Quoin Pharmaceuticals, Ltd.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
QNRX$3.65-5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001410578-25-001613
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001104659-25-107785
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 59 previous paragraphs and 67 current paragraphs.
33 unchanged; 17 reworded; 17 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 34 previous and 34 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Increase in Authorized Capital
Current report
On August 21, 2025, at our 2025 Annual General Meeting of Shareholders (the “Annual Meeting”), our shareholders approved an amendment to our Amended and Restated Articles of Association, as amended to increase our authorized Ordinary Share capital from 100,000,000 Ordinary Shares to 5,000,000,000 Ordinary Shares.
Current report
Adoption of New Equity Plan
Current report
At the Annual Meeting, our shareholders approved the Quoin Pharmaceuticals Ltd. 2025 Equity Incentive Plan (the “2025 Plan”) and authorized the issuance pursuant to the 2025 Plan of up to 3,000,000 Ordinary Shares, subject to an automatic annual increase equal to the smaller of (a) fifteen percent (15%) of the number of Ordinary Shares issued and outstanding on a fully diluted basis on the immediately preceding December 31, or (b) an amount determined by our Board of Directors.
Current report
Private Placement Offering
Current report
On October 10, 2025, we entered into a securities purchase agreement with several institutional and accredited investors relating to the issuance and sale in a private placement transaction (the “Private Placement”) of (i) ordinary shares represented by 15,152 American Depositary Shares (“ADSs”) and (ii) pre-funded warrants to purchase ordinary shares represented by 1,993,939 ADSs, together with (A) Series H Warrants to purchase ordinary shares represented by up to 2,009,091 ADSs, (B) Series I Warrants to purchase ordinary shares represented by up to 2,009,091 ADSs, (C) Series J Warrants to purchase ordinary shares represented by up to 2,009,091 ADSs, and (D) Series K Warrants to purchase ordinary shares represented by up to 2,009,091 ADSs. The Series H Warrants, Series I Warrants, Series J Warrants and Series K Warrants are collectively referred to herein as the “Ordinary Warrants.” The combined purchase price was $8.25 per each ADS and accompanying Ordinary Warrants and $8.2499 per each pre-funded warrant and accompanying Ordinary Warrants, which pricing was designed to be in accordance with the “Minimum Price” requirement as defined in the Nasdaq rules. The private placement closed on October 14, 2025 (the “Closing Date”). We received upfront net proceeds of approximately $15 million from the Private Placement, after deducting estimated offering expenses payable by us, including placement agent fees and expenses. We intend to use the upfront net proceeds from the Private Placement for general corporate purposes, which may include operating expenses, research and development, including completion of clinical development of QRX003 for Netherton Syndrome, working capital, future acquisitions and general capital expenditures. We may also receive up to an aggregate of $88 million of additional gross proceeds if the Ordinary Warrants are exercised in full for cash.
Current report
Dennis Langer, one of our directors, participated in the Private Placement. Mr. Langer purchased ordinary shares represented by 15,152 ADSs and accompanying Ordinary Warrants for a total purchase price of approximately $128,641, at a combined purchase price of $8.49. In accordance with Nasdaq Rules, Mr. Langer’s purchase price was based upon the consolidated closing bid price from the trading day immediately preceding the date we entered into the securities purchase agreement, plus $0.50.
Current report
Description of Warrants
Current report
Beneficial ownership limitation. A holder of the pre-funded warrants or the Ordinary Warrants issued in the October 2025 private placement may not exercise any portion of such holder’s pre-funded warrants or Ordinary Warrants for ADSs to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% of the number of ordinary shares outstanding immediately after giving effect to the issuance of the ordinary shares represented by the ADSs issuable upon exercise of the applicable warrant.
Current report
Pre-funded warrants. The pre-funded warrants have an exercise price of $0.0001 per ADS. The pre-funded warrants are exercisable at any time after their original issuance, subject to the beneficial ownership limitation (as described above) and will not expire until exercised in full. In addition, the pre-funded warrants may be exercised, in whole or in part, any time after issuance by means of a cashless exercise.
Current report
Ordinary Warrants. The Ordinary Warrants are exercisable at any time after their original issuance, subject to the beneficial ownership limitation (as described above). The Series H Warrants have an exercise price of $9.075 per ADS and may be exercised until the earlier of (i) five (5) years from the Closing Date or (ii) 30 days after the public announcement that we have received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for QRX003 for the treatment of Netherton Syndrome. The Series I Warrants have an exercise price of $10.3125 per ADS and may be exercised as follows: (i) 50% of the Series I Warrants may be exercised until the earlier of (A) five (5) years from the Closing Date or (B) 30 days after the public announcement that the primary endpoint has been met in the monotherapy pivotal trial of QRX003 for the treatment of Netherton Syndrome, and (ii) 50% of the Series I Warrants may be exercised until the earlier of (A) five (5) years from the Closing Date or (B) 30 days after the public announcement that the primary endpoint has been met in the adjuvant pivotal trial of QRX003 for the treatment of Netherton Syndrome. The Series J Warrants have an exercise price of $12.375 per ADS and may be exercised until the earlier of (i) five (5) years from the Closing Date or (ii) 30 days after the public announcement of the receipt of either accelerated or traditional approval by the FDA of QRX003 for the treatment of Netherton Syndrome. The Series K Warrants have an exercise price of $12.375 per ADS and may be exercised until the earlier of (i) five (5) years from the Closing Date or (ii) 30 days after the public announcement of the sale of a Priority Review Voucher (PRV).
Current report
December 2024 Warrants Exercise. On October 14, 2025 a further $3.3 million was received by the Company further to the exercise of certain warrants issued by the Company in December 2024.
Current report
Regulatory Update
Current report
On October 21, 2025, we announced that the FDA has granted Orphan Drug Designation to QRX003, for the treatment of Netherton Syndrome. The designation follows previously granted Orphan Drug Designation by the European Medicines Agency (the “EMA”) in May 2025. The FDA’s Orphan Drug Designation program provides orphan status to therapies intended for the treatment, diagnosis, or prevention of rare diseases that affect fewer than 200,000 people in the United States. This designation provides certain benefits, including tax credits for qualified clinical testing, waiver or partial payment of FDA application fees and seven years of market exclusivity, if approved.
Current report
Other (Income) and Expenses:
Current report
Results of Operations – Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Current report
Other (Income) and Expenses:
Removed paragraphs (9)
Previous report
ADS Ratio Change and Nasdaq Listing
Previous report
On April 29, 2024, we received a letter from the Listing Qualifications staff of Nasdaq notifying us that the closing bid price per our American Depositary Shares (“ADSs”) evidencing our ordinary shares (“Ordinary Shares”) was below the required minimum of $1.00 for a period of 30 consecutive business days and that we did not meet the Minimum Bid Price Requirements set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). Pursuant to Nasdaq Rule 5810(c)(3)(A), we had an initial period of one hundred eighty (180) calendar days, or until October 28, 2024, which was subsequently extended for an additional one hundred eighty (180) calendar days, or until April 28, 2025, to regain compliance with Nasdaq’s Minimum Bid Price Requirement. In order to regain compliance with the Minimum Bid Price Requirement, on April 9, 2025 we effected a change in the ratio of our ADSs from one (1) ADS representing one (1) Ordinary Share to one (1) ADS representing thirty-five (35) Ordinary Shares (the “Ratio Change”), which resulted in a 1 for 35 reverse split of the issued and outstanding ADSs (the “Reverse Split”). Our Ordinary Shares were not affected by this adjustment. On April 29, 2025, we received a letter from Nasdaq stating that our closing bid price per ADS was at $1.00 or greater for the last 13 consecutive business days. Accordingly, we regained compliance with Listing Rule 5550(a)(2) and the matter was closed.
Previous report
Except as specifically provided, ADSs and related option and warrant information presented herein, including our unaudited condensed consolidated financial statements and accompanying footnotes, has been retroactively adjusted to reflect the Ratio Change and the Reverse Split.
Previous report
There can be no assurance that we will be able to maintain compliance with Nasdaq’s Minimum Bid Price Requirement for continued listing. If our ADSs were delisted from Nasdaq, it would have a material negative impact on the actual and potential liquidity of our securities, as well as a material negative impact on our ability to raise future capital.
Previous report
Other Expenses:
Previous report
Results of Operations – Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Previous report
Other Expenses:
Previous report
proceeds of approximately $6.8 million, based upon our current business plans and cash, cash equivalents and investments on hand, management has concluded that there is substantial doubt about our ability to continue as a going concern for a period of at least one year from the issuance of the unaudited consolidated financial statements included in this report. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain marketing approval for one or more of our product candidates, which we expect will take a number of years and is subject to significant uncertainty. Additional financing will be required to complete the research and development of our therapeutic targets and our other operating requirements, which may not be available at acceptable terms, if at all. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to generate revenue and raise capital from financing transactions. There can be no assurance that we will be successful in accomplishing these objectives.
Previous report
We continue to seek sources of financing to fund our continued operations and research and development programs, including grants. To raise additional capital, we may sell additional equity or debt securities, or enter into collaborative, strategic, and/or licensing transactions. There can be no assurance that we will be able to complete any financing transaction in a timely manner or on acceptable terms or otherwise enter into a collaborative or strategic transaction. If we are unable to obtain additional funding when it becomes necessary, the development of our product candidates will be impacted and we would likely be forced to delay, reduce, or terminate some or all of our development programs or cease operations altogether, all of which could have a material adverse effect on our business, results of operations and financial condition.
Reworded paragraphs (17)
Previous wording
We are a late-stage clinical specialty pharmaceutical company focused on the development and commercialization of therapeutic products that treat rare and orphan diseases for which there are currently either no approved or very limited treatments or cures. Our lead product, QRX003, is in late-stage clinical development as a potential treatment for Netherton Syndrome, a rare hereditary genetic disease. QRX003 is currently being tested in two pivotal registrational clinical studies under an open IND application with the FDA. We have opened five clinical sites in the US and intend to open a sixth US clinical site at Northwestern University. We are expanding our trials internationally into the Middle East, the United Kingdom and additional countries in Europe, including Spain and Germany. QRX003 is currently being tested in two pediatric NS patients at the Children’s Hospital in Dublin, Ireland and we intend to expand this study to include additional children with NS in Spain, the United Kingdom and potentially other countries. QRX003 is also being developed as a potential treatment for Peeling Skin Syndrome with the first subject being treated in New Zealand. In addition, we entered into a Research Agreement with the Queensland University of Technology, under which we have obtained an option for a global license to QRX008 for the potential treatment of scleroderma, as well as a Research Agreement with University College Cork for the development of novel topical formulations of Rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are either limited or no approved therapies or cures, including microcystic lymphatic malformations, venous malformations and angiofibroma’s.
Current wording
We are a late-stage clinical specialty pharmaceutical company focused on the development and commercialization of therapeutic products that treat rare and orphan diseases for which there are currently either no approved or very limited treatments or cures. Our lead product, QRX003, is in clinical development as a potential treatment for Netherton Syndrome, a rare hereditary genetic disease. QRX003 is in two pivotal registrational clinical studies under an open IND application with the FDA. We have opened six clinical sites in the US . We have expanded our trials internationally in the Middle East, the United Kingdom and additional countries in Europe, including Spain and Germany. QRX003 is currently being tested in two pediatric NS patients at the Children’s Hospital in Dublin, Ireland and we are expanding this study to include additional children with NS in Austria and potentially in Spain, the United Kingdom and other countries. QRX003 is also being developed as a potential treatment for Peeling Skin Syndrome with the first subject being treated in New Zealand. We are planning to expand this study to include up to three additional pediatric subjects. In addition, we entered into a Research Agreement with the Queensland University of Technology, under which we have obtained an option for a global license to QRX008 for the potential treatment of scleroderma, as well as a Research Agreement with University College Cork for the development of novel topical formulations of Rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are either limited or no approved therapies or cures, including microcystic lymphatic malformations, venous malformations and angiofibroma’s. We have also entered into 9 commercial partnerships for QRX003 spanning 61 countries outside of its core commercial territories of the US, Western Europe and Japan. These partnership countries include Canada, Australia, New Zealand, the Middle East, China, Taiwan, Hong Kong Singapore, Israel, Central and Eastern Europe, Turkey as well as several countries in Latin America.
Previous wording
General and administrative expenses were approximately $1,743,000 and $1,550,000, in the three months ended June 30, 2025 and 2024, respectively, representing an increase of $193,000, or approximately 12.5%. The increase was primarily due to an increase of $155,000 in consulting costs, $51,000 in marketing and website expenses, $50,000 in legal and professional fees and $25,000 in corporate Delaware tax costs, offset by, decreases of $41,000 in payroll and benefits, $33,000 in travel costs, $26,000 in insurance costs, and non-cash stock-based compensation expense of $10,000 due to increased allocation of such costs to research and development expenses.
Current wording
General and administrative expenses were approximately $1,739,000 and $1,448,000, in the three months ended September 30, 2025 and 2024, respectively, representing an increase of $290,000, or approximately 20%. The increase was primarily due to an increase of $379,000 in payroll and benefits due to severance costs, $68,000 in consulting costs, $87,000 in legal and professional fees, $52,000 in public company costs, $29,000 in marketing and website expenses, and $16,000 in office supply expenses offset by, decreases of $151,000 in board fees from board members being granted stock options in lieu of cash payments, $22,000 in travel costs, $14,000 in insurance costs, and non-cash stock-based compensation expense of $159,000 due to the reversal of unvested stock options from an employee reduction.
Previous wording
Our research and development expenses during the three months ended June 30, 2025 and 2024 were approximately $2,051,000 and $588,000, respectively, representing an increase of $1,463,000, or approximately 248.8%. The increase was primarily due to $1,431,000 in increased external expenditures on our development programs, including work related to the clinical studies for the development of QRX003, an $18,000 increase in non-cash stock-based compensation expense allocated to research and development expenses, and $14,000 of increased other research and development expenditures including our research collaboration with University College Cork. See “Components of Our Results of Operations - Research and Development Expenses” above.
Current wording
Our research and development expenses during the three months ended September 30, 2025 and 2024 were approximately $2,281,000 and $1,080,000, respectively, representing an increase of $1,202,000, or approximately 111%. The increase was primarily due to $1,174,000 in increased external expenditures on our development programs, as we advance our work related to the clinical studies for the development of QRX003 and a $27,000 increase in non-cash stock-based compensation expense allocated to research and development expenses.
Previous wording
We had approximately $6,000 in unrealized loss and $103,000 in realized gain and accrued interest income in the three months ended June 30, 2025 from our cash and cash equivalents and investments in marketable debt securities. We had approximately $2,000 in unrealized loss and $165,000 in realized gain and accrued interest income in the three months ended June 30, 2024 from our cash and cash equivalents and investments in marketable debt securities.
Current wording
We had approximately $9,000 in unrealized gain and $62,000 in realized gain and accrued interest income in the three months ended September 30, 2025 from our cash and cash equivalents and investments in marketable debt securities. We had approximately $32,000 in unrealized gain and $146,000 in realized gain and accrued interest income in the three months ended September 30, 2024 from our cash and cash equivalents and investments in marketable debt securities.
Previous wording
The following table sets forth our results of operations for the six months ended June 30, 2025, compared to the six months ended June 30, 2024:
Current wording
The following table sets forth our results of operations for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024:
Previous wording
General and administrative expenses were approximately $3,326,000 and $3,123,000, in the six months ended June 30, 2025 and 2024, respectively, representing an increase of $203,000, or approximately 6.5%. The increase was primarily due to an increases of $175,000 in consulting expenses, $139,000 in legal and professional fees, $102,000 in public company costs, $59,000 in marketing and website expenses and $34,000 in corporate Delaware tax costs, offset by, decreases of $235,000 in payroll and benefits, $54,000 in insurance costs and non-cash stock-based compensation expense of $26,000 due to increased allocation of such costs to research and development expenses.
Current wording
General and administrative expenses were approximately $5,064,000 and $4,571,000, in the nine months ended September 30, 2025 and 2024, respectively, representing an increase of $493,000, or approximately 11%. The increase was primarily due to an increase of $144,000 in payroll and benefits due to severance costs, $243,000 in consulting costs, $225,000 in legal and professional fees, $154,000 in public company costs, $76,000 in marketing and website expenses, $52,000 in corporate Delaware tax costs and $14,000 in office supply expenses offset by decreases of $107,000 in board fees from board members being granted stock options in lieu of cash payments, $58,000 in travel costs, $68,000 in insurance costs, and non-cash stock-based compensation expense of $185,000 due to the reversal of unvested stock options from an employee reduction.
Previous wording
Our research and development expenses during the six months ended June 30, 2025 and 2024 were approximately $4,425,000 and $1,473,000, respectively, representing an increase of $2,952,000, or approximately 200.4%. The increase was primarily due to $2,572,000 in increased external expenditures on our development programs, including work related to the clinical studies for the development of QRX003, an $89,000 increase in non-cash stock-based compensation expense allocated to research and development expenses, and $292,000 of increased other research and development expenditures including our research collaboration with University College Cork. See “Components of Our Results of Operations - Research and Development Expenses” above.
Current wording
Our research and development expenses during the nine months ended September 30, 2025 and 2024 were approximately $6,706,000 and $2,552,000, respectively, representing an increase of $4,154,000, or approximately 163%. The increase was primarily due to $4,037,000 in increased external expenditures on our development programs, including work related to the clinical studies for the development of QRX003, a $115,000 increase in non-cash stock-based compensation expense allocated to research and development expenses.
Previous wording
We amortize licensed or acquired intellectual property over its expected useful life, included in research and development expenses set out above. Amortization of intangible assets was approximately $50,000 and $50,000 in each of the six month periods ended June 30, 2025 and 2024.
Current wording
We amortize licensed or acquired intellectual property over its expected useful life, included in research and development expenses set out above. Amortization of intangible assets was approximately $75,000 and $75,000 in each of the nine month periods ended September 30, 2025 and 2024.
Previous wording
We had approximately $6,000 in unrealized loss and $248,000 in realized and accrued interest income in the six months ended June 30, 2025 from our cash and cash equivalents and investments in marketable debt securities. We had approximately $9,000 in unrealized loss and $303,000 in realized gain and accrued interest income in the six months ended June 30, 2024 from our cash and cash equivalents and investments in marketable debt securities.
Current wording
We had approximately $4,000 in unrealized gain and $310,000 in realized and accrued interest income in the nine months ended September 30, 2025 from our cash and cash equivalents and investments in marketable debt securities. We earned approximately $23,000 in unrealized gain and $449,000 in realized and accrued interest income in the nine months ended September 30, 2024 from our cash and cash equivalents and investments in marketable debt securities.
Previous wording
We have incurred net losses every year since inception and had an accumulated deficit of approximately $62.7 million at June 30, 2025. We have a limited operating history and have historically funded our operations through debt and equity financings. We incurred net losses of approximately $7.5 million and negative cash flows from operations of $6.3 million for the six months ended June 30, 2025. At June 30, 2025, we had cash and cash equivalent balances totaling $1.7 million and investments of $6.1 million. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of planned clinical trials and our expenditures on other research and development activities. Despite our recent financing in December 2024, pursuant to which we raised gross
Current wording
We have incurred net losses every year since inception and had an accumulated deficit of approximately $66.6 million at September 30, 2025. We have a limited operating history and have historically funded our operations through debt and equity financings. We incurred net losses of approximately $11.5 million and negative cash flows from operations of $8.5 million for the nine months ended September 30, 2025. At September 30, 2025, we had cash and cash equivalent balances totaling $1.8 million and investments of $3.6 million. In addition, on October 10, 2025, the Company entered into a Securities Purchase Agreement with several institutional and accredited investors for the issuance and sale in a private placement of securities for gross proceeds of approximately $16.6 million. On October 14, 2025 a further $3.3 million was received by the Company further to the exercise of certain warrants issued by the Company in December 2024. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of planned clinical trials and our expenditures on other research and development activities. After taking into account the net proceeds we received in connection with the Private Placement that closed on October 14, 2025, we have determined that we have sufficient resources to effect our business plan for at least one year from the issuance of the unaudited consolidated financial statements included in this report. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain marketing approval for one or more of our product candidates, which is subject to uncertainty. Additional financing may be required to fund our other operating requirements until we reach commercial profitability, if ever, which may not be available at acceptable terms, if at all.
Previous wording
As of June 30, 2025, we had approximately $7,790,000 in cash and cash equivalents and investments in marketable securities. The table below presents our cash flows for the six month periods ended June 30, 2025 and 2024:
Current wording
As of September 30, 2025, we had approximately $5,413,000 in cash and cash equivalents and investments in marketable securities. The table below presents our cash flows for the nine month periods ended September 30, 2025 and 2024:
Previous wording
Net cash used in operating activities was approximately $6,281,000 and $3,441,000 in the six months ended June 30, 2025 and 2024, respectively. The increase in 2025 was primarily due to an increase in net loss, offset by an increase in stock based compensation, a decrease in accounts payable and accrued expenses and a decrease in prepaid expenses.
Current wording
Net cash used in operating activities was approximately $8,506,000 and $5,621,000 in the nine months ended September 30, 2025 and 2024, respectively. The increase in 2025 was primarily due to an increase in net loss, offset by an increase in accounts payable and accrued expenses and a decrease in prepaid expenses.
Previous wording
Investment activities provided net cash of $4,453,000 and used net cash of $1,311,000 in the six months ended June 30, 2025 and 2024, respectively. The cash provided in investing activities for the six months ended June 30, 2025 consisted of net sales and redemptions of US Treasury Bills and Notes. The cash used in investing activities for the six months ended June 30, 2024 consisted of net purchases of short maturity US Treasury Bills and Notes from the proceeds of the March 2024 public offering.
Current wording
Investment activities provided net cash of $6,991,000 and $1,290,000 in the nine months ended September 30, 2025 and 2024, respectively. The cash provided in investing activities for the nine months ended September 30, 2025 consisted of net sales and redemptions of US Treasury Bills and Notes. The cash provided in investing activities for the nine months ended September 30, 2024 consisted of net purchases of short maturity US Treasury Bills and Notes from the proceeds of the March 2024 public offering.
Previous wording
Net cash used by financing activities was approximately $127,000 for the six months ended June 30, 2025. The net cash provided increased due to the receipt of approximately $173,000 in net proceeds from the exercise of warrants, partially offset by repayments of amounts due to officers of $300,000. Net cash provided by financing activities was approximately $5,196,000 for the six months ended June 30, 2024. The net cash provided increased due to the receipt of approximately $5.5 million in net proceeds from our March 2024 public offering partially offset by repayments of amounts due to officers of $300,000.
Current wording
Net cash (used in) financing activities was approximately $277,000 for the nine months ended September 30, 2025. The net cash used in financing activities was due to repayments of amounts due to officers of $450,000, partially offset by the receipt of approximately $173,000 in net proceeds from the exercise of warrants. Net cash provided by financing activities was approximately $5,046,000 for the nine months ended September 30, 2024. The net cash provided increased due to the receipt of approximately $5.5 million in net proceeds from our March 2024 public offering partially offset by repayments of amounts due to officers of $450,000.
Previous wording
In November 2020, Quoin Inc. entered into a Master Service Agreement with Therapeutics Inc. for the management of the preclinical and clinical development of QRX003 for Netherton Syndrome. The initial term of the agreement was three years with automatic one year extensions, and the agreement required the execution of individual work orders. Quoin Inc. may terminate any work order for any reason with 90 days written notice subject to costs incurred through termination and a defined termination fee, unless there is a material breach by Therapeutics Inc. A work order was entered into in June 2022 for the first QRX003 clinical study at an expected estimated cost of approximately $4.4 million through 2024. An additional change order was entered into in December 2022 for a second QRX003 clinical study at an expected estimated cost of approximately $830,000. An amended and restated change order for the two studies was entered into in December 2024 at an estimated total remaining cost from August 2024 of approximately $3.6 million for the two studies combined. For the three and six months ended June 30, 2025 and 2024, we incurred research and development expenses under these agreements of approximately $348,000 and $759,000, and $162,000 and $650,000 respectively.
Current wording
In November 2020, Quoin Inc. entered into a Master Service Agreement with Therapeutics Inc. for the management of the preclinical and clinical development of QRX003 for Netherton Syndrome. The initial term of the agreement was three years with automatic one year extensions, and the agreement required the execution of individual work orders. Quoin Inc. may terminate any work order for any reason with 90 days written notice subject to costs incurred through termination and a defined termination fee, unless there is a material breach by Therapeutics Inc. A work order was entered into in June 2022 for the first QRX003 clinical study at an expected estimated cost of approximately $4.4 million through 2024. An additional change order was entered into in December 2022 for a second QRX003 clinical study at an expected estimated cost of approximately $830,000. An amended and restated change order for the two studies was entered into in December 2024 at an estimated total remaining cost from August 2024 of approximately $3.6 million for the two studies combined. For the three and nine months ended September 30, 2025 and 2024, we incurred a research and development expense under these agreements of approximately $522,000 and $1,281,000 and $275,000 and $926,000 respectively.
Previous wording
In November 2021, we entered into a research agreement with Queensland University of Technology (QUT) for a pre-clinical research program for the development of a product to treat Netherton Syndrome of approximately $250,000. In May 2022, we entered into a second research agreement with QUT for the development of a product to treat Scleroderma of approximately $610,000. Each agreement remains in place until the completion of the research program, which in each case was initially anticipated to be 18 months from execution. For the three and six months ended June 30, 2025 and 2024, we did not incur any costs related to these agreements. In July 2025 we announced that, in light of the expected near-term completion of the QRX003 clinical program for Netherton Syndrome, we have discontinued Netherton Syndrome research program with QUT. We are planning to schedule a meeting with QUT to discuss the future direction of the Scleroderma research program.
Current wording
In November 2021, we entered into a research agreement with Queensland University of Technology (QUT) for a pre-clinical research program for the development of a product to treat Netherton Syndrome of approximately $250,000. In May 2022, we entered into a second research agreement with QUT for the development of a product to treat Scleroderma of approximately $610,000. Each agreement remains in place until the completion of the research program, which in each case was initially anticipated to be 18 months from execution. For the three and nine months ended September 30, 2025 and 2024, we did not incur any costs related to these agreements. In July 2025 we announced that, in light of the expected near-term completion of the QRX003 clinical program for Netherton Syndrome, we have discontinued Netherton Syndrome research program with QUT. We are planning to schedule a meeting with QUT to discuss the future direction of the Scleroderma research program.
Previous wording
In June 2024, we entered into a research agreement with The School of Pharmacy at UCC. The scope of the agreement encompasses the development of novel topical formulations of Rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are currently very limited or no approved therapies or cures. Under the terms of the agreement, based on the achievement of certain milestones, we will fund up to approximately €567,000 ($668,000) plus VAT over an anticipated 2-1/2 year period to support the UCC research program to investigate the development of a number of topical rapamycin formulations for future development as potential treatments for several rare and orphan diseases. Following completion of the research program, we will have the option to advance the clinical development of rapamycin formulations developed by UCC. Work on this research project commenced in December 2024. For the three and six months ended June 30, 2025, we incurred a research and development expense under these agreements of approximately $60,000 and $120,000 respectively.
Current wording
In June 2024, we entered into a research agreement with The School of Pharmacy at UCC. The scope of the agreement encompasses the development of novel topical formulations of Rapamycin (sirolimus) as potential treatments for a number of rare and orphan diseases for which there are currently very limited or no approved therapies or cures. Under the terms of the agreement, based on the achievement of certain milestones, we will fund up to approximately €567,000 ($665,000) plus VAT over an anticipated 2-1/2 year period to support the UCC research program to investigate the development of a number of topical rapamycin formulations for future development as potential treatments for several rare and orphan diseases. Following completion of the research program, we will have the option to advance the clinical development of rapamycin formulations developed by UCC. Work on this research project commenced in December 2024. For the three and nine months ended September 30, 2025, we incurred a research and development expense under these agreements of approximately $48,000 and $168,000 respectively.