[Introduction](index=1&type=section&id=Introduction) [Company Overview](index=1&type=section&id=Company%20Overview) Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases, announcing its Q2 2025 financial results and corporate updates - **Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX)** is a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases[1](index=1&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Dr. Michael Myers highlighted Q2 2025 as impactful, citing positive clinical improvements in the pediatric Netherton Syndrome study, impressive Peeling Skin Syndrome data, and the versatility of QRX003. Key regulatory milestones included Orphan Drug Designation in Europe and Rare Pediatric Disease Designation in the US, expected to accelerate QRX003 development. The NETHERTON NOW campaign continues to raise awareness - CEO Dr. Michael Myers stated **Q2 2025** was impactful with meaningful progress on multiple fronts, including **positive and durable clinical improvements** in the ongoing investigator-led pediatric Netherton Syndrome study[2](index=2&type=chunk) - **Impressive Peeling Skin Syndrome data** reported, demonstrating **QRX003's versatility** as a potentially safe and effective treatment for various rare skin diseases[2](index=2&type=chunk) - Received **Orphan Drug Designation in Europe** and **Rare Pediatric Disease Designation in the United States**, expected to help **accelerate QRX003 development**[2](index=2&type=chunk) - The **NETHERTON NOW campaign** continues to elevate awareness for effective Netherton Syndrome treatment options[2](index=2&type=chunk) [Corporate Highlights](index=1&type=section&id=Corporate%20Highlights) [Key Achievements in Q2 2025](index=1&type=section&id=Key%20Achievements%20in%20Q2%202025) Quoin Pharmaceuticals made significant progress in Q2 2025, advancing its lead clinical asset QRX003 into pivotal trials for Netherton Syndrome. Key achievements include positive clinical data for Netherton and Peeling Skin Syndromes, FDA clearance for a second pivotal Netherton study, and important regulatory designations in both Europe and the US - Advanced lead clinical asset, **QRX003**, into **pivotal trials for Netherton Syndrome**, a devastating and life-threatening genetic skin disorder with **no approved therapies**[3](index=3&type=chunk) - Reported **positive 6-month clinical data** for ongoing pediatric Netherton Syndrome study and **initial positive data** from Peeling Skin Syndrome pediatric study[3](index=3&type=chunk) - **FDA cleared a second pivotal study** of QRX003 for Netherton Syndrome[3](index=3&type=chunk) - Granted **Orphan Drug Designation by European Medicines Agency** and **Rare Pediatric Disease Designation by U.S. FDA** for QRX003[3](index=3&type=chunk) [Detailed Clinical and Regulatory Milestones](index=2&type=section&id=Detailed%20Clinical%20and%20Regulatory%20Milestones) Q2 2025 saw several specific milestones for QRX003, including positive clinical data for Netherton and Peeling Skin Syndromes, FDA clearance for a second pivotal Netherton study, and key regulatory designations from both the EMA and FDA, alongside continued expansion of the NETHERTON NOW awareness campaign [Netherton Syndrome Program Updates](index=2&type=section&id=Netherton%20Syndrome%20Program%20Updates) Positive 6-month clinical data from an investigator-led pediatric Netherton Syndrome study showed significant improvements in skin condition and reduced itch with no adverse events. The FDA also cleared a second pivotal clinical study (CL-QRX003-002) for Netherton Syndrome, with recruitment expected to conclude by Q1 2026 and an NDA filing anticipated later in 2026 - **Positive clinical data** from ongoing Investigator Pediatric Netherton Syndrome study reported on April 2, 2025, showing **significant improvements** in patient's skin condition and **reduced itch** after six months of QRX003 treatment, with **no adverse events**[4](index=4&type=chunk) - **FDA clearance** announced on May 22, 2025, for the initiation of a **second pivotal clinical study (CL-QRX003-002)** for QRX003, targeting Netherton Syndrome[8](index=8&type=chunk) - The second pivotal study will include **12–15 subjects**, with **recruitment expected to conclude by the end of Q1 2026** and an **NDA filing anticipated later in 2026**[8](index=8&type=chunk) [Peeling Skin Syndrome Program Updates](index=2&type=section&id=Peeling%20Skin%20Syndrome%20Program%20Updates) Initial positive clinical data from an investigator-led Pediatric Peeling Skin Syndrome (PSS) study demonstrated improvements in disease severity, skin condition, and quality of life metrics after 12 weeks of QRX003 treatment, with no adverse events - **Positive clinical data** announced on May 14, 2025, from an investigator-led Pediatric Peeling Skin Syndrome (PSS) study[6](index=6&type=chunk) - After **12 weeks of treatment** with QRX003, patients showed **improvement in disease severity, skin condition, and quality of life metrics**, with **no adverse events** reported[6](index=6&type=chunk) [Regulatory Designations](index=2&type=section&id=Regulatory%20Designations) QRX003 received Orphan Drug Designation from the European Medicines Agency, granting 10 years of market exclusivity in Europe upon approval, along with scientific advice and fee reductions. The FDA also granted Rare Pediatric Disease Designation for QRX003 for Netherton Syndrome, potentially enabling Priority Review Voucher eligibility - On May 20, 2025, the Company received Orphan Drug Designation from the European Medicines Agency for QRX003, granting **10 years of market exclusivity in Europe** upon approval and offering benefits like scientific advice on study protocols and fee reductions[7](index=7&type=chunk) - On June 24, 2025, the FDA granted **Rare Pediatric Disease Designation** to QRX003 for the treatment of Netherton Syndrome, enabling potential **Priority Review Voucher eligibility** upon marketing approval[9](index=9&type=chunk) [Advocacy Initiatives](index=2&type=section&id=Advocacy%20Initiatives) Quoin continued to expand its NETHERTON NOW awareness campaign, releasing new episodes in its 'Living with Netherton' video series to highlight patient challenges and featuring expert insights on the severe burden of Netherton Syndrome in pediatric patients - On April 10, 2025, Quoin released the **second episode** in its 'Living with Netherton' video series, part of its broader **NETHERTON NOW awareness campaign**, highlighting the daily challenges faced by patients and families[5](index=5&type=chunk) - On June 26, 2025, Quoin launched a new installment in its **NETHERTON NOW campaign**, featuring Professor Jemima Mellerio, a world-renowned expert, emphasizing the **severe burden of Netherton Syndrome in pediatric patients**[10](index=10&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) [Cash Position](index=2&type=section&id=Cash%20Position) As of June 30, 2025, Quoin Pharmaceuticals held approximately $7.8 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into Q1 2026 - Cash, cash equivalents, and marketable securities as of June 30, 2025: approximately **$7.8 million**[11](index=11&type=chunk) - The Company believes this capital will support operations into the **first quarter of 2026**[11](index=11&type=chunk) [Net Loss](index=3&type=section&id=Net%20Loss) Quoin reported an increased net loss for Q2 2025 and the six months ended June 30, 2025, primarily driven by a significant increase in research and development expenditures compared to the same periods in 2024 Net Loss and R&D Expenditure Comparison | Period | Net Loss (2025) | Net Loss (2024) | R&D Expenditure (2025) | R&D Expenditure (2024) | Change in Net Loss (YoY) | Change in R&D (YoY) | | :------------------- | :---------------- | :---------------- | :----------------------- | :----------------------- | :----------------------- | :-------------------- | | Three months ended June 30 | ~$3.7 million | ~$2.0 million | ~$2.1 million | ~$0.6 million | Increased by ~$1.7 million | Increased by ~$1.5 million | | Six months ended June 30 | ~$7.5 million | ~$4.3 million | ~$4.4 million | ~$1.5 million | Increased by ~$3.2 million | Increased by ~$2.9 million | - Net loss for the three months ended June 30, 2025, increased to approximately **$3.7 million** from **$2.0 million** in the prior year, primarily due to a rise in R&D expenditure from **$0.6 million** to **$2.1 million**[12](index=12&type=chunk)[17](index=17&type=chunk) - Net loss for the six months ended June 30, 2025, increased to approximately **$7.5 million** from **$4.3 million** in the prior year, primarily due to a rise in R&D expenditure from **$1.5 million** to **$4.4 million**[12](index=12&type=chunk)[17](index=17&type=chunk) [About Quoin Pharmaceuticals Ltd.](index=3&type=section&id=About%20Quoin%20Pharmaceuticals%20Ltd.) Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company dedicated to developing and commercializing therapies for rare and orphan diseases. Its pipeline includes four products targeting a broad range of indications such as Netherton Syndrome, Peeling Skin Syndrome, SAM Syndrome, and others - Quoin Pharmaceuticals Ltd. is a **late clinical-stage specialty pharmaceutical company** focused on developing and commercializing therapeutic products that treat **rare and orphan diseases**[13](index=13&type=chunk) - 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, SAM Syndrome, Palmoplantar Keratoderma, Scleroderma, Microcystic Lymphatic Malformations, Venous Malformations, and Angiofibroma[13](index=13&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward%20Looking%20Statements) This section advises that statements not based on historical facts are forward-looking and subject to risks and uncertainties, meaning actual results may differ materially. It lists various forward-looking statements made in the press release and highlights potential risks, including the ability to deliver safe treatments, obtain regulatory approvals, complete trials, and manage costs. The company disclaims any obligation to update these statements - Statements in this press release that are not descriptions of historical facts are **forward-looking statements** within the meaning of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to risks and uncertainties[14](index=14&type=chunk) - Forward-looking statements include expectations regarding **clinical improvements, QRX003 versatility, initiation of new studies, acceleration of development due to designations, campaign awareness, delivering the first approved Netherton Syndrome therapy, recruitment timelines, NDA filing, capital sufficiency, and product pipeline potential**[14](index=14&type=chunk) - Risks and uncertainties include the Company's ability to **deliver a safe and effective treatment, pursue its regulatory strategy, obtain regulatory approvals, complete clinical trials on time, achieve desired results, and manage unanticipated or higher than expected clinical trial costs**[14](index=14&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Quoin's total assets decreased significantly to $8.91 million from $15.71 million at December 31, 2024, primarily due to reductions in cash, cash equivalents, and investments. Total liabilities slightly decreased, while total shareholders' equity saw a substantial reduction from $9.20 million to $2.55 million, largely due to an increased accumulated deficit Consolidated Balance Sheet Highlights | Item | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :-------------- | :---------------- | :------------------- | | Cash and cash equivalents | $1,668,492 | $3,623,343 | -$1,954,851 | | Investments | $6,121,830 | $10,433,535 | -$4,311,705 | | Total current assets | $8,479,255 | $14,926,004 | -$6,446,749 | | Total assets | $8,912,589 | $15,709,338 | -$6,796,749 | | Total current liabilities | $4,337,499 | $4,180,932 | +$156,567 | | Total liabilities | $6,361,232 | $6,504,665 | -$143,433 | | Total shareholders' equity | $2,551,357 | $9,204,673 | -$6,653,316 | | Accumulated deficit | $(62,673,909) | $(55,165,792) | -$7,508,117 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the three and six months ended June 30, 2025, Quoin reported increased net losses compared to the prior year, primarily driven by a substantial rise in research and development expenses. Basic and fully-diluted loss per ADS also decreased significantly year-over-year for both periods, despite the increased net loss, due to a higher weighted average number of ADS's outstanding Consolidated Statements of Operations Highlights | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | General and administrative | $1,742,594 | $1,549,615 | $3,325,632 | $3,122,601 | | Research and development | $2,050,585 | $587,503 | $4,424,724 | $1,472,801 | | Total operating expenses | $3,793,179 | $2,137,118 | $7,750,356 | $4,595,402 | | Net loss | $(3,695,938) | $(1,974,033) | $(7,508,117) | $(4,301,313) | | Loss per ADS (Basic) | $(6.28) | $(13.68) | $(12.79) | $(42.09) | | Weighted average ADS's outstanding (Basic) | 588,166 | 144,278 | 587,253 | 102,186 | - Net loss for the three months ended June 30, 2025, increased to approximately **$3.7 million** from **$2.0 million** in the prior year, primarily due to a rise in R&D expenditure from **$0.6 million** to **$2.1 million**[12](index=12&type=chunk)[17](index=17&type=chunk) - Net loss for the six months ended June 30, 2025, increased to approximately **$7.5 million** from **$4.3 million** in the prior year, primarily due to a rise in R&D expenditure from **$1.5 million** to **$4.4 million**[12](index=12&type=chunk)[17](index=17&type=chunk) [Contact Information](index=4&type=section&id=Contact%20Information) This section provides contact details for Quoin Pharmaceuticals Ltd., including the CEO, Dr. Michael Myers, and for investor relations through PCG Advisory, Jeff Ramson - Contact for Quoin Pharmaceuticals Ltd.: **Michael Myers, Ph.D., CEO** (mmyers@quoinpharma.com)[15](index=15&type=chunk) - Investor Contact: **PCG Advisory, Jeff Ramson** (jramson@pcgadvisory.com, (646) 863-6341)[15](index=15&type=chunk)

Core Insights - Quoin Pharmaceuticals reported significant clinical progress in its ongoing studies for QRX003, particularly for Netherton Syndrome and Peeling Skin Syndrome, with positive data indicating improvements in patient conditions [2][3][5] - The company received important regulatory designations, including Orphan Drug Designation from the European Medicines Agency and Rare Pediatric Disease Designation from the U.S. FDA, which are expected to accelerate the development of QRX003 [6][8] - The NETHERTON NOW campaign has been expanded to raise awareness about Netherton Syndrome, highlighting the urgent need for effective treatments [2][4][9] Clinical Developments - Positive clinical data from the pediatric Netherton Syndrome study showed significant improvements in skin condition and reduced itch after six months of treatment with QRX003, with no adverse events reported [3] - The Peeling Skin Syndrome study also reported positive outcomes after 12 weeks of treatment, with improvements in disease severity and quality of life metrics [5] - A second pivotal study for QRX003 targeting Netherton Syndrome has been cleared by the FDA, with recruitment expected to conclude by the end of Q1 2026 [7] Financial Overview - As of June 30, 2025, Quoin had approximately $7.8 million in cash and cash equivalents, which is projected to support operations into Q1 2026 [10] - The company reported a net loss of approximately $3.7 million for Q2 2025, an increase from a net loss of approximately $2.0 million in Q2 2024, primarily due to increased research and development expenditures [11][17] - Total operating expenses for the six months ended June 30, 2025, were approximately $7.75 million, compared to $4.60 million for the same period in 2024 [17]

Core Viewpoint - Quoin Pharmaceuticals Ltd. is set to release its financial results for Q2 2025 on August 7, 2025, which will include operational updates and financial highlights [1][2]. Company Overview - Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutic products for rare and orphan diseases [3]. - The company aims to address unmet medical needs for patients and their communities [3]. - Quoin's pipeline includes four products in development targeting various rare and orphan indications such as Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, and Epidermolysis Bullosa [3].

Core Insights - Quoin Pharmaceuticals is advancing its lead product QRX003 for Netherton Syndrome through two pivotal registrational clinical studies across the US, Europe, and the Middle East [2][3] - The company aims to file a New Drug Application (NDA) for QRX003 in the second half of 2026 and plans to self-commercialize the product in the US, Western Europe, and Japan [3] - Quoin has also reported positive initial data from a clinical study for Peeling Skin Syndrome (PSS), marking significant improvements in key clinical endpoints [4] Clinical Development - QRX003 is being tested in two studies, with over 80% of subjects' body surface area treated twice daily for 12 weeks [2] - The first study tests QRX003 as a monotherapy, while the second study combines it with off-label systemic therapy [2] - Each study is expected to recruit 12 to 16 subjects, with full recruitment targeted for early to mid Q1 2026 [2] Product Pipeline - Quoin's clinical program for QRX003 is on track to potentially become the first approved treatment for Netherton Syndrome [3] - The company has discontinued the development of QRX007 for Netherton Syndrome and QRX004 for Epidermolysis Bullosa, focusing resources on high-potential opportunities [6][7] - The topical rapamycin program is progressing, targeting rare skin diseases, with clinical testing anticipated to begin in the first half of 2026 [5] Market Strategy - Quoin has established nine commercial partnerships to support global access to QRX003 across 61 additional countries upon approval [3] - The company is transitioning into pre-commercialization mode in anticipation of the potential approval and launch of QRX003 within the next 18 to 24 months [7]

Investment Highlights - The company is focused on a rare and orphan disease product pipeline[9] - The company is on track for First Netherton Syndrome Treatment Approval in 2026[9] - The global Netherton commercial opportunity is in excess of $1 billion[9] Product Pipeline - QRX003 is in pivotal clinical studies for Netherton Syndrome[12] - Clinical trial has been initiated for QRX003 for Peeling Skin Syndrome[12] - Clinical testing for QRX003 for Palmoplantar Keratoderma is expected to commence in the second half of 2025[12] Netherton Syndrome (NS) and QRX003 - Netherton Syndrome affects 6,000 – 8,000 newborns in the US and Europe combined, with up to 30,000 in Quoin Partnered Territories[21] - QRX003 is a topical lotion to be applied twice-daily to whole body surface[26] - Pilot study data showed marked improvements across all measured clinical endpoints with QRX003[31] - Pediatric whole body data showed that one patient experienced zero nightly sleep disturbances for the first time in her life after treatment with QRX003[40] Additional Rare Skin Disorders - Clinical testing in PPK to commence in 2025[50] - First Subject Peeling Skin Data showed the M-IASI decreased from 36 to 12 after 12 weeks[52]

Core Insights - Quoin Pharmaceuticals has released a new episode in its NETHERTON NOW video series, highlighting the severe burden of Netherton Syndrome in infants and children and the need for effective pediatric treatments [1][4] - The U.S. FDA has granted Rare Pediatric Disease Designation for Quoin's lead product candidate, QRX003, which aims to address the serious and underserved nature of Netherton Syndrome in pediatric patients [3][4] Company Overview - Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases, with a commitment to addressing unmet medical needs [6] - The company is developing a pipeline of four products targeting various rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, and others [6] Product Information - QRX003 is a topical lotion designed to promote a normalized skin-shedding process and strengthen the skin barrier in patients with Netherton Syndrome [5] - The mechanism of action for QRX003 involves a proprietary delivery technology that contains a broad-spectrum serine protease inhibitor, which mimics the function of a specific protein called LEKTI [5] Expert Insights - Professor Jemima Mellerio, a recognized authority in dermatology, emphasizes the life-threatening challenges of Netherton Syndrome and the critical need for improved therapeutic options [2][3] - The experiences shared by Professor Mellerio in the NETHERTON NOW series highlight the challenges faced by children and families living with this condition [4]

Core Viewpoint - Quoin Pharmaceuticals has received Rare Pediatric Disease Designation from the FDA for its lead asset QRX003, aimed at treating Netherton Syndrome, a rare genetic disorder affecting children [1][3][4] Company Overview - Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases, with a pipeline that includes four products targeting various conditions [5] Regulatory Designations - The FDA's Rare Pediatric Disease Designation for QRX003 highlights its potential as a therapeutic candidate for an underserved pediatric population, following the Orphan Drug Designation granted by the EMA in May 2025 [2][3] Clinical Development - The company is focused on completing pivotal clinical studies for QRX003 and advancing it towards a New Drug Application (NDA) as the first potential treatment for Netherton Syndrome [3][5] Disease Background - Netherton Syndrome is a rare genetic disorder affecting approximately 1 in 200,000 newborns, with symptoms that can lead to severe skin inflammation and a mortality rate in infancy estimated at 10 to 20 percent [4]

Core Viewpoint - Quoin Pharmaceuticals has received FDA clearance to initiate a second pivotal clinical study for QRX003, targeting Netherton Syndrome, which is expected to generate comprehensive safety and efficacy data to support regulatory approval [1][3]. Group 1: Clinical Study Details - The new study, CL-QRX003-002, will involve approximately 12-15 subjects and will apply QRX003 to at least 80% of each subject's body surface area, enhancing the data collected compared to earlier studies [2][5]. - This pivotal study complements another ongoing study, CL-QRX003-003, where QRX003 is administered as monotherapy without off-label systemic therapy [2][5]. - Quoin anticipates recruiting between 24-30 subjects across 6 U.S. sites and up to 6 international sites, with recruitment expected to be completed by the end of Q1 2026 [2][5]. Group 2: Product and Market Potential - QRX003 is a topical lotion designed to downregulate the hyperactivity of kallikreins in the skin, addressing excessive skin shedding and associated symptoms in Netherton Syndrome patients [1][3]. - The combined data from both pivotal studies is expected to provide QRX003 with a broad label opportunity post-approval, allowing it to be used both as a monotherapy and in conjunction with off-label systemic treatments [5]. Group 3: Company Overview - Quoin Pharmaceuticals is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases, with a pipeline that includes products targeting various conditions such as Peeling Skin Syndrome and Epidermolysis Bullosa [4]. - The company is committed to addressing unmet medical needs for patients and their communities [4].

Core Viewpoint - Quoin Pharmaceuticals has received Orphan Drug Designation in Europe for its lead product QRX003, which is in late-stage clinical trials for treating Netherton Syndrome, providing the company with significant regulatory advantages and potential market exclusivity [1][2][3] Company Overview - Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases, with a pipeline that includes four products targeting various conditions [4] Product Development - QRX003 is designed as a topical, non-systemic treatment for Netherton Syndrome, a severe disease with no current approved therapies, and is currently undergoing multiple late-stage clinical trials [3][4] - The product has shown promising clinical results, including significant skin healing and reduction of severe chronic pruritus in pediatric studies, indicating its potential efficacy as a broad-spectrum kallikrein inhibitor [3] Regulatory Milestones - The Orphan Drug Designation provides Quoin with benefits such as scientific advice on study protocols, fee reductions, and access to EU grants, and if approved, QRX003 will receive 10 years of market exclusivity in Europe [2][3]

Financial Performance - Quoin reported a net loss of approximately $3.8 million for Q1 2025, compared to a net loss of approximately $2.3 million for the same period in 2024, reflecting an increase in losses of about 65.2% year-over-year[11] - The net loss for the period was $3.81 million, compared to a net loss of $2.32 million in the previous year, indicating an increase in losses of approximately 64.1%[19] - Basic loss per ADS was $6.50, compared to $3.87 for the same period last year, reflecting a significant increase in loss per share[19] - Total revenue for the three months ended March 31, 2025, was $3.95 million, compared to $3.57 million for the same period in 2024, representing a growth of approximately 10.6%[19] - Operating expenses for the period were $3.95 million, with general and administrative expenses at $1.58 million and research and development expenses at $2.37 million[19] - Quoin's total assets decreased from approximately $15.7 million as of December 31, 2024, to approximately $12.96 million as of March 31, 2025[18] - Total liabilities increased from approximately $6.5 million at the end of 2024 to approximately $7.03 million by March 31, 2025[18] - The company reported a significant increase in accumulated deficit, rising to approximately $58.98 million as of March 31, 2025, compared to $55.17 million at the end of 2024[18] - The weighted average number of ADS outstanding was 586,331, compared to 609,094 in the previous year, showing a decrease in outstanding shares[19] Clinical Progress - The company achieved significant clinical progress with QRX003, showing almost complete skin healing and elimination of pruritus in patients, allowing for the discontinuation of multiple prior medications[2] - The interim results from the pediatric Investigator Study indicated improvement from "Severe" to "Mild" on the Investigator's Global Assessment after six weeks of treatment[4] - A newly FDA-cleared study will evaluate whole-body application of QRX003 in up to 12 patients, aiming to generate extensive clinical data for Netherton Syndrome[12] Intellectual Property and Initiatives - Quoin expanded its patent portfolio with new filings for novel formulations targeting several rare skin diseases, potentially extending intellectual property protection through 2045[9] - The company launched the NETHERTON NOW awareness initiative to support and engage with the Netherton community and advocacy groups[6] Cash and Financial Outlook - As of March 31, 2025, Quoin had approximately $11.6 million in cash, cash equivalents, and marketable securities, which is expected to support operations into Q1 2026[10]