Cellect(QNRX) - 2025 Q1 - Quarterly Results

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]