CASI Pharmaceuticals Secures New Capital to Advance Key Medical Research
Rockville, Friday, 14 August 2026.
CASI Pharmaceuticals reported $9.8 million in first-half revenue while securing $15 million in new funding and a major legal victory to advance its lead drug trials.
Financial Performance and Product Transition
CASI Pharmaceuticals, Inc. (OTCQB: CASIF) released its business update and financial results for the first half of 2026 on August 14, 2026 [1][2]. The clinical-stage biopharmaceutical company reported revenue of $9.8 million for the period ending June 30, 2026, representing a decrease from $10.4 million in the first half of 2025 [1][2]. Net loss for the period narrowed to $20.0 million, compared to a net loss of $24.1 million in the same period of the prior year [1][2]. The revenue fluctuation is attributed to the transition from EVOMELA® to the locally manufactured MAFALAN® [1][2]. This strategic shift contributed to a significant reduction in the cost of revenue, which fell to $2.2 million in the first half of 2026 from $4.7 million in the first half of 2025 [1]. The calculated reduction in cost of revenue stands at 53.191 percent [1].
Capital Position and Legal Resolutions
As of June 30, 2026, cash and cash equivalents were reported at $3.8 million [1][2]. Subsequent to the quarter end, the company completed a $15 million convertible note financing with ETP Global III Fund LP [1][2]. Additionally, CASI received a favorable arbitration award against Juventas totaling over RMB 100 million after the quarter ended [1][2]. Corporate structural changes include the rescission of the purported termination of the EVOMELA® license via a settlement with Acrotech Biopharma Inc. [1][2]. Regarding market status, Nasdaq suspended trading of CASI securities on February 26, 2026, following a delisting determination [1][2]. Ordinary shares began trading on the OTCQB market under ticker CASIF on April 14, 2026 [1][2].
Clinical Pipeline Progress
The company highlighted ongoing progress in its pipeline, particularly focusing on the development of CID-103, an anti-CD38 monoclonal antibody [1][2]. CASI dosed the first patient in a Phase 1/2 trial for renal allograft antibody-mediated rejection (AMR) in China [1][2]. Furthermore, the company completed enrollment for Part A (dose-escalation) of an immune thrombocytopenia (ITP) study at a maximum dose of 1,200 mg [1][2]. Dr. Wei-Wu He, Executive Chairman and Principal Executive Officer, stated the company remained focused on advancing the development of the lead program [1][2]. Management aims to drive long-term shareholder value in the competitive biotechnology sector through these developments [1].
Risks and Outlook
The balance sheet shows total assets of $21.063 million and total liabilities of $79.329 million as of June 30, 2026 [1]. This results in a shareholders’ deficit of $58.266 million [1]. The company faces substantial doubt regarding its ability to continue as a going concern due to recurring operating losses [2]. Future strategy involves implementing business plans following the consummation of pending asset divestiture transactions [2]. Regulatory and operational risks remain regarding potential approvals from the U.S. FDA, EMA, and PRC National Medical Products Administration [2].