Quoin Pharmaceuticals (QNRX) Q2 2024 earnings summary

Executive summary

• Focused on developing therapies for rare and orphan diseases, with QRX003 in late-stage clinical trials for Netherton Syndrome and QRX004 for Recessive Dystrophic Epidermolysis Bullosa.

• Broadened product portfolio via research agreement with University College Cork for topical rapamycin formulations using dissolvable microneedles technology.

• Expanded clinical studies internationally, with the first site in Saudi Arabia and plans for more, including EU countries.

• Announced plans to initiate a clinical study in Peeling Skin Syndrome, with first site and patient identified.

• Continued evaluation of M&A opportunities in rare and orphan diseases remains a strategic priority.

Financial highlights

• Net loss for Q2 2024 was $2.0 million, an improvement from $2.1 million in Q2 2023.

• Net loss for the first half of 2024 was $4.3 million, compared to $4.7 million in the same period last year.

• Cash, cash equivalents, and marketable securities totaled $12.6 million as of June 30, 2024, expected to fund operations into late 2025.

• Operating expenses for Q2 2024 were $2.1 million, down from $2.3 million in Q2 2023.

• Investments increased to $9.7 million as of June 30, 2024, from $8.3 million at year-end 2023.

Outlook and guidance

• Sufficient liquidity to fund operations for at least one year, with cash runway expected to last into late 2025, but additional financing will be required to complete development and commercialization.

• No revenue expected until product approvals are obtained, which may take several years.

• Plans to initiate clinical study in Peeling Skin Syndrome and expand clinical activities into additional EU countries.

• Continued focus on M&A opportunities in rare and orphan diseases.