Quoin Pharmaceuticals, Ltd.

QNRXdata completeness 63%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Quoin Pharmaceuticals, Ltd. earns about -753% on equity, and has bought back 97% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$0¹	—	—	—	—
Net income	−$21.5M²	−$9.38M³	−$8.69M⁴	−$8.96M⁵	−$15.8M⁵
Operating cash flow	−$5.72M⁶	−$8.48M⁷	−$7.86M⁸	−$7.86M⁹	−$13.5M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$7.48M¹⁰	$2.86M¹¹	$2.4M¹²	$3.62M¹³	$3.82M¹³
Diluted shares	1.58B	403,887	987,220	8.9M	52.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$2.5

your share of equity

Profit it earned you last year

−$3.01

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $2.5 of net worth that earned you −$3.01 last year.

iii. Is this a good business?

Moat signal · return on equity

-753% avg · 5y

FY21 -3267%FY22 -127%FY23 -153%FY24 -97%FY25 -120%

It earned an average -753% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2021-12-31 · accession 0001104659-22-045620 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-12-31 · accession 0001410578-23-000267 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001410578-24-000198 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001410578-25-000336 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-035251 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001410578-23-000267 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001410578-24-000198 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001410578-25-000336 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-035251 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001410578-23-000267 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001410578-24-000198 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001410578-25-000336 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001104659-26-035251 (CashAndCashEquivalentsAtCarryingValue)