QNRX update

(check previous note for background and equity structure, including outstanding warrants from recent funding)

• FDA feedback suggest single ph3 enough for approval

• FDA open on alternative design, but seem like not baseline-controlled designs (which to my understanding means the deadline for Series H warrants is not triggered)

• Whole body Netherton trials on track for 2H 2026 topline

• Pediatric NS Study Expanded to 7 Children Now Actively Treated with QRX003, Largest Cohort of This Age Group Ever Studied

• Planned ph3 expected to complete enrollment within 2026 (seems optimistic). Planned NDA in 2027 (timeline a bit delayed from prior estimations). I remind here that they are elligible for a PRV which have been selling for $150-200M

• Peeling syndrome study expanded to 6 patients with planned IND during 2026

• Preclinical pipeline (e.g. topical rapamycin) to enter the clinic in 2H 2026 (could be huge if they could improve on results shown by Palvella Therapeutics)

Cash runway into 2027 not accounting for potential warrants exercise