Quoin Pharmaceuticals (QNRX) COO Denise P. Carter Buys Stock

What Happened
Denise P. Carter, Chief Operating Officer of Quoin Pharmaceuticals (QNRX), participated in a private placement on 2026-08-31. She acquired 20,490 American Depositary Shares (ADSs) at a combined purchase price of $4.88 per ADS (ADSs were sold with 50% warrant coverage), totaling $99,991. In addition, 10,245 derivative instruments (warrants) were issued to her in the same transaction.

Key Details

• Transaction date: 2026-08-31; Form 4 filed: 2026-09-01 (appears timely).
• Purchase: 20,490 ADSs @ $4.88 each = $99,991 total.
• Derivative: 10,245 warrants issued (reported as a derivative acquisition; price shown as N/A on the Form 4).
• ADS to ordinary share ratio: each ADS represents 35 ordinary shares (20,490 ADSs = 717,150 underlying ordinary shares; 10,245 warrants = potential 358,575 underlying ordinary share equivalents).
• Warrants: exercisable immediately upon issuance subject to a beneficial ownership cap; expire the earlier of five years from issuance or 30 days after a public announcement that the primary endpoint was met in the CL-QRX003-004 clinical trial.
• Shares owned after transaction: Not specified on the provided filing.
• No indication of 10b5-1 plan, tax withholding, or that the filing was late.

Context
This was a purchase in a private placement that included immediate warrant coverage (50%), not a routine open-market buy. The warrants give the holder the right to buy additional ADSs subject to the stated ownership cap and time-limited expiration tied to a clinical milestone. The ADS structure means each reported ADS represents a large number of ordinary shares (35x), so the economic exposure is larger than the ADS count alone might suggest.