QNRX Stock — Quoin Pharmaceuticals Ltd.: Cash, EV, Pipeline

What they do

Our lead product, QRX003, is under clinical development as a potential treatment for Netherton Syndrome (“NS”), a rare hereditary genetic disease. QRX003 is entering pivotal registrational clinical testing under an open Investigational New Drug (“IND”) application with the Food and Drug Administration (“FDA”).

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.80

Market cap

$18.3M

Cash

$33.2M

Enterprise value

-$14.9M

Balance sheet

Cash	$33.2M
Debt	$0.0M
Net cash	$33.2M
Enterprise value	-$14.9M
Basic shares	2.0M shares
Fully diluted shares	11.9M shares
Fully diluted market cap	$45.3M
Cash per share	$16.52
Quarterly burn	$3.1M
Cash runway	10.6 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

2.0M

Pre-funded warrants

0.0M

Options

1.0M

RSUs

0.0M

Warrants

8.9M

Converts

—

Conv preferred

—

ESPP reserve

—

FDSO

11.9M

Cap table as of 2026-08-12.

Price history

Loading QNRX daily closes…

Loading price history…

Next catalyst

QRX003 · Est. May 16, 2027 · quarter midpoint · guided in 5 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	QRX003 CL-QRX003-004 (20 participants)	Not disclosed	CL-QRX003-004 (20 participants)	Q2 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

QRX003

Phase 3 · Active Modality: topical lotion

Aliases QYLEKI (conditionally FDA-approved brand name)

Target kallikreins

Partnerships Skinvisible Pharmaceuticals: exclusive royalty-bearing license (QRX003, QRX004); 9 commercial partnerships spanning 61 countries outside core territories (US, Western Europe, Japan)

Indications

Netherton Syndrome (Phase 3)
Peeling Skin Syndrome (Phase 2)

Catalysts

— H2 2026

Status note Pivotal registrational Phase 3 under open FDA IND enrolling. FDA Fast Track (March 2026); Japan MHLW Orphan Drug Designation (June 2026). Compassionate use program in 8 pediatric patients.

QRX009

Preclinical · Active Modality: topical formulation

Partnerships University College Cork (UCC): research agreement for novel topical rapamycin formulations

Indications

Pachyonychia Congenita (Preclinical)
Gorlin Syndrome (Preclinical)
Tuberous Sclerosis Complex (Preclinical)
Microcystic lymphatic malformations (Preclinical)
Venous malformations (Preclinical)
Angiofibromas (Preclinical)

Catalysts

— Q3 2026

Status note Topical rapamycin (sirolimus). Investigator-led clinical studies planned in Pachyonychia Congenita, Gorlin Syndrome, and Tuberous Sclerosis Complex.

QRX008

Preclinical · Active

Target VLA-4

Partnerships Queensland University of Technology (QUT): research agreement; option for a global license (Netherton Syndrome research with QUT discontinued July 2025)

Indications

Scleroderma (Preclinical)

Status note Preclinical research program; company has option for global license.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	211,538	no change	0.17%	2026-08-14
Stonepine Capital	199,486	+146,026	0.74%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

QNRX — Quoin Pharmaceuticals Ltd. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

QNRX — Quoin Pharmaceuticals Ltd.