Stonepine discloses 10.6% Quoin Pharmaceuticals (QNRX) stake via ADSs, warrants

Rhea-AI Filing Summary

Quoin Pharmaceuticals, Ltd. received an amended Schedule 13G showing that Stonepine Capital Management, Stonepine Capital, Stonepine GP and Jon M. Plexico together beneficially own 3,271,100 Ordinary Shares, representing 10.6% of the class as of the reported basis.

The stake is held through American Depositary Shares and warrants, including 93,460 ADSs, pre-funded warrants to acquire 81,212 ADSs and ordinary warrants to acquire 484,848 ADSs. The warrants are subject to a 9.9% beneficial ownership cap and are not currently exercisable. The filers state the securities are not held to change or influence control of Quoin.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Quoin Pharmaceuticals, Ltd.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

74907L409

(CUSIP Number)

01/29/2026

(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)

SCHEDULE 13G

CUSIP No. 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 3,271,100.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,271,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,271,100.00

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)

10.6 %

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 Ordinary Shares represented by (1) 93,460 ADSs, (2) pre-funded warrants to acquire 81,212 ADSs, and (3) ordinary warrants to acquire 484,848 ADSs. The pre-funded warrants and ordinary warrants are subject to a 9.9% beneficial ownership limitation and, as a result, are not currently exercisable. The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025, plus 1,400,000 Ordinary Shares represented by 40,000 ADS issued to the reporting person on exercise of pre-funded warrants.

SCHEDULE 13G

CUSIP No. 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 3,271,100.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,271,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,271,100.00

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)

10.6 %

12

Type of Reporting Person (See Instructions)

PN

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 Ordinary Shares represented by (1) 93,460 ADSs, (2) pre-funded warrants to acquire 81,212 ADSs, and (3) ordinary warrants to acquire 484,848 ADSs. The pre-funded warrants and ordinary warrants are subject to a 9.9% beneficial ownership limitation and, as a result, are not currently exercisable. The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025, plus 1,400,000 Ordinary Shares represented by 40,000 ADS issued to the reporting person on exercise of pre-funded warrants.

SCHEDULE 13G

CUSIP No. 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 3,271,100.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,271,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,271,100.00

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)

10.6 %

12

Type of Reporting Person (See Instructions)

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 Ordinary Shares represented by (1) 93,460 ADSs, (2) pre-funded warrants to acquire 81,212 ADSs, and (3) ordinary warrants to acquire 484,848 ADSs. The pre-funded warrants and ordinary warrants are subject to a 9.9% beneficial ownership limitation and, as a result, are not currently exercisable. The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025, plus 1,400,000 Ordinary Shares represented by 40,000 ADS issued to the reporting person on exercise of pre-funded warrants.

SCHEDULE 13G

CUSIP No. 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 3,271,100.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,271,100.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,271,100.00

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)

10.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

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 Ordinary Shares represented by (1) 93,460 ADSs, (2) pre-funded warrants to acquire 81,212 ADSs, and (3) ordinary warrants to acquire 484,848 ADSs. The pre-funded warrants and ordinary warrants are subject to a 9.9% beneficial ownership limitation and, as a result, are not currently exercisable. The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025, plus 1,400,000 Ordinary Shares represented by 40,000 ADS issued to the reporting person on exercise of pre-funded warrants.

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: 3,271,100 Partnership: 3,271,100 General Partner: 3,271,100 Jon M. Plexico: 3,271,100
(b)	Percent of class: Stonepine: 10.6% Partnership: 10.6% General Partner: 10.6% Jon M. Plexico: 10.6%
(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: 3,271,100 Partnership: 3,271,100 General Partner: 3,271,100 Jon M. Plexico: 3,271,100
	(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: 3,271,100 Partnership: 3,271,100 General Partner: 3,271,100 Jon M. Plexico: 3,271,100
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:	02/02/2026

Stonepine Capital, L.P.

Signature:	/s/ Jon M. Plexico
Name/Title:	Managing Member of the General Partner, Stonepine GP, LLC
Date:	02/02/2026

Stonepine GP, LLC

Signature:	/s/ Jon M. Plexico
Name/Title:	Managing Member
Date:	02/02/2026

Jon M. Plexico

Signature:	/s/ Jon M. Plexico
Name/Title:	Reporting person
Date:	02/02/2026

Exhibit Information

EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G

FAQ

What ownership stake does Stonepine report in Quoin Pharmaceuticals (QNRX)?

Stonepine and related parties report beneficial ownership of 3,271,100 Ordinary Shares, or 10.6% of Quoin’s class. This stake is disclosed in an amended Schedule 13G, indicating a significant but passive investment position under U.S. securities rules.

How is Stonepine’s 3,271,100-share position in Quoin (QNRX) constructed?

The 3,271,100 Ordinary Shares are represented by ADSs and warrants. The position includes Ordinary Shares represented by 93,460 ADSs, pre-funded warrants to acquire 81,212 ADSs, and ordinary warrants to acquire 484,848 ADSs, each ADS corresponding to 35 Ordinary Shares.

What is the 9.9% beneficial ownership limitation mentioned for Quoin (QNRX)?

The pre-funded and ordinary warrants are subject to a 9.9% beneficial ownership limitation. Because of this cap, these warrants are not currently exercisable, which restricts Stonepine and affiliates from exercising warrants to a level that would push beneficial ownership above 9.9% via those instruments.

Who are the reporting persons in this Quoin Pharmaceuticals (QNRX) Schedule 13G/A?

The reporting persons are Stonepine Capital Management, LLC, Stonepine Capital, L.P., Stonepine GP, LLC, and Jon M. Plexico. Stonepine and Stonepine GP serve as investment adviser and general partner to the partnership, and Plexico is the control person of these Stonepine entities.

Does Stonepine’s filing indicate an attempt to control Quoin Pharmaceuticals (QNRX)?

The filing states the securities were not acquired to change or influence control of Quoin. The certification explains that the holdings are not part of any transaction aimed at controlling the issuer, other than activities solely related to a nomination under the specified proxy rule.

On what share count is Stonepine’s 10.6% Quoin (QNRX) ownership based?

The 10.6% figure is calculated using 29,364,180 Ordinary Shares represented by 838,976 ADSs outstanding as of November 3, 2025. It also includes 1,400,000 additional Ordinary Shares represented by 40,000 ADSs issued to Stonepine on exercise of pre-funded warrants.