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Quoin Pharmaceuticals Ltd. (QNRX+15.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,349,885 compared to $1,926,679 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses for the quarter were $1,170,287, up from $758,759 in the previous year, primarily due to increased expenditures on development programs, including clinical studies for QRX003.
General and administrative expenses decreased slightly to $1,357,715 from $1,366,464 in the previous year, with reductions in legal, professional, and travel-related expenses.
Quoin reported $178,117 in other income for the quarter, primarily from unrealized gains and interest income on investments.
As of September 30, 2024, Quoin had $3,116,750 in cash and cash equivalents and $7,190,138 in investments, with total assets amounting to $11,389,153.
The company continues to focus on developing QRX003, a potential treatment for Netherton Syndrome, and has expanded its clinical studies to include international sites.
Quoin's financial position shows a total shareholders' equity of $5,441,681 as of September 30, 2024, down from $5,664,016 at the end of 2023.
The company acknowledges the need for additional financing to complete its research and development activities and to achieve commercial profitability.
Quoin received an extension from Nasdaq (NDAQ-0.10%) until April 28, 2025, to regain compliance with the minimum bid price requirement for its ADSs.
The filing also discusses various agreements, including research agreements with the Queensland University of Technology and the University College Cork, and a licensing agreement with Skinvisible Pharmaceuticals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quoin Pharmaceuticals Ltd. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.