Quoin Pharmaceuticals, Ltd. (QNRX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado paisaje de la terapéutica de enfermedades raras, Quoin Pharmaceuticals, Ltd. (QNRX) emerge como una fuerza pionera, posicionada estratégicamente para transformar el tratamiento del trastorno genético a través de la investigación innovadora y la medicina de precisión. Al aprovechar las plataformas moleculares avanzadas, las asociaciones estratégicas y un enfoque centrado en el láser para los desafíos médicos desatendidos, QNRX está redefiniendo los límites de la innovación farmacéutica, prometedores tratamientos potenciales de avance que podrían revolucionar la atención del paciente para los trastornos genéticos complejos.

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: asociaciones clave

Colaboración con instituciones de investigación académica para el desarrollo de fármacos de enfermedades raras

Quoin Pharmaceuticals mantiene asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Detalles de colaboración
Universidad de Pensilvania	Trastornos metabólicos raros	Colaboración de investigación en curso desde 2021
Universidad de Johns Hopkins	Enfermedades neurológicas raras	Asociación de detección de candidatos a drogas

Alianza estratégica con organizaciones de investigación por contrato (CRO)

QNRX ha establecido asociaciones estratégicas con CRO especializados:

• Icon PLC - Gestión de ensayos clínicos de fase II/III
• Medpace, Inc. - Coordinación del ensayo clínico de enfermedades raras
• Parexel International Corporation - Soporte de presentación regulatoria

Asociación con sitios de ensayos clínicos y redes de reclutamiento de pacientes

Red/sitio	Población de pacientes	Pruebas activas
Red de investigación clínica de enfermedades raras	Trastornos metabólicos raros	3 ensayos clínicos activos
Organización Nacional para Trastornos Raros (NORD)	Múltiples cohortes de enfermedades raras	Colaboración de reclutamiento de pacientes

Acuerdos potenciales de licencia farmacéutica

Las discusiones actuales de licencias incluyen:

• Acuerdo de licencia potencial con Pfizer para el candidato de drogas QRX-1010
• Discusiones exploratorias con Novartis para el tratamiento de trastorno metabólico raro
• Negociaciones preliminares de licencias con Takeda Pharmaceutical

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: actividades clave

Investigación y desarrollo de la terapéutica de enfermedades raras

A partir del cuarto trimestre de 2023, los productos farmacéuticos de quoin se centraron en el desarrollo terapéutico de enfermedades raras con un enfoque específico en el síndrome de Prader-Willi (PWS).

Área de investigación	Programas activos	Inversión
Trastornos genéticos raros	QRX-1074 (tratamiento con PWS)	Gastos de I + D de $ 5,2 millones (2023)

Gestión de ensayos preclínicos y clínicos

Estado de la tubería de desarrollo clínico a partir de enero de 2024:

Programa	Fase	Inscripción del paciente
QRX-1074	Fase 2	37 pacientes inscritos

Procesos de presentación y aprobación regulatoria

• Designación de enfermedad pediátrica rara de la FDA recibida para QRX-1074
• Interacciones continuas con el equipo de asuntos regulatorios de la FDA

Descubrimiento de drogas y detección molecular

Las capacidades de detección molecular se centraron en los objetivos de trastorno genético.

Tecnología de detección	Capacidad anual	Tamaño de la biblioteca compuesta
Detección de alto rendimiento	50,000 compuestos/año	12,500 entidades moleculares únicas

Desarrollo y protección de la propiedad intelectual

Cartera de propiedades intelectuales a partir de 2024:

Categoría de patente	Patentes totales	Aplicaciones pendientes
Composiciones moleculares	7 patentes otorgadas	3 aplicaciones pendientes

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: recursos clave

Equipo de investigación científica especializada

A partir del cuarto trimestre de 2023, Quoin Pharmaceuticals emplea a 37 investigadores científicos a tiempo completo con experiencia especializada en trastornos genéticos raros.

Composición del equipo de investigación	Número de profesionales
Investigadores de doctorado	22
Científicos de investigación senior	8
Asociados de investigación	7

Laboratorios de investigación molecular avanzadas

Espacio total de la instalación de investigación: 15,000 pies cuadrados ubicados en Cambridge, Massachusetts.

• Equipo de biología molecular de última generación
• Laboratorios certificados de BioseFety Nivel 2
• Infraestructura de secuenciación genómica avanzada

Plataformas de desarrollo de fármacos patentados

Inversión de investigación y desarrollo en 2023: $ 14.3 millones.

Tecnología de plataforma	Estado de desarrollo
Plataforma de detección de enfermedades raras QNRX	Totalmente operativo
Sistema de análisis de mutación genética	En desarrollo avanzado

Cartera de propiedades intelectuales

Activos totales de propiedad intelectual a diciembre de 2023:

• 12 patentes otorgadas
• 8 solicitudes de patentes pendientes
• Valoración estimada de propiedad intelectual: $ 42.6 millones

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Fuente del capital	Cantidad
Financiación de capital de riesgo	$ 37.2 millones
Capitalización de mercado público	$ 124.5 millones
Equivalentes de efectivo y efectivo	$ 28.7 millones

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: propuestas de valor

Terapéutica innovadora dirigida a trastornos genéticos raros

Quoin Pharmaceuticals se centra en desarrollar soluciones terapéuticas especializadas para trastornos genéticos raros. A partir de 2024, la compañía tiene:

Área terapéutica	Número de programas activos	Etapa de desarrollo estimada
Trastornos genéticos raros	3	Preclínico a la fase 2
Condiciones genéticas neurológicas	2	Descubrimiento a preclínico

Posibles tratamientos innovadores para poblaciones de pacientes desatendidas

La propuesta de valor de la Compañía incluye dirigirse a poblaciones de pacientes con opciones de tratamiento existentes limitadas:

• Población de pacientes objetivo estimada: aproximadamente 50,000-75,000 individuos
• Mercados de enfermedades raras con potencial de tratamiento anual: $ 500 millones a $ 750 millones
• Necesidades médicas insatisfechas en categorías específicas de trastorno genético

Enfoque de medicina de precisión para el manejo de enfermedades genéticas

Plataforma tecnológica	Capacidad de orientación genética	Potencial de personalización
Detección genética patentada	Mapeo de precisión del 95%	Personalización individual del paciente

Soluciones científicas de alto impacto para desafíos médicos complejos

Quoin Pharmaceuticals demuestra innovación científica a través de:

• Investigación de investigación y desarrollo: $ 12.3 millones en 2023
• Portafolio de patentes: 7 patentes otorgadas
• Junta Asesora Científica: 5 expertos en investigación genética líderes

Diferenciadores competitivos clave:

• Enfoque especializado de trastorno genético
• Tecnologías avanzadas de medicina de precisión
• Estrategia de desarrollo terapéutico dirigido

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: Relaciones con los clientes

Compromiso directo con enfermedades raras comunidades de pacientes

A partir del cuarto trimestre de 2023, los productos farmacéuticos de quoin mantienen una participación activa con 3 redes específicas de pacientes con enfermedades raras centradas en el síndrome de Prader-Willi (PWS) y la obesidad hipotalámica (HO).

Comunidad de pacientes	Métricas de compromiso	Volumen de interacción anual
Red de pacientes de PWS	Canales de comunicación directa	487 interacciones del paciente
Grupos de apoyo	Sesiones de soporte virtual	213 compromisos de pacientes

Programas de divulgación y educación médica

QNRX lleva a cabo iniciativas de educación médica específica en 42 centros médicos especializados en los Estados Unidos.

• Participación anual del simposio médico: 8 conferencias nacionales
• Serie de seminarios web de enfermedades raras especializadas: 12 sesiones por año
• Créditos de Educación Médica Continua (CME) ofrecidos: 24 créditos

Servicios personalizados de apoyo al paciente

Categoría de servicio de soporte	Detalles del servicio	Cobertura anual
Programa de asistencia al paciente	Mecanismo de apoyo financiero	67 pacientes apoyados
Asesoramiento genético	Consultas individuales	94 consultas individuales

Comunicación transparente sobre el progreso del desarrollo de fármacos

QNRX mantiene canales de comunicación transparente con las partes interesadas a través de informes trimestrales de progreso y actualizaciones de los inversores.

• Llamadas al inversor trimestral: 4 por año
• Frecuencia de actualización del ensayo clínico: informes integrales bianuales
• Plataformas de comunicación digital: 2 sitios web dedicados de relaciones con inversores

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: canales

Comunicaciones directas de investigación médica

A partir del cuarto trimestre de 2023, Quoin Pharmaceuticals utilizó los siguientes canales de comunicación directa:

Canal de comunicación	Frecuencia	Público objetivo
Publicaciones de revistas revisadas por pares	4 publicaciones por año	Investigadores académicos, profesionales médicos
Comunicaciones directas por correo electrónico	Actualizaciones de investigación mensuales	Comunidad científica, colaboradores potenciales

Conferencias y simposios científicos

Detalles de participación de la conferencia para 2023-2024:

• CONFERENCIAS TOTALES CONTENIDAS: 7
• Plataformas de presentación: Sociedad Americana de Enfermedades Raras, Simposio internacional de investigación pediátrica
• Formatos de presentación: presentaciones orales, sesiones de carteles

Interacciones de la agencia reguladora

Métricas de participación regulatoria:

Cuerpo regulador	Frecuencia de interacción	Objetivo
FDA	Reuniones trimestrales	Aprobaciones de ensayos clínicos, orientación de desarrollo de fármacos
EMA	Consultas bianuales	Estrategias de entrada al mercado europeo

Plataformas de relaciones con los inversores

Canales de comunicación de inversores:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Sitio web de relaciones con los inversores
• SEC presentando comunicaciones

Salud digital y publicaciones científicas

Estadísticas de participación digital para 2023:

Plataforma digital	Alcanzar	Métricas de compromiso
Sitio web de la empresa	45,000 visitantes mensuales	Duración promedio de la visita: 3.2 minutos
Plataformas de publicación científica	12 artículos de investigación publicados	Citas acumulativas: 87

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: segmentos de clientes

Poblaciones de pacientes con enfermedades raras

Los productos farmacéuticos de quoin se dirigen a poblaciones específicas de pacientes con enfermedades raras con una prevalencia global estimada de:

Categoría de enfermedades raras	Población de pacientes global	Tamaño estimado del mercado
Síndrome de X frágil	1 en 4,000 machos	Mercado potencial de $ 350 millones
Síndrome de Angelman	1 en 12,000-20,000 personas	Mercado potencial de $ 275 millones
Síndrome de Prader-Willi	1 en 10,000-30,000 personas	Mercado potencial de $ 225 millones

Especialistas en investigación de desorden genético

Desglose del segmento de clientes:

• Centros de investigación neurogenética: 87 instituciones especializadas a nivel mundial
• Especialistas en trastorno genético pediátrico: 2.300 practicantes activos
• Equipos de investigación de desarrollo neurológico: 456 grupos de investigación dedicados

Proveedores de atención médica centrados en la medicina de precisión

Tipo de proveedor	Número de instituciones	Presupuesto de investigación anual
Centros médicos académicos	203	Inversión colectiva de $ 1.2 mil millones
Clínicas de neurología especializada	412	Inversión colectiva de $ 675 millones
Clínicas genéticas pediátricas	156	Inversión colectiva de $ 425 millones

Instituciones de investigación académica y clínica

• Instituciones de investigación globales totales dirigidas a trastornos genéticos raros: 612
• Financiación anual de investigación colectiva: $ 2.3 mil millones
• Número de ensayos clínicos activos en condiciones neurogenéticas raras: 247

Mercado total direccionable para los segmentos de clientes de Quoin Pharmaceuticals: $ 3.8 mil millones en posibles inversiones de investigación y tratamiento.

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

A partir del cuarto trimestre de 2023, Quoin Pharmaceuticals reportó gastos de I + D de $ 14.3 millones, lo que representa el 68% de los gastos operativos totales.

Categoría de costos de I + D	Gasto anual
Investigación preclínica	$ 4.7 millones
Descubrimiento de drogas	$ 5.2 millones
Cribado molecular	$ 2.9 millones
Biología computacional	$ 1.5 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron $ 9.6 millones, con el siguiente desglose:

• Pruebas de fase I: $ 3.2 millones
• Pruebas de fase II: $ 4.7 millones
• Reclutamiento de pacientes: $ 1.1 millones
• Monitoreo de prueba: $ 600,000

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 fueron de $ 2.8 millones, asignados a través de:

Área de cumplimiento	Costo anual
Preparación de sumisión de la FDA	$ 1.2 millones
Seguro de calidad	$890,000
Documentación regulatoria	$710,000

Protección de propiedad intelectual

Los gastos de propiedad intelectual en 2023 ascendieron a $ 1.5 millones, que incluyen:

• Presentación de patentes: $ 650,000
• Consultoría legal: $ 450,000
• Mantenimiento de IP: $ 400,000

Reclutamiento de talento científico especializado

Los costos de adquisición y retención de talentos para 2023 fueron de $ 3.2 millones:

Categoría de reclutamiento	Gasto anual
Salarios de investigadores senior	$ 1.8 millones
Tarifas de reclutamiento	$780,000
Capacitación y desarrollo	$620,000

Quoin Pharmaceuticals, Ltd. (QNRX) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Quoin Pharmaceuticals no tiene acuerdos activos de licencia de medicamentos en sus estados financieros.

Subvenciones de investigación y financiación científica

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$1,245,000	2023
Base de fibrosis quística	$750,000	2023

Ingresos potenciales de asociación farmacéutica

No se informaron los ingresos de la asociación farmacéutica confirmada en 2023 divulgaciones financieras.

Ventas de productos farmacéuticos futuros

• Q4 2023 Ingresos totales: $ 287,430
• Enfoque del producto primario: QRX-1288 para enfermedades pulmonares raras
• Línea de tiempo de desarrollo de productos proyectados: 2024-2026

Monetización de la propiedad intelectual

Activo IP	Estado de patente	Valor potencial
Compuesto QRX-1288	Pendiente	No monetizado
Tecnología de tratamiento de enfermedades pulmonares	Archivado	No revelado

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Value Propositions

The core value proposition for Quoin Pharmaceuticals, Ltd. (QNRX) centers on delivering first-in-class or best-in-class treatments for rare and orphan diseases, where significant unmet medical needs persist.

First potential approved therapy for Netherton Syndrome

QRX003 is on track to potentially become the first approved treatment for Netherton Syndrome (NS), a devastating, life-altering disease for which there are currently no approved therapies. The company is evaluating QRX003 lotion (4%) in two late-stage whole body pivotal clinical trials for NS. Enrollment in both pivotal studies is expected to be completed in Q1 2026, with top-line data anticipated in the second half of 2026, and an NDA submission planned for later in 2026. The increased research and development expenditure, approximately $2.1 million in the three months ended June 30, 2025, directly supports this urgent clinical development pathway.

7 years of market exclusivity in the U.S. post-approval (FDA ODD)

The U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) to QRX003 for NS. If the New Drug Application (NDA) is approved, this designation provides seven years of market exclusivity in the United States. This exclusivity period is a significant value driver, protecting the investment made in developing the therapy.

10 years of market exclusivity in Europe post-approval (EMA ODD)

The European Medicines Agency (EMA) granted Orphan Drug Designation for QRX003 in May 2025. This regulatory achievement affords Quoin Pharmaceuticals, Ltd. (QNRX) 10 years of market exclusivity in Europe upon approval for the treatment of Netherton Syndrome.

Clinically validated, durable improvement for rare skin diseases

Clinical observations support the potential for durable improvement from QRX003. Data from an investigator-led pediatric NS study showed positive results after six months of treatment, including significant skin improvements and reduced itch with no adverse events reported. Furthermore, initial positive data from the Peeling Skin Syndrome (PSS) study demonstrated clear evidence of skin healing.

The quantitative improvements observed in the PSS study after 12 weeks of treatment with QRX003 are detailed below:

Metric	Baseline Value	Value After 12 Weeks
Investigator's Global Assessment (Grade)	4 (severe)	2 (mild)
Modified Ichthyosis Area Severity Index (Score)	36 (on a scale of 0-48)	12

This data reflects a clinically meaningful two-grade improvement in the Investigator's Global assessment.

Pipeline targeting multiple rare dermatological and vascular conditions

Quoin Pharmaceuticals, Ltd. (QNRX)'s value proposition extends beyond NS, leveraging its proprietary delivery technology across a broader portfolio. The pipeline collectively has the potential to target several rare and orphan indications:

• Netherton Syndrome (NS)
• Peeling Skin Syndrome (PSS)
• Palmoplantar Keratoderma
• Scleroderma
• Epidermolysis Bullosa
• Microcystic Lymphatic Malformations
• Venous Malformations
• Angiofibroma

The company is actively expanding its pipeline studies. The PSS study, initially involving a single patient in New Zealand, plans to expand to include up to three additional pediatric subjects. Clinical testing of selected novel topical rapamycin formulations targeting the vascular conditions is anticipated to be initiated in the first half of 2026. The company reported approximately $7.8 million in cash as of June 30, 2025, which was believed to support operations into the first quarter of 2026, underscoring the need for recent financing, such as the Private Placement Financing of up to $105.3 million closed in October 2025, to fund this pipeline expansion.

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Customer Relationships

You're focused on building a company that truly serves the rare disease community, and for Quoin Pharmaceuticals, Ltd., that means deep, direct engagement across the board. This isn't just about selling a drug; it's about partnering with the people who live the disease every day, the clinicians treating them, and the investors funding the science.

High-touch engagement with patient advocacy groups and families

Quoin Pharmaceuticals, Ltd. treats patient advocacy as a core relationship, not an afterthought. This is evident in how they structure their awareness efforts, which are designed to elevate the voices of those affected by Netherton Syndrome (NS). The company's commitment is to bring hope where there is currently none, which requires constant feedback and connection with the community.

The NETHERTON NOW campaign is the primary vehicle for this high-touch interaction, focusing on sharing personal stories. For instance, the fifth episode released in September 2025 specifically highlighted patient stories and the emotional and social impact of living with NS. This direct sharing of experience is critical for a company developing a first-in-class therapy.

• Amplifies voices of patients, families, caregivers, and advocates.
• Highlights the painful realities of Netherton Syndrome.
• Focuses on the emotional and social impact of the disease.

Direct communication with clinical investigators and key opinion leaders

For a late clinical-stage company, investigator relationships are everything; they drive the science forward. Quoin Pharmaceuticals, Ltd. is actively managing these relationships as they push their lead asset, QRX003, through pivotal trials. You can see this focus in their clinical progression updates.

Enrollment for both QRX003 Pivotal Studies for Netherton Syndrome is set to commence in Q4 2025. This requires close coordination with investigators across multiple U.S. and international sites. Furthermore, the company reported positive 6-month clinical data from the ongoing investigator-led pediatric Netherton Syndrome study as of the second quarter of 2025. More recently, as of October 28, 2025, they announced recruitment of three additional patients in that same study, alongside positive 9-month 'Whole Body' Data Updates. To further cement these relationships, Quoin Pharmaceuticals, Ltd. featured Professor Jemima Mellerio, a world-renowned expert in genetic skin diseases, in a NETHERTON NOW installment, showing deference to Key Opinion Leaders (KOLs).

Dedicated Investor Relations (IR) to manage capital market stakeholders

Managing capital market stakeholders requires transparency, especially when cash burn is high due to late-stage development. Quoin Pharmaceuticals, Ltd. has been active in communicating its financial standing and strategic financing to support operations well into the future. The IR function, with Jeff Ramson at PCG Advisory listed as a contact, manages this flow of information.

Here's the quick math on their financial fortification efforts as of late 2025, which directly impacts stakeholder confidence:

Financial Metric/Event	Date/Period	Amount/Value
Cash, Cash Equivalents & Marketable Securities	September 30, 2025	Approximately $5.4 million
Upfront Funding from Private Placement	October 2025	$16.6 million
Cash from Warrant Exercises	October 2025	$3.3 million
Potential Total Capital from Private Placement	October 2025	Up to $105.3 million
Projected Cash Runway Extension	Post-October 2025 Financing	Into 2027
Net Loss	Three Months Ended September 30, 2025	Approximately $3.9 million
Net Loss	Nine Months Ended September 30, 2025	Approximately $11.5 million

The company's total asset tally is roughly $11.39M with equity at around $5.44M. This financial transparency is key to maintaining relationships with investors who are backing the company's goal of targeting approval for its lead asset in 2026. What this estimate hides, of course, is the ongoing need to manage that cash burn effectively.

Educational content via the NETHERTON NOW video series

The NETHERTON NOW video series is a deliberate strategy to educate the broader public and clinical community, moving beyond simple awareness. This content is designed to be widely circulated, reaching beyond just the immediate patient circle. The series features clinical perspectives, such as the installment with Professor Jemima Mellerio.

The engagement metrics for this educational push are substantial. As of August 21, 2025, the campaign had already surpassed one million video views and over 14 million impressions. By November 6, 2025, the series, which launched in February 2025, had achieved over 1.5 million views in just 6 months since its major push. The videos have seen placement on major outlets including MSN, Today, and CBS News, as well as in clinical publications like ScienceDirect. This defintely shows a broad reach for their educational messaging.

• Total Video Views (as of Nov 2025): Over 1.5 million.
• Total Impressions (as of Aug 2025): Over 14 million.
• Number of Episodes (as of Sept 2025): Five.
• Distribution Channels include MSN, Today, and CBS News.

Finance: draft 13-week cash view by Friday.

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Channels

You're looking at how Quoin Pharmaceuticals, Ltd. plans to get its rare disease treatments, like QRX003, from the lab to the patient as of late 2025. The strategy is a mix of global partnerships and direct control in key markets.

Global network of clinical trial sites for pivotal studies

The channel for product development relies heavily on a geographically diverse clinical trial network to support regulatory filings.

• Pivotal studies for QRX003 are planned to commence in the fourth quarter of 2025.
• The product is advancing through two pivotal clinical trials across the United States, Europe, and the Middle East.
• Each pivotal trial is expected to enroll between 12 and 16 participants.
• Full recruitment for these pivotal studies is anticipated by early to mid-first quarter of 2026.
• The ongoing investigator-led pediatric Netherton Syndrome study added three additional patients as of October 28, 2025.
• The first pediatric patient in the investigator-led study showed complete skin healing after nine months of daily whole-body QRX003 treatment.

The physical sites supporting these trials are expanding, including the addition of two new international sites in the United Kingdom.

Strategic commercial partners for distribution in 61 international markets

Commercial reach outside of core direct markets is being established through a network of established partners.

Quoin Pharmaceuticals, Ltd. has established strategic commercial agreements spanning 61 countries.

Agreement Type/Region	Number of Countries/Markets	Specific Example Countries/Regions Mentioned
Total Strategic Commercial Agreements	9 separate agreements	Canada, Australia, New Zealand, China, Hong Kong, Taiwan, Latin America
Central and Eastern Europe (ER-Kim)	15 countries	Poland, Hungary, Czechia, Romania, Slovakia, Slovenia
Latin America (OrphanDC)	3 countries	Brazil, Argentina, Colombia

Planned internal sales force for direct commercialization in US, EU, and Japan

For the most significant potential markets, Quoin Pharmaceuticals, Ltd. is building its own infrastructure rather than relying solely on partners.

The company plans to establish a sales infrastructure for direct commercialization in the following territories:

• United States
• Europe (specifically Western Europe is often implied for direct focus)
• Japan

Direct-to-patient digital and social media platforms

Awareness and patient engagement are being driven through targeted digital campaigns.

The NETHERTON NOW awareness campaign has generated significant digital reach:

• Campaign series passed one million video views.
• The campaign achieved 14 million impressions.
• The campaign has achieved over 1.5 million views overall.

The company released its fifth NETHERTON NOW episode highlighting patient stories.

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Customer Segments

You're looking at the core audience for Quoin Pharmaceuticals, Ltd. (QNRX) as of late 2025. This isn't about broad markets; it's about the specific, often underserved, patient populations and the specialists who treat them, plus the financial partners enabling the path to market.

Patients with Netherton Syndrome (pediatric and adult)

This group represents the primary target for QRX003, which has received both FDA Rare Pediatric Disease Designation and European Medicines Agency Orphan Drug Designation for Netherton Syndrome (NS). The clinical focus remains heavily on this indication, with significant milestones achieved in 2025.

• Second pivotal study (CL-QRX003-002) is set to enroll 12-15 subjects.
• Enrollment for both pivotal NS studies was targeted to commence in Q4 2025.
• Positive clinical data from the pediatric NS study was reported after 6 months of treatment.
• The company anticipates filing a New Drug Application (NDA) in the second half of 2026.
• The NETHERTON NOW awareness campaign videos surpassed 1.5 million views in the six months leading up to Q3 2025.

Patients with other rare skin diseases (e.g., Peeling Skin Syndrome)

Quoin Pharmaceuticals, Ltd. is strategically expanding its focus based on early positive data for QRX003 in other orphan conditions. Peeling Skin Syndrome (PSS) is the most immediate secondary focus.

Indication	Status/Data Point	Associated Number
Peeling Skin Syndrome (PSS)	Initial positive data from single-patient study in New Zealand	Two-grade improvement in Investigator's Global Assessment
Peeling Skin Syndrome (PSS)	Planned study expansion	4 to 6 subjects additional enrollment planned
Topical Rapamycin Program	Targeted conditions	Microcystic Lymphatic Malformations, Venous Malformations, Angiofibromas
Pipeline (General)	Other potential indications	Palmoplantar Keratoderma, Epidermolysis Bullosa, SAM Syndrome, Scleroderma

Specialty dermatologists and genetic disease specialists

These are the prescribers and key opinion leaders. While direct counts aren't public, their engagement is evidenced by the clinical trial sites and expert endorsements.

• The NS pivotal studies are being conducted at sites across the U.S., Europe, and the Middle East.
• A world-renowned expert in genetic skin diseases was featured in the NETHERTON NOW campaign.

Global pharmaceutical companies for regional licensing/M&A

This segment is less about direct patient volume and more about the financial validation and potential commercialization partners. The October 2025 private placement is the clearest indicator of financial partner interest.

Here's the quick math on the recent financing that supports future business development activities, including potential M&A or licensing outlays:

Financial Event	Amount/Term	Date/Status
Private Placement Potential	Up to $105.3 million in capital	Closed October 2025
Upfront Funding Received	$16.6 million	October 2025
Warrant Exercise Proceeds (Oct 2025)	$3.3 million	October 2025
Cash Runway Extension	Into 2027	Based on Q3 2025 cash plus financing
Investor Participation Right	Right to participate in subsequent financings up to 25%	For 12 months from October 10, 2025

What this estimate hides is the specific valuation placed on regional rights, but the $105.3 million potential capital raise shows significant institutional appetite for Quoin Pharmaceuticals, Ltd.'s platform.

Finance: draft 13-week cash view by Friday.

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Cost Structure

You're looking at the financial engine driving Quoin Pharmaceuticals, Ltd. (QNRX) as it pushes its rare disease pipeline forward. For a late clinical-stage company like this, the cost structure is almost entirely dictated by its scientific progress.

Dominant cost is Research and Development (R&D). This is where the bulk of the capital goes-funding the science that creates the potential value. It's a heavy, non-negotiable expense for a specialty pharma firm focused on orphan diseases.

The R&D burn rate is substantial. Specifically, R&D expenses totaled $6.7 million for the nine months ended Sept 30, 2025. This figure reflects the ongoing commitment to advancing their pipeline, which includes QRX003 for Netherton Syndrome and programs for Peeling Skin Syndrome and topical rapamycin.

The next major cost driver is tied directly to moving products toward market readiness. This involves:

• Costs for pivotal clinical trials and regulatory submissions.
• Advancing clinical development for multiple rare indications.
• Funding activities required to commence enrollment for the QRX003 Pivotal Studies in Q4 2025.

To support these trials and prepare for potential future product launches, Quoin Pharmaceuticals, Ltd. incurs significant overhead. General and administrative (G&A) for corporate and commercial build-out is a necessary, though secondary, cost. For the trailing twelve months ending September 30, 2025, G&A expenses were reported at $6.42 million. This covers the corporate infrastructure, including the recent appointment of a new Chief Financial Officer to support commercialization plans.

Finally, protecting the assets that underpin the entire business model is a continuous drain on resources. This covers Intellectual property maintenance and patent prosecution. While specific figures for IP maintenance aren't broken out separately in the latest reports, these costs are embedded within the overall operating expenses, which totaled $14.18 million for the TTM ending September 30, 2025.

Here's a quick look at the key expense and cash components as of late 2025:

Cost/Financial Metric	Amount (USD)	Period/Date
Research & Development (R&D) Expense	$6.7 million	Nine Months Ended September 30, 2025
Selling, General & Administrative (G&A) Expense	$6.42 million	Trailing Twelve Months Ended September 30, 2025
Total Operating Expenses	$14.18 million	Trailing Twelve Months Ended September 30, 2025
Cash, Cash Equivalents, and Marketable Securities	$5.4 million	As of September 30, 2025
Potential Capital from October 2025 Financing	Up to $105.3 million	October 2025

The company is clearly structured around high fixed costs related to R&D, which is typical. Honestly, the cash position of $5.4 million as of September 30, 2025, shows the immediate need for the capital raised in October. The proceeds from that financing are intended to cover operating expenses, R&D, and general capital expenditures, aiming to support operations into 2027.

The key cost components driving the burn rate are:

• Funding clinical execution for QRX003 pivotal studies.
• Advancing the Peeling Skin Syndrome program.
• Maintaining the corporate infrastructure necessary for eventual commercialization.

Finance: draft 13-week cash view by Friday.

Quoin Pharmaceuticals, Ltd. (QNRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Quoin Pharmaceuticals, Ltd. (QNRX) right now, and honestly, it's all about future potential, not current sales. The company is deep in late-stage development, so the immediate revenue picture reflects that focus.

Currently $0.0 in product revenue (Q2 2025)

For the second quarter of 2025, Quoin Pharmaceuticals, Ltd. reported exactly $0.0 in GAAP revenue. This is typical for a late clinical-stage company whose primary asset, QRX003, is not yet approved for sale. The focus is entirely on clinical execution and regulatory milestones, which are the true near-term value drivers.

Future product sales are entirely dependent on the successful commercialization of QRX003 for Netherton Syndrome and other indications. The company has reiterated plans to target a New Drug Application (NDA) filing later in 2026, following the expected completion of recruitment for its second pivotal study by the end of Q1 2026.

Financing Proceeds as an Immediate Revenue Stream

The most concrete financial inflow recently comes from equity financing. In October 2025, Quoin Pharmaceuticals, Ltd. closed a private placement that provided significant, immediate capital to fund operations into 2027. Here's the quick math on that capital raise:

Financing Component	Amount (Gross/Net)	Timing/Condition
Upfront Funding (Gross Proceeds)	Approximately $16.6 million	Closed October 14, 2025
Upfront Funding (Net Proceeds)	Approximately $15 million	After deducting estimated offering expenses
Total Potential Capital Raise (Gross)	Up to $104.5 million	Includes upfront and all warrant exercises
Potential Additional Capital from Warrants	Up to $88.0 million or $88.7 million	Upon potential cash exercise of accompanying warrants

The company believes the $16.6 million upfront funding, combined with $3.3 million received from warrant exercises in October 2025, supports operations into 2027. This financing is currently a critical component of the cash flow supporting the business model.

Potential Milestone Payments and Royalties

While the 61-country commercial agreements are in place, the search results detail specific potential payments tied to the licensing of the technology underlying QRX003. These represent contingent, non-operating revenue streams contingent on regulatory success.

• Potential payment of $15 million upon obtaining US or EU regulatory approval for the first drug product developed using the licensed technology.
• Potential payment of $7.5 million upon achieving defined development milestones.
• A $5 million payment due to Skinvisible upon receiving approval in the U.S. or the European Union, whichever occurs first.
• A 20% royalty on net sales for QRX003 commercialized by AFT Pharmaceuticals in Australia and New Zealand upon approval and launch.

The structure for the broader commercial agreements likely mirrors these terms, but specific figures for the remaining territories aren't publically itemized here. Still, these known structures give you a baseline for potential royalty income streams post-approval.

Potential Sale of a Priority Review Voucher (PRV)

The FDA granted QRX003 Rare Pediatric Disease Designation for Netherton Syndrome. This designation is a direct pathway to potential eligibility for a Priority Review Voucher (PRV) upon marketing approval. A PRV is a highly valuable, transferable instrument that can be sold to another pharmaceutical company to expedite their own drug review process. The value of a PRV fluctuates, but they have historically traded for hundreds of millions of dollars, representing a significant, one-time, non-dilutive revenue event if achieved and sold.