Quoin Pharmaceuticals Provides Corporate Update and Announces Second Quarter 2024 Financial Results
August 08 2024 - 7:30AM
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 AdvisoryJeff
Ramson646-863-6893jramson@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 |
|
|
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