Quoin Pharmaceuticals, Ltd. (QNRX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de la thérapeutique des maladies rares, Quoin Pharmaceuticals, Ltd. (QNRX) apparaît comme une force pionnière, stratégiquement positionnée pour transformer le traitement des troubles génétiques par la recherche innovante et la médecine de précision. En tirant parti des plates-formes moléculaires avancées, des partenariats stratégiques et une approche axée sur le laser pour les défis médicaux mal desservis, le QNRX redéfinit les limites de l'innovation pharmaceutique, promettant des traitements de percée potentiels qui pourraient révolutionner les soins aux patients pour des troubles génétiques complexes.

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: Partenariats clés

Collaboration avec les établissements de recherche universitaires pour le développement de médicaments contre les maladies rares

Quoin Pharmaceuticals maintient des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Détails de collaboration
Université de Pennsylvanie	Troubles métaboliques rares	Collaboration de recherche en cours depuis 2021
Université Johns Hopkins	Maladies rares neurologiques	Partenariat de dépistage des candidats de médicament

Alliance stratégique avec les organisations de recherche sous contrat (CRO)

QNRX a établi des partenariats stratégiques avec des CRO spécialisés:

• Icône PLC - Gestion des essais cliniques de phase II / III
• Medpace, Inc. - coordination des essais cliniques de maladies rares
• Parexel International Corporation - Support de soumission réglementaire

Partenariat avec les sites d'essais cliniques et les réseaux de recrutement de patients

Réseau / site	Population de patients	Essais actifs
Réseau de recherche clinique de maladies rares	Troubles métaboliques rares	3 essais cliniques actifs
Organisation nationale pour les troubles rares (NORD)	Cohortes de maladies rares multiples	Collaboration de recrutement des patients

Accords potentiels de licence pharmaceutique

Les discussions de licence actuelles comprennent:

• Contrat de licence potentiel avec Pfizer pour le candidat de médicament QRX-1010
• Discussions exploratoires avec Novartis pour un traitement de troubles métaboliques rares
• Négociations de licence préliminaires avec Takeda Pharmaceutical

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: Activités clés

Recherche et développement de thérapies rares

Depuis le Q4 2023, Quoin Pharmaceuticals s'est concentré sur le développement thérapeutique des maladies rares avec un accent spécifique sur le syndrome de Prader-Willi (PWS).

Domaine de recherche	Programmes actifs	Investissement
Troubles génétiques rares	QRX-1074 (traitement PWS)	Dépenses de R&D de 5,2 millions de dollars (2023)

Gestion des essais précliniques et cliniques

État du pipeline de développement clinique en janvier 2024:

Programme	Phase	Inscription des patients
QRX-1074	Phase 2	37 patients inscrits

Processus de soumission et d'approbation réglementaires

• FDA DÉSÉGMATION DE LA MALADIE PÉDIATRIQUE RARE reçue pour QRX-1074
• Interactions en cours avec l'équipe des affaires réglementaires de la FDA

Découverte de médicaments et dépistage moléculaire

Les capacités de dépistage moléculaire se sont concentrées sur les cibles des troubles génétiques.

Technologie de dépistage	Capacité annuelle	Taille de la bibliothèque composée
Dépistage à haut débit	50 000 composés / an	12 500 entités moléculaires uniques

Développement et protection de la propriété intellectuelle

Portfolio de propriété intellectuelle à partir de 2024:

Catégorie de brevet	Total des brevets	Applications en attente
Compositions moléculaires	7 brevets accordés	3 applications en attente

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: Ressources clés

Équipe de recherche scientifique spécialisée

Depuis le quatrième trimestre 2023, Quoin Pharmaceuticals emploie 37 chercheurs scientifiques à temps plein ayant une expertise spécialisée dans les troubles génétiques rares.

Composition de l'équipe de recherche	Nombre de professionnels
Chercheurs de doctorat	22
Chercheur principal	8
Associés de recherche	7

Laboratoires de recherche moléculaire avancée

Espace total des installations de recherche: 15 000 pieds carrés situés à Cambridge, Massachusetts.

• Équipement de biologie moléculaire de pointe
• Laboratoires certifiés de niveau 2 biosécurité
• Infrastructure de séquençage génomique avancée

Plateformes de développement de médicaments propriétaires

Investissement de recherche et développement en 2023: 14,3 millions de dollars.

Technologie de plate-forme	Statut de développement
Plateforme de dépistage des maladies rares QNRX	Pleinement opérationnel
Système d'analyse de mutation génétique	En développement avancé

Portefeuille de propriété intellectuelle

Actifs totaux de propriété intellectuelle en décembre 2023:

• 12 brevets accordés
• 8 demandes de brevet en instance
• Évaluation estimée de la propriété intellectuelle: 42,6 millions de dollars

Capital financier

Ressources financières au quatrième trimestre 2023:

Source de capital	Montant
Financement du capital-risque	37,2 millions de dollars
Capitalisation boursière publique	124,5 millions de dollars
Equivalents en espèces et en espèces	28,7 millions de dollars

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: propositions de valeur

Thérapeutique innovante ciblant les troubles génétiques rares

Quoin Pharmaceuticals se concentre sur le développement de solutions thérapeutiques spécialisées pour des troubles génétiques rares. Depuis 2024, la société a:

Zone thérapeutique	Nombre de programmes actifs	Étape de développement estimé
Troubles génétiques rares	3	Préclinique à la phase 2
Conditions génétiques neurologiques	2	Découverte à préclinique

Traitements de percée potentielles pour les populations de patients mal desservis

La proposition de valeur de l'entreprise comprend le ciblage des populations de patients avec des options de traitement existantes limitées:

• Population estimée des patients cibles: environ 50 000 à 75 000 personnes
• Marchés de maladies rares avec potentiel de traitement annuel: 500 millions à 750 millions de dollars
• Besoins médicaux non satisfaits dans des catégories de troubles génétiques spécifiques

Approche de la médecine de précision de la gestion des maladies génétiques

Plate-forme technologique	Capacité de ciblage génétique	Potentiel de personnalisation
Dépistage génétique propriétaire	Cartographie de précision à 95%	Personnalisation individuelle des patients

Solutions scientifiques à fort impact pour des défis médicaux complexes

Quoin Pharmaceuticals démontre l'innovation scientifique à travers:

• Investissement de recherche et développement: 12,3 millions de dollars en 2023
• Portefeuille de brevets: 7 brevets accordés
• Conseil consultatif scientifique: 5 experts en recherche génétique de premier plan

Mestiateurs compétitifs clés:

• Focus sur les troubles génétiques spécialisés
• Technologies avancées de médecine de précision
• Stratégie de développement thérapeutique ciblée

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les communautés de patients atteints de maladies rares

Depuis le quatrième trimestre 2023, Quoin Pharmaceuticals maintient un engagement actif avec 3 réseaux de patients atteints de maladies rares spécifiques axées sur le syndrome de Prader-Willi (PWS) et l'obésité hypothalamique (HO).

Communauté des patients	Métriques d'engagement	Volume d'interaction annuel
Réseau de patients PWS	Canaux de communication directs	487 Interactions du patient
Ho Support Group	Sessions de soutien virtuel	213 Engagements des patients

Programmes de sensibilisation et d'éducation professionnelle de la santé

QNRX mène des initiatives de formation professionnelle médicale ciblée dans 42 centres médicaux spécialisés aux États-Unis.

• Symposium médical annuel Participation du Symposium: 8 conférences nationales
• Série de webinaires de maladies rares spécialisées: 12 séances par an
• CRÉDITS PROCIS DE L'ÉDUCATION MÉDICALE (CME) offerts: 24 crédits

Services de soutien aux patients personnalisés

Catégorie de service de support	Détails du service	Couverture annuelle
Programme d'aide aux patients	Mécanisme de soutien financier	67 patients soutenus
Conseil génétique	Consultations individuelles	94 Consultations individuelles

Communication transparente sur les progrès du développement des médicaments

QNRX maintient des canaux de communication transparents avec les parties prenantes par le biais de rapports de progression trimestriels et de mises à jour des investisseurs.

• Appels d'investisseurs trimestriels: 4 par an
• Fréquence de mise à jour des essais cliniques: rapports complets biannuels
• Plateformes de communication numérique: 2 sites Web de relations avec les investisseurs dédiés

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: canaux

Communications de recherche médicale directes

Depuis le quatrième trimestre 2023, Quoin Pharmaceuticals a utilisé les canaux de communication directs suivants:

Canal de communication	Fréquence	Public cible
Publications de journal évaluées par des pairs	4 publications par an	Chercheurs universitaires, professionnels de la santé
Communications par e-mail directes	Mises à jour de la recherche mensuelles	Communauté scientifique, collaborateurs potentiels

Conférences scientifiques et symposiums

Détails de la participation de la conférence pour 2023-2024:

• Conférences totales présentes: 7
• Présentation des plateformes: American Society of Rare Diseases, International Pediatric Research Symposium
• Formats de présentation: présentations orales, séances d'affiches

Interactions d'agence de réglementation

Métriques de l'engagement réglementaire:

Corps réglementaire	Fréquence d'interaction	But
FDA	Réunions trimestrielles	Approbations des essais cliniques, guidage de développement de médicaments
Ema	Consultations bi-annuelles	Stratégies d'entrée du marché européen

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Site Web de relations avec les investisseurs
• Communications de classement SEC

Santé numérique et publications scientifiques

Statistiques d'engagement numérique pour 2023:

Plate-forme numérique	Atteindre	Métriques d'engagement
Site Web de l'entreprise	45 000 visiteurs mensuels	Durée de visite moyenne: 3,2 minutes
Plateformes de publication scientifique	12 articles de recherche publiés	Citations cumulatives: 87

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: segments de clientèle

Populations de patients atteints de maladies rares

Quoin Pharmaceuticals cible des populations de patients atteints de maladies rares spécifiques avec une prévalence globale estimée de:

Catégorie de maladies rares	Population mondiale de patients	Taille du marché estimé
Syndrome X fragile	1 hommes sur 4 000	Marché potentiel de 350 millions de dollars
Syndrome d'Angelman	1 individus sur 12 000 à 20 000	Marché potentiel de 275 millions de dollars
Syndrome de Prader-Willi	1 sur 10 000 à 30 000 personnes	Marché potentiel de 225 millions de dollars

Spécialistes de la recherche sur les troubles génétiques

Répartition du segment de la clientèle:

• Centres de recherche neurogénétique: 87 institutions spécialisées dans le monde entier
• Spécialistes des troubles génétiques pédiatriques: 2 300 praticiens actifs
• Équipes de recherche neurodéveloppementale: 456 groupes de recherche dédiés

Les prestataires de soins de santé se sont concentrés sur la médecine de précision

Type de fournisseur	Nombre d'institutions	Budget de recherche annuel
Centres médicaux académiques	203	Investissement collectif de 1,2 milliard de dollars
Cliniques de neurologie spécialisées	412	675 millions de dollars d'investissement collectif
Cliniques génétiques pédiatriques	156	425 millions de dollars d'investissement collectif

Institutions de recherche académique et clinique

• Total des institutions de recherche mondiale ciblant les troubles génétiques rares: 612
• Financement annuel de recherche collective: 2,3 milliards de dollars
• Nombre d'essais cliniques actifs dans des conditions neurogénétiques rares: 247

Marché total adressable pour les segments de clientèle de Quoin Pharmaceuticals: 3,8 milliards de dollars en investissements potentiels de recherche et de traitement.

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Au quatrième trimestre 2023, Quoin Pharmaceuticals a déclaré des frais de R&D de 14,3 millions de dollars, ce qui représente 68% des dépenses d'exploitation totales.

Catégorie de coût de R&D	Dépenses annuelles
Recherche préclinique	4,7 millions de dollars
Découverte de médicaments	5,2 millions de dollars
Dépistage moléculaire	2,9 millions de dollars
Biologie informatique	1,5 million de dollars

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour 2023 ont totalisé 9,6 millions de dollars, avec la ventilation suivante:

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 4,7 millions de dollars
• Recrutement des patients: 1,1 million de dollars
• Surveillance des essais: 600 000 $

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 2,8 millions de dollars, alloués entre:

Zone de conformité	Coût annuel
Préparation de la soumission de la FDA	1,2 million de dollars
Assurance qualité	$890,000
Documentation réglementaire	$710,000

Protection de la propriété intellectuelle

Les dépenses de propriété intellectuelle en 2023 s'élevaient à 1,5 million de dollars, notamment:

• Dépôt de brevet: 650 000 $
• Conseil juridique: 450 000 $
• Maintenance IP: 400 000 $

Recrutement spécialisé des talents scientifiques

Les frais d'acquisition et de rétention de talents pour 2023 étaient de 3,2 millions de dollars:

Catégorie de recrutement	Dépenses annuelles
Salaires de chercheur principal	1,8 million de dollars
Frais de recrutement	$780,000
Formation et développement	$620,000

Quoin Pharmaceuticals, Ltd. (QNRX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Quoin Pharmaceuticals n'a aucun accord de licence de médicament actif signalé dans leurs états financiers.

Subventions de recherche et financement scientifique

Source de financement	Montant	Année
National Institutes of Health (NIH)	$1,245,000	2023
Fondation de fibrose kystique	$750,000	2023

Revenus potentiels de partenariat pharmaceutique

Aucun revenu confirmé de partenariat pharmaceutique signalé en 2023 divulgations financières.

Ventes de produits pharmaceutiques futures

• T2 2023 Revenu total: 287 430 $
• Focus du produit primaire: QRX-1288 pour les maladies pulmonaires rares
• Chronologie du développement des produits projetés: 2024-2026

Monétisation de la propriété intellectuelle

Actif IP	Statut de brevet	Valeur potentielle
Composé QRX-1288	En attente	Non monétisé
Technologie de traitement des maladies pulmonaires	Déposé	Non divulgué

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.