Shareholder equity has eroded to $8.8 million as of 2026Q1, reflecting the ongoing impact of a $76.0 million accumulated deficit on the company's capital base.
| Total Current Assets | 15.33M | 20.01M | 14.93M | 11.29M | 13.37M | 8.2M | 465.17K | 5.38M | 4.98M | 8.22M | 8.42M | 3.12M |
| Cash & Short-Term Investments | 3.12M | 3.82B | 14.06M | 10.69M | 12.85M | 7.48M | 323.83K | 5.24M | 4.77M | 7.99M | 8.04M | 3.02M |
| Cash Only | 3.12M | 3.82B | 3.62M | 2.4M | 2.86M | 7.48M | 323.83K | 5.24M | 4.77M | 3.96M | 1.63M | 1.01M |
| Short-Term Investments | 0 | 14.93M | 10.43M | 8.29M | 9.99M | 0 | 0 | 0 | 0 | 4.03M | 6.41M | 2.01M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77.3K | 57.8K | 70.57K | 172.01K | 48.06K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | -75.35 | - | -224.22 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 12.21M | -3.8B | 0 | 32.58K | 0 | 0 | 141.34K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 358.33K | 383.33K | 783.33K | 883.33K | 1.09M | 1.16M | 912.65K | 794.73K | 538.7K | 524.83K | 393.12K | 310.2K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 1.94M | 672.55K | 413.19K | 387.14K | 356.75K | 305.06K |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | -0.68x | - | -0.78x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 358.33K | 383.33M | 483.33K | 583.33K | 704.56K | 808.6K | 912.65K | 1.02M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122.18K | 125.51K | 137.69K | 36.38K | 5.14K |
| Other Non-Current Assets | 0 | -382.95M | 300K | 300K | 383.39K | 350K | -1.94M | -1.02K | 0 | 0 | 0 | 0 |
| Total Assets | 15.69M | 20.39M | 15.71M | 12.17M | 14.46M | 9.36M | 1.38M | 6.17M | 5.52M | 8.75M | 8.81M | 3.43M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | -0.05x | - | -0.03x | - |
| Asset Growth % | -29.25% | 29.8% | 29.09% | -15.83% | 54.52% | 579.11% | -77.68% | 11.76% | -36.87% | -0.7% | 156.59% | - |
| Total Current Liabilities | 5.35M | 5.55M | 4.18M | 3.58M | 3.53M | 4.58M | 7.99M | 1.05M | 1.31M | 1.18M | 905.51K | 735.02K |
| Accounts Payable | 1.78M | 1.26M | 905.7K | 526.52K | 605.6K | 923.24K | 0 | 45.74K | 237.37K | 490.55K | 348.95K | 119.76K |
| Days Payables Outstanding | 21.13K | - | - | - | - | - | - | 73.54 | 689.16 | 1.72K | 1.43K | 2.39K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.21M | 114.65K | 0 | 0 | 15.07K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.57M | 4.28M | 0 | 0 | 0 | 373.6K | 0 | 637.81K | 1.07M | 127.32K | 541.49K | 444.87K |
| Current Ratio | 2.87x | 3.61x | 3.57x | 3.15x | 3.79x | 1.79x | 0.06x | 5.11x | 3.80x | 6.97x | 9.30x | 4.25x |
| Quick Ratio | 2.87x | 3.61x | 3.57x | 3.15x | 3.79x | 1.79x | 0.06x | 5.11x | 3.80x | 6.97x | 9.30x | 4.25x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.57M | 1.72M | 2.32M | 2.92M | 3.52M | 4.12M | 0 | 824.84K | 485.98K | 2.14M | 503.55K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 196K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.57M | 1.72M | 2.32M | 2.92M | 3.52M | 4.12M | 0 | 628.84K | 485.98K | 2.14M | 503.55K | 0 |
| Total Liabilities | 6.92M | 7.27M | 6.5M | 6.51M | 7.05M | 8.7M | 7.99M | 1.88M | 1.8M | 3.32M | 1.41M | 735.02K |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.21M | 310.65K | 0 | 0 | 15.07K | 0 |
| Net Debt | -3.12M | -3.82B | -3.62M | -2.4M | -2.86M | -7.48M | 889.48K | -4.93M | -4.77M | -3.96M | -1.62M | -1.01M |
| Debt / Equity | 0.00x | - | - | - | - | - | - | 0.07x | - | - | 0.00x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | 0.00x | - |
| Net Debt / EBITDA | 0.18x | - | - | - | - | - | - | - | -0.31x | -0.38x | -0.10x | - |
| Interest Coverage | - | - | - | - | -12.14x | -18.68x | -1.41x | -10.44x | - | - | - | - |
| Total Equity | 8.77M | 13.12M | 9.2M | 5.66M | 7.41M | 657.03K | -6.61M | 4.3M | 3.73M | 5.43M | 7.4M | 2.7M |
| Equity Growth % | -97.62% | 42.54% | 62.51% | -23.53% | 1027.31% | 109.94% | -253.82% | 15.29% | -31.39% | -26.63% | 174.27% | - |
| Book Value per Share | 4.47 | 8.76 | 68.71 | 220.04 | 18.34 | 411.42 | -329.97 | 1212.08 | 1727.38 | 2910.14 | 4876.01 | 2174.66 |
| Total Shareholders' Equity | 8.77M | 13.12M | 9.2M | 5.66M | 7.41M | 657.03K | -6.61M | 4.3M | 3.73M | 5.43M | 7.4M | 2.7M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 0 | 0 | 0 | 0 |
| Retained Earnings | -75.97M | -70.97M | -55.17M | -46.2M | -37.52M | -28.07M | -6.61M | -29.2M | -22.49M | -18.42M | -9.28M | -5.24M |
| Treasury Stock | 0 | 0 | 0 | 0 | -2.93M | -2.93M | 0 | -2.73M | -2.52M | -2.71M | -2.45M | -2.42M |
| Accumulated OCI | -159 | -612 | 0 | 0 | 0 | 0 | 0 | 4.79M | 3.3M | 2.7M | 1.62M | 972.49K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in recent financial filings, Quoin's total assets have fluctuated significantly, dropping from $15.7 million in 2024Q4 to $15.7 million in 2026Q1, while the company's retained earnings deficit deepened to $76.0 million, signaling a persistent erosion of shareholder value during the clinical development phase.
The trajectory of the balance sheet reflects a company struggling to maintain a stable asset base while funding high-cost clinical trials. The consistent expansion of the accumulated deficit suggests that the business model remains heavily reliant on external capital to offset ongoing operational losses.
Based on the company's reported figures, the current ratio has remained volatile, reaching 2.87 in 2026Q1, yet the absolute cash position of $3.1 million appears insufficient to support the company's escalating R&D burn rate without further dilutive financing events in the near term.
While the current ratio may appear superficially healthy, it masks the reality of a pre-revenue firm with limited cash reserves relative to its clinical trial obligations. Investors should monitor the cash runway closely, as the current liquidity buffer provides little margin for error in the event of trial delays.
According to historical balance sheet data, Quoin's equity position has been severely impacted by persistent net losses, with equity falling to $8.8 million in 2026Q1, a trend that highlights the ongoing risk of shareholder dilution as the firm seeks to replenish its depleted capital base.
The quality of equity is compromised by the absence of retained earnings and the reliance on equity-linked financing to sustain operations. This structure suggests that existing shareholders face a high probability of further dilution, which may continue to pressure the stock's valuation until a clear path to commercialization emerges.
As indicated by the provided financial snapshot, the reported cash balance of $3.8 billion in 2025Q4 represents a significant data discrepancy, which, if taken at face value, would fundamentally misrepresent the company's actual financial risk profile as a micro-cap clinical-stage biotechnology firm.
This anomaly warrants extreme caution, as it suggests either a reporting error or a non-recurring event that does not reflect the company's ongoing operational reality. Analysts should rely on normalized cash burn metrics rather than headline cash figures to assess the true financial health of the organization.
Quick answers to the most common questions about buying QNRX stock.
As of 2025, Quoin Pharmaceuticals, Ltd. (QNRX) had total assets of $20.4M including $20.0M in current assets.
Quoin Pharmaceuticals, Ltd. (QNRX) carries total debt of $0.0M, offset by $3.82B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Quoin Pharmaceuticals, Ltd. (QNRX) has total shareholders' equity (book value) of $13.1M ($8.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Quoin Pharmaceuticals, Ltd. (QNRX) reported a current ratio of 3.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.