Revenue: As of FY2026 Q1, the actual value is USD 0.EPS: As of FY2026 Q1, the actual value is USD -1.77, beating the estimate of USD -2.0167.EBIT: As of FY2026 Q1, the actual value is USD -5.278 M.<h3>Financial Performance Overview</h3>Quoin Pharmaceuticals, Ltd. reported no revenue from product sales for the three months ended March 31, 2026, and March 31, 2025, as no products have been commercialized to date and revenue is anticipated only after successful development and marketing approval, which is expected to take several years .<h4>Net Loss</h4><ul><li>Three months ended March 31, 2026: -$4,997,735 .</li><li>Three months ended March 31, 2025: -$3,812,179 .</li></ul><h4>Operating Expenses</h4><ul><li>Total Operating Expenses:<ul><li>Three months ended March 31, 2026: $5,131,210 .</li><li>Three months ended March 31, 2025: $3,957,177 .</li><li>Year-over-year change: Increase of $1,174,033 .</li></ul></li><li>General and Administrative Expenses:<ul><li>Three months ended March 31, 2026: $1,697,448 .</li><li>Three months ended March 31, 2025: $1,583,038 .</li><li>Year-over-year change: Increase of $114,410 (approximately 7.2%), primarily due to increases in commercial expenses, payroll and benefits, consulting costs, and legal and professional fees, partially offset by decreases in board of director fees and public company costs .</li></ul></li><li>Research and Development Expenses:<ul><li>Three months ended March 31, 2026: $3,433,762 .</li><li>Three months ended March 31, 2025: $2,374,139 .</li><li>Year-over-year change: Increase of $1,059,623 (approximately 44.7%), primarily due to $767,000 in increased external expenditures on development programs for QRX003, an increase in payroll and benefits of $192,000, and $101,000 of non-cash stock-based compensation expense .</li><li>Breakdown of R&amp;D Expenses (Three months ended March 31, 2026): External clinical development expenses were $2,483,466, personnel related and stock-based compensation was $722,257, and other research and development expenses were $228,040 .</li><li>Breakdown of R&amp;D Expenses (Three months ended March 31, 2025): External clinical development expenses were $1,697,229, personnel related and stock-based compensation was $429,418, and other research and development expenses were $247,492 .</li></ul></li></ul><h4>Other Income and Expenses</h4><ul><li>Unrealized (gain)/loss:<ul><li>Three months ended March 31, 2026: $13,300 .</li><li>Three months ended March 31, 2025: -$126 .</li></ul></li><li>Realized and accrued interest income:<ul><li>Three months ended March 31, 2026: -$146,775 .</li><li>Three months ended March 31, 2025: -$144,872 .</li></ul></li><li>Total other income:<ul><li>Three months ended March 31, 2026: -$133,475 .</li><li>Three months ended March 31, 2025: -$144,998 .</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Net cash used in operating activities:<ul><li>Three months ended March 31, 2026: -$4,868,923 .</li><li>Three months ended March 31, 2025: -$2,594,179 .</li></ul></li><li>Net cash provided by investing activities:<ul><li>Three months ended March 31, 2026: $4,118,914, primarily from net sales of US Treasury Bills and Notes .</li><li>Three months ended March 31, 2025: $2,770,000, primarily from net sales of US Treasury Bills and Notes .</li></ul></li><li>Net cash provided by financing activities:<ul><li>Three months ended March 31, 2026: $55,982, including $206,000 from warrant exercises offset by -$150,000 in repayments to officers .</li><li>Three months ended March 31, 2025: $22,958, including $173,000 from warrant exercises offset by -$150,000 in repayments to officers .</li></ul></li><li>Cash and cash equivalents at March 31, 2026: $3,124,523 .</li><li>Investments at March 31, 2026: $10,918,778 .</li><li>Total cash and cash equivalents and investments at March 31, 2026: Approximately $14,043,000 .</li></ul><h4>Other Key Metrics</h4><ul><li>Accumulated Deficit: -$76.0 million at March 31, 2026 .</li><li>Outstanding Ordinary Shares (May 5, 2026): 70,294,615 .</li><li>Outstanding ADSs (May 5, 2026): 2,008,417 (assuming all ordinary shares are represented by ADSs) .</li><li>Intangible Assets (Net Book Value): $358,334 at March 31, 2026 .</li><li>Due to Officers (Long-term portion): $1,573,733 at March 31, 2026 .</li><li>Research Contract Expenses (Accrued): $620,083 at March 31, 2026 .</li><li>Prepaid R&amp;D costs: $987,666 at March 31, 2026 .</li><li>Stock-based compensation expense: $445,000 for the three months ended March 31, 2026 .</li></ul><h3>Future Outlook and Strategy</h3>Quoin Pharmaceuticals, Ltd. is focused on developing and commercializing therapeutic products for rare and orphan diseases, with its lead product, QRX003, undergoing pivotal registrational clinical testing for Netherton Syndrome (NS) and also being developed for Peeling Skin Syndrome . The company plans to complete late-stage clinical testing of QRX003 in NS, seek marketing approval in the US, Europe, Japan, and other territories, and prepare for commercialization by establishing its own sales infrastructure and working with distribution partners . Additionally, Quoin Pharmaceuticals, Ltd. aims to commence clinical testing of topical rapamycin (QRX009) for various rare diseases, with a target to submit an IND to the FDA for an additional indication in Q3 2026, and will pursue business development activities to expand its pipeline . Recent regulatory updates include the filing of applications for Breakthrough Medicine Designation for QRX003 in Saudi Arabia and Orphan Drug Designation in Japan in January 2026, and the FDA granting Fast Track Designations to QRX003 for NS in March 2026 . The FDA has indicated that a single Phase 3 study may be sufficient for QRX003’s marketing approval in the US .<h3>Liquidity and Capital Resources Outlook</h3>Quoin Pharmaceuticals, Ltd. has incurred net losses since inception, with an accumulated deficit of -$76.0 million at March 31, 2026, and has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year . The company will need to raise additional funding through equity or debt offerings, strategic collaborations, or other arrangements to support its operations and research and development programs, as it does not expect to generate product sales revenue in the near future . Failure to secure additional funding could lead to delays, reductions, or termination of development programs, or cessation of operations .

Quoin Pharmaceuticals | 10-Q: FY2026 Q1 Revenue: USD 0