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Quoin Pharmaceuticals Ltd. (QNRX) is the issuer named in an amended Schedule 13G reporting 211,538 American Depositary Shares (ADS), or 4.4% of the class. Each ADS represents 35 ordinary shares. Ikarian Capital, LLC and Neil Shahrestani report shared voting and dispositive power over the ADS, with no sole voting or dispositive power. The ADS are held by Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts; Ikarian Capital serves as investment manager to the Fund and sub-adviser to the accounts, and Shahrestani may be deemed to indirectly beneficially own securities attributed to Ikarian Capital. The 4.4% figure is based on 4,804,161 ADS outstanding as of September 16, 2026. The Fund and managed accounts disclaim beneficial ownership of securities held by one another, and the reporting persons state that the filing is not an admission of beneficial ownership.
Key Figures
Beneficially owned ADS:211,538 ADSPercent of class:4.4%ADS outstanding:4,804,161 ADS+2 more
5 metrics
Beneficially owned ADS211,538 ADSReported by Ikarian Capital and Neil Shahrestani
Percent of class4.4%Based on 4,804,161 ADS outstanding as of September 16, 2026
ADS outstanding4,804,161 ADSAs of September 16, 2026
Sole voting power0 ADSReported by each reporting person
Key Terms
beneficial ownership, American Depositary Shares, shared voting power, shared dispositive power
4 terms
beneficial ownershipregulatory
"may be deemed to have beneficial ownership"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
shared voting powerregulatory
"Shared Voting Power 211,538.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 211,538.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many QNRX ADS do Ikarian Capital and Neil Shahrestani report?
Both report shared voting and dispositive power over 211,538 ADS, or 4.4% of the class. Each ADS represents 35 ordinary shares.
Who holds the QNRX ADS reported by Ikarian Capital and Neil Shahrestani?
Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts are the record owners. Ikarian Capital serves as investment manager to the Fund and sub-adviser to the accounts; Shahrestani may be deemed to indirectly beneficially own securities attributed to Ikarian Capital.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Quoin Pharmaceuticals Ltd.
(Name of Issuer)
American Depositary Shares, each representing thirty-five (35) Ordinary Shares, no par value per share
(Title of Class of Securities)
74907L409
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
74907L409
1
Names of Reporting Persons
Ikarian Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,538.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,538.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,538.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent American Depositary Shares, each representing thirty-five (35) Ordinary Shares, no par value per share ("ADS") of Quoin Pharmaceuticals, Ltd. (the "Issuer") held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separate managed accounts. See Item 2 for more information.
(2) The figure in Item 11 is based upon 4,804,161 ADS outstanding as of September 16, 2026, as disclosed in the Issuer's prospectus filed with the U.S. Securities and Exchange Commission (the "SEC") on September 25, 2026.
SCHEDULE 13G
CUSIP Number(s):
74907L409
1
Names of Reporting Persons
Neil Shahrestani
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,538.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,538.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,538.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent American Depositary Shares, each representing thirty-five (35) Ordinary Shares, no par value per share ("ADS") of Quoin Pharmaceuticals, Ltd. (the "Issuer") held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separate managed accounts. See Item 2 for more information.
(2) The figure in Item 11 is based upon 4,804,161 ADS outstanding as of September 16, 2026, as disclosed in the Issuer's prospectus filed with the U.S. Securities and Exchange Commission (the "SEC") on September 25, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Quoin Pharmaceuticals Ltd.
(b)
Address of issuer's principal executive offices:
42127 Pleasant Forest Court, Ashburn, VA 20148-7349
Item 2.
(a)
Name of person filing:
This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund.
Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is c/o Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201.
(c)
Citizenship:
See Item 4 on the cover page(s) hereto
(d)
Title of class of securities:
American Depositary Shares, each representing thirty-five (35) Ordinary Shares, no par value per share
(e)
CUSIP No.:
74907L409
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover pages(s) hereto.
(b)
Percent of class:
See Item 11 on the cover page(s) hereto.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page(s) hereto.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page(s) hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page(s) hereto.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page(s) hereto.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The information set forth in Item 2(a) is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Ikarian Capital, LLC
Signature:
/s/ Neil Shahrestani
Name/Title:
Neil Shahrestani, Sole Manager
Date:
10/07/2026
Neil Shahrestani
Signature:
/s/ Neil Shahrestani
Name/Title:
Neil Shahrestani
Date:
10/07/2026
Comments accompanying signature: A Joint Filing Agreement is incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on December 15, 2025 by the Reporting Persons with the SEC.
