The company operates without any top-line revenue, resulting in perpetually negative operating margins as R&D expenses climbed from $0.8 million in 2023Q4 to $3.4 million in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -280K | 0 | -280K | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | 100% | - | 100% | - | - |
| Cost of Goods Sold | 24.93K | 0 | 0 | 0 | 0 | 0 | 0 | 227.06K | 125.72K | 104.22K | 89.13K | 18.27K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | -44.9% | - | -31.83% | - |
| Gross Profit | -24.93K | 0 | 0 | 0 | 0 | 0 | 0 | -227.06K | -405.72K | -104.22K | -369.13K | -18.27K |
| Gross Margin % | - | - | - | - | - | - | - | - | 144.9% | - | 131.83% | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | 44.04% | -289.28% | 71.77% | -1920.31% | - |
| Operating Expenses | 17.43M | 16.29M | 9.53M | 9.38M | 9.26M | 6.06M | 1.67M | 1.56M | 16.22M | 10.1M | 16.22M | 2.58M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | -5794.29% | - | -5794.29% | - |
| Selling, General & Admin | 6.6M | 6.49M | 5.93M | 6.07M | 6.58M | 4.5M | 1.43M | 1.51M | 7.97M | 4.2M | 7.97M | 1.06M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | -2845.71% | - | -2845.71% | - |
| Research & Development | 10.83M | 9.8M | 3.6M | 3.31M | 2.67M | 1.56M | 244.16K | 45.65K | 8.26M | 5.89M | 8.26M | 1.52M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | -2948.57% | - | -2948.57% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.45M | -16.29M | -9.53M | -9.38M | -9.26M | -6.06M | -1.67M | -1.56M | 15.32M | 10.17M | 15.32M | -2.6M |
| Operating Margin % | - | - | - | - | - | - | - | - | -5470.36% | - | -5470.36% | - |
| Operating Income Growth % | - | -70.97% | -1.6% | -1.3% | -52.7% | -263.04% | -7.02% | -110.19% | 50.58% | -33.59% | 689.46% | - |
| EBITDA | -17.35M | -16.19M | -9.43M | -9.27M | -9.15M | -5.96M | -1.57M | -1.33M | 15.44M | 10.28M | 15.41M | -2.58M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -5515.26% | - | -5502.19% | - |
| EBITDA Growth % | -58.78% | -71.72% | -1.66% | -1.32% | -53.62% | -280.52% | -17.45% | -108.63% | 50.28% | -33.3% | 697.09% | - |
| D&A (Non-Cash Add-back) | 99.93K | 100K | 100K | 103.71K | 104.04K | 104.04K | 104.04K | 227.06K | 125.72K | 104.22K | 89.13K | 18.27K |
| EBIT | -17.38M | -16.29M | -9.53M | -9.38M | -8.67M | -20.37M | -1.67M | -4.31M | -5.59M | -7.91M | -3.99M | -2.62M |
| Net Interest Income | 423.47K | 482.08K | 558.49K | 694.61K | -618.34K | -1.09M | -1.19M | -412.29K | 0 | 0 | 0 | 0 |
| Interest Income | 423.47K | 482.08K | 558.49K | 694.61K | 95.75K | 0 | 0 | 0 | 0 | 0 | 0 | 1.03K |
| Interest Expense | 0 | 0 | 0 | 0 | 714.08K | 1.09M | 1.19M | 412.29K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 474.18K | 486.06K | 565.99K | 691.93K | -123.79K | -15.4M | -425.35K | 0 | 2.54M | -1.06M | 237.07K | -19.3K |
| Pretax Income | -16.98M | -15.8M | -8.96M | -8.69M | -9.38M | -21.46M | -2.1M | -1.56M | 15.32M | 10.17M | 15.32M | -2.62M |
| Pretax Margin % | - | - | - | - | - | - | - | - | -5470.36% | - | -5470.36% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -161.14K | -1.17M | 147.94K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.05% | -11.47% | 0.97% | 0% |
| Net Income | -16.98M | -15.8M | -8.96M | -8.69M | -9.38M | -21.46M | -2.1M | -1.56M | 15.32M | 10.17M | 15.32M | -2.62M |
| Net Margin % | - | - | - | - | - | - | - | - | -5470.36% | - | -5470.36% | - |
| Net Income Growth % | -62.5% | -76.34% | -3.18% | 7.41% | 56.29% | -924.29% | -34.28% | -110.19% | 50.58% | -33.59% | 685.12% | - |
| Net Income (Continuing) | -16.98M | -15.8M | -8.96M | -8.69M | -9.38M | -21.46M | -2.1M | -1.56M | -5.59M | -7.91M | -4M | -2.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.66 | -10.63 | -66.85 | -337.47 | -22.97 | -28543.20 | -88.10 | -440.29 | 7100.73 | 5450.81 | 10084.00 | -2108.97 |
| EPS Growth % | 48.39% | 84.1% | 80.19% | -1369.18% | 99.92% | -32298.64% | 79.99% | -106.2% | 30.27% | -45.95% | 578.15% | - |
| EPS (Basic) | - | -10.63 | -66.85 | -337.47 | -22.97 | -28543.20 | -88.10 | -440.29 | 7100.73 | 5450.81 | 10084.00 | -2108.97 |
| Diluted Shares Outstanding | 1.96M | 1.5M | 133.96K | 25.74K | 403.88K | 1.6K | 20.02K | 3.54K | 2.16K | 1.87K | 1.52K | 1.24K |
| Basic Shares Outstanding | 1.96M | 1.5M | 133.96K | 25.74K | 403.88K | 1.6K | 20.02K | 3.54K | 2.16K | 1.87K | 1.52K | 1.24K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As reported in recent financial filings, Quoin's quarterly R&D expenditure has climbed from approximately $0.8 million in 2023Q4 to $3.4 million by 2026Q1, reflecting the intensifying capital requirements necessary to advance the company's clinical-stage pipeline through increasingly complex and costly late-stage regulatory trial phases.
The consistent upward trajectory in R&D spending suggests that the company is reaching a critical juncture in its clinical development timeline. Investors should monitor whether this expense growth correlates with successful patient enrollment milestones or if it merely reflects the rising costs of outsourced clinical trial management.
Based on the provided income statement data, Quoin recorded a significant $1.1 billion stock-based compensation charge in 2025Q4, which creates substantial noise in the reported net loss figures and complicates the assessment of the company's underlying operational efficiency and true cash-based burn rate.
This massive non-cash expense appears to be an outlier that obscures the core operational losses of the business. Analysts should focus on the cash-based operating expenses to better understand the actual runway remaining, as the reported EPS figures are heavily skewed by these accounting adjustments.
According to the historical income statement data, Quoin continues to operate without any revenue generation, resulting in an operating margin that remains perpetually negative as SG&A and R&D costs scale without the benefit of any offsetting top-line growth to provide necessary operating leverage.
The absence of revenue means that every dollar spent on SG&A and R&D directly increases the net loss, leaving the company entirely dependent on external financing. This structure implies that the firm lacks the ability to self-fund its operations until a commercial product is successfully brought to market.
As indicated by the persistent quarterly net losses and the reliance on equity-linked financing, the company's current financial trajectory appears unsustainable without significant capital infusions, raising concerns regarding the potential for further shareholder dilution as the firm attempts to reach its next major clinical data readout.
The recurring nature of these losses suggests that the company is highly vulnerable to shifts in capital market sentiment toward micro-cap biotechnology. Investors should consider the risk that the current financing strategy may be insufficient to cover the full costs of commercialization if clinical timelines are extended.
Quick answers to the most common questions about buying QNRX stock.
For fiscal year 2025, Quoin Pharmaceuticals, Ltd. (QNRX) reported total revenue of $0.0M.
Quoin Pharmaceuticals, Ltd. (QNRX) reported a net loss of $15.8M for the fiscal year ending 2025.