Quoin Pharmaceuticals Provides Corporate Update and Announces Third Quarter 2024 Financial Results
November 07 2024 - 8:00AM
Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or
“Quoin”), a clinical-stage, specialty pharmaceutical company
focused on developing and commercializing novel treatments for rare
and orphan diseases, today provides a business update and announces
financial results for the three and nine months ended Sept. 30,
2024.
Quoin CEO Dr. Michael Myers said, “The third quarter has been
marked by notable achievements, including expanding the clinical
reach of our lead product QRX003 into Peeling Skin Syndrome. We are
now initiating an investigator-led clinical study in New Zealand to
evaluate QRX003 for Peeling Skin Syndrome, for which there is no
approved treatment or cure. This is the first step in a planned
series of new indications for QRX003 and we believe this will be
the first ever formal clinical study for Peeling Skin Syndrome. We
have also continued to make real progress on the international
expansion of our ongoing Netherton Syndrome clinical program with
the announcement of the opening of two additional sites in the
United Kingdom at recognized centers of clinical excellence. We
look forward to announcing additional expansion into other
countries in the future. Finally, the significant insider purchases
made by the entire Quoin management team is a clear reflection of
our strong belief and confidence in Quoin’s growth trajectory and
long-term value creation. As we continue our commitment to the rare
disease community, our focus remains on delivering life-changing
treatments for underserved patient populations. We are proud of the
advancements we’ve made and look forward to the upcoming milestones
in our clinical development programs.”
Recent Corporate Highlights
- Peeling Skin Syndrome (PSS) Study: In August,
Quoin announced the planned initiation of an investigator-led
clinical study in New Zealand for QRX003 in pediatric patients with
Peeling Skin Syndrome. This rare genetic condition currently has no
approved treatments or cures. The first clinical site and patient
have been identified, and Quoin is actively evaluating additional
clinical sites in other countries.
- Insider Share Purchases: In September, Quoin’s
CEO, COO and CFO made significant insider share purchases,
signaling strong leadership confidence in the company’s growth
trajectory.
- Netherton Syndrome Clinical Trials Expansion:
Quoin continued its efforts to broaden the clinical trials for
QRX003 as a potential treatment for Netherton Syndrome. In October
2024, the company announced the opening of two additional clinical
sites in the United Kingdom, recognized centers of excellence for
Netherton Syndrome, with plans to further expand in Western and
Eastern Europe. The UK sites will operate under Quoin’s open
Investigational New Drug (IND) application with the U.S. Food and
Drug Administration (FDA).
Financial Highlights
- Cash Position: Quoin had approximately $10.3
million in cash, cash equivalents and marketable securities as of
Sept. 30, 2024. This is expected to fund the Company’s operations
into late 2025.
- Net Loss: For the quarter ended Sept. 30,
2024, Quoin reported a net loss of approximately $2.3 million
compared to a net loss of approximately $1.9 million for the same
period in 2023. For the nine months ended Sept. 30, 2024, the net
loss was approximately $6.7 million compared to $6.6 million for
the nine months ended Sept. 30, 2023.
Looking AheadQuoin is committed to advancing
its clinical programs and remains focused on expanding the
potential indications for QRX003. The company’s efforts in
initiating clinical studies in additional rare disease indications,
such as Peeling Skin Syndrome, and expanding its global clinical
footprint for Netherton Syndrome trials are crucial steps in
Quoin’s strategy to bring new treatments to patients with serious
unmet needs.
The Company continues to evaluate M&A opportunities within
the rare and orphan disease space as part of its long-term growth
strategy.
Investors are encouraged to read the Company’s Report on Form
10-Q when it is filed with the Securities and Exchange Commission
(the “SEC”), which will contain additional details about Quoin’s
financial results as of and for the period ended Sept. 30,
2024.
About Quoin Pharmaceuticals Ltd.Quoin
Pharmaceuticals Ltd. is a 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
four 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, Epidermolysis Bullosa and others. For
more information,
visit: www.quoinpharma.com or LinkedIn for
updates.
Cautionary Note Regarding Forward Looking
StatementsThe 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:
plans to initiate clinical study in peeling skin syndrome and the
timing thereof, planned series of new indications for QRX003, look
forward to announcing additional expansion into other countries in
the future, advancing the Company’s clinical programs and expanding
the potential indications for QRX003, initiating clinical studies
in additional rare disease indication (such as Peeling Skin
Syndrome), expanding the Company’s global clinical footprint for
Netherton Syndrome trials, continuing to evaluate M&A
opportunities in rare and orphan diseases, , plans to further
expand in Western and Eastern Europe, the Company’s expected
cash runway, and Quoin’s belief that its products in development
collectively have the potential to target a broad number of rare
and orphan indications, including Netherton Syndrome, Peeling Skin
Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis
Bullosa 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 timing of the
clinical studies may be delayed, the clinical studies may not
generate the results anticipated, the Company being unable to
expand into a number of EU countries as planned, the Company
needing to raise additional funds sooner than planned, or the
clinical studies not generating data which is sufficiently robust
and comprehensive to support an NDA filing and the Company’s
ability to obtain regulatory approvals. More detailed information
about the risks and uncertainties affecting the Company is
summarized in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2023 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:PCG
AdvisoryJeff Ramson646-863-6893jramson@pcgadvisory.com
-tables follow-
QUOIN PHARMACEUTICALS, LTD. |
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3,116,750 |
|
|
$ |
2,401,198 |
|
|
|
Investments |
|
|
7,190,138 |
|
|
|
8,293,663 |
|
|
|
Prepaid expenses and other current assets |
|
190,541 |
|
|
|
591,034 |
|
|
|
|
Total current assets |
|
10,497,429 |
|
|
|
11,285,895 |
|
|
|
Prepaid expenses - long term |
|
383,390 |
|
|
|
300,000 |
|
|
|
Intangible assets, net |
|
508,334 |
|
|
|
583,334 |
|
|
|
|
Total assets |
$ |
11,389,153 |
|
|
$ |
12,169,229 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
222,636 |
|
|
$ |
526,523 |
|
|
|
Accrued expenses |
|
1,504,852 |
|
|
|
1,308,706 |
|
|
|
Accrued interest and financing expense |
|
1,146,251 |
|
|
|
1,146,251 |
|
|
|
Due to officers - short term |
|
600,000 |
|
|
|
600,000 |
|
|
|
|
Total current liabilities |
|
3,473,739 |
|
|
|
3,581,480 |
|
|
|
|
|
|
|
|
|
|
|
Due to officers - long term |
|
2,473,733 |
|
|
|
2,923,733 |
|
|
|
|
Total liabilities |
$ |
5,947,472 |
|
|
$ |
6,505,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Ordinary shares, no par value per share, 100,000,000 ordinary
shares authorized at |
|
$ |
- |
|
|
$ |
- |
|
|
|
September 30, 2024 and December 31, 2023, respectively - 5,049,720
(5,049,720 ADS's) ordinary shares issued and outstanding at
September 30, 2024 and 987,220 (987,220 ADS's) at December 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid in capital |
|
58,296,199 |
|
|
|
51,867,336 |
|
|
|
Accumulated deficit |
|
(52,854,518 |
) |
|
|
(46,203,320 |
) |
|
|
|
Total shareholders' equity |
|
5,441,681 |
|
|
|
5,664,016 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
11,389,153 |
|
|
$ |
12,169,229 |
|
|
|
|
|
|
|
|
|
QUOIN PHARMACEUTICALS, LTD. |
|
|
|
|
|
|
|
Consolidated Statements of Operations
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
Three months ended September 30, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
General and administrative |
$ |
4,590,936 |
|
|
$ |
4,685,241 |
|
|
$ |
1,357,715 |
|
|
$ |
1,366,464 |
|
|
Research and development |
|
2,532,468 |
|
|
|
2,475,596 |
|
|
|
1,170,287 |
|
|
|
758,759 |
|
|
|
Total operating expenses |
|
7,123,404 |
|
|
|
7,160,837 |
|
|
|
2,528,002 |
|
|
|
2,125,223 |
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and expenses |
|
|
|
|
|
|
|
|
Unrealized (gain) loss |
|
(23,043 |
) |
|
|
11,926 |
|
|
|
(31,729 |
) |
|
|
(2,119 |
) |
|
Realized and accrued interest income |
|
(449,163 |
) |
|
|
(536,068 |
) |
|
|
(146,388 |
) |
|
|
(196,425 |
) |
|
|
Total other income |
|
(472,206 |
) |
|
|
(524,142 |
) |
|
|
(178,117 |
) |
|
|
(198,544 |
) |
Net loss |
|
$ |
(6,651,198 |
) |
$ |
(6,636,695 |
) |
|
$ |
(2,349,885 |
) |
|
$ |
(1,926,679 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.63 |
) |
|
$ |
(7.61 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.95 |
) |
|
Fully-diluted |
|
$ |
(1.63 |
) |
|
$ |
(7.61 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.95 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS's outstanding |
|
|
|
|
|
|
|
Basic |
|
|
4,071,162 |
|
|
|
871,835 |
|
|
|
5,049,720 |
|
|
|
987,220 |
|
|
Fully-diluted |
|
|
4,071,162 |
|
|
|
871,835 |
|
|
|
5,049,720 |
|
|
|
987,220 |
|
Quoin Pharmaceuticals (NASDAQ:QNRX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Quoin Pharmaceuticals (NASDAQ:QNRX)
Historical Stock Chart
From Dec 2023 to Dec 2024