Quoin Pharmaceuticals Ltd Financials

QNRX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Quoin Pharmaceuticals Ltd (QNRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI QNRX FY2025 2026-05-07

Quoin's operating model is a cash-burning development program financed mainly by new equity capital, not by customers or debt.

FY2025's current ratio of 3.6x looks comfortable, but ending cash of $3.8M covered only a fraction of the $13.5M operating cash burn, so short-term liquidity depended more on the $18.0M financing inflow than on balance-sheet optics. That matters because losses and cash burn moved together: net loss reached $15.8M while operating cash outflow was $13.5M, implying the business is consuming real cash to fund development rather than reporting mostly non-cash accounting losses.

The sharp FY2025 step-up came from development spending more than broad overhead creep: R&D rose from $3.6M in FY2024 to $9.8M, while SG&A moved from $5.9M to $6.5M. That makes the cost base more research-led, not simply heavier across the board.

The balance sheet stayed equity-funded even as accumulated losses deepened; total liabilities were only $7.3M against equity of $13.1M in FY2025, and debt-to-equity eased to 0.6x from 1.1x in FY2023. But that conservatism came with share count expansion to 52.4M from 8.9M in FY2024, showing outside capital remains the main fuel for operations.

Financial Health Signals

Financial Profile 27/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Quoin Pharmaceuticals Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Quoin Pharmaceuticals Ltd carries a low D/E ratio of 0.55, meaning only $0.55 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.61, Quoin Pharmaceuticals Ltd holds $3.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 70/100.

Returns

Quoin Pharmaceuticals Ltd generates a -120.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -97.4% the prior year.

Piotroski F-Score Weak

2/9

Quoin Pharmaceuticals Ltd passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.86x

For every $1 of reported earnings, Quoin Pharmaceuticals Ltd generates $0.86 in operating cash flow (-$13.5M OCF vs -$15.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$15.8M

YoY-76.3%

Quoin Pharmaceuticals Ltd reported -$15.8M in net income in fiscal year 2025. This represents a decrease of 76.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.8M

YoY+5.4%

5Y CAGR+63.8%

Quoin Pharmaceuticals Ltd held $3.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

52M

Quoin Pharmaceuticals Ltd had 52M shares outstanding in fiscal year 2025. This represents an increase of 486.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-120.5%

YoY-23.1pp

Quoin Pharmaceuticals Ltd's ROE was -120.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 23.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$9.8M

YoY+172.1%

5Y CAGR+109.3%

Quoin Pharmaceuticals Ltd invested $9.8M in research and development in fiscal year 2025. This represents an increase of 172.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

QNRX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.8M+172.1%	$3.6M+8.9%	$3.3M+23.8%	$2.7M+71.0%	$1.6M+540.1%	$244K
SG&A Expenses	$6.5M+9.5%	$5.9M-2.4%	$6.1M-7.8%	$6.6M+46.3%	$4.5M+215.6%	$1.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	$1.1M+2219.0%	$47K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$15.8M-76.3%	-$9.0M-3.2%	-$8.7M+7.4%	-$9.4M+56.3%	-$21.5M-924.3%	-$2.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.01	$-0.70

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.4M	N/A	$2.3M+11.2%	$2.1M-13.6%	$2.4M	N/A	$1.1M+83.8%	$588K
SG&A Expenses	$1.7M	N/A	$1.7M-0.2%	$1.7M+10.1%	$1.6M	N/A	$1.4M-6.5%	$1.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.0M	N/A	-$3.9M-6.8%	-$3.7M+3.0%	-$3.8M	N/A	-$2.3M-19.0%	-$2.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QNRX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$20.4M+29.8%	$15.7M+29.1%	$12.2M-15.8%	$14.5M+54.5%	$9.4M+579.1%	$1.4M
Current Assets	$20.0M+34.0%	$14.9M+32.3%	$11.3M-15.6%	$13.4M+63.1%	$8.2M+1662.4%	$465K
Cash & Equivalents	$3.8M+5.4%	$3.6M+50.9%	$2.4M-16.1%	$2.9M-61.8%	$7.5M+2210.7%	$324K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.3M+11.8%	$6.5M0.0%	$6.5M-7.7%	$7.1M-18.9%	$8.7M+9.0%	$8.0M
Current Liabilities	$5.5M+32.7%	$4.2M+16.7%	$3.6M+1.5%	$3.5M-22.9%	$4.6M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.1M+42.5%	$9.2M+62.5%	$5.7M-23.5%	$7.4M+1027.3%	$657K+109.9%	-$6.6M
Retained Earnings	-$71.0M-28.6%	-$55.2M-19.4%	-$46.2M-23.2%	-$37.5M-33.7%	-$28.1M-324.8%	-$6.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$15.7M-23.0%	$20.4M+217.4%	$6.4M-27.9%	$8.9M-31.2%	$13.0M-17.5%	$15.7M+37.9%	$11.4M-19.0%	$14.1M
Current Assets	$15.3M-23.4%	$20.0M+232.6%	$6.0M-29.1%	$8.5M-32.1%	$12.5M-16.3%	$14.9M+42.2%	$10.5M-20.6%	$13.2M
Cash & Equivalents	$3.1M-18.2%	$3.8M+108.5%	$1.8M+9.7%	$1.7M-56.3%	$3.8M+5.5%	$3.6M+16.3%	$3.1M+9.5%	$2.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.9M-4.8%	$7.3M-4.8%	$7.6M+20.1%	$6.4M-9.5%	$7.0M+8.1%	$6.5M+9.4%	$5.9M-9.6%	$6.6M
Current Liabilities	$5.3M-3.6%	$5.5M-3.8%	$5.8M+32.9%	$4.3M-10.7%	$4.9M+16.1%	$4.2M+20.4%	$3.5M-12.1%	$4.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.8M-33.1%	$13.1M+1180.2%	-$1.2M-147.6%	$2.6M-56.9%	$5.9M-35.6%	$9.2M+69.2%	$5.4M-27.2%	$7.5M
Retained Earnings	-$76.0M-7.0%	-$71.0M-6.5%	-$66.6M-6.3%	-$62.7M-6.3%	-$59.0M-6.9%	-$55.2M-4.4%	-$52.9M-4.7%	-$50.5M

QNRX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$13.5M-72.3%	-$7.9M+0.1%	-$7.9M+7.3%	-$8.5M-48.3%	-$5.7M-327.3%	-$1.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$4.3M-126.5%	-$1.9M-186.3%	$2.2M+121.6%	-$10.1M-1523.9%	-$625K-400.0%	-$125K
Financing Cash Flow	$18.0M+64.2%	$11.0M+110.2%	$5.2M-62.8%	$14.0M+3.7%	$13.5M+655.5%	$1.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$4.9M+3.3%	-$5.0M-126.2%	-$2.2M+39.6%	-$3.7M-42.1%	-$2.6M-16.0%	-$2.2M-2.6%	-$2.2M-8.6%	-$2.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$4.1M+136.6%	-$11.3M-544.0%	$2.5M+50.8%	$1.7M-39.3%	$2.8M+187.2%	-$3.2M-222.2%	$2.6M-17.6%	$3.2M
Financing Cash Flow	$56K-99.7%	$18.3M+12294.1%	-$150K0.0%	-$150K-753.4%	$23K-99.6%	$5.9M+4050.5%	-$150K-10.0%	-$136K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

QNRX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-120.5%-23.1pp	-97.4%+56.0pp	-153.4%-26.7pp	-126.7%+3139.9pp	-3266.6%	N/A
Return on Assets	-77.5%-20.5pp	-57.0%+14.3pp	-71.4%-6.5pp	-64.9%+164.5pp	-229.4%-77.3pp	-152.1%
Current Ratio	3.61+0.0	3.57+0.4	3.15-0.6	3.79+2.0	1.79	N/A
Debt-to-Equity	0.55-0.2	0.71-0.4	1.15+0.2	0.95-12.3	13.24+14.4	-1.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-57.0%	N/A	N/A	-144.9%-80.5pp	-64.3%	N/A	-43.2%-16.8pp	-26.4%
Return on Assets	-31.9%	N/A	-61.5%-20.0pp	-41.5%-12.0pp	-29.4%	N/A	-20.6%-6.6pp	-14.1%
Current Ratio	2.87-0.7	3.61+2.6	1.04-0.9	1.95-0.6	2.57-1.0	3.57+0.5	3.02-0.3	3.35
Debt-to-Equity	0.79+0.2	0.55+6.8	-6.29-8.8	2.49+1.3	1.19+0.5	0.71-0.4	1.09+0.2	0.88
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Quoin Pharmaceuticals Ltd profitable?

No, Quoin Pharmaceuticals Ltd (QNRX) reported a net income of -$15.8M in fiscal year 2025.

What is Quoin Pharmaceuticals Ltd's return on equity (ROE)?

Quoin Pharmaceuticals Ltd (QNRX) has a return on equity of -120.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Quoin Pharmaceuticals Ltd's operating cash flow?

Quoin Pharmaceuticals Ltd (QNRX) generated -$13.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Quoin Pharmaceuticals Ltd's total assets?

Quoin Pharmaceuticals Ltd (QNRX) had $20.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Quoin Pharmaceuticals Ltd spend on research and development?

Quoin Pharmaceuticals Ltd (QNRX) invested $9.8M in research and development during fiscal year 2025.

How many shares does Quoin Pharmaceuticals Ltd have outstanding?

Quoin Pharmaceuticals Ltd (QNRX) had 52M shares outstanding as of fiscal year 2025.

What is Quoin Pharmaceuticals Ltd's current ratio?

Quoin Pharmaceuticals Ltd (QNRX) had a current ratio of 3.61 as of fiscal year 2025, which is generally considered healthy.

What is Quoin Pharmaceuticals Ltd's debt-to-equity ratio?

Quoin Pharmaceuticals Ltd (QNRX) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Quoin Pharmaceuticals Ltd's return on assets (ROA)?

Quoin Pharmaceuticals Ltd (QNRX) had a return on assets of -77.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Quoin Pharmaceuticals Ltd's cash runway?

Based on fiscal year 2025 data, Quoin Pharmaceuticals Ltd (QNRX) had $3.8M in cash against an annual operating cash burn of $13.5M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Quoin Pharmaceuticals Ltd's Piotroski F-Score?

Quoin Pharmaceuticals Ltd (QNRX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Quoin Pharmaceuticals Ltd's earnings high quality?

Quoin Pharmaceuticals Ltd (QNRX) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Quoin Pharmaceuticals Ltd?

Quoin Pharmaceuticals Ltd (QNRX) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.