Quoin Pharmaceuticals, Ltd. Files 2023 Annual Report (10-K)

TL;DR

<b>Quoin Pharmaceuticals, Ltd. has filed its 2023 10-K report, detailing financial activities and corporate history.</b>

AI Summary

Quoin Pharmaceuticals, Ltd. (QNRX) filed a Annual Report (10-K) with the SEC on March 14, 2024. Quoin Pharmaceuticals, Ltd. filed its 10-K report for the fiscal year ending December 31, 2023. The company's former names include Cellect Biotechnology Ltd. and Cellect Biomed Ltd. The filing details various financial instruments including warrants and convertible notes. Key dates mentioned include February 24, 2023 (February Offering) and March 7, 2024 (Public Offering 2024). The company's business address is 23 Hata'as Street, Kfar Saba, L3, 44425.

Why It Matters

For investors and stakeholders tracking Quoin Pharmaceuticals, Ltd., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Quoin Pharmaceuticals' financial health, operational activities, and strategic initiatives for the fiscal year 2023. Understanding the details within this filing is crucial for investors to assess the company's performance, risks, and future prospects, including its history of name changes and financial instruments.

Risk Assessment

Risk Level: medium — Quoin Pharmaceuticals, Ltd. shows moderate risk based on this filing. The company has a history of name changes and engages with complex financial instruments like warrants and convertible notes, indicating potential financial complexities and risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Quoin Pharmaceuticals' financial position and operational strategy.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-14 — Filing Date (Date filed)
• 001-37846 — SEC File Number (SEC file number)
• 20160721 — Name Change Date (Date of name change from Cellect Biotechnology Ltd.)
• 20160406 — Name Change Date (Date of name change from Cellect Biomed Ltd.)
• 2023-02-24 — Event Date (February Offering date)
• 2024-03-07 — Event Date (Public Offering 2024 date)

Key Players & Entities

• Quoin Pharmaceuticals, Ltd. (company) — Filer name
• Cellect Biotechnology Ltd. (company) — Former company name
• Cellect Biomed Ltd. (company) — Former company name
• 23 Hata'as Street (location) — Business address
• Kfar Saba (location) — Business address city
• QNRX (ticker) — Ticker symbol

FAQ

Risk Factors

• Financial Instruments [medium — financial]: The company engages with various financial instruments, including warrants and convertible notes, which carry inherent risks.
• Corporate History [low — operational]: The company has undergone multiple name changes, indicating potential shifts in strategy or corporate structure.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: 10-K Filing Date — Date the annual report was filed with the SEC.
• 2023-02-24: February Offering — A significant event related to company financing or stock issuance.
• 2024-03-07: Public Offering 2024 — A recent event related to public offering activities.

Filing Documents

• qnrx-20231231x10k.htm (10-K) — 2023KB
• qnrx-20231231xex4d19.htm (EX-4.19) — 99KB
• qnrx-20231231xex23d1.htm (EX-23.1) — 5KB
• qnrx-20231231xex31d1.htm (EX-31.1) — 13KB
• qnrx-20231231xex31d2.htm (EX-31.2) — 13KB
• qnrx-20231231xex32d1.htm (EX-32.1) — 8KB
• qnrx-20231231xex32d2.htm (EX-32.2) — 7KB
• qnrx-20231231xex97d1.htm (EX-97.1) — 37KB
• 0001410578-24-000198.txt (&nbsp;) — 7567KB
• qnrx-20231231.xsd (EX-101.SCH) — 61KB
• qnrx-20231231_cal.xml (EX-101.CAL) — 44KB
• qnrx-20231231_def.xml (EX-101.DEF) — 248KB
• qnrx-20231231_lab.xml (EX-101.LAB) — 493KB
• qnrx-20231231_pre.xml (EX-101.PRE) — 389KB
• qnrx-20231231x10k_htm.xml (XML) — 903KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 41 Item 1C . Cybersecurity Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 Part II 43 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 Part III 56 Item 10. Directors, Executive Officers and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 68 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accounting Fees and Services 75 Part IV 76 Item 15. Exhibit and Financial Statement Schedules 76 Item 16. Form 10-K Summary 79

Signatures

Signatures 80 3 Table of Contents PART I

Business

Item 1. Business Company Overview We are a clinical stage specialty pharmaceutical company dedicated to the development and commercialization of therapeutic products that treat rare and orphan diseases. Our initial focus is on the development of products, using our proprietary owned and in-licensed drug delivery technologies, that could help address rare genetic skin diseases, particularly those for which there are currently no approved treatments or cures. Our first lead product, QRX003, is a topical lotion under clinical development as a potential treatment for Netherton Syndrome ("NS"), a rare hereditary genetic disease. The active ingredient in QRX003 is a broad-spectrum serine protease inhibitor and the product is formulated with the proprietary in-licensed Invisicare technology, QRX003 is currently being tested in two ongoing clinical studies in the United States ("U.S.") under an open Investigational New Drug ("IND") application with the Food and Drug Administration ("FDA"). Both studies are actively recruiting patients in five clinical sites across the US. The opening of additional clinical sites in Europe and elsewhere is currently under evaluation. We also intend to pursue the development of QRX003 for additional rare diseases including, among others, Peeling Skin Syndrome, SAM Syndrome and Palmoplantar Keratoderma. Other development products in our pipeline include QRX004 as a potential treatment for Recessive Dystrophic Epidermolysis Bullosa ("RDEB"). In addition, we entered into Research Agreements with the Queensland University of Technology ("QUT"), under which we have obtained an option for global licenses to QRX007 and QRX008 as potential treatments of NS and scleroderma respectively. We were incorporated under the laws of the State of Israel in 1986 under the name Montiger Ltd. Between 1986 and 2021, we underwent several name changes, including the name change to Cellect Biotechnology Ltd. ("Cellect"). On October 28, 2021, Cellect completed th

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View this 10-K filing on SEC EDGAR