<SEC-DOCUMENT>0000935836-25-000719.txt : 20251216
<SEC-HEADER>0000935836-25-000719.hdr.sgml : 20251216
<ACCEPTANCE-DATETIME>20251216160426
ACCESSION NUMBER:		0000935836-25-000719
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251216
DATE AS OF CHANGE:		20251216

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quoin Pharmaceuticals, Ltd.
		CENTRAL INDEX KEY:			0001671502
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			L3

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89873
		FILM NUMBER:		251575136

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		23 HATA'AS STREET
		CITY:			KFAR SABA
		PROVINCE COUNTRY:   	L3
		ZIP:			44425
		BUSINESS PHONE:		97299741444

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		23 HATA'AS STREET
		CITY:			KFAR SABA
		PROVINCE COUNTRY:   	L3
		ZIP:			44425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cellect Biotechnology Ltd.
		DATE OF NAME CHANGE:	20160721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cellect Biomed Ltd.
		DATE OF NAME CHANGE:	20160406

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stonepine Capital Management, LLC
		CENTRAL INDEX KEY:			0001440771
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
		BUSINESS PHONE:		541-647-5673

	MAIL ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Stonepine Capital Management, LLC -->
          <cik>0001440771</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Ordinary Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/10/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001671502</issuerCik>
        <issuerName>Quoin Pharmaceuticals, Ltd.</issuerName>
        <issuerCusip>74907L409</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>23 HATA'AS STREET</com:street1>
          <com:city>KFAR SABA</com:city>
          <com:stateOrCountry>L3</com:stateOrCountry>
          <com:zipCode>44425</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3030926.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3030926.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3030926.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The reporting persons beneficially own American Depositary Shares ("ADSs"). Each ADS represents 35 Ordinary Shares of the Issuer.  The securities beneficially owned by the reporting persons consist of (1) 58,728 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons.  The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3030926.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3030926.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3030926.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer.  The securities beneficially owned by the reporting persons consist of (1) 58,728 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons.  The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3030926.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3030926.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3030926.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer.  The securities beneficially owned by the reporting persons consist of (1) 58,728 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons.  The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3030926.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3030926.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3030926.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>The reporting persons beneficially own ADSs. Each ADS represents 35 Ordinary Shares of the Issuer.  The securities beneficially owned by the reporting persons consist of (1) 58,728 ADSs beneficially owned by the reporting persons, (2) pre-funded warrants to acquire 81,212 ADSs beneficially owned by the reporting persons, and (3) ordinary warrants to acquire 484,848 ADSs beneficially owned by the reporting persons.  The pre-funded warrants and ordinary warrants are subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 29,364,180 Ordinary Shares, represented by 838,976 ADSs, outstanding as of November 3, 2025, as reported in the prospectus filed by the Issuer on December 5, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Quoin Pharmaceuticals, Ltd.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>42127 Pleasant Forest Court, Ashburn, VA 20148</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")

Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership")

Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")

Jon M. Plexico

Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership.  Mr. Plexico is the control person of Stonepine and the General Partner.  The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group.  Each reporting person also disclaims beneficial ownership of Ordinary Shares except to the extent of that person's pecuniary interest therein.  In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Ordinary Shares covered by this Schedule 13G.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>2900 NW Clearwater Drive, Suite 100-11, Bend OR  97703</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover sheet for each reporting person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Stonepine:  3,030,926

Partnership:  3,030,926

General Partner:  3,030,926

Jon M. Plexico:  3,030,926</amountBeneficiallyOwned>
        <classPercent>Stonepine:  9.9%

Partnership:  9.9%

General Partner:  9.9%

Jon M. Plexico:  9.9%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Stonepine:  3,030,926

Partnership:  3,030,926

General Partner:  3,030,926

Jon M. Plexico:  3,030,926</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Stonepine:  3,030,926

Partnership:  3,030,926

General Partner:  3,030,926

Jon M. Plexico:  3,030,926</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Partnership holds ADSs for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, ADSs.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>12/16/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member of the General Partner, Stonepine GP, LLC</title>
        <date>12/16/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>12/16/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Reporting person</title>
        <date>12/16/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>stonepineex99.htm
<DESCRIPTION>AGREEMENT RE JOINT FILING
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT 99</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGREEMENT REGARDING JOINT FILING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF STATEMENT ON SCHEDULE 13D OR 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned agree to file jointly with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments
or supplements thereto) required under section 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended, in connection with
purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint Stonepine
Capital Management, LLC, a Delaware limited liability company, as their true and lawful agent and attorney-in-fact, with full power and
authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person
all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange
Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to
the exercise of the foregoing power, as fully as the undersigned might or could do if personally present.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated:&#9;December 9, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE CAPITAL MANAGEMENT, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<I><U>/s/ Jon M. Plexico&#9;&#9;</U></I><BR>
    &#9;Jon M. Plexico<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE CAPITAL, L.P.<BR>
    <BR>
    </B>By:&#9;Stonepine GP, LLC,<BR>
    &#9;General Partner<BR>
    <BR>
    By:&#9;<I><U>/s/ Jon M. Plexico&#9;&#9;</U></I><BR>
    &#9;Jon M. Plexico<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE GP, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<I><U>/s/ Jon M. Plexico&#9;&#9;</U></I><BR>
    &#9;Jon M. Plexico<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>/s/ Jon M. Plexico&#9;&#9;</U></I></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jon M. Plexico</P></TD></TR>
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