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Pipeline (4 active programs)

Technology platforms

Discontinued (1)

• QRX007 — Netherton Syndrome · discontinued in July 2025 in light of expected near-term completion of QRX003 clinical program for NS

Capital (as filed)

Cash

$10.1M cash and cash equivalents · Sep 30, 2026 (10-Q)

Short-term investments

$23.1M Sep 30, 2026

Operating cash flow

−$5.8M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$10.8M cash, runway 2H 2029 per the update of Aug 28, 2026 — the company's own words as read there, not the filed figure

Offering documents (5)

• 2026-11-04 424B5 · At-the-market program up to $11.0M
• 2026-11-04 424B5 · Offering document
• 2026-10-28 S-3 · Shelf registration
• 2026-09-25 424B3 · Resale (selling stockholders)
• 2026-09-18 S-3 · Shelf registration

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

• 2026-11-05 UPDATE: Quoin Pharmaceuticals (QNRX) - The Faucet Gets Installed 🔒 Paid
• 2026-09-09 UPDATE: Quoin Pharmaceuticals (QNRX) - A Second Voucher Ticket in the Drawer 🔒 Paid
• 2026-08-28 UPDATE: Quoin Pharmaceuticals (QNRX) - Both Shoes Dropped on the Same Morning 🔒 Paid
• 2026-08-15 UPDATE: Quoin Pharmaceuticals (QNRX) - The Clock Runs Faster Than the Catalysts 🔒 Paid
• 2026-06-25 Quoin Pharmaceuticals (QNRX) — Scientific Deep Dive for QRX003 (QYLEKI) and Pipeline Products

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Quoin Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-06-25 Watch Quoin Pharmaceuticals (QNRX) — Scientific Deep Dive for QRX003 (QYLEKI) and Pipeline Products First-mover orphan asset with a reauthorized $100M+ PRV voucher is a genuine lottery ticket, but explicit going-concern doubt, a near-certain dilutive raise into a 4.5x warrant overhang, and zero read-out controlled efficacy data keep it un-ownable until POC 1 unblinding and Phase 3 financing both clear.
2. 2026-08-15 Watch UPDATE: Quoin Pharmaceuticals (QNRX) - The Clock Runs Faster Than the Catalysts Balance sheet compressed further with burn accelerating, POC 1 unblinding conspicuously absent from disclosures, and the stock's 32.9% rally on designation news sets up a financing rather than validating the thesis — both conditions for owning remain unmet.
3. 2026-08-28 Speculative buy speculative UPDATE: Quoin Pharmaceuticals (QNRX) - Both Shoes Dropped on the Same Morning Both conditions for owning arrived simultaneously: the $30.8M upfront raise resets the going-concern balance sheet, and the 4/6 (66.7%) monotherapy IGA interim with biologic washout is the first materially clean multi-patient efficacy signal, making this a funded lottery ticket with postage on it.
4. 2026-09-09 Speculative buy speculative UPDATE: Quoin Pharmaceuticals (QNRX) - A Second Voucher Ticket in the Drawer A second RPD designation for QRX003 in PSS adds a second potential PRV at zero dilution cost, widening the asymmetry, but the stock is now 46.5% above the PIPE price on a designation rather than new efficacy, making this a hold for existing risk capital rather than a new accumulation window.
5. 2026-11-05 Hold UPDATE: Quoin Pharmaceuticals (QNRX) - The Faucet Gets Installed An $11M ATM program opened ten weeks after the PIPE — with the stock 44% off its high and below the PIPE price — weakens the funded-runway thesis and installs an open-ended seller that caps rallies, so existing lottery-ticket holders should hold into the 2Q 2027 topline while new money waits for better prices.

• Long call · opened Aug 31, 2026 at $6.22 · -41.3% vs XBI -6.3% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-14 10-Q in filings ↓

  • “In addition, we announced that we were targeting to submit an IND to the FDA for an additional indication in the third quarter of 2026.”

    matched to QRX009 · regulatory submission · read as third quarter of 2026
• 2026-05-07 8-K in filings ↓

  • “In addition, we are targeting to submit an IND to the FDA for QRX009 for an additional indication in Q3 2026.”

    matched to QRX009 · regulatory submission · read as Q3 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (40)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 6, 2026ReleaseQuoin Pharmaceuticals’ Latest NETHERTON NOW Video Details the Life of a Family Living with Netherton Syndrome
• Nov 6, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Nov 5, 2026ReleaseQuoin Pharmaceuticals Provides Corporate Update and Reports Third Quarter 2026 Financial ResultsSummary on the 10-Q
• Nov 5, 202610-QQuarterly reportThe going-concern flag that I quoted verbatim in every QNRX post is gone from the Q3 10-Q — replaced by an affirmative one-year liquidity statement — while $33.2M in cash and investments sits on the balance sheet and a peer-reviewed case report extends the durability data to 21 months.
• Nov 4, 20268-KCurrent report: material agreement→ BD updateQuoin filed a new $11M at-the-market equity facility with Leerink after the close — just 10 weeks after closing a $30.8M PIPE — adding a continuous dilution spigot to a stock already down 44% from its September high and raising the question of why fresh capital is needed this soon.
• Nov 4, 2026424B5Prospectus supplement (offering)→ BD updateSummary on the 8-K
• Nov 4, 2026424B5Prospectus supplement (offering)→ BD updateSummary on the 8-K
• Oct 29, 2026ReleaseQuoin Pharmaceuticals to Announce Corporate Update and Third Quarter 2026 Financial Results on Thursday, November 5, 2026
• Oct 28, 2026S-3Shelf registration
• Oct 20, 2026ReleaseQuoin Pharmaceuticals Announces Publication of Peer-Reviewed Paper on QRX003 for Netherton Syndrome in Dermatology and Therapy
• Oct 20, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → QNRX pipeline
• Oct 14, 2026ReleaseQuoin Pharmaceuticals Announces European Medicines Agency (EMA) Grants Orphan Drug Designation for QRX003 for the Treatment of Peeling Skin Syndrome
• Oct 14, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → QNRX pipeline
• Oct 6, 2026ReleaseQuoin Pharmaceuticals Announces Acceptance of QRX003 Paper in Dermatology and TherapyBD extracted 1 program update from this document → QNRX pipeline
• Oct 2, 2026DEF 14AProxy statement
• Sep 25, 2026424B3Prospectus (resale / update)
• Sep 22, 2026ReleaseQuoin Pharmaceuticals Announces FDA Fast Track Designation for QRX003 for the Treatment of Peeling Skin Syndrome
• Sep 22, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Sep 18, 2026S-3Shelf registration
• Sep 10, 2026ReleaseQuoin Pharmaceuticals Releases New NETHERTON NOW Video: Aminah’s Story Featuring Laura Wright-Sexton, MD, the Physician Who First Met Her Daughter in the ICU
• Sep 10, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → QNRX pipeline
• Sep 8, 2026ReleaseQuoin Pharmaceuticals Announces FDA Grants Rare Pediatric Disease Designation for QRX003 in Peeling Skin Syndrome→ BD updateFDA just handed Quoin a second Rare Pediatric Disease Designation — this time for QRX003 in Peeling Skin Syndrome — potentially doubling the Priority Review Voucher math from one to two, with an aggregate non-dilutive ceiling Dr. Myers is now quoting above $300M against a market cap still in the tens of millions.BD extracted 1 program update from this document → QNRX pipeline
• Aug 28, 2026ReleaseQuoin Pharmaceuticals Announces Private Placement Financing of Up to $50.0 Million→ BD updateSummary on the 8-K
• Aug 28, 2026ReleaseQuoin Pharmaceuticals Reports Positive Interim Data from Ongoing Phase 2/3 Study of QRX003 in Netherton Syndrome→ BD updateSummary on the 8-K
• Aug 28, 20268-KCurrent report: material agreement, unregistered sale of equity, Reg FD disclosure · EX-99.1 EXHIBIT 99.1→ BD updateThe two conditions I told readers to wait for — controlled efficacy data and a funded balance sheet — landed simultaneously today: QRX003 hit its IGA primary endpoint in 4/6 (66.7%) interim patients (p=0.0087), and a $30.8M upfront PIPE closes Sunday, extending runway into 2H 2029.BD extracted 1 program update from this document → QNRX pipeline
• Aug 20, 20268-KCurrent report: officer / director change, shareholder vote, other events
• Aug 14, 2026ReleaseQuoin Pharmaceuticals Provides Corporate Update and Reports Second Quarter 2026 Financial Results
• Aug 14, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Aug 14, 202610-QQuarterly report
• Aug 7, 2026ReleaseCorporate Overview
• Aug 7, 2026ReleaseQuoin Pharmaceuticals to Announce Corporate Update and Second Quarter 2026 Financial Results on Friday, August 14, 2026
• Jul 16, 2026DEF 14AProxy statement
• Jun 23, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Jun 4, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Jun 2, 2026424B3Prospectus (resale / update)
• May 7, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• May 7, 202610-QQuarterly report
• Mar 26, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Mar 26, 202610-KAnnual report
• Mar 11, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1