Quoin Pharmaceuticals Ltd Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Quoin Pharmaceuticals Ltd. Reports Q2 2024 Financial Results
Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) has reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metrics | Q2 2023 | Q2 2024 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|
| Earnings Per Share (EPS) | -$0.61 | -$0.61 | No change | No change | -$0.61 (Current Quarter) |
| Net Loss | $2.1 million | $2.0 million | Decrease of $0.1 million | Not provided | Not provided |
| Cash, Equivalents & Marketable Securities | $12.6 million (current quarter-end) | Not provided | Not applicable | Not applicable | Not provided |
Interpretation: Quoin Pharmaceuticals Ltd. met its consensus estimate for EPS at -$0.61, indicating consistent management of expenses. The company's net loss showed a slight improvement year-over-year, reflecting better operational efficiency.
Key Operational Data
| Operational Data | Current Quarter |
|---|---|
| Cash, Equivalents & Marketable Securities | $12.6 million |
Officer Comments
Dr. Michael Myers, CEO of Quoin Pharmaceuticals Ltd., remarked, "This was another quarter of solid achievement and incremental progress for Quoin." He emphasized the potential of the company's research partnership with University College Cork and international expansion of clinical trials for Netherton Syndrome, highlighting goals for further clinical studies and M&A opportunities.
Dividends and Share Repurchase Programs
No dividends or share repurchase programs were announced this quarter.
Forward Guidance
The company did not provide explicit forward guidance. However, it noted that its cash reserves are expected to fund operations into late 2025, signaling financial stability and ongoing strategic initiatives.
Stock Price Movement
Post-earnings, Quoin Pharmaceuticals Ltd.'s stock saw a decline of approximately 1.89%.
Overall, Quoin Pharmaceuticals Ltd. shows continued dedication to advancing treatments for rare and orphan diseases, backed by stable financial management and promising clinical progress. Investors are advised to refer to the full 10-Q report for more detailed information.