Stonepine Capital shows 10% Quoin Pharmaceuticals (QNRX) stake and warrants

Rhea-AI Filing Summary

Stonepine Capital Management, LLC has filed an initial ownership report as a 10% owner of Quoin Pharmaceuticals, Ltd. It indirectly holds 3,271,100 Ordinary Shares, which are represented by 93,460 American Depositary Shares, with each ADS equal to 35 Ordinary Shares.

Through an affiliated limited partnership, Stonepine also indirectly holds pre-funded warrants exercisable at any time for 81,212 ADS, plus Series H, I, J and K warrants, each covering 121,212 ADS at stated exercise prices. These securities are held for the benefit of partnership investors, and the filers disclaim beneficial ownership beyond their pecuniary interests.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Stonepine Capital Management, LLC

(Last) (First) (Middle)

2900 NW CLEARWATER DRIVE

SUITE 100-11

(Street)

BEND OR 97703

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/29/2026

3. Issuer Name and Ticker or Trading Symbol
Quoin Pharmaceuticals, Ltd. [ QNRX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	3,271,100(1)	I	See Note(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Pre-Funded Warrants	(3)	(3)	ADS	81,212(4)	$0.0001	I	See Note 2
Series H Warrants	(5)	(5)	ADS	121,212(4)	$9.075	I	See Note 2
Series I Warrants	(6)	(6)	ADS	121,212(4)	$10.3125	I	See Note 2
Series J Warrants	(7)	(7)	ADS	121,212(4)	$12.375	I	See Note 2
Series K Warrants	(8)	(8)	ADS	121,212(4)	$12.375	I	See Note 2

Explanation of Responses:

1. These Ordinary Shares are held through 93,460 American Depositary Shares ("ADS") of the Issuer. Each ADS represents 35 Ordinary Shares.

2. The reporting persons are Stonepine Capital Management, LLC ("Stonepine"), Stonepine Capital, L.P. (the "Partnership"), Stonepine GP, LLC ("Stonepine GP") and Jon M. Plexico. Stonepine and Stonepine GP are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and Stonepine GP. The Partnership hold these securities directly for the benefit of its investors. Stonepine and Stonepine GP may be deemed to indirectly beneficially own them as the investment adviser and general partner of the Partnership. Mr. Plexico may be deemed to indirectly beneficially own them as the control person of Stonepine and Stonepine GP. The filers disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.

3. The pre-funded warrants are exercisable at any time and have no expiration date.

4. Each ADS represents 35 Ordinary Shares.

5. The Series H warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the Issuer's public announcement that the Issuer has received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.

6. The Series H warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the Issuer's public announcement that the Issuer has received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.

7. The Series J warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the public announcement of the receipt of either accelerated or traditional approval by the FDA of QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.

8. The Series K warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the public announcement of the Issuer's sale of a Priority Review Voucher (PRV) and (ii) five years from the date of issuance.

Remarks:

Stonepine is filing this Form 3 for itself, the Partnership, Stonepine GP and Mr. Plexico. The filers are filing this Form 3 jointly, but not as a group, and each expressly disclaims membership in a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934.

	/s/ Jon M. Plexico, Managing Mermber of Stonepine Capital Management, LLC	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does Stonepine Capital report owning in Quoin Pharmaceuticals (QNRX)?

Stonepine Capital reports indirect beneficial ownership of 3,271,100 Ordinary Shares of Quoin Pharmaceuticals, held through 93,460 American Depositary Shares. Each ADS represents 35 Ordinary Shares, and the shares are held for the benefit of investors in an affiliated limited partnership.

What derivative securities linked to QNRX does Stonepine Capital hold?

Stonepine indirectly holds pre-funded warrants for 81,212 ADS and Series H, I, J and K warrants, each linked to 121,212 ADS, at specified exercise prices. These derivative positions provide additional exposure to Quoin Pharmaceuticals beyond the reported Ordinary Share holdings.

How are Stonepine’s Quoin Pharmaceuticals (QNRX) shares held?

The Quoin Pharmaceuticals securities are held directly by Stonepine Capital, L.P., an affiliated partnership, for the benefit of its investors. Stonepine Capital Management, Stonepine GP, LLC and Jon M. Plexico may be deemed indirect owners through advisory and control roles, subject to pecuniary interest limits.

What is the exercise feature of Stonepine’s pre-funded warrants in QNRX?

The pre-funded warrants reported by Stonepine are exercisable at any time and have no expiration date. This means the associated ADS can be acquired whenever the holder chooses, subject to the warrant terms, providing flexible potential conversion into Quoin Pharmaceuticals equity.

When do Stonepine’s Series H warrants on Quoin Pharmaceuticals expire?

The Series H warrants are immediately exercisable and expire on the earlier of 30 days after Quoin announces FDA Type C meeting minutes indicating openness to certain QRX003 pivotal studies, or five years from issuance. This links warrant life to specific regulatory and time milestones.

What conditions affect Stonepine’s Series J and K QNRX warrants?

Series J warrants expire on the earlier of 30 days after an FDA accelerated or traditional approval announcement for QRX003, or five years from issuance. Series K warrants expire on the earlier of 30 days after an announcement of a Priority Review Voucher sale, or five years from issuance.