QUOTIENT LIMITED (COMPANY NUMBER 109886) WARRANT TO PURCHASE 111,525 ORDINARY SHARES

Exhibit 4.1

NEITHER THE ISSUANCE NOR SALE OF THIS WARRANT NOR THE ORDINARY SHARES INTO WHICH THIS WARRANT IS EXERCISABLE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS WARRANT AND THE ORDINARY SHARES INTO WHICH THIS WARRANT IS EXERCISABLE MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN EXEMPTION FROM REGISTRATION UNDER THE ACT ACCOMPANIED BY, IF REASONABLY REQUESTED, AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

QUOTIENT LIMITED

(COMPANY NUMBER 109886)

WARRANT TO PURCHASE 111,525 ORDINARY SHARES

AUGUST 3, 2015

VOID AFTER AUGUST 3, 2025

THIS CERTIFIES THAT, for value received, MIDCAP FINANCIAL TRUST, with its address at c/o MidCap Financial Services, LLC, as servicer, 7255 Woodmont Ave, Suite 200, Bethesda, MD 20814, or assigns (as permitted in accordance with Section 10 below) (together with its successors and permitted assigns, the “Holder”), is entitled to subscribe for and purchase from Quotient Limited with registered number 109886, a limited liability company incorporated in Jersey, Channel Islands, with its registered office at Elizabeth House, 9 Castle Street, St Helier, Jersey JE2 3RT (the “Company”), 111,525 Exercise Shares at the Exercise Price (each as defined below and each subject to adjustment as provided herein). This Warrant is being issued pursuant to the terms of a credit agreement (the “Credit Agreement”) between, amongst others, Quotient Biodiagnostics, Inc. (as borrower), the Company and the Holder entered (or to be entered) into on or around the date hereof.

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(unless this Warrant is exercised by cashless exercise as provided below); and

Notwithstanding the foregoing, the Holder may elect to receive, without payment by the Holder of the aggregate Exercise Price in respect of the Ordinary Shares to be acquired, Ordinary Shares of equal value to the value of this Warrant by the surrender of this Warrant together with a Notice of Exercise, duly executed, to the Company. Thereupon, the Company shall issue to the Holder such number of Ordinary Shares as is computed using the following formula:

Where:

X = the number of Ordinary Shares to which the Holder is entitled upon such cashless exercise;

Y = the total number of Ordinary Shares covered by this Warrant for which the Holder has surrendered purchase rights at such time for cashless exercise (including both shares to be issued to the Holder and shares as to which the purchase rights are to be canceled as payment therefor);

A = the Fair Market Value of one Ordinary Share (at the date of exercise); and

B = the Exercise Price in effect under this Warrant at the time the cashless exercise election is made.

Subject to compliance with applicable laws and regulations, upon the exercise of the purchase rights represented by this Warrant, a certificate or certificates for the number of Exercise Shares so purchased, registered in the name of the Holder or a Permitted Transferee of the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the purchase rights represented by this Warrant shall have been so exercised (in whole).

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The person in whose name any certificate or certificates for Exercise Shares are to be issued (if the Exercise Shares are issued in certificated form) upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was exercised in respect of such Exercise Shares and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such exercise and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books are open. The person in whose name any Exercise Shares are first registered (if the Exercise Shares are issued in uncertificated form) upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was exercised in respect of such Exercise Shares and payment of the Exercise Price was made, irrespective of the date that such person is registered as the holder of such Exercise Shares in the register of members of the Company, except that, if the date of such exercise and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books are open.

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized officer as of August 3, 2015.

NOTICE OF EXERCISE

TO: Quotient Limited

(1) The undersigned (the “Holder”) hereby elects to purchase ordinary shares (the “Exercise Shares”) of Quotient Limited (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, in the manner set forth in (2) below, together with all applicable transfer taxes, if any.

(2) The Holder elects to exercise its purchase rights under the Warrant as set forth below:

(            ) Cash Exercise.

(            ) Cashless Exercise.

(            ) Cancellation of Indebtedness.

(3) If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $             to the Company in accordance with the terms of the Warrant (the “Exercise Price”).

(4) If the Holder has elected a Cancellation of Indebtedness, the Holder has provided the Company with such documents as may be reasonably required by the Company to establish that indebtedness of the Company to the holder in an aggregate amount equal to the Exercise Price has been cancelled.

Please issue a certificate or certificates representing said Exercise Shares in the name of the undersigned or in such other name as is specified below:

(5) The undersigned represents that (i) the aforesaid Exercise Shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned understands that Exercise Shares issuable upon exercise of this Warrant have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which

exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid Exercise Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the number of years prescribed by such Rule 144; and (vi) the undersigned expressly agrees that any transfer of all or any part of the aforesaid Exercise Shares must be undertaken in accordance with the requirements of the Warrant, including Section 10 thereof.

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ASSIGNMENT FORM

(To assign the foregoing Warrant, execute this form and

supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

The undersigned assignee (the “Assignee”) hereby acknowledges, agrees and confirms that, by signing below, the Assignee shall be deemed to have made all of the representations and warranties of the “Holder” under Section 4 of the Warrant as if the Assignee had executed the Warrant, and all of such representations and warranties are true and correct as of the date hereof as if such representations and warranties were made by the Assignee.