareness efforts, while later updates added a large private placement and extended cash runway into 2027. Despite generally constructive fundamentals, three of these five events saw negative next‑day price moves, underscoring a history of the stock tightening or slipping on news similar in style to today’s update.
Historical Comparison
Over the last 5 earnings-style updates, QNRX averaged a -4.27% move. Today’s +15.87% reaction to a similar corporate/financial update stands out as a sharp bullish outlier.
Earnings releases have traced QRX003’s evolution from early promising data to late-stage pivotal plans, while cash runway extended from early 2026 into 2027 via offerings and a large private placement.
Regulatory & Risk Context
An effective Form S-3 registers resale of up to 10,045,455 ADSs tied to an October 2025 financing. Quoin will not receive proceeds from resales but could receive up to $88.7 million if accompanying warrants are exercised for cash. The registered ADSs represent about 1,193% of ADSs outstanding at the prospectus date, highlighting substantial potential dilution from warrant exercise and share resale over time.
Market Pulse Summary
The stock dropped -18.4% in the session following this news. A negative reaction despite operational and regulatory milestones would have fit prior patterns, where earnings-style updates averaged a -4.27% move and often traded lower after constructive news. The combination of widening net losses of $15.8M in 2025, an S-3 covering up to 10,045,455 ADSs, and potential $88.7M from warrant exercises could weigh on sentiment due to dilution and financing overhang, even as QRX003 advanced toward a single Phase 3 pathway.
Key Terms
orphan drug designations regulatory
fast track designation regulatory
rare pediatric disease designation regulatory
priority review voucher regulatory
investigational new drug application regulatory
private placement financing financial
net loss financial
AI-generated analysis. Not financial advice.
– Closes Private Placement Financing of Up to
– Secures Orphan Drug Designations for QRX003 for Netherton Syndrome (NS) in the U.S. and Europe
– Advances Proposed Expedited Regulatory Approval Pathways in Japan and Saudi Arabia and Secures Fast Track Designation in the U.S. for QRX003 for NS Subsequent to the End of Q4
– Reports Continued Clinical Progress for QRX003 in Netherton Syndrome Clinical Studies including Data Supporting Longer Term Durable Treatment Effect and Safety Profile
– Pediatric NS Study Expanded to 7 Children Now Actively Treated with QRX003, Largest Cohort of This Age Group Ever Studied
– Ongoing Clinical Data Continues to Support Development of QRX003 as a Treatment for Peeling Skin Syndrome with Study Being Expanded to 6 Subjects
– Proprietary Rapamycin Topical Platforms Achieve Target Loadings; Clinical Studies Planned in 2H 2026
– NETHERTON NOW Awareness Campaign Surpasses 2 Million Video Views and 24 Million Global Impressions
ASHBURN, Va., March 26, 2026 (GLOBE NEWSWIRE) -- Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the "Company" or "Quoin"), a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases, today announced recent corporate achievements and provided an update on its fourth quarter and full-year 2025 progress for the period ended December 31, 2025.
“2025 was a defining year for Quoin as we transitioned from clinical stage to a company actively preparing for commercial readiness,” said Michael Myers, Chief Executive Officer and Co-Founder of Quoin Pharmaceuticals. “We strengthened our balance sheet with a significant financing, secured key regulatory designations across our core territories, and continued to advance the clinical development of QRX003 supported by encouraging long-term efficacy data demonstrating durable treatment effect with no reported safety concerns. With Orphan Drug Designations in place in the United States and Europe, and confirmation of eligibility for Orphan Drug Designation and Fast Track review in Japan, QRX003 is now aligned with expedited regulatory pathways in our key target markets. In the United States, QRX003 was also awarded Rare Pediatric Disease Designation by the U.S. Food and Drug Administration (FDA) for Netherton Syndrome, which, if approved, could result in the receipt of a freely tradable Priority Review Voucher, with a potential value to Quoin of
Recent Accomplishments
On January 20, 2026, Quoin filed an application for Breakthrough Medicine Designation with the Saudi Food and Drug Authority (SFDA) for QRX003. If granted, the designation could enable accelerated regulatory review and availability in Saudi Arabia as early as the second half of 2026.
On January 27, 2026, Quoin submitted an application to Japan’s Ministry of Health, Labour and Welfare (MHLW) seeking Orphan Drug Designation for QRX003. The MHLW confirmed that QRX003 qualifies for both Orphan Drug Designation and Fast Track review in Japan.
On February 3, 2026, the U.S. Rare Pediatric Disease Priority Review Voucher (PRV) program was extended by Congress through September 30, 2029 as part of the Give Kids a Chance Reauthorization Act. QRX003 previously received Rare Pediatric Disease Designation from the U.S. Food and Drug Administration (FDA) in June 2025. Upon approval of QRX003, Quoin would be eligible to receive a Priority Review Voucher which, if awarded, may be used to obtain priority review for another product or sold or transferred.
On February 26, 2026, in recognition of Rare Disease Day 2026, Quoin highlighted continued momentum of its NETHERTON NOW awareness campaign, which has reached nearly 2 million video views and more than 24 million impressions globally since launch.
Fourth Quarter and Full-Year 2025 Highlights
Closed Private Placement Financing
On October 10, 2025, Quoin closed a private placement financing raising up to
Advancement of QRX003 for Netherton Syndrome
On October 21, 2025, the U.S. FDA granted Orphan Drug Designation to QRX003 for the treatment of Netherton Syndrome. Orphan status in the United States, together with previously granted Orphan Drug Designation in Europe, provides important potential benefits, including market exclusivity upon approval, tax credits for clinical testing and fee reductions.
On October 28, 2025, Quoin reported positive nine-month pediatric data demonstrating sustained skin healing, complete elimination of pruritus, and no adverse events in an investigator-led study of QRX003. This data further supports the long-term safety and efficacy profile of QRX003. This study has been expanded to 7 pediatric NS patients currently being treated with QRX003 in Ireland, Austria, the Netherlands and New Zealand.
On March 11, 2026, the U.S. FDA granted Fast Track Designation to QRX003 for the treatment of Netherton Syndrome. The FDA's Fast Track program is designed to facilitate the development and expedite the review of drugs that treat serious conditions and fill an unmet medical need. A therapy granted Fast Track Designation may benefit from more frequent interactions with the FDA, eligibility for rolling review of regulatory submissions, and potential qualification for Accelerated Approval and Priority Review, if relevant criteria are met.
On March 25, 2026, Quoin provided a clinical and regulatory update from its constructive Type C meeting with the U.S. FDA for QRX003 in NS. Quoin reported that the FDA indicated that a single Phase 3 study may be sufficient to support marketing approval in the U.S. and expressed openness to an alternative study design for Phase 3 that would likely not include a traditional upfront vehicle or placebo control. Quoin remains on track to initiate its Phase 3 Study and complete Phase 3 patient recruitment in 2026 and potentially file for NDA approval in 2027.
QRX003 is currently being evaluated in two whole-body clinical trials for the treatment of Netherton Syndrome and Quoin anticipates reporting topline data in the second half of 2026.
Peeling Skin and Topical Rapamycin Pipeline Programs
On May 14, 2025, the Company announced positive initial data from its investigator led Peeling Skin Syndrome (PSS) clinical study which is being conducted in a single patient in New Zealand. The Company is actively working to recruit up to an additional 5 pediatric subjects into this study and is planning to submit an IND to the FDA in the second half of this year.
On November 11, 2025, the Company announced that the target rapamycin loadings of
Financial Highlights
Quoin had approximately
Net loss for the quarter ended December 31, 2025, was approximately
Investors are encouraged to read the Company’s Annual Report on Form 10-K when filed with the Securities and Exchange Commission, which will contain additional details about Quoin’s financial results as of and for the period ended December 31, 2025.
About Quoin Pharmaceuticals Ltd.
Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to addressing unmet medical needs for patients, their families, communities and care teams. Quoin’s innovative pipeline comprises several products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Microcystic Lymphatic Malformations, Venous Malformations, Angiofibroma and others. For more information, visit: www.quoinpharma.com or LinkedIn for updates.
Cautionary Note Regarding Forward Looking Statements
The Company cautions that statements in this press release that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” “look forward to,” and “will,” among others. All statements that reflect the Company’s expectations, assumptions, projections, beliefs, or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to: expanding the Company’s ongoing study of Peeling Skin Syndrome, planning clinical studies of the Company’s topical rapamycin in 2H 2026, actively preparing for commercial readiness, receiving a Priority Review Voucher, submitting an Investigative New Drug application to the FDA in the second half of this year, initiating clinical testing of QRX003 in Ichthyosis and SAM Syndrome, putting QRX003 on track for approval for four rare genetic diseases where there are currently no approved treatments, enabling accelerated regulatory review and availability in Saudi Arabia as early as the second half of 2026 if the application for Breakthrough Medicine Designation with the SFDA for QRX003 is granted, the potential for an accelerated regulatory review pathway for QRX003, actively working to recruit up to an additional 5 pediatric subjects into the Peeling Skin Syndrome clinical study, Phase 3 study being sufficient to support marketing approval in the US, the Company using an alternative study design for Phase 3 study that would likely not include a traditional upfront vehicle or placebo control, Company being on track to initiate its Phase 3 Study and complete Phase 3 patient recruitment in 2026, Company potentially filing NDA approval in 2027, reporting topline data from two whole-body clinical trials for the treatment of Netherton Syndrome in the second half of 2026, initiating proof of concept clinical testing in the second half of 2026 in at least one clinical indication for Quoin’s rapamycin topical lotion and dermal patch platforms, the Company’s year-end cash position funding operations into 2027, and Quoin’s products in development collectively having the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Microcystic Lymphatic Malformations, Venous Malformations, Angiofibroma and others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties including, but not limited to, the Company’s ability to pursue its regulatory strategy; the Company’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements; the Company’s ability to complete clinical trials on time and achieve desired results and benefits as expected; and other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other filings the Company has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
For further information, contact:
Quoin Pharmaceuticals Ltd.
Michael Myers, Ph.D., CEO
mmyers@quoinpharma.com
Investor Relations
PCG Advisory
Jeff Ramson
jramson@pcgadvisory.com
(646) 863-6341
| QUOIN PHARMACEUTICALS, LTD. | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 3,818,096 | $ | 3,623,343 | |||||||
| Investments | 14,927,165 | 10,433,535 | |||||||||
| Prepaid expenses and other current assets | 1,261,974 | 869,126 | |||||||||
| Total current assets | 20,007,235 | 14,926,004 | |||||||||
| Prepaid expenses - long term | - | 300,000 | |||||||||
| Intangible assets, net | 383,334 | 483,334 | |||||||||
| Total assets | $ | 20,390,569 | $ | 15,709,338 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,262,222 | $ | 905,704 | |||||||
| Accrued expenses | 2,538,457 | 1,528,977 | |||||||||
| Accrued interest and financing expense | 1,146,251 | 1,146,251 | |||||||||
| Due to officers - short term | 600,000 | 600,000 | |||||||||
| Total current liabilities | 5,546,930 | 4,180,932 | |||||||||
| Due to officers - long term | 1,723,733 | 2,323,733 | |||||||||
| Total liabilities | $ | 7,270,663 | $ | 6,504,665 | |||||||
| Commitments and contingencies | |||||||||||
| Shareholders' equity: | |||||||||||
| Ordinary shares, no par value per share, 5,000,000,000 and 100,000,000 ordinary shares | $ | - | $ | - | |||||||
| authorized at December 31, 2025 and December 31, 2024, respectively - 52,441,360 (1,498,325 ADS's) ordinary shares issued and outstanding at December 31, 2025 and 8,948,164 (255,661 ADS's) ordinary shares issued and outstanding at December 31, 2024 | |||||||||||
| Accumulated other comprehensive loss | (613 | ) | - | ||||||||
| Additional paid in capital | 84,090,966 | 64,370,465 | |||||||||
| Accumulated deficit | (70,970,447 | ) | (55,165,792 | ) | |||||||
| Total shareholders' equity | 13,119,906 | 9,204,673 | |||||||||
| Total liabilities and shareholders' equity | $ | 20,390,569 | $ | 15,709,338 | |||||||
| QUOIN PHARMACEUTICALS, LTD. | ||||||||||||||||||
| Consolidated Statement of Operations and Other Comprehensive Loss | ||||||||||||||||||
| Years Ended December 31, | Three months ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| (Audited) | (Audited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Operating expenses | ||||||||||||||||||
| General and administrative | $ | 6,487,909 | $ | 5,925,833 | $ | 1,423,526 | $ | 1,410,717 | ||||||||||
| Research and development | 9,802,807 | 3,602,632 | 3,096,909 | 994,344 | ||||||||||||||
| Total operating expenses | 16,290,716 | 9,528,465 | 4,520,435 | 2,405,061 | ||||||||||||||
| Other (income) and expenses | ||||||||||||||||||
| Unrealized gain | (3,980 | ) | (7,502 | ) | (364 | ) | 15,541 | |||||||||||
| Realized and accrued interest income | (482,081 | ) | (558,491 | ) | (171,698 | ) | (109,328 | ) | ||||||||||
| Total other income | (486,061 | ) | (565,993 | ) | (172,062 | ) | (93,787 | ) | ||||||||||
| Net loss | $ | (15,804,655 | ) | $ | (8,962,472 | ) | $ | (4,348,373 | ) | $ | (2,311,274 | ) | ||||||
| Other comprehensive loss | ||||||||||||||||||
| Foreign currency translation | (613 | ) | - | (613 | ) | - | ||||||||||||
| Total other comprehensive loss | $ | (613 | ) | $ | - | $ | (613 | ) | $ | - | ||||||||
| Comprehensive loss | $ | (15,805,268 | ) | $ | (8,962,472 | ) | $ | (4,348,986 | ) | $ | (2,311,274 | ) | ||||||
| Loss per ADS | ||||||||||||||||||
| Loss per ADS | ||||||||||||||||||
| Basic | $ | (14.80 | ) | $ | (68.02 | ) | $ | (1.74 | ) | $ | (12.39 | ) | ||||||
| Fully-diluted | $ | (14.80 | ) | $ | (68.02 | ) | $ | (1.74 | ) | $ | (12.39 | ) | ||||||
| Weighted average number of ADS's outstanding | ||||||||||||||||||
| Basic | 1,068,152 | 131,759 | 2,494,255 | 186,514 | ||||||||||||||
| Fully-diluted | 1,068,152 | 131,759 | 2,494,255 | 186,514 | ||||||||||||||
FAQ
What did Quoin Pharmaceuticals (QNRX) announce about QRX003 regulatory status on March 26, 2026?
How much financing did Quoin (QNRX) secure and what is its potential size?
What clinical progress did Quoin (QNRX) report for Netherton Syndrome as of March 26, 2026?
What is Quoin's (QNRX) cash runway and financial position at year-end 2025?
What are Quoin's (QNRX) plans for its topical rapamycin programs announced March 26, 2026?
