{"id":907107,"date":"2025-11-06T20:26:50","date_gmt":"2025-11-07T01:26:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/quoin-pharmaceuticals-announces-corporate-update-and-third-quarter-2025-financial-results\/"},"modified":"2025-11-06T20:26:50","modified_gmt":"2025-11-07T01:26:50","slug":"quoin-pharmaceuticals-announces-corporate-update-and-third-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/quoin-pharmaceuticals-announces-corporate-update-and-third-quarter-2025-financial-results\/","title":{"rendered":"Quoin Pharmaceuticals Announces Corporate Update and Third Quarter 2025 Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>\u2013 Private Placement Financing of Up to $105.3 Million Closed in October 2025 to Fund Operations and R&amp;D<\/em><br \/>\n        \n      <\/p>\n<p align=\"center\">\n        <em>\u2013 Sally Lawlor <\/em><br \/>\n        <em>Appointed CFO<\/em><br \/>\n        <em> to Support Commercialization and Financial Operations<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 Orphan Drug Designation Awarded by FDA to QRX003 for Netherton Syndrome\u00a0<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 <\/em><br \/>\n        <em>Pediatric Netherton Clinical Program Expanded Based on Positive Long-Term Safety and Efficacy Data<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 <\/em><br \/>\n        <em>QRX003 Pivotal Studies to Commence Enrollment in Q4 2025<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 NETHERTON NOW Awareness Campaign Videos Achieve Over 1.5 Million Views in 6 Months Since Launch.<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>\u2013 Positive Peeling Skin Data and Study Expansion Plans Released<\/em><br \/>\n        \n      <\/p>\n<p>ASHBURN, Va., Nov.  06, 2025  (GLOBE NEWSWIRE) &#8212; Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (&#8220;Quoin&#8221; or the &#8220;Company&#8221;), a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases provided a corporate update today and announced its financial results for the third quarter ended September 30, 2025.<\/p>\n<p>\u201cThe third quarter of 2025 has been a period of significant momentum and strategic advancement for Quoin Pharmaceuticals,\u201d said Dr. Michael Myers, Chief Executive Officer of Quoin Pharmaceuticals. \u201cWe are very pleased by the continued positive clinical data emerging from our ongoing studies in Netherton Syndrome as well as the encouraging data in Peeling Skin Syndrome. The appointment of Sally Lawlor as our new Chief Financial Officer further strengthens our leadership team as we prepare for the next phase of growth and commercialization. In October, we closed a private placement financing with the potential to provide up to $105.3 million in capital. We intend to use the proceeds from the private placement financing for general corporate purposes, which may include operating expenses, research and development, including completion of clinical development of QRX003 for Netherton Syndrome and advancing clinical development of our Peeling Skin Syndrome and topical rapamycin programs, working capital, future acquisitions and general capital expenditures. Our <em>NETHERTON NOW awareness<\/em> campaign has totally shattered all expectations we had at the outset when we launched this campaign in February of this year. To date the videos released have incredibly surpassed over 1.5 million views and the campaign continues to amplify the voices of patients, families, caregivers and advocates for Netherton Syndrome.\u201d<\/p>\n<p>\n        <strong>Corporate Highlights<\/strong>\n      <\/p>\n<p>Quoin continued to advance its lead clinical asset, QRX003, and recruitment into both pivotal trials for Netherton Syndrome will commence in Q4 this year. The Company also recently completed a private placement financing with the potential to raise up to $105.3 million in gross proceeds (including initial upfront funding of $16.6 million and up to an additional $88.7 million upon the potential cash exercise of accompanying warrants at the election of the investors), received $3.3 million from the exercise of warrants issued in December 2024 and made the following regulatory, clinical, and advocacy progress in the third quarter of 2025:<\/p>\n<p>\n        <strong>July 29, 2025<\/strong><br \/>\n        <br \/>Provided a comprehensive portfolio update highlighting positive Peeling Skin Syndrome data, advancement of the topical rapamycin program, and strategic pipeline optimization.<\/p>\n<p>\n        <strong>August 12, 2025<\/strong><br \/>\n        <br \/>Fourth NETHERTON NOW episode released featuring international patient advocate Mandy Aldwin-Easton, highlighting the daily challenges and unmet needs of those living with Netherton Syndrome.<\/p>\n<p>\n        <strong>August 18, 2025<\/strong><br \/>\n        <br \/>Quoin announced the appointment of Sally Lawlor as CFO, bringing extensive financial leadership experience to support the Company\u2019s commercialization plans.<\/p>\n<p>\n        <strong>August 21, 2025<\/strong><br \/>\n        <br \/>NETHERTON NOW campaign series passed one million video views and 14 million impressions, amplifying global awareness for Netherton Syndrome.<\/p>\n<p>\n        <strong>September 9, 2025<\/strong><br \/>\n        <br \/>Fifth NETHERTON NOW episode released, highlighting patient stories and the emotional and social impact of Netherton Syndrome.<\/p>\n<p>\n        <strong>Financial Highlights<\/strong>\n      <\/p>\n<p>\n        <strong>Cash Position:<\/strong>\n      <\/p>\n<p>Quoin had approximately $5.4 million in cash, cash equivalents, and marketable securities as of September 30, 2025. The Company believes that this, together with the $16.6 million upfront funding received in the private placement which closed in October 2025 and the $3.3 million received from warrant exercises in October 2025, will support operations into 2027.<\/p>\n<p>\n        <strong>Net Loss:<\/strong>\n      <\/p>\n<p>For the three and nine months ended September 30, 2025, Quoin reported a net loss of approximately $3.9 million and $11.5 million, respectively, compared to a net loss of approximately $2.3 million and $6.7 million, respectively, for the same periods in 2024. The increase in net loss was primarily due to an increase in research and development expenditures in the three and nine months ended September 30, 2025 of approximately $2.3 million and $6.7 million, respectively, compared to $1.1 million and $2.6 million, respectively, for the same periods in 2024.<\/p>\n<p>\n        <strong>About Quoin Pharmaceuticals Ltd.<\/strong><br \/>\n        <br \/>Quoin Pharmaceuticals Ltd. is a late clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to addressing unmet medical needs for patients, their families, communities and care teams. Quoin\u2019s innovative pipeline comprises three products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, SAM Syndrome, Palmoplantar Keratoderma, Scleroderma, Microcystic Lymphatic Malformations, Venous Malformations, Angiofibroma and others. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=av4knYLRVE_Df0gaw5mxr7SZz4RNNgOkVTC4h0argkxq-2swV6_Bo8A7qYWtmBrSMpteVYcWFGfKuM9mHrvOvLSmOGSPfEqyvXR83IuawrnPekaU7ayE8y8J__feCLbU-hsg0QPDMYf43lcQrxAazbo3WlgfMWMG1HF4fEvNV38oyjCzoq2fTSOqABk7t4dNwlwxlw1AGo6pFWvtjVHDydHUqCtTxxWCPHhx4cDThttvdbcajV4XggEmVuZjdh2K1qWycl7PLA15dVUr-zZQSs9fDQkwggBFccSHltrpO6PIrDx2iDQIPchCvylNcvJhbPfXDC8AXV-sW4Afm3naG0xF-SlpQNdJFrkqyySooLbuxm0hvpRXE_HPxLaQ1Zt44cJ835P0eBfmzs8sWVoCl81rJm8YbfBNHvcmgood6rl-6ibbIep5osiXAspSrxHB4HXOU8l5CAvNOrh2Zsjbb-J13Ivb7LU-hypN1IF7bQ1v44KX-rvvYcAujdbkKVA5Uw3I6ay3VEOMvyD-jQspCeioy5G282iyI-TspEdOPOccX1WL7cmVUJNk67sUdFs2EYYHKW0YiYUDGg0vofT-8U-CVPqLTtU0BVXLe69EJyK8OFfr4qmtVhunIpWpss_hWr-d5oNPSGQ4GfIVJdXqznfUhIIoUyvhMc-UIHwivl3-5Bc1AkcL1QepoFw3gdd-IBup58sX8auU0lJrbDy6T4ptYXA5STOvL2QPSiEGh5fargV6dn0VrdSsvi-c9U0TUUvTv5eJxk-THeBZvwwJ_qvfSK0i0ob741Cf8FS-mEYI2wyYc74YzC0g9e5EoLY3CsC7IMX7Zb5dxwWNZXY9JqeLndCzVHkKmD3jDT2zl38u8PZ0W5we7DpBhD-V8JSSTadaHa6ilZAlcEVhlliHNj1nVAXbLGUdWZbiUZ3XAgLEC-1DcbJYVMvZ8G8Eaw6L3tLLIOz4DzcN1OfPI1eyE2v6j9MyCUgC-zjPEAkq_zC9aogGRYBinTmR6p03QX3WEAnyiP3dnHIlxiWsfR-hVKtes0Tj4pHsRZgHq8UvPUn95lq767dqLz-D1Y0XNmHC47wUcn-B3xiVWlLMd_x47-i2zLdiSr2-Ev94mIetDCoac_hUJX2F9tIjSQN7BLj3Ez_mtvXh5EeqgUbpPdcBbZHMUVdcED3zpjm3EuPD6edn7Q3SZQOiF6_MJMam3KvA\" rel=\"nofollow\" target=\"_blank\">www.quoinpharma.com<\/a> or <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LRT0MZVXYcWTVU9vgPjNUaGqc2h3zaU61N8oadMV2RLxYDp9AZRISmQjqmoYE4nAW1MV1wctKDykEDEafyHtgPIqtvWCuXF3F9cKyPKBCrqaUKjsczL38RaPWOyCH5_fIfsd6a7Zs24HZzaVqvPvvFXzqZ5PlPguDN6vz7DgLeqnYxoQAiRoEz110nIfnqpOnk8Y_ZRWoroPhsRpP4kWPlzGZuM8I8hHYgRVf6ii_KYI8w4eldHjN_9cOexwdvsfyw3LhcbpiRjcpcdmvbD07Q7Sv0wuec-wbiEBXsmi4Uecn4c42haaqYNPe93ed99jrRqhwrMvgSs_82HbdCx01TFLznJgoYjMclKef1h7_yxQ3zJHQaZq1iTPwlkjq76JowNADqZ2J-bitWZFPebR-mKAnp4hS8UxsEobzXpJu5_yFcqka1hDfHFeuXLfvhsI039Ekp5OGErpI2FKd9xQ4Hp8QzHiNweG2zLU_61st5_Bb3ekyRChEZg8g86mQQfwxJA7L7KuInox7N19u9e2kcgN2D5GGYSgdapCdBhdMVMofsUEVtwetptcUus3n5GXvqUAIDKdzCB0DCSOlaF4U3bctgvfAd5rciaXkwDKWllK79iYT6DTuDB68YMiSB7p99EiFjzrASFYWFc34s0tShSneMEDLmRy0wW893gqKe8kH5EQIPMPpCvaVh2jH5_8mKzfpz2o7QIgYNpBytCc_yWupluukqWseQ_tGu38lSFDnYd5QOQd4I3W6aN-ukqOdViKUuNIC7sj56ECAv2JaX_p7mJsMqEmKeoNijBDyUjkcHgFLH5_2uZa8gTjoqE1NTWBLVqeRP2Agm9dm4f0vmiYsWm5qZXRa31n-dtruDnO3FxmJLFoCaT7A3baPuw85DQoJXgvXMhXlbEAYBIxgf-j0kBPbP1B8R1Q186xqfJGHW8NIhti1v1xJrCh1V_4v7EAx63wQIFhbyi-A4A0QNK98cHIS7SwpLz9C0NTqiyVGWw9otrW-M3VGWkXWiJUkvPawBVXjTQegE9MV2NYQJfVcccdMZL4bXJcc7CyaKPQ-Yl0hMlOY7hKVOtXYg8ABmOlOM7zW_E7Vt5iCITK1FAG-z70tApf6ETfwcuoZWLYUs_BaYWx1lQIffi_LjWXTzpMTYw1GfEoqKIX-xaNTzmBdn9fBRR1DLAQDAcnoGt0oH1Wuo3PbiD0F5e_7sJc0gBVBHFgpZQ46OTVw9oRChHbJkRgAfxJVqn1iHEpqQ0TIw_9oRfHmWBnKbzbrHE8eE3C4E3ISKUxRotXbAOv-l9XHqXZ41eIju4WXpqyYfZZjksm80n5puIK0-SfdLglYyscQMJsi-DkdJLPy_9d8QrvZcup1TZqhryE6vtzDSNvK1P3SV1pEnMWQ4n8qplXlkFZtBY08uv8-7deh51ct0V50oPw8UtrytjO0IqWGH9Trk1vEq_hoAFQILtMiclE7FUkIE-zkrh8qkQW_kiEaYKLwD1gcD6H3IHufpVbAMIKT2yCgEUS0rkH0mF15OWvxJFofC3C17BoUohQrhKHvK8lorwTrBKbordJ3mhNn8RaJ4zrkrnYCbpjTGBSBW45iX__UnEqDrXM5nVGcPPmIQ==\" rel=\"nofollow\" target=\"_blank\">LinkedIn<\/a> for updates.<\/p>\n<p>\n        <strong>Cautionary Note Regarding Forward Looking Statements<\/strong><br \/>\n        <br \/>The Company cautions that statements in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances, such as \u201cexpect,\u201d \u201cintend,\u201d \u201chope,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201canticipate,\u201d \u201clook forward,\u201d \u201cbelieve,\u201d \u201cmay,\u201d and \u201cwill,\u201d among others. All statements that reflect the Company\u2019s expectations, assumptions, projections, beliefs, or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to: continued positive clinical data emerging from the Company\u2019s ongoing studies in Netherton Syndrome as well as receiving encouraging data in Peeling Skin Syndrome. the appointment of Sally Lawlor as the Company\u2019s new Chief Financial Officer further strengthening its leadership team as it prepares for the next phase of growth and commercialization, using the proceeds from the private placement financing announced in October for operating expenses, research and development, including completion of clinical development of QRX003 for Netherton Syndrome and advancing clinical development of the Company\u2019s Peeling Skin Syndrome and topical rapamycin programs, working capital, future acquisitions and general capital expenditures, the private placement financing having the potential to provide up to $105.3 million in capital, the NETHERTON NOW awareness campaign continuing to amplify the voices of patients, families, caregivers and advocates for Netherton Syndrome, continuing to advance QRX003, commencing enrollment for both QRX003 Pivotal Studies for Netherton Syndrome in Q4 2025, the Company\u2019s $5.4 million in cash, cash equivalents, and marketable securities as of September 30, 2025, together with the upfront funding received in the private placement and cash received from warrant exercises, supporting operations into 2027 and Quoin\u2019s products in development collectively having the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, SAM Syndrome, Palmoplantar Keratoderma, Scleroderma, Microcystic Lymphatic Malformations, Venous Malformations, Angiofibroma and others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company\u2019s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties including, but not limited to, the Company\u2019s ability to deliver a safe and effective treatment for Netherton Syndrome; the Company\u2019s ability to pursue its regulatory strategy; the Company\u2019s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements; the Company\u2019s ability to complete clinical trials on time and achieve desired results and benefits as expected; the Company experiencing unanticipated or higher than expected clinical trial costs; the Company\u2019s ability to obtain the capital necessary to fund its activities; and other factors discussed in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 and in other filings the Company has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.<\/p>\n<p>\n        <strong>For further information, contact:<\/strong><br \/>\n        <br \/>Quoin Pharmaceuticals Ltd.<br \/>Michael Myers, Ph.D., CEO<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PmlKiAKwJrS_DbCePoTs5DR1X6hEbtfE65oWYx7pzOQ78N0PKpwnZ7VAqKSQU2lE0mVvVkBB1YyORv8lhJHl0gykKOtKTZM45C9fiYonetLmwI8rUp4AAphV71XxEGYbrj3GuwwKFfW9fcQz4fJpH-CiFHGPAOQ3eLok0gztMzyY5493rOPESs4YNqOJjslIs3iXDcEwCuZ07dCywogzGzPNyV1YDN0f_cnjAYWKhq1uEEVHoaW7mz3LYbYqtQw8UZgLSu64N_dfZjSqCZgPrQ==\" rel=\"nofollow\" target=\"_blank\">mmyers@quoinpharma.com<\/a><\/p>\n<p>\n        <strong>Investor Contact:<\/strong><br \/>\n        <br \/>PCG Advisory<br \/>Jeff Ramson<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=FbidOjOOLQAsMuvDqP1gUexYdZxuHTV5xLJHTmrn9QucnQdLjOCaHvnB7OR2JxqQ4X09dZSjltyqqsP1NkTRuOdPwN3Vn5c5KOpHD6ml2e-yAlJ-1nDXH3klJWb0ruLTdIj_VBiSEDuAslqN-we6fYgK1Ap3NwdVyj5x36Ym8_R38Zmb1t2yl4adrMdH7Ma3kyyurXyM1HphuwdA7ulbi38HFcwGHIUjnDy2lgDG2Wg6qtpxbSn2ZJSa446KVdVOgdV2v2b0Bec7VBsu2E3C4nkVYbLjd6KnOpqgSbe3vME=\" rel=\"nofollow\" target=\"_blank\">jramson@pcgadvisory.com<\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gPGaBOqAByn0Y_QeAkYETnt2N38TJBlBwP_QuowGYIoOEtfrBSB90DWnIVmmV68ob57_VPElFUjRg3xlUc-W4q8BhVqzh6O3SAvCodc08E46lhQ_UZG-G0gs9w1mPKsaTcKiV2ZNgB84KkGLe-kyrW6kdqY7ZCJfMyEv8ejHHT8rSw3-d4etabRz8G0j-ECliD_EVjhIls_eNRBuZKJHYI4FpdvmYnyZJokbFhESlLuwgwholNL1vaSA1qJH9jkMnEFSuEBz-C016h7ysoKxPA==\" rel=\"nofollow\" target=\"_blank\"><br \/><\/a>(646) 863-6341<\/p>\n<p>\n        <strong>Tables to follow<\/strong>\n      <\/p>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\n            <strong>QUOIN PHARMACEUTICALS, LTD.<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\n            <strong>Condensed Consolidated Balance Sheets<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <strong>September 30,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:18%;width:18%;min-width:18%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:18%;width:18%;min-width:18%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\n            <strong>ASSETS<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle\">\n            <strong>(unaudited)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px\">Current assets:<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Cash and cash equivalents<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,830,906<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,623,343<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Investments<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">3,581,772<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">10,433,535<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Prepaid expenses and other current assets<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">602,652<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">869,126<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total current assets<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">6,015,330<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">14,926,004<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Prepaid expenses &#8211; long term<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">300,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Intangible assets, net<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">408,334<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">483,334<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total assets<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">6,423,664<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">15,709,338<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\n            <strong>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY (DEFICIT)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px\">Current liabilities:<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Accounts payable<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,860,719<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">905,704<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Accrued expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,157,581<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,528,977<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Accrued interest and financing expense<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,146,251<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,146,251<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Due to officers &#8211; short term<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">600,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">600,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total current liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">5,764,551<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,180,932<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Due to officers &#8211; long term<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,873,733<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,323,733<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">7,638,284<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">6,504,665<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Commitments and contingencies<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px\">Shareholders&#8217; equity (deficit):<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Ordinary shares, no par value per share, 5,000,000,000 and 100,000,000 ordinary shares authorized at September 30, 2025 and December 31, 2024, respectively &#8211; 20,585,830 (588,166 ADS&#8217;s) ordinary shares issued and outstanding at September 30, 2025 and 8,948,164 (255,661 ADS&#8217;s) ordinary shares issued and outstanding at December 31, 2024<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Additional paid in capital<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">65,407,454<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">64,370,465<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Accumulated deficit<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(66,622,074<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(55,165,792<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total shareholders&#8217; equity (deficit)<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(1,214,620<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">9,204,673<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total liabilities and shareholders&#8217; equity (deficit)<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">6,423,664<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">15,709,338<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"17\" style=\"width:99.8659%;text-align: left;vertical-align: middle\">\n            <strong>QUOIN PHARMACEUTICALS, LTD.<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"width:81.9073%;text-align: left;vertical-align: middle\">\n            <strong>Condensed Consolidated Statements of Operations (Unaudited)<\/strong>\n          <\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:34.9232%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <strong>Three months ended September 30,<\/strong>\n          <\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:34.9232%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">\n            <strong>Nine months ended September 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:28%;width:28.0314%;min-width:28%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:15%;width:14.9766%;min-width:15%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:15%;width:14.9766%;min-width:15%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:15%;width:14.9766%;min-width:15%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:15%;width:14.9766%;min-width:15%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.99402%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Revenue<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Operating expenses<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">General and administrative<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,738,751<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,448,382<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">5,064,383<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,570,983<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Research and development<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,281,174<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">1,079,620<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">6,705,898<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,552,421<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 30.0px\">Total operating expenses<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">4,019,925<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">2,528,002<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">11,770,281<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">7,123,404<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Other (income) and expenses<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Unrealized gain<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(9,494<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(31,729<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(3,616<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(23,043<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Realized and accrued interest income<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(62,266<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(146,388<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(310,383<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(449,163<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 30.0px\">Total other income<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(71,760<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(178,117<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(313,999<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(472,206<\/td>\n<td style=\"width:0.99402%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-top: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;border-top: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Net loss<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(3,948,165<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(2,349,885<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(11,456,282<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(6,651,198<\/td>\n<td style=\"width:0.99402%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">\n            <strong>Loss per ADS<\/strong>\n          <\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Loss per ADS<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Basic<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(6.71<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(16.29<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(19.50<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(57.18<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Fully-diluted<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(6.71<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(16.29<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(19.50<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">(57.18<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: left;vertical-align: middle\">Weighted average number of ADS&#8217;s outstanding<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Basic<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">588,166<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">144,278<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">587,561<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">116,319<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;vertical-align: middle;text-align: left;padding-left: 15.0px\">Fully-diluted<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">588,166<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">144,278<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">587,561<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:14.9766%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle\">116,319<\/td>\n<td style=\"width:0.99402%;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:28.0314%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"width:0.99402%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9646%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTU2ODkwOSM3MjQ0NTg5IzIyMDk0NTc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YTZlOTNmNTMtMWY2Yi00Y2M1LWFlMmItMDE5NmQyMjIxM2I3LTEyMjEwMTAtMjAyNS0xMS0wNi1lbg==\/tiny\/Quoin-Pharmaceuticals-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2013 Private Placement Financing of Up to $105.3 Million Closed in October 2025 to Fund Operations and R&amp;D \u2013 Sally Lawlor Appointed CFO to Support Commercialization and Financial Operations \u2013 Orphan Drug Designation Awarded by FDA to QRX003 for Netherton Syndrome\u00a0 \u2013 Pediatric Netherton Clinical Program Expanded Based on Positive Long-Term Safety and Efficacy Data \u2013 QRX003 Pivotal Studies to Commence Enrollment in Q4 2025 \u2013 NETHERTON NOW Awareness Campaign Videos Achieve Over 1.5 Million Views in 6 Months Since Launch. \u2013 Positive Peeling Skin Data and Study Expansion Plans Released ASHBURN, Va., Nov. 06, 2025 (GLOBE NEWSWIRE) &#8212; Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (&#8220;Quoin&#8221; or the &#8220;Company&#8221;), a late clinical-stage specialty pharmaceutical company focused on rare and orphan diseases &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/quoin-pharmaceuticals-announces-corporate-update-and-third-quarter-2025-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Quoin Pharmaceuticals Announces Corporate Update and Third Quarter 2025 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-907107","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quoin Pharmaceuticals Announces Corporate Update and Third Quarter 2025 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/quoin-pharmaceuticals-announces-corporate-update-and-third-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quoin Pharmaceuticals Announces Corporate Update and Third Quarter 2025 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"\u2013 Private Placement Financing of Up to $105.3 Million Closed in October 2025 to Fund Operations and R&amp;D \u2013 Sally Lawlor Appointed CFO to Support Commercialization and Financial Operations \u2013 Orphan Drug Designation Awarded by FDA to QRX003 for Netherton Syndrome\u00a0 \u2013 Pediatric Netherton Clinical Program Expanded Based on Positive Long-Term Safety and Efficacy Data \u2013 QRX003 Pivotal Studies to Commence Enrollment in Q4 2025 \u2013 NETHERTON NOW Awareness Campaign Videos Achieve Over 1.5 Million Views in 6 Months Since Launch. \u2013 Positive Peeling Skin Data and Study Expansion Plans Released ASHBURN, Va., Nov. 06, 2025 (GLOBE NEWSWIRE) &#8212; Quoin Pharmaceuticals Ltd. 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