0001104659-26-056941 | 10-Q | XBRL Viewer | Quoin Pharmaceuticals LTD

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RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
RELATED PARTY TRANSACTIONS
Non-bearing interest indebtedness	$ 150,000	$ 150,000
Outstanding indebtedness	$ 2,173,733		$ 2,323,733
Other Liability, Related Party [Extensible Enumeration]	srt:OfficerMember		srt:OfficerMember
Dr. Myers
RELATED PARTY TRANSACTIONS
Monthly payment amount	$ 25,000
Non-bearing interest indebtedness	75,000	75,000
Outstanding indebtedness	$ 1,300,000
Other Liability, Related Party [Extensible Enumeration]	Related Party [Member]
Ms. Carter
RELATED PARTY TRANSACTIONS
Monthly payment amount	$ 25,000
Non-bearing interest indebtedness	75,000	$ 75,000
Outstanding indebtedness	$ 900,000
Other Liability, Related Party [Extensible Enumeration]	Related Party [Member]

- Definition

Amount of liabilities classified as other.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation:

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2026 and for the three months then ended. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the year or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures as of December 31, 2025 and for the year then ended which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 26, 2026.

Principles of Consolidation:

The accompanying unaudited condensed consolidated financial statements include the accounts of Quoin Pharmaceuticals Ltd. and its wholly owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. The functional currency of Quoin Ireland, a wholly-owned subsidiary of the Company, is remeasured into U.S. dollars using the exchange rate in effect at the consolidated balance sheet date. The Company translates the assets and liabilities of its Ireland subsidiary into the United States dollar at the exchange rate in effect on the balance sheet date and those unrealized gains and losses are reported in other comprehensive income. Expenses are remeasured using the average exchange rate in effect during the period. Gains and losses arising from remeasurement of the wholly owned subsidiary’s financial statements are included in the determination of net loss.

Use of Estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process

often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: settlement of debt or other obligations, stock-based compensation, research and development expense recognition, intangible asset estimated useful lives and impairment assessments, allowances of deferred tax assets, and cash flow assumptions regarding going concern considerations.

Operating Segment:

The Company operates in one business segment, which includes the business of research and development activities related to the development of therapeutic products that treat rare and orphan diseases for which there are currently very limited or no approved treatments or cures. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

In addition to the significant expense categories included within consolidated net loss presented on the Company’s unaudited condensed consolidated statements of operations, see below for disaggregated amounts that comprise research and development expenses:


	Three months ended March 31,
	2026			2025
External clinical development expenses	$	2,483,466		$	1,697,229
Personnel related and stock-based compensation		722,257			429,418
Other research and development expenses		228,040			247,492
Total research and development expenses	$	3,433,763		$	2,374,139

Earnings (loss) per share:

The Company reports loss per share in accordance with ASC 260-10, Earnings Per Share, which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to shareholders by the weighted average shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net earnings (loss) per share gives effect to ordinary shares equivalents; however, other than unexercised prefunded warrants as described below, potential shares are excluded if their effect is anti-dilutive.

For the three months ended March 31, 2026 and 2025, the number of shares excluded from the diluted net earnings (loss) per share included outstanding warrants to purchase 8,884,325 ADSs and outstanding stock options to purchase 1,020,618 ADSs, and outstanding warrants to purchase 1,108,159 ADSs and outstanding stock options to purchase 55,541 ADSs, respectively, as their inclusion in the denominator would be anti-dilutive. For the three months ended March 31, 2026 and 2025, basic and diluted net earnings (loss) per share included 871,710 ADS and 0 ADS respectively issuable with respect to unexercised prefunded warrants.

LIQUIDITY RISKS AND OTHER UNCERTAINTIES	3 Months Ended
Mar. 31, 2026
LIQUIDITY RISKS AND OTHER UNCERTAINTIES
LIQUIDITY RISKS AND OTHER UNCERTAINTIES	NOTE 2 - LIQUIDITY RISKS AND OTHER UNCERTAINTIES The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) assuming the Company will continue as a going concern. The Company has incurred net losses every year since inception and has an accumulated deficit of approximately $76.0 million at March 31, 2026. The Company has a limited operating history and has historically funded its operations through its founders’ funding expenditures and debt and equity financings. At March 31, 2026, the Company had cash and cash equivalents balances totaling $3.1 million and investments of $10.9 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to raise additional funding. There can be no assurance that such funding will be available in sufficient amounts or on terms acceptable to the Company. The accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern. Based upon the Company’s current business plans and cash, cash equivalents, and investments on hand, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date of the filing of this Quarterly Report on Form 10-Q. The Company does not expect to generate revenue from product sales unless and until it successfully completes development and obtains marketing approval for one or more of its product candidates, which the Company expects will take a number of years and is subject to significant uncertainty. The Company will need to obtain further funding through public or private offerings of its capital stock, debt financing, pursuant to the exercise of warrants issued to investors in the Company’s prior public and private offerings, collaboration, strategic and/or licensing arrangements or other sources in order to complete the research and development of the Company’s product candidates and to fund the Company’s other operating requirements until it achieves commercial profitability, if ever. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. If the Company is unable to obtain additional funding when it becomes necessary, the development of its product candidates will be impacted and the Company would likely be forced to delay, reduce, or terminate some or all of its development programs. Other risks and uncertainties: The Company is subject to risks common to late-stage clinical specialty pharmaceutical companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, pre-clinical and clinical trial outcome risks, regulatory approval risks, uncertainty of market acceptance and additional financing requirements. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. There can be no assurance that the Company’s products, if approved, will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed. The Company is also dependent on several third party suppliers, in some cases a single source supplier including the contract research organization managing both of the Company’s current clinical studies, the supplier of the active pharmaceutical ingredient (API), as well as the contract manufacturer of the drug product for clinical development.

LIQUIDITY RISKS AND OTHER UNCERTAINTIES

3 Months Ended

Mar. 31, 2026

LIQUIDITY RISKS AND OTHER UNCERTAINTIES

LIQUIDITY RISKS AND OTHER UNCERTAINTIES

NOTE 2 - LIQUIDITY RISKS AND OTHER UNCERTAINTIES

The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) assuming the Company will continue as a going concern. The Company has incurred net losses every year since inception and has an accumulated deficit of approximately $76.0 million at March 31, 2026. The Company has a limited operating history and has historically funded its operations through its founders’ funding expenditures and debt and equity financings. At March 31, 2026, the Company had cash and cash equivalents balances totaling $3.1 million and investments of $10.9 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon the Company’s ability to raise additional funding. There can be no assurance that such funding will be available in sufficient amounts or on terms acceptable to the Company. The accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

Based upon the Company’s current business plans and cash, cash equivalents, and investments on hand, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date of the filing of this Quarterly Report on Form 10-Q. The Company does not expect to generate revenue from product sales unless and until it successfully completes development and obtains marketing approval for one or more of its product candidates, which the Company expects will take a number of years and is subject to significant uncertainty. The Company will need to obtain further funding through public or private offerings of its capital stock, debt financing, pursuant to the exercise of warrants issued to investors in the Company’s prior public and private offerings, collaboration, strategic and/or licensing arrangements or other sources in order to complete the research and development of the Company’s product candidates and to fund the Company’s other operating requirements

until it achieves commercial profitability, if ever. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. If the Company is unable to obtain additional funding when it becomes necessary, the development of its product candidates will be impacted and the Company would likely be forced to delay, reduce, or terminate some or all of its development programs.

Other risks and uncertainties:

The Company is subject to risks common to late-stage clinical specialty pharmaceutical companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, pre-clinical and clinical trial outcome risks, regulatory approval risks, uncertainty of market acceptance and additional financing requirements.

The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products.

There can be no assurance that the Company’s products, if approved, will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed.

The Company is also dependent on several third party suppliers, in some cases a single source supplier including the contract research organization managing both of the Company’s current clinical studies, the supplier of the active pharmaceutical ingredient (API), as well as the contract manufacturer of the drug product for clinical development.

RELATED PARTY TRANSACTIONS - Amounts due to officers (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
RELATED PARTY TRANSACTIONS
Salaries and other compensation	$ 2,173,733	$ 2,323,733
Other Liability, Related Party [Extensible Enumeration]	srt:OfficerMember	srt:OfficerMember
Less: Short-term portion	$ (600,000)	$ (600,000)
Other Liability, Current, Related Party, Type [Extensible Enumeration]	srt:OfficerMember	srt:OfficerMember
Long-term portion	$ 1,573,733	$ 1,723,733
Other Liability, Noncurrent, Related Party, Type [Extensible Enumeration]	srt:OfficerMember	srt:OfficerMember
Dr. Myers
RELATED PARTY TRANSACTIONS
Salaries and other compensation	$ 1,300,000
Other Liability, Related Party [Extensible Enumeration]	Related Party [Member]
Ms. Carter
RELATED PARTY TRANSACTIONS
Salaries and other compensation	$ 900,000
Other Liability, Related Party [Extensible Enumeration]	Related Party [Member]

- Definition

Amount of liabilities classified as other.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 8 - ACCRUED EXPENSES

Accrued expenses are as follows:


		March 31,			December 31,
		2026			2025
Research contract expenses (note 12)		$	620,083		$	934,524
Payroll (note 11)			587,001			1,023,295
Payroll taxes (note 11)			53,361			54,936
Accrued severance			291,860			391,926
Professional fees			157,273			96,848
Other expenses			113,966			36,928
Total		$	1,823,544		$	2,538,457

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of research and development expenses


	Three months ended March 31,
	2026			2025
External clinical development expenses	$	2,483,466		$	1,697,229
Personnel related and stock-based compensation		722,257			429,418
Other research and development expenses		228,040			247,492
Total research and development expenses	$	3,433,763		$	2,374,139

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS

Schedule of intangible assets


		March 31,			December 31,
		2026			2025
Technology license – Skinvisible		$	1,000,000		$	1,000,000
Total cost			1,000,000			1,000,000
Accumulated amortization			(641,666)			(616,666)
Net book value		$	358,334		$	383,334

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
ACCRUED EXPENSES
Research contract expenses	$ 620,083	$ 934,524
Payroll	587,001	1,023,295
Payroll taxes	53,361	54,936
Accrued severance	291,860	391,926
Professional fees	157,273	96,848
Other expenses	113,966	36,928
Total	$ 1,823,544	$ 2,538,457

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Segment (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Total research and development expenses	$ 3,433,762	$ 2,374,139
Single reportable segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
External clinical development expenses	2,483,466	1,697,229
Personnel related and stock-based compensation	722,257	429,418
Other research and development expenses	228,040	247,492
Total research and development expenses	$ 3,433,763	$ 2,374,139

STOCK BASED COMPENSATION - Weighted average assumptions (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares
STOCK BASED COMPENSATION
Expected volatility	118.70%
Risk-free interest rate	4.00%
Expected dividend yield	0.00%
Expected life of options in years	6 years 4 months 24 days
Exercise Price	$ 7.38
Fair value of stock	7.38
Estimate fair value of option	$ 6.51

ACCRUED INTEREST AND FINANCING EXPENSE (Details)	3 Months Ended		12 Months Ended
ACCRUED INTEREST AND FINANCING EXPENSE (Details)	Mar. 31, 2026 USD ($) item	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) item	Dec. 31, 2022 item	Dec. 31, 2021 shares
ACCRUED INTEREST AND FINANCING EXPENSE
Accrued interest and financing expense \| $	$ 1,146,251		$ 1,146,251
Convertible notes 2020
ACCRUED INTEREST AND FINANCING EXPENSE
Number of notes holders who received consideration \| item				2
Total number of notes holders \| item	3		3	5
Number of remaining noteholders \| item	3		3
Accrued interest and financing expense \| $	$ 1,146,000		$ 1,146,000
Number of noteholders who are related parties \| item	2		2
Interest expense \| $	$ 0	$ 0
Convertible notes 2020 \| Related Party
ACCRUED INTEREST AND FINANCING EXPENSE
Accrued interest and financing expense \| $	$ 339,000		$ 339,000
Convertible notes 2020 \| Convertible notes warrants, common stock
ACCRUED INTEREST AND FINANCING EXPENSE
Shares issued upon conversion \| shares					12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (loss) per share (Details) - ADS - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pre-funded warrants
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unexercised prefunded warrants	871,710	0
Employee Stock Option
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities	1,020,618	55,541
Outstanding warrants
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities	8,884,325	1,108,159

ACCRUED INTEREST AND FINANCING EXPENSE

3 Months Ended

Mar. 31, 2026

ACCRUED INTEREST AND FINANCING EXPENSE

ACCRUED INTEREST AND FINANCING EXPENSE

NOTE 4 – ACCRUED INTEREST AND FINANCING EXPENSE

On October 2, 2020, Quoin Inc. issued promissory notes (the “2020 Notes”) to certain investors (“2020 Noteholders”). The 2020 Notes were mandatorily convertible into 12 ADSs, subject to adjustment and were converted in 2021. The ADSs issued to the 2020 Noteholders did not include accrued interest. Two of the five 2020 Noteholders received their amount due during the year ended December 31, 2022 and the Company’s estimate of the liability to the remaining three 2020 Noteholders was estimated to be $1,146,000 as of March 31, 2026 and December 31, 2025. Two of the remaining three 2020 Noteholders are related parties to the Company, the aggregate estimated liability to these parties was $339,000 as of March 31, 2026 and December 31, 2025.

There was no interest expense recognized in both the three month periods ended March 31, 2026 and 2025.

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

SHAREHOLDERS' EQUITY

Schedule of warrants outstanding


				Weighted
		ADSs		Average
		Underlying		Exercise Price
		Warrants		Per ADS
Outstanding and exercisable at December 31, 2025		10,241,240		$	10.59
Exercised Pre-Funded Warrants		(437,881)			—
Exercised Warrants		(25,000)			9.08
Expired		(22,324)			56.00
Outstanding and exercisable at March 31, 2026		9,756,035		$	10.97

STOCK BASED COMPENSATION - Stock based compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
STOCK BASED COMPENSATION
Stock based compensation expense	$ 445,000	$ 360,000
Unrecognized stock compensation expense	$ 7,300,000
Unrecognized stock compensation expense expected to be recognized over the remaining weighted average service period	3 years 8 months 12 days
Research and development expense
STOCK BASED COMPENSATION
Stock based compensation expense	$ 222,000	120,000
General and administrative expenses
STOCK BASED COMPENSATION
Stock based compensation expense	$ 223,000	$ 240,000

INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
INTANGIBLE ASSETS
Amortization expense of intangibles	$ 25,000	$ 25,000
Expected amortization expense
2026	75,000
2027	100,000
2028	100,000
2029	$ 83,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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+ Details

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES

Schedule of accrued expenses


		March 31,			December 31,
		2026			2025
Research contract expenses (note 12)		$	620,083		$	934,524
Payroll (note 11)			587,001			1,023,295
Payroll taxes (note 11)			53,361			54,936
Accrued severance			291,860			391,926
Professional fees			157,273			96,848
Other expenses			113,966			36,928
Total		$	1,823,544		$	2,538,457

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation:

Principles of Consolidation:

Principles of Consolidation:

Use of Estimates:

Operating Segment:


	Three months ended March 31,
	2026			2025
External clinical development expenses	$	2,483,466		$	1,697,229
Personnel related and stock-based compensation		722,257			429,418
Other research and development expenses		228,040			247,492
Total research and development expenses	$	3,433,763		$	2,374,139

Earnings (loss) per share:

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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- Definition

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+ Details

STOCK BASED COMPENSATION - Stock-based activities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Weighted Average Contractual Terms
Intrinsic value of outstanding warrants	$ 5,800,000
ADS
ADS Underlying Options
Number of options outstanding at beginning of period (in shares)	215,957
Granted (in share)	804,661
Number of options outstanding at end of period (in shares)	1,020,618	215,957
Exercisable options (in shares)	10,774
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	$ 42.83
Granted (in dollars per share)	7.38
Outstanding at the end of the period (in dollars per share)	14.88	$ 42.83
Exercisable options (in dollars per share)	$ 485.14
Weighted Average Contractual Terms
Contractual term (in years)	9 years 8 months 4 days	9 years 3 months 18 days
Exercisable options (in years)	8 years 14 days
Intrinsic value of outstanding warrants	$ 0

SHAREHOLDERS' EQUITY (Details) - USD ($)	1 Months Ended	3 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
SHAREHOLDERS' EQUITY
Warrants gross proceeds		$ 205,982	$ 172,958
October 2025 Private Placement
SHAREHOLDERS' EQUITY
Warrants gross proceeds	$ 206,000
October 2025 Private Placement \| October 2025 Pre-Funded Warrants
SHAREHOLDERS' EQUITY
Number of warrants or rights exercised	437,881
October 2025 Private Placement \| Series H Warrants
SHAREHOLDERS' EQUITY
Number of warrants or rights exercised	25,000
ADS \| Pre-Funded Warrants
SHAREHOLDERS' EQUITY
Number of warrants or rights exercised		437,881

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 11 - RELATED PARTY TRANSACTIONS

Due to Officers/Founders:

Due to the limited funding of Quoin Inc. prior to the consummation of the Merger, the compensation, including salary, office and car allowances and other benefits, due to Dr. Myers and Ms. Carter under their respective employment agreements, as well as reimbursement of expenses and other amounts paid by Dr. Myers and Ms. Carter to third parties on behalf of Quoin Inc., were not paid by Quoin Inc. to Dr. Myers and Ms. Carter, and were accrued as indebtedness to Dr. Myers and Ms. Carter. Following the closing of the Merger, Quoin Inc. began making payments of $25,000 per month to each of Dr. Myers and Ms. Carter to repay the above-described non-interest-bearing indebtedness. The Company repaid $75,000 and $75,000 of such indebtedness to Dr. Myers and $75,000 and $75,000 to Ms. Carter in the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, approximately $1.3 million and $0.9 million of such indebtedness was outstanding to Dr. Myers and Ms. Carter, respectively.

Amounts due to officers at March 31, 2026 and December 31, 2025 consisted of the following:


		March 31,			December 31,
		2026			2025
Salaries and other compensation		$	2,173,733		$	2,323,733
Less: Short-term portion			(600,000)			(600,000)
Long-term portion		$	1,573,733		$	1,723,733

Interest Payable:

See Note 4 for interest payable on the 2020 Notes.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

IN-LICENSED TECHNOLOGY - Skinvisible (Details) - Skinvisible Licensing Agreement - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2019	Mar. 31, 2026	Dec. 31, 2025
IN-LICENSED TECHNOLOGY
License fee	$ 1
Percentage of revenues to be paid	25.00%
Amount of payment to be made	$ 5
Milestone or royalty obligations due		$ 0	$ 0

LICENSE AGREEMENTS (Details)	3 Months Ended
LICENSE AGREEMENTS (Details)	Mar. 31, 2026 USD ($) agreement
LICENSE AGREEMENTS
Number of license and supply agreements entered \| agreement	9
Royalty revenues \| $	$ 0

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 10 - INTANGIBLE ASSETS

Intangible assets are as follows:


		March 31,			December 31,
		2026			2025
Technology license – Skinvisible		$	1,000,000		$	1,000,000
Total cost			1,000,000			1,000,000
Accumulated amortization			(641,666)			(616,666)
Net book value		$	358,334		$	383,334

The Company recorded amortization expense of approximately $25,000 and $25,000 in the three months ended March 31, 2026 and 2025, respectively. The annual amortization expense expected to be recorded for existing intangible assets for the years 2026 through 2029, is approximately $75,000, $100,000, $100,000 and $83,000, respectively.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37846
Entity Registrant Name	Quoin Pharmaceuticals, Ltd.
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	92-2593104
Entity Address, Address Line One	42127 Pleasant Forest Court
Entity Address, City or Town	Ashburn
Entity Address State Or Province	VA
Entity Address, Postal Zip Code	20148
City Area Code	703
Local Phone Number	980-4182
Title of 12(g) Security	American Depositary Shares
Trading Symbol	QNRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001671502
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Ordinary Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		70,294,615
ADS
Document and Entity Information
Entity Common Stock, Shares Outstanding		2,008,417

RESEARCH AGREEMENTS AND COMMITMENTS (Details)	1 Months Ended				3 Months Ended
RESEARCH AGREEMENTS AND COMMITMENTS (Details)	Feb. 28, 2026	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Nov. 30, 2020	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Aug. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
RESEARCH AGREEMENTS AND COMMITMENTS
Research and development					$ 3,433,762	$ 2,374,139
Therapeutics Inc.
RESEARCH AGREEMENTS AND COMMITMENTS
Initial term				3 years
Written termination notice period				90 days
Total amount of agreement							$ 3,600,000	$ 830,000	$ 4,400,000
Research and development					1,100,000	411,000
Netherton Syndrome
RESEARCH AGREEMENTS AND COMMITMENTS
Total amount of agreement											$ 250,000
Scleroderma
RESEARCH AGREEMENTS AND COMMITMENTS
Total amount of agreement										$ 610,000
The School of Pharmacy at UCC
RESEARCH AGREEMENTS AND COMMITMENTS
Research and development					0	$ 60,000
Maximum funding amount		$ 655,000	€ 567,000
Commitment period		2 years 6 months	2 years 6 months
Evestia Clinical Limited
RESEARCH AGREEMENTS AND COMMITMENTS
Initial term	5 years
Written termination notice period	30 days
Total amount of agreement					800,000
Research and development					$ 64,000

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 13 – SHAREHOLDERS’ EQUITY

In January 2026, certain investors in the October 2025 Private Placement exercised (i) 437,881 October 2025 Pre-Funded Warrants and (ii) 25,000 Series H Warrants, resulting in net proceeds to the Company of approximately $206,000.

Warrants

The following table summarizes warrant activities during the three months ended March 31, 2026:


				Weighted
		ADSs		Average
		Underlying		Exercise Price
		Warrants		Per ADS
Outstanding and exercisable at December 31, 2025		10,241,240		$	10.59
Exercised Pre-Funded Warrants		(437,881)			—
Exercised Warrants		(25,000)			9.08
Expired		(22,324)			56.00
Outstanding and exercisable at March 31, 2026		9,756,035		$	10.97

As of March 31, 2026, outstanding Warrants expire through 2030, and the outstanding Warrants have an approximate intrinsic value of $5.8 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHAREHOLDERS' EQUITY - Warrants (Details)	3 Months Ended
SHAREHOLDERS' EQUITY - Warrants (Details)	Mar. 31, 2026 USD ($) $ / shares shares
SHAREHOLDERS' EQUITY
Intrinsic value of outstanding warrants \| $	$ 5,800,000
ADS
SHAREHOLDERS' EQUITY
Warrants outstanding and exercisable, beginning (in shares)	10,241,240
Warrants expired (In shares)	(22,324)
Warrants outstanding and exercisable, end (in shares)	9,756,035
Warrants weighted average exercise price outstanding and exercisable, beginning (in dollars per share) \| $ / shares	$ 10.59
Warrants weighted average exercise price expired (in dollars per share) \| $ / shares	56
Warrants weighted average exercise price outstanding and exercisable, end (in dollars per share) \| $ / shares	$ 10.97
Intrinsic value of outstanding warrants \| $	$ 0
ADS \| Warrants
SHAREHOLDERS' EQUITY
Warrants exercised (in shares)	(25,000)
Warrants weighted average exercise price exercised (in dollars per share) \| $ / shares	$ 9.08
ADS \| Pre-funded warrants
SHAREHOLDERS' EQUITY
Warrants exercised (in shares)	(437,881)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PREPAID EXPENSES (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
PREPAID EXPENSES
Prepaid R&D costs	$ 987,666	$ 920,947
Prepaid insurance	189,538	277,808
Other prepaid expense	114,052	63,219
Total	$ 1,291,256	$ 1,261,974

INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
INTANGIBLE ASSETS
Total cost	$ 1,000,000	$ 1,000,000
Accumulated amortization	(641,666)	(616,666)
Net book value	358,334	383,334
Technology license - Skinvisible
INTANGIBLE ASSETS
Total cost	$ 1,000,000	$ 1,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONTINGENCIES

3 Months Ended

Mar. 31, 2026

CONTINGENCIES

CONTINGENCIES

NOTE 14 – CONTINGENCIES

From time to time, the Company may become involved in various legal matters arising in the ordinary course of business. Management is unaware of any matters requiring accrual for related losses in the unaudited condensed consolidated financial statements.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

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+ Details

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

Schedule of amounts due to officers


		March 31,			December 31,
		2026			2025
Salaries and other compensation		$	2,173,733		$	2,323,733
Less: Short-term portion			(600,000)			(600,000)
Long-term portion		$	1,573,733		$	1,723,733

STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

NOTE 6 – STOCK BASED COMPENSATION

The following table summarizes stock option activities:


				Weighted			Weighted
				Average			Average
		ADS Underlying		Exercise			Contractual
		Options		Price			Terms
Outstanding at December 31, 2025		215,957		$	42.83		9.30
Granted		804,661			7.38		—
Outstanding at March 31, 2026		1,020,618		$	14.88		9.68

Exercisable options at March 31, 2026		10,774		$	485.14		8.04

The intrinsic value of outstanding options at March 31, 2026 was $0.

Stock options granted during the three months ended March 31, 2026 were valued using the Black-Scholes option-pricing model with the following weighted average assumptions:


		March 31,
		2026
Expected volatility			118.7	%
Risk-free interest rate			4.0	%
Expected dividend yield			0.0	%
Expected life of options in years			6.4
Exercise Price		$	7.38
Fair value of common stock		$	7.38
Estimate fair value of option		$	6.51

Stock based compensation expense was approximately $445,000 ($222,000 included in research and development expense and $223,000 included in general and administrative expenses) in the three months ended March 31, 2026. Stock based compensation expense was approximately $360,000 ($120,000 included in research and development expense and $240,000 included in general and administrative expenses) in the three months ended March 31, 2025.

At March 31, 2026, the total unrecognized compensation expense related to non-vested options was approximately $7.3 million and is expected to be recognized over the remaining weighted average service period of approximately 3.7 years.

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 3,124,523	$ 3,818,096
Investments	10,918,778	14,927,165
Prepaid expenses and other current assets	1,291,256	1,261,974
Total current assets	15,334,557	20,007,235
Intangible assets, net	358,334	383,334
Total assets	15,692,891	20,390,569
Current liabilities:
Accounts payable	1,776,231	1,262,222
Accrued expenses	1,823,544	2,538,457
Accrued interest and financing expense	1,146,251	1,146,251
Due to officers - short term	$ 600,000	$ 600,000
Other liability, current, related party, type extensible enumeration	srt:OfficerMember	srt:OfficerMember
Total current liabilities	$ 5,346,026	$ 5,546,930
Due to officers - long term	$ 1,573,733	$ 1,723,733
Other liability, noncurrent, related party, type extensible enumeration	srt:OfficerMember	srt:OfficerMember
Total liabilities	$ 6,919,759	$ 7,270,663
Commitments and contingencies
Shareholders' equity:
Ordinary shares, no par value per share, 5,000,000,000 authorized at March 31, 2026 and December 31, 2025, respectively - 68,642,195 (1,961,206 ADS's) ordinary shares issued and outstanding at March 31, 2026 and 52,441,360 (1,498,325 ADS's) ordinary shares issued and outstanding at December 31, 2025	0	0
Accumulated other comprehensive loss	(159)	(613)
Additional paid in capital	84,741,473	84,090,966
Accumulated deficit	(75,968,182)	(70,970,447)
Total shareholders' equity	8,773,132	13,119,906
Total liabilities and shareholders' equity	$ 15,692,891	$ 20,390,569

Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
General and administrative	$ 1,697,448	$ 1,583,038
Research and development	3,433,762	2,374,139
Total operating expenses	5,131,210	3,957,177
Other (income) and expenses
Unrealized (gain) loss	13,300	(126)
Realized and accrued interest income	(146,775)	(144,872)
Total other income	(133,475)	(144,998)
Net loss	(4,997,735)	(3,812,179)
Other comprehensive loss
Foreign currency translation	454
Comprehensive loss	$ (4,997,281)	$ (3,812,179)
ADS
Loss per ADS
Basic	$ (1.77)	$ (6.5)
Fully-diluted	$ (1.77)	$ (6.5)
Weighted average number of ADS's outstanding
Basic	2,830,970	586,331
Fully-diluted	2,830,970	586,331

IN-LICENSED TECHNOLOGY

3 Months Ended

Mar. 31, 2026

IN-LICENSED TECHNOLOGY

IN-LICENSED TECHNOLOGY

NOTE 9 – IN-LICENSED TECHNOLOGY

Skinvisible:

In October 2019, Quoin Inc. entered into the Exclusive Licensing Agreement (as amended from time to time, the “License Agreement”) with Skinvisible Pharmaceuticals, Inc. (“Skinvisible”), under which Skinvisible granted the Company an exclusive royalty-bearing license relating to the production and manufacture of prescription drug products related to certain patents held by Skinvisible, including

those related to QRX003 and QRX004. The Company made Skinvisible a one-time non-refundable, non-creditable license fee of $1 million (the “License Fee”). In addition, the Company agreed to pay Skinvisible a single digit royalty percentage of the Company’s net sales revenues for any licensed product covered by the patent rights licensed under the License Agreement. The Company also agreed to pay Skinvisible 25% of any revenues the Company receives as royalties in the event that the Company sublicenses any licensed products to a third party. The License Agreement also requires that the Company make a one-time $5 million payment to Skinvisible upon receiving approval in the U.S. or European Union, whichever occurs first, for the first drug product developed using intellectual property licensed thereunder. There were no milestone or royalty obligations due at March 31, 2026 and December 31, 2025.

PREPAID EXPENSES

3 Months Ended

Mar. 31, 2026

PREPAID EXPENSES

PREPAID EXPENSES

NOTE 7 – PREPAID EXPENSES

Prepaid expenses are as follows:


		March 31,			December 31,
		2026			2025
Prepaid R&D costs		$	987,666		$	920,947
Prepaid insurance			189,538			277,808
Other prepaid expense			114,052			63,219
Deferred offering costs (note 13)			—			—
Total		$	1,291,256		$	1,261,974

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,997,735)	$ (3,812,179)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair value on a recurring basis (Details) - Recurring - USD ($)	Mar. 31, 2026	Dec. 31, 2025
FAIR VALUE OF FINANCIAL INSTRUMENTS
US Treasury Bills and Notes	$ 10,918,778	$ 14,927,165
Total Assets	10,918,778	14,927,165
Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
US Treasury Bills and Notes	10,918,778	14,927,165
Total Assets	$ 10,918,778	$ 14,927,165

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

LIQUIDITY RISKS AND OTHER UNCERTAINTIES (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
LIQUIDITY RISKS AND OTHER UNCERTAINTIES
Accumulated deficit	$ (75,968,182)	$ (70,970,447)
Cash balance	3,124,523	3,818,096
Investments	$ 10,918,778	$ 14,927,165

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability

in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. For certain instruments, including cash and cash equivalents, accounts payable, and accrued expenses, it was estimated that the carrying amount approximated fair value because of the short maturities of these instruments.

Fair value is estimated using various valuation models, which utilize certain inputs and assumptions that market participants would use in pricing the asset or liability. The inputs and assumptions used in valuation models are classified in the fair value hierarchy as follows:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Quoted market prices for similar instruments in an active market; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations inputs of which are observable and can be corroborated by market data.

Level 3: Unobservable inputs and assumptions that are supported by little or no market activity and that are significant to the fair value of the asset and liability. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining the appropriate hierarchy levels, the Company analyzes the assets and liabilities that are subject to fair value disclosure. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy at March 31, 2026 and December 31, 2025 and which are classified as trading securities:


March 31, 2026		Level 1			Level 2			Level 3			Total
US Treasury Bills and Notes		$	10,918,778		$	—		$	—		$	10,918,778
Total Assets		$	10,918,778		$	—		$	—		$	10,918,778


December 31, 2025		Level 1			Level 2			Level 3			Total
US Treasury Bills and Notes		$	14,927,165		$	—		$	—		$	14,927,165
Total Assets		$	14,927,165		$	—		$	—		$	14,927,165

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ORGANIZATION AND BUSINESS

3 Months Ended

Mar. 31, 2026

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS

NOTE 1 – ORGANIZATION AND BUSINESS

Quoin Pharmaceuticals Ltd. (“Quoin Ltd.,” or the “Company”), formerly known as Cellect Biotechnology Ltd. (“Cellect”), is the holding company for Quoin Pharmaceuticals, Inc., a Delaware corporation (“Quoin Inc.”). Quoin Inc. was incorporated in Delaware on March 5, 2018. Quoin Inc. is the holding company for Quoin Therapeutics Ireland Limited (“Quoin Ireland”), an Irish private company limited by shares. Quoin Ireland was incorporated in Ireland on November 26, 2024. On October 28, 2021, Cellect completed the business combination with Quoin Inc., with Quoin Inc. surviving as a wholly-owned subsidiary of Cellect (the “Merger”). Immediately after completion of the Merger, Cellect changed its name to “Quoin Pharmaceuticals Ltd.”

The Company is a late-stage clinical specialty pharmaceutical company focused on the development and commercialization of therapeutic products that treat rare and orphan diseases for which there are currently either no approved or very limited treatments or cures. The Company’s 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”). The Company has opened six clinical sites in the United States (“US”) along with international sites that are being opened in the UK, Spain, France and the Netherlands. QRX003 is currently being tested in six pediatric NS patients in investigator-initiated studies in Ireland, Austria, the Netherlands and New Zealand. QRX003 is also being developed as a potential treatment for Peeling Skin Syndrome with the first subject being treated in New Zealand. The Company is in the process of expanding this study to include up to an additional five pediatric subjects. The Company has entered into a Research Agreement with the Queensland University of Technology (“QUT”) in Australia, under which the Company has obtained an option for a global license to QRX008 for the potential treatment of scleroderma, as well as a Research Agreement with The School of Pharmacy at University College Cork (“UCC”) for the development of novel topical formulations of rapamycin (sirolimus), QRX009, as potential treatments for a number of rare and orphan diseases for which there are either limited or no approved therapies or cures, including Pachyonychia Congenita, Gorlin Syndrome, Tuberous Sclerosis Complex, microcystic lymphatic malformations, venous malformations and angiofibromas, as well as other indications that the Company is assessing. The Company is planning to initiate an investigator-led clinical study in Pachyonychia Congenita led by Professor Edel O’Toole, Queen Mary University of London as well as additional investigator-led studies in Gorlin Syndrome and Tuberous Sclerosis Complex. In addition, the Company is targeting to submit an IND to the FDA for QRX009 for an additional indication in Q3, 2026. Quoin has also entered into 9 commercial partnerships for QRX003 spanning 61 countries outside of its core commercial territories of the US, Western Europe and Japan. These partnership countries include Canada, Australia/New Zealand, the Middle East, China, Taiwan, Hong Kong, Singapore, Israel, Central and Eastern Europe, Turkey as well as several countries in Latin America. To date, no products have been commercialized and no revenue has been generated by the Company.

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities:
Net loss	$ (4,997,735)	$ (3,812,179)
Stock based compensation	444,525	360,357
Amortization of intangibles	25,000	25,000
Realized and unrealized gain and accrued interest on investments	(110,527)	(67,063)
Changes in assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses	(200,904)	674,679
Decrease (increase) in prepaid expenses and other assets	(29,282)	225,027
Net cash used in operating activities	(4,868,923)	(2,594,179)
Cash flows provided by investing activities:
Purchase of investments	(980,685)
Proceeds from redemption of investments	5,099,599	2,770,000
Net cash provided by investing activities	4,118,914	2,770,000
Cash flows provided by financing activities:
Payment of amounts due to officers	(150,000)	(150,000)
Proceeds from exercise of warrants, net	205,982	172,958
Net cash provided by financing activities	55,982	22,958
Effect of foreign exchange rate on changes on cash	454
Net change in cash and cash equivalents:	(693,573)	198,779
Cash and cash equivalents - beginning of period	3,818,096	3,623,343
Cash and cash equivalents - end of period	$ 3,124,523	$ 3,822,122

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Ordinary shares, par value	$ 0	$ 0
Ordinary shares, shares authorized	5,000,000,000	5,000,000,000
Ordinary shares, shares issued	68,642,195	52,441,360
Ordinary shares, shares outstanding	68,642,195	52,441,360
ADS
Ordinary shares, shares issued	1,961,206	1,498,325
Ordinary shares, shares outstanding	1,961,206	1,498,325

PREPAID EXPENSES (Tables)

3 Months Ended

Mar. 31, 2026

PREPAID EXPENSES

Schedule of Prepaid expenses


		March 31,			December 31,
		2026			2025
Prepaid R&D costs		$	987,666		$	920,947
Prepaid insurance			189,538			277,808
Other prepaid expense			114,052			63,219
Deferred offering costs (note 13)			—			—
Total		$	1,291,256		$	1,261,974

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value on a recurring basis


March 31, 2026		Level 1			Level 2			Level 3			Total
US Treasury Bills and Notes		$	10,918,778		$	—		$	—		$	10,918,778
Total Assets		$	10,918,778		$	—		$	—		$	10,918,778


December 31, 2025		Level 1			Level 2			Level 3			Total
US Treasury Bills and Notes		$	14,927,165		$	—		$	—		$	14,927,165
Total Assets		$	14,927,165		$	—		$	—		$	14,927,165

RESEARCH AGREEMENTS AND COMMITMENTS

3 Months Ended

Mar. 31, 2026

RESEARCH AGREEMENTS AND COMMITMENTS

RESEARCH AGREEMENTS AND COMMITMENTS

NOTE 12 – RESEARCH AGREEMENTS AND COMMITMENTS

In November 2020, Quoin Inc. entered into a Master Service Agreement with Therapeutics Inc. for the management of the pre - clinical and clinical development of QRX003 for Netherton Syndrome. The initial term of the agreement was three years with automatic one year extensions, and the agreement required the execution of individual work orders. Quoin Inc. may terminate any work order for any reason with 90 days written notice subject to costs incurred through termination and a defined termination fee, unless there is a material breach by Therapeutics Inc. A work order was entered into in June 2022 for the first QRX003 clinical study at an expected estimated cost of approximately $4.4 million. An additional change order was entered into in December 2022 for a second QRX003 clinical study at an expected estimated cost of approximately $830,000. An amended and restated change order for the two studies was entered into in December 2024 at an estimated total remaining cost from August 2024 of approximately $3.6 million for the two studies combined. A further amended and restated change order for the additional studies initiated and planned for 2026 is in preparation between the Company and Therapeutics Inc as of the date of filing of this quarterly report on Form 10-Q. For the three months ended March 31, 2026 and 2025, the Company incurred a research and development expense under these agreements of approximately $1.1 million and $411,000 respectively.

In November 2021, the Company entered into a research agreement with Queensland University of Technology (QUT) for a pre-clinical research program for the development of a product to treat Netherton Syndrome of approximately $250,000. In May 2022, the Company entered into a second research agreement with QUT for the development of a product to treat Scleroderma of approximately $610,000. Each agreement remains in place until the completion of the research program, which in each case was initially anticipated to be 18 months from execution. For the three months ended March 31, 2026 and 2025, the Company incurred de-minimis research and development costs related to these agreements. In July 2025 the Company announced that, in light of the expected near - term completion of the QRX003 clinical program for Netherton Syndrome, the Company has discontinued the Netherton Syndrome research program with QUT. The Company is planning to schedule a meeting with QUT to discuss the future direction of the Scleroderma research program.

In June 2024, the Company signed a research agreement with The School of Pharmacy at University College Cork, Ireland (UCC). The scope of the agreement encompasses the development of novel topical formulations of rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are currently no approved therapies or cures. Under the terms of the agreement, based on the achievement of certain milestones, the Company will fund up to approximately €567,000 ($655,000) plus VAT over an anticipated 2-1/2 year period to support the UCC research program to investigate the development of a number of topical rapamycin formulations for future development as potential treatments for several rare and orphan diseases. Following completion of the research program, the Company will have the option to advance the clinical development of rapamycin formulations developed by UCC. For the three months ended March 31, 2026 and 2025, the Company incurred a research and development expense under these agreements of approximately $0 and $60,000 respectively.

In February 2026, the Company signed a research agreement with Evestia Clinical Limited for the management of the UK and European clinical development of QRX003 for Netherton Syndrome. The initial term of the agreement is five years and the agreement requires the execution of individual work orders. Quoin Inc. may terminate any work order for any reason with 30 days written notice subject to costs incurred through termination and a defined termination fee, unless there is a material breach by Evestia Clinical Limited. A work order was entered into in March 2026 for the first QRX003 UK and European clinical study at an expected estimated cost of approximately $800,000. For the three months ended March 31, 2026, the Company incurred research and development expenses under this agreement of approximately $64,000.

Performance milestones and Royalties

See Note 9 for asset and in-licensed technology commitments.

STOCK BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

STOCK BASED COMPENSATION

Summary of stock-based activities under the Amended & 2025 Plans


				Weighted			Weighted
				Average			Average
		ADS Underlying		Exercise			Contractual
		Options		Price			Terms
Outstanding at December 31, 2025		215,957		$	42.83		9.30
Granted		804,661			7.38		—
Outstanding at March 31, 2026		1,020,618		$	14.88		9.68

Exercisable options at March 31, 2026		10,774		$	485.14		8.04

Summary of weighted average assumptions of stock options granted valued using the Black-Scholes option-pricing model


		March 31,
		2026
Expected volatility			118.7	%
Risk-free interest rate			4.0	%
Expected dividend yield			0.0	%
Expected life of options in years			6.4
Exercise Price		$	7.38
Fair value of common stock		$	7.38
Estimate fair value of option		$	6.51

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Ordinary Shares	Additional Paid in Capital	Accumulated Deficit	Accumulated other comprehensive loss	ADS	Total
Balance at beginning of year at Dec. 31, 2024		$ 64,370,465	$ (55,165,792)			$ 9,204,673
Balance at beginning of year (in shares) at Dec. 31, 2024	8,948,164				255,661
Net loss			(3,812,179)			(3,812,179)
Exercise of pre-funded warrants and warrants, net		172,958				172,958
Exercise of pre-funded warrants and warrants, net (in shares)	11,637,666				332,505
Stock based compensation		360,357				360,357
Balance at end of year at Mar. 31, 2025		64,903,780	(58,977,971)			5,925,809
Balance at ending of year (in shares) at Mar. 31, 2025	20,585,830				588,166
Balance at beginning of year at Dec. 31, 2025		84,090,966	(70,970,447)	$ (613)		$ 13,119,906
Balance at beginning of year (in shares) at Dec. 31, 2025	52,441,360				1,498,325	52,441,360
Net loss			(4,997,735)			$ (4,997,735)
Exercise of pre-funded warrants and warrants, net		205,982				205,982
Exercise of pre-funded warrants and warrants, net (in shares)	16,200,835				462,881
Stock based compensation		444,525				444,525
Cumulative Translation Adjustment				454		454
Balance at end of year at Mar. 31, 2026		$ 84,741,473	$ (75,968,182)	$ (159)		$ 8,773,132
Balance at ending of year (in shares) at Mar. 31, 2026	68,642,195				1,961,206	68,642,195

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

ORGANIZATION AND BUSINESS (Details)	3 Months Ended
ORGANIZATION AND BUSINESS (Details)	Mar. 31, 2026 clinic Partnership
ORGANIZATION AND BUSINESS
Number of clinical sites \| clinic	6
Commercial partnership entered \| Partnership	9

LICENSE AGREEMENTS

3 Months Ended

Mar. 31, 2026

LICENSE AGREEMENTS

LICENSE AGREEMENTS

NOTE 15 – LICENSE AGREEMENTS

As of March 31, 2026, the Company had nine commercial license and supply agreements outstanding, whereby the Company will receive a royalty or other proceeds from the specified product revenues from the licensor, if and when the underlying products are approved and commercialized or sold via compassionate use or early access programs. No royalty revenues have been received through March 31, 2026 from any of these agreements.