Quoin Pharmaceuticals Provides Corporate Update and Announces Second Quarter 2024 Financial Results
Quoin Pharmaceuticals (NASDAQ: QNRX) has provided a corporate update and announced financial results for Q2 2024. Key highlights include:
1. Research agreement with University College Cork to develop topical rapamycin formulations.
2. Expansion of Netherton Syndrome clinical trials internationally.
3. Plans to initiate a clinical study in Peeling Skin Syndrome.
4. Continued evaluation of M&A opportunities in rare and orphan diseases.
Financial highlights:
- Cash position of $12.6 million as of June 30, 2024.
- Net loss of $2.0 million for Q2 2024, compared to $2.1 million in Q2 2023.
- Net loss of $4.3 million for H1 2024, compared to $4.7 million in H1 2023.
Quoin Pharmaceuticals (NASDAQ: QNRX) ha fornito un aggiornamento aziendale e annunciato i risultati finanziari per il secondo trimestre del 2024. I principali punti salienti includono:
1. Accordo di ricerca con l'Università del College Cork per sviluppare formulazioni topiche di rapamicina.
2. Espansione delle sperimentazioni cliniche sulla Sindrome di Netherton a livello internazionale.
3. Piani per avviare uno studio clinico sulla Sindrome della Pelle Sbucciata.
4. Valutazione continua delle opportunità di fusioni e acquisizioni nelle malattie rare e orfane.
Punti salienti finanziari:
- Posizione di cassa di 12,6 milioni di dollari al 30 giugno 2024.
- Perdita netta di 2,0 milioni di dollari per il secondo trimestre del 2024, rispetto a 2,1 milioni di dollari nel secondo trimestre del 2023.
- Perdita netta di 4,3 milioni di dollari per il primo semestre del 2024, rispetto a 4,7 milioni di dollari nel primo semestre del 2023.
Quoin Pharmaceuticals (NASDAQ: QNRX) ha proporcionado una actualización corporativa y ha anunciado los resultados financieros para el segundo trimestre de 2024. Los aspectos destacados incluyen:
1. Acuerdo de investigación con University College Cork para desarrollar formulaciones tópicas de rapamicina.
2. Expansión de los ensayos clínicos de la Síndrome de Netherton a nivel internacional.
3. Planes para iniciar un estudio clínico en la Síndrome de Piel Desprendida.
4. Evaluación continua de oportunidades de fusiones y adquisiciones en enfermedades raras y huérfanas.
Aspectos financieros destacados:
- Posición de efectivo de 12,6 millones de dólares al 30 de junio de 2024.
- Pérdida neta de 2,0 millones de dólares para el segundo trimestre de 2024, en comparación con 2,1 millones de dólares en el segundo trimestre de 2023.
- Pérdida neta de 4,3 millones de dólares para el primer semestre de 2024, en comparación con 4,7 millones de dólares en el primer semestre de 2023.
Quoin Pharmaceuticals (NASDAQ: QNRX)는 2024년 2분기 기업 업데이트 및 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
1. University College Cork와의 연구 계약을 통해 국소적 rapamycin 제형을 개발합니다.
2. Netherton 증후군 임상 시험을 국제적으로 확대합니다.
3. Peeling Skin Syndrome에 대한 임상 연구를 시작할 계획입니다.
4. 희귀 및 고아 질환의 M&A 기회를 지속적으로 평가합니다.
재무 하이라이트:
- 2024년 6월 30일 기준 현금 포지션은 1,260만 달러입니다.
- 2024년 2분기의 순손실은 200만 달러로, 2023년 2분기의 210만 달러와 비교됩니다.
- 2024년 상반기 순손실은 430만 달러로, 2023년 상반기의 470만 달러와 비교됩니다.
Quoin Pharmaceuticals (NASDAQ: QNRX) a fourni une mise à jour de l'entreprise et annoncé des résultats financiers pour le deuxième trimestre de 2024. Les points forts incluent :
1. Accord de recherche avec University College Cork pour développer des formulations topiques de rapamycine.
2. Expansion des essais cliniques sur le syndrome de Netherton à l'international.
3. Prévisions pour démarrer une étude clinique sur le syndrome de la peau qui pèle.
4. Évaluation continue des opportunités de fusions et acquisitions dans les maladies rares et orphelines.
Points financiers saillants :
- Position de trésorerie de 12,6 millions de dollars au 30 juin 2024.
- Perte nette de 2,0 millions de dollars pour le deuxième trimestre de 2024, par rapport à 2,1 millions de dollars au deuxième trimestre de 2023.
- Perte nette de 4,3 millions de dollars pour le premier semestre de 2024, par rapport à 4,7 millions de dollars au premier semestre de 2023.
Quoin Pharmaceuticals (NASDAQ: QNRX) hat ein Unternehmensupdate veröffentlicht und die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Zu den wichtigsten Highlights gehören:
1. Forschungsvereinbarung mit dem University College Cork zur Entwicklung von topischen Rapamycin-Formulierungen.
2. Erweiterung der klinischen Studien zur Netherton-Syndrom international.
3. Pläne zur Initiierung einer klinischen Studie zur Peeling-Skin-Syndrom.
4. Fortdauernde Bewertung von M&A-Möglichkeiten bei seltenen und orphanen Krankheiten.
Finanzielle Highlights:
- Bargeldposition von 12,6 Millionen USD zum 30. Juni 2024.
- Nettoumsatzverlust von 2,0 Millionen USD im 2. Quartal 2024, im Vergleich zu 2,1 Millionen USD im 2. Quartal 2023.
- Nettoumsatzverlust von 4,3 Millionen USD für das erste Halbjahr 2024, im Vergleich zu 4,7 Millionen USD im ersten Halbjahr 2023.
- Research agreement with University College Cork for potential new rare disease treatments
- International expansion of Netherton Syndrome clinical trials
- Initiation of clinical study in Peeling Skin Syndrome
- Cash position of $12.6 million expected to fund operations into late 2025
- Reduced net loss for Q2 and H1 2024 compared to 2023
- Continued net losses of $2.0 million in Q2 2024 and $4.3 million in H1 2024
Insights
Quoin Pharmaceuticals' Q2 2024 update reveals a mixed financial picture. The company's cash position of
The company's focus on rare and orphan diseases is a double-edged sword. While it offers potential for high-margin products if successful, it also involves higher risks due to smaller patient populations and complex development processes. The expansion of clinical trials internationally could increase costs in the short term but may accelerate the path to potential approval.
Quoin's research agreement with University College Cork is a strategic move to broaden its product portfolio. The focus on developing topical rapamycin formulations using dissolvable microneedles technology could potentially address multiple rare diseases, expanding Quoin's market opportunities. However, it's important to note that this is still in the early research stage.
The expansion of Netherton Syndrome trials internationally, particularly to Saudi Arabia and potentially EU countries, is significant. This could accelerate patient recruitment and provide more diverse data, potentially strengthening the case for eventual FDA approval. The initiation of a clinical study in Peeling Skin Syndrome further diversifies Quoin's pipeline, but investors should be aware that success in rare disease treatments is often challenging and time-consuming.
Quoin Broadens Product Portfolio through Research Agreement with University College Cork, Ireland
Company Expands On-going Clinical Trials in Netherton Syndrome to Include International Sites
Announced Plans to Initiate Clinical Study in Peeling Skin Syndrome
Continues to Evaluate M&A Opportunities in Rare and Orphan Diseases
ASHBURN, Va., Aug. 08, 2024 (GLOBE NEWSWIRE) -- 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 six months ended June 30, 2024.
Quoin CEO, Dr. Michael Myers, said, “This was another quarter of solid achievement and incremental progress for Quoin. Our research partnership with University College Cork, Ireland, has the potential to lead to the development of a number of topical rapamycin (sirolimus) formulations utilizing the university’s proprietary dissolvable microneedles delivery technology. Quoin intends to clinically develop any successfully developed formulations as potential treatments for several rare and orphan diseases. We continued to advance the clinical development of our lead product, QRX003, as a potential treatment for Netherton Syndrome with the announcement of the international expansion of clinical trial sites. The first international site will be opened in Saudi Arabia and Quoin has engaged an experienced Clinical Research Organization to manage all local activities. In addition, we have also engaged a European based CRO as we seek to expand our clinical activities into several EU countries. All international sites will operate under the auspices of Quoin’s open Investigational New Drug application with the US Food and Drug Administration. Earlier this week, we announced our plans to initiate a clinical study in Peeling Skin Syndrome, a rare genetic disease for which there are currently no approved treatments or cures. The first clinical site and patient have been identified and we are working closely with the site to initiate clinical testing as promptly as possible. Finally, throughout the quarter we continued to evaluate several promising M&A opportunities in rare and orphan diseases. This remains a priority for Quoin throughout the remainder of 2024.”
Recent Corporate Highlights
- On June 12th, Quoin announced the signing of a research agreement with University College Cork, Ireland.
- On June 27th, Quoin announced the international expansion of its on-going clinical trials in Netherton Syndrome.
Financial Highlights
- Quoin had approximately
$12.6 million in cash, cash equivalents and marketable securities as of June 30, 2024, which is expected to fund the Company’s operations into late 2025. - Net loss for the quarter ended June 30, 2024 was approximately
$2.0 million compared to approximately$2.1 million for the quarter ended June 30, 2023. Net loss for the six months ended June 30, 2024 was$4.3 million compared to$4.7 million for the six months ended June 30, 2023. - 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 June 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 Statements
The 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,” 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, plans to evaluate M&A opportunities in rare and orphan diseases, the partnership with the UCC potentially leading to the development of a number of topical rapamycin (sirolimus) formulations utilizing the university’s proprietary dissolvable microneedles delivery technology, the Company intends to clinically develop any successfully developed formulations as potential treatments for several rare and orphan diseases, the opening of the Company’s first international site in Saudi Arabia, the Company seeking to expand its clinical activities into a number of EU countries. the Company’s expected cash runway, and Quoin’s 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 partnership with UCC may not lead to development of the formulations expected, the Company being unable to expand into a number of EU countries as planned, the Company may need to raise additional funds sooner than planned, the clinical studies may not generate 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 Advisory
Jeff Ramson
646-863-6893
jramson@pcgadvisory.com
-Tables Follow-
| QUOIN PHARMACEUTICALS, LTD. Consolidated Balance Sheets | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,845,126 | $ | 2,401,198 | ||||
| Investments | 9,725,463 | 8,293,663 | ||||||
| Prepaid expenses and other current assets | 650,696 | 591,034 | ||||||
| Total current assets | 13,221,285 | 11,285,895 | ||||||
| Prepaid expenses - long term | 300,000 | 300,000 | ||||||
| Intangible assets, net | 533,334 | 583,334 | ||||||
| Total assets | $ | 14,054,619 | $ | 12,169,229 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 819,674 | $ | 526,523 | ||||
| Accrued expenses | 1,386,625 | 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 | 3,952,550 | 3,581,480 | ||||||
| Due to officers - long term | 2,623,733 | 2,923,733 | ||||||
| Total liabilities | $ | 6,576,283 | $ | 6,505,213 | ||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Ordinary shares, no par value per share, 100,000,000 ordinary shares authorized at June 30, 2024 and December 31, 2023, respectively - 3,979,970 (3,979,970 ADS's) ordinary shares issued and outstanding at June 30, 2024 and 987,220 (987,220 ADS's) at December 31, 2023 | $ | - | $ | - | ||||
| Additional paid in capital | 57,982,969 | 51,867,336 | ||||||
| Accumulated deficit | (50,504,633 | ) | (46,203,320 | ) | ||||
| Total shareholders' equity | 7,478,336 | 5,664,016 | ||||||
| Total liabilities and shareholders' equity | $ | 14,054,619 | $ | 12,169,229 | ||||
| QUOIN PHARMACEUTICALS, LTD. Consolidated Statements of Operations (unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative | $ | 1,617,769 | $ | 1,634,960 | $ | 3,233,221 | $ | 3,318,777 | ||||||||
| Research and development | 519,349 | 625,104 | 1,362,181 | 1,716,837 | ||||||||||||
| Total operating expenses | 2,137,118 | 2,260,064 | 4,595,402 | 5,035,614 | ||||||||||||
| Other (income) and expenses | ||||||||||||||||
| Unrealized loss | 2,177 | 34,472 | 8,686 | 14,045 | ||||||||||||
| Realized and accrued interest income | (165,262 | ) | (187,589 | ) | (302,775 | ) | (339,643 | ) | ||||||||
| Total other income | (163,085 | ) | (153,117 | ) | (294,089 | ) | (325,598 | ) | ||||||||
| Net loss | $ | (1,974,033 | ) | $ | (2,106,947 | ) | $ | (4,301,313 | ) | $ | (4,710,016 | ) | ||||
| Loss per ADS | ||||||||||||||||
| Basic | $ | (0.39 | ) | $ | (2.13 | ) | $ | (1.20 | ) | $ | (5.79 | ) | ||||
| Fully-diluted | $ | (0.39 | ) | $ | (2.13 | ) | $ | (1.20 | ) | $ | (5.79 | ) | ||||
| Weighted average number of ADS's outstanding | ||||||||||||||||
| Basic | 5,049,720 | 987,220 | 3,576,506 | 813,187 | ||||||||||||
| Fully-diluted | 5,049,720 | 987,220 | 3,576,506 | 813,187 | ||||||||||||
FAQ
What was Quoin Pharmaceuticals' (QNRX) cash position as of June 30, 2024?
How much was Quoin Pharmaceuticals' (QNRX) net loss for Q2 2024?
What new clinical study is Quoin Pharmaceuticals (QNRX) planning to initiate?
What recent research agreement did Quoin Pharmaceuticals (QNRX) sign?
