Stonepine Capital Management, LLC 4

What Happened
The reporting person (a holder of warrants) notified the SEC that they no longer beneficially own more than 10% of Quoin Pharmaceuticals' outstanding Ordinary Shares. This change was not the result of a sale or purchase by the holder but followed the issuer's Form 10-K, which reported 63,126,930 Ordinary Shares outstanding (represented by 1,803,626 American Depositary Shares). All warrants held by the reporting person are subject to a 9.99% beneficial ownership limitation.

Key Details

• Report period date: 2026-03-26; Form 4 filed: 2026-03-31.
• No purchase or sale transaction reported—change is due to updated share count (dilution/adjustment).
• New outstanding share count per issuer: 63,126,930 Ordinary Shares (1,803,626 ADS).
• Reporting person's warrants are subject to a 9.99% beneficial ownership cap; as a result they ceased to own >10%.
• No prices, proceeds, or share counts transferred were reported on the Form 4.

Context
This filing reflects a percentage ownership change caused by an increase in reported shares outstanding (dilution/administrative adjustment), not active trading by the insider. For retail investors, such filings signal a change in ownership percentage but do not necessarily indicate any buying or selling intent by the holder.