Quoin Pharmaceuticals Ltd (NASDAQ: QNRX) is a clinical-stage pharmaceutical company focused on developing drug candidates for rare pediatric diseases. The company generates no product revenue as of its 10-K filed March 26, 2026, and funds operations through equity offerings, including private placements and registered offerings of American Depositary Shares and warrants. Quoin is incorporated in Israel and operates through its U.S. subsidiary, Quoin Pharmaceuticals, Inc. The company has pursued license and distribution agreements with partners including AFT Pharmaceuticals Ltd, GenPharm Services FZ LLC, Orpharm LLC, and E-Log Logistica LTDA, suggesting a partnered commercialization model for any future approved products. Quoin trades on the Nasdaq Stock Market as ADSs, with each ADS representing 35 ordinary shares as of April 9, 2025. The company has been audited by CBIZ CPAs P.C. since 2020. No approved products or commercial revenue are disclosed in the filing excerpts reviewed.

Revenue model

No product revenue disclosed. Operations funded through equity issuances, including private placements (October 2025) and registered offerings (December 2024) of ADSs and warrants. Future revenue model, if products are approved, would likely involve product sales and licensing or royalty arrangements with distribution partners.

Products and services

Pipeline of drug candidates targeting rare pediatric diseases. No approved products disclosed in the filing excerpts. The company has sought rare pediatric disease designations, which can yield FDA priority review vouchers upon NDA approval.

Customers and end markets

Target end market is rare pediatric diseases, defined as serious or life-threatening conditions primarily affecting individuals from birth to age 18, with fewer than 200,000 affected individuals in the U.S. No commercial customers disclosed.

Value-chain role

Clinical-stage drug developer. Has executed license and distribution agreements with AFT Pharmaceuticals Ltd, GenPharm Services FZ LLC, Orpharm LLC, and E-Log Logistica LTDA for potential future product commercialization.

Geographic exposure

Incorporated in Israel; U.S. subsidiary Quoin Pharmaceuticals, Inc. operates in the United States. Distribution agreements suggest intended presence in additional markets through partners. No geographic revenue breakdown disclosed.

Source: SEC 10-K, filed 2026-03-26

Industry: Pharmaceutical Preparations Peers: Compugen Ltd