Detailed financial statements for Quoin Pharmaceuticals, Ltd. (QNRX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Quoin Pharmaceuticals, Ltd. operates as a specialized pharmaceutical firm, concentrating its efforts on devising therapeutic solutions for rare and orphan medical conditions. Its flagship offering, QRX003, is a topical lotion specifically formulated to address Netherton Syndrome. Furthermore, the company is advancing QRX004 for the management of dystrophic epidermolysis bullosa, alongside QRX006, a prospective therapy for an additional rare dermatological ailment.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $6.90, QNRX has negative trailing earnings (P/E not meaningful) and an ROE of -304.87%. Market capitalisation stands at $14M.
Balance sheet quality for QNRX: current ratio of 3.6. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | -$280000 | 0 | -$280000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $89130 | $104223 | $125720 | $227055 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$369130 | -$104223 | -$405720 | -$227055 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $8.3M | $5.9M | $8.3M | $45650 | $244155 | $1.6M | $2.7M | $3.3M | $3.6M | $9.8M |
| Selling, General & Admin | $8.0M | $4.2M | $8.0M | $1.5M | $1.4M | $4.5M | $6.6M | $6.1M | $5.9M | $6.5M |
| Operating Expenses | $16.2M | $10.1M | $16.2M | $1.6M | $1.7M | $6.1M | $9.3M | $9.4M | $9.5M | $16.3M |
| Operating Income | $15.3M | $10.2M | $15.3M | -$1.6M | -$1.7M | -$6.1M | -$9.3M | -$9.4M | -$9.5M | -$16.3M |
| EBITDA | -$3.9M | -$7.8M | -$5.5M | -$1.5M | -$1.6M | -$20.3M | -$8.6M | -$8.6M | -$8.9M | -$15.7M |
| Interest Expense | 0 | 0 | 0 | $412292 | $1.2M | $1.1M | $714081 | 0 | 0 | 0 |
| Pre-tax Income | $15.3M | $10.2M | $15.3M | -$1.6M | -$2.1M | -$21.5M | -$9.4M | -$8.7M | -$9.0M | -$15.8M |
| Income Tax | $147942 | -$1.2M | -$161141 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $15.3M | $10.2M | $15.3M | -$1.6M | -$2.1M | -$21.5M | -$9.4M | -$8.7M | -$9.0M | -$15.8M |
| EPS | $-160847.00 | $-257489.00 | $-158862.00 | $-16307.00 | $-1290.96 | $-2490.26 | $-11.42 | $-11781.00 | $-2352.81 | $-10.63 |
| EPS (Diluted) | $-160847.00 | $-257489.00 | $-158862.00 | $-16307.00 | $-1290.96 | $-2490.26 | $-11.42 | $-11781.00 | $-2352.81 | $-10.63 |
| Shares Outstanding (Diluted) | $24 | $30 | $35 | $289 | $1634 | $8624 | $823706 | $735 | $3827 | $1.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | -$25429 |
| Operating Income | -$4.0M | -$4.5M | -$5.1M | -$5.6M |
| EBITDA | -$3.9M | -$4.3M | -$5.1M | -$5.5M |
| Net Income | -$3.9M | -$4.3M | -$5.0M | -$5.5M |
| EPS | $-6.74 | $-2.92 | $-2.54 | $-2.72 |
| EPS (Diluted) | $-6.74 | $-2.92 | $-2.54 | $-2.72 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.6M | $4.0M | $4.8M | $5.2M | $323832 | $7.5M | $2.9M | $2.4M | $3.6M | $3.82B |
| Short-term Investments | $6.4M | $4.0M | 0 | 0 | 0 | 0 | $10.0M | $8.3M | $10.4M | $14.9M |
| Receivables | $172007 | $70572 | $57804 | $77301 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.4M | $8.2M | $5.0M | $5.4M | $465170 | $8.2M | $13.4M | $11.3M | $14.9M | $20.0M |
| Property, Plant & Equipment | $356746 | $387139 | $413193 | $672553 | $1.9M | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $1.0M | $912648 | $808604 | $704561 | $583334 | $483334 | $383.3M |
| Total Assets | $8.8M | $8.7M | $5.5M | $6.2M | $1.4M | $9.4M | $14.5M | $12.2M | $15.7M | $20.4M |
| Accounts Payable | $348951 | $490549 | $237372 | $45744 | 0 | $923239 | $605600 | $526523 | $905704 | $1.3M |
| Short-term Debt | $15070 | 0 | 0 | $114649 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $905507 | $1.2M | $1.3M | $1.1M | $8.0M | $4.6M | $3.5M | $3.6M | $4.2M | $5.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.4M | $3.3M | $1.8M | $1.9M | $8.0M | $8.7M | $7.1M | $6.5M | $6.5M | $7.3M |
| Retained Earnings | -$9.3M | -$18.4M | -$22.5M | -$29.2M | -$6.6M | -$28.1M | -$37.5M | -$46.2M | -$55.2M | -$71.0M |
| Total Equity | $7.4M | $5.4M | $3.7M | $4.3M | -$6.6M | $657032 | $7.4M | $5.7M | $9.2M | $13.1M |
| Total Debt | $15070 | 0 | 0 | $310654 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$8.0M | -$8.0M | -$4.8M | -$4.9M | $889481 | -$7.5M | -$12.9M | -$10.7M | -$14.1M | -$3.82B |
| Working Capital | $7.5M | $7.0M | $3.7M | $4.3M | -$7.5M | $3.6M | $9.8M | $7.7M | $10.7M | $14.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.8M | $3.82B | $3.1M | $3.8M |
| Total Assets | $6.4M | $20.4M | $15.7M | $12.0M |
| Total Liabilities | $7.6M | $7.3M | $6.9M | $8.0M |
| Total Equity | -$1.2M | $13.1M | $8.8M | $3.9M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.0M | -$7.9M | -$5.6M | -$4.7M | -$2.1M | -$21.5M | -$9.4M | -$8.7M | -$9.0M | -$15.9M |
| Depreciation & Amortization | $89130 | $104223 | $125720 | $227055 | $104043 | $104043 | $104043 | $103706 | $100000 | $100000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | $764007 | $1.1M | $1.3M | $1.1M |
| Change in Working Capital | $54889 | $245709 | $233918 | -$358685 | $274355 | $632327 | -$94351 | $95201 | -$2137 | $1.2M |
| Operating Cash Flow | -$3.8M | -$5.0M | -$6.6M | -$5.7M | -$1.3M | -$5.7M | -$8.5M | -$7.9M | -$7.9M | -$13.5M |
| Capital Expenditure | -$330645 | -$74525 | -$182462 | -$34519 | -$125000 | -$625000 | -$250000 | $4 | 0 | $4 |
| Acquisitions | $24831 | 0 | 0 | $1684 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -$65.3M | 0 | 0 | 0 |
| Free Cash Flow | -$4.1M | -$5.1M | -$6.8M | -$5.7M | -$1.5M | -$6.3M | -$8.7M | -$7.9M | -$7.9M | -$13.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.2M | -$5.1M | -$4.9M | -$3.2M |
| Capital Expenditure | 0 | $4 | 0 | -$3 |
| Free Cash Flow | -$2.2M | -$5.1M | -$4.9M | -$3.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $182188 | $1.15B | $444525 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +100.0% | | +100.0% | | | | | | |
| Net Income Growth (YoY) | | -33.6% | +50.6% | -110.2% | -34.3% | -924.3% | +56.3% | +7.4% | -3.2% | -76.3% |
| EPS Growth (YoY) | | -60.1% | +38.3% | +89.7% | +92.1% | -92.9% | +99.5% | -103061.1% | +80.0% | +99.5% |
| Shares Change (YoY) | | +25.0% | +16.7% | +725.7% | +465.4% | +427.8% | +9451.3% | -99.9% | +420.7% | +39051.4% |
| FCF Growth (YoY) | | -23.3% | -33.7% | +15.0% | +74.5% | -333.5% | -37.6% | +9.9% | +0.1% | -72.3% |
| Gross Margin | 131.8% | | 144.9% | | | | | | | |
| Operating Margin | -5470.4% | | -5470.4% | | | | | | | |
| EBITDA Margin | 1394.9% | | 1953.1% | | | | | | | |
| Net Margin | -5470.4% | | -5470.4% | | | | | | | |
| FCF Margin | 1463.4% | | 2413.0% | | | | | | | |
| Effective Tax Rate | 1.0% | -11.5% | -1.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-170735.54 | $-168438.17 | $-193039.69 | $-19869.69 | $-895.74 | $-735.75 | $-10.60 | $-10699.90 | $-2053.12 | $-9.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $79.23 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $24 | $30 | $35 | $289 | $1634 | $8624 | $823706 | $735 | $3827 | $1.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -304.87% |
| Return on Invested Capital | -359.18% |
| Return on Assets | -156.71% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.76 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.02 | -2.85 | -1.39 | -2.86 | -35.14 | -3.84 | -52.22 | -0.01 | -0.01 | -1.36 |
| P/B | 1.09 | 4.12 | 2.08 | 3.14 | -11.22 | 125.42 | 66.33 | 0.02 | 0.01 | 1.65 |
| P/S | -28.73 | 0.00 | -27.73 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 131.8% | 0.0% | 144.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -5470.4% | 0.0% | -5470.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -5470.4% | 0.0% | -5470.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |