Nasdaq Mandates Delisting for CASI Pharmaceuticals Effective Wednesday
Rockville, Wednesday, 25 February 2026.
CASI Pharmaceuticals (NASDAQ:CASI) has reached a critical regulatory impasse, receiving a formal delisting determination from the Nasdaq Hearings Panel. Effective February 26, 2026, trading of the company’s securities will be suspended as it transitions to the Over-the-Counter (OTC) market. This decision stems from a failure to meet continued listing standards, a struggle reflected in the stock’s 67% decline over the past six months to near-historic lows. Despite this financial setback and a market capitalization shrinking to $16.4 million, management asserts that operations—specifically the clinical trials for its lead candidate CID-103—will remain unaffected. This development presents a stark dichotomy for investors: a company advancing potentially best-in-class transplant therapeutics while simultaneously losing its footing on the premier public exchange.
The Mechanics of Non-Compliance
The path to this regulatory conclusion began on February 23, 2026, when CASI Pharmaceuticals received a determination letter from the Nasdaq Hearings Panel [2]. This notification followed the expiration of a critical extension granted until February 17, 2026, which required the company to demonstrate a minimum market value of listed securities of $35 million [2]. With a current market capitalization of just $16.4 million, the company faced a shortfall of 18.6 million against the exchange’s requirement [2]. Consequently, the suspension of trading is scheduled to commence at the opening of business on February 26, 2026 [1][2]. While the company has announced it expects its ordinary shares to be quoted on the market operated by OTC Markets Group Inc., the shift represents a significant demotion from the primary exchange [1].
Financial Health and Market Valuation
Investor sentiment has sharply reflected these compliance struggles. As of the close of markets on February 24, 2026, CASI stock was trading at $0.76, hovering just 2.703% above its 52-week low of $0.74 [2]. This valuation caps a tumultuous six-month period during which the share price eroded by 67% [2]. The company’s fundamental financial health has also raised red flags; it currently holds a “WEAK” financial health rating and operates with a current ratio of 0.3, a metric that often signals potential liquidity challenges in covering short-term obligations [2].
Strategic Pivot to Clinical Assets
Despite the equity market turbulence, management maintains that the delisting will not have a significant impact on the company’s daily operations [1]. To bolster its operational runway, CASI recently secured a $20 million investment from ETP Global III Fund LP [2]. This capital is earmarked for the development of CID-103, a monoclonal antibody targeting the CD38 protein, which is being positioned for the treatment of organ transplant rejection and autoimmune diseases [1][2]. The company holds exclusive global rights to this therapeutic candidate and is currently recruiting and dosing patients in a Phase 1 study for immune thrombocytopenia (ITP) [1]. Furthermore, regulatory momentum continues with approvals secured for a Phase 1/2 Clinical Trial Application in China and a Phase 1 Investigational New Drug application in the U.S. for antibody-mediated rejection (AMR) [1].
Revenue Foundation and Future Outlook
While the clinical pipeline represents future value, CASI’s current revenue structure relies heavily on EVOMELA, an injection used as a conditioning treatment for multiple myeloma patients prior to stem cell transplants [3]. As the company transitions to the OTC market, it is also looking to innovate its delivery mechanisms; as of February 24, 2026, CASI is assessing multiple technologies to develop a stable, high-concentration protein solution for subcutaneous injection [1]. This technical evolution, combined with the continued commercialization of its existing portfolio, will be central to the company’s strategy as it navigates the post-Nasdaq landscape [1][3].