Quoin Pharmaceuticals, Ltd. reported its financial results for the nine months ended September 30, 2024, revealing a net loss of $6.7 million, slightly higher than the $6.6 million loss recorded in the same period of 2023. The basic loss per American Depositary Share (ADS) for the nine months was $(1.63), a significant improvement from $(7.61) in the prior year, attributed to a substantial increase in the weighted average number of ADSs outstanding, which rose from 871,835 to 4,071,162.

Total operating expenses for the nine months decreased marginally to $7.1 million from $7.2 million in the previous year. Research and development expenses increased to $2.5 million from $2.5 million, while general and administrative expenses fell to $4.6 million from $4.7 million. For the third quarter alone, total operating expenses rose to $2.5 million, compared to $2.1 million in Q3 2023, driven by a 54% increase in research and development costs.

As of September 30, 2024, Quoin's cash and cash equivalents stood at $3.1 million, up from $2.4 million at the end of 2023. The company also reported investments totaling $7.2 million, down from $8.3 million at year-end 2023. The accumulated deficit reached approximately $52.9 million.

Strategically, Quoin is focused on the development of its lead product, QRX003, a topical lotion for Netherton Syndrome, which is currently undergoing clinical studies in the U.S. The company has expanded its clinical trials to include international sites in the UK and Saudi Arabia, with plans for further expansion in Western Europe. Additionally, Quoin has entered into various research agreements, including a recent collaboration with University College Cork to develop novel formulations of rapamycin.

In terms of financing, Quoin completed a public offering in March 2024, raising approximately $6.5 million in gross proceeds. The company also has an agreement with Alumni Capital LP to sell up to $8 million of newly issued ordinary shares, contingent upon SEC approval, which was obtained in April 2024. However, Quoin faces challenges with Nasdaq compliance, having received a deficiency letter regarding its ADS bid price, with a deadline to regain compliance set for April 2025.

Overall, Quoin Pharmaceuticals continues to navigate its development stage while managing financial losses and seeking additional funding to support its ongoing research and operational needs.