Quoin Pharmaceuticals, Ltd. ownership disclosure: Stonepine-affiliated reporting persons state beneficial ownership of 7,594,166 Ordinary Shares, representing 9.99% of the class. The filing explains holdings via American Depositary Shares (ADSs): 53,460 ADSs, pre-funded warrants for 81,212 ADSs, and ordinary warrants for 484,848 ADSs, with a 9.99% beneficial ownership limitation on the warrants. The percentage is calculated using 70,294,615 Ordinary Shares (represented by 2,008,417 ADSs) outstanding as of May 5, 2026, plus 1,400,000 Ordinary Shares represented by 40,000 ADSs issued on exercise after December 5, 2025.
The filing lists shared voting and dispositive power of 7,594,166 shares across Stonepine entities and Jon M. Plexico, and notes the Partnership holds ADSs for its investors. Signatures are dated 05/15/2026.
Positive
None.
Negative
None.
Insights
Stonepine reports a 9.99% beneficial position via ADSs and warrants.
The filing discloses a 7,594,166-share beneficial position calculated from 70,294,615 Ordinary Shares outstanding as of May 5, 2026. Holdings are expressed in ADSs (1 ADS = 35 Ordinary Shares) and include pre-funded and ordinary warrants subject to a 9.99% ownership cap.
Cash-flow treatment and planned dispositions are not stated; subsequent filings would show any sales or exercises that change reported percentages.
Key Figures
Beneficial ownership:7,594,166 sharesPercent of class:9.99%Ordinary Shares outstanding:70,294,615 shares+5 more
8 metrics
Beneficial ownership7,594,166 sharesreported amount beneficially owned by Stonepine entities and Jon M. Plexico
Percent of class9.99%percentage of Ordinary Shares as reported in the filing
Ordinary Shares outstanding70,294,615 sharesshares outstanding used in percentage calculation as of May 5, 2026
ADS outstanding (representation)2,008,417 ADSsADSs representing the Ordinary Shares outstanding as of May 5, 2026
ADS holdings53,460 ADSsADSs beneficially owned by the reporting persons
Pre-funded warrants81,212 ADSspre-funded warrants to acquire ADSs beneficially owned
Ordinary warrants484,848 ADSsordinary warrants to acquire ADSs beneficially owned
ADS conversion ratio1 ADS = 35 Ordinary Sharesconversion factor stated in the filing
Key Terms
American Depositary Shares (ADSs), pre-funded warrant, beneficial ownership limitation
3 terms
American Depositary Shares (ADSs)financial
"The reporting persons beneficially own American Depositary Shares ("ADSs")."
A U.S.-listed certificate that stands for a specific number of shares in a non‑U.S. company held by a U.S. bank, making the foreign stock tradable on American exchanges in dollars. Think of it like a local voucher that represents ownership of an overseas product — it lets U.S. investors buy and sell foreign companies without handling foreign currency or foreign brokerage accounts, but it can affect dividends, voting rights, fees, liquidity and exposure to currency and regulatory differences.
pre-funded warrantfinancial
"pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons"
A pre-funded warrant is a financial instrument that gives the holder the right to buy shares of a company's stock at a set price, with most of the purchase cost already paid upfront. It functions like a nearly fully paid option, allowing investors to secure shares quickly while minimizing the amount of additional money they need to invest later. This helps investors gain ownership rights efficiently, often used to avoid certain regulatory restrictions or to prepare for future stock purchases.
beneficial ownership limitationregulatory
"The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation."
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
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What stake does Stonepine report in Quoin Pharmaceuticals (QNRX)?
Stonepine reports beneficial ownership of 7,594,166 Ordinary Shares, equal to 9.99% of the class, based on 70,294,615 Ordinary Shares outstanding as of May 5, 2026.
How are Stonepine's holdings expressed in the filing for QNRX?
Holdings are reported as ADSs where 1 ADS = 35 Ordinary Shares. The filing shows 53,460 ADSs, pre-funded warrants for 81,212 ADSs, and ordinary warrants for 484,848 ADSs.
Do any ownership limits apply to Stonepine's warrants in QNRX?
Yes. The filing states the pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation, which constrains exercises that would exceed that cap.
What voting and dispositive power does Stonepine claim for QNRX shares?
The filing reports 0 sole voting/dispositive power and 7,594,166 shared voting and shared dispositive power across Stonepine entities and Jon M. Plexico.
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)
Ordinary Shares
(Title of Class of Securities)
74907L409
(CUSIP Number)
03/31/2026
(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
Stonepine Capital Management, 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
7,594,166.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,594,166.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,594,166.00
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)
9.99 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: The reporting persons beneficially own American Depositary Shares ("ADSs"). Each ADS represents 35 Ordinary Shares of the Issuer. The securities beneficially owned by the reporting persons consist of (1) 53,460 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons. The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 70,294,615 Ordinary Shares, represented by 2,008,417 ADSs, outstanding as of May 5, 2026, as reported in the Form 10-Q for the quarter ended March 31, 2026, plus 1,400,000 Ordinary Shares represented by 40,000 issued to the reporting person on exercise of pre-funded warrants after December 5, 2025.
SCHEDULE 13G
CUSIP Number(s):
74907L409
1
Names of Reporting Persons
Stonepine Capital, L.P.
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
7,594,166.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,594,166.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,594,166.00
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)
9.99 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer. The securities beneficially owned by the reporting persons consist of (1) 53,460 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons. The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 70,294,615 Ordinary Shares, represented by 2,008,417 ADSs, outstanding as of May 5, 2026, as reported in the Form 10-Q for the quarter ended March 31, 2026, plus 1,400,000 Ordinary Shares represented by 40,000 issued to the reporting person on exercise of pre-funded warrants after December 5, 2025..
SCHEDULE 13G
CUSIP Number(s):
74907L409
1
Names of Reporting Persons
Stonepine GP, 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
7,594,166.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,594,166.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,594,166.00
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)
9.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer. The securities beneficially owned by the reporting persons consist of (1) 53,460 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons. The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 70,294,615 Ordinary Shares, represented by 2,008,417 ADSs, outstanding as of May 5, 2026, as reported in the Form 10-Q for the quarter ended March 31, 2026, plus 1,400,000 Ordinary Shares represented by 40,000 issued to the reporting person on exercise of pre-funded warrants after December 5, 2025.
SCHEDULE 13G
CUSIP Number(s):
74907L409
1
Names of Reporting Persons
Jon M. Plexico
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
7,594,166.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,594,166.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,594,166.00
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)
9.99 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer. The securities beneficially owned by the reporting persons consist of (1) 53,460 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons. The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 70,294,615 Ordinary Shares, represented by 2,008,417 ADSs, outstanding as of May 5, 2026, as reported in the Form 10-Q for the quarter ended March 31, 2026, plus 1,400,000 Ordinary Shares represented by 40,000 issued to the reporting person on exercise of pre-funded warrants after December 5, 2025.
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
Item 2.
(a)
Name of person filing:
Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")
Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership")
Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")
Jon M. Plexico
Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Ordinary Shares except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Ordinary Shares covered by this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
2900 NW Clearwater Drive, Suite 100-11, Bend OR 97703
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person.
(d)
Title of class of securities:
Ordinary Shares
(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:
Stonepine: 7,594,166
Partnership: 7,594,166
General Partner: 7,594,166
Jon M. Plexico: 7,594,166
(b)
Percent of class:
Stonepine: 9.99%
Partnership: 9.99%
General Partner: 9.99%
Jon M. Plexico: 9.99%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Stonepine: 0
Partnership: 0
General Partner: 0
Jon M. Plexico: 0
(ii) Shared power to vote or to direct the vote:
Stonepine: 7,594,166
Partnership: 7,594,166
General Partner: 7,594,166
Jon M. Plexico: 7,594,166
(iii) Sole power to dispose or to direct the disposition of:
Stonepine: 0
Partnership: 0
General Partner: 0
Jon M. Plexico: 0
(iv) Shared power to dispose or to direct the disposition of:
Stonepine: 7,594,166
Partnership: 7,594,166
General Partner: 7,594,166
Jon M. Plexico: 7,594,166
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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 Partnership holds ADSs for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, ADSs.
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 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.
Stonepine Capital Management, LLC
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member
Date:
05/15/2026
Stonepine Capital, L.P.
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member of the General Partner, Stonepine GP, LLC
Date:
05/15/2026
Stonepine GP, LLC
Signature:
/s/ Jon M. Plexico
Name/Title:
Managing Member
Date:
05/15/2026
Jon M. Plexico
Signature:
/s/ Jon M. Plexico
Name/Title:
Reporting person
Date:
05/15/2026
Exhibit Information
EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G
