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CASI

CASI Pharmaceuticals, Inc.

CASI

CASI Pharmaceuticals, Inc. • NASDAQ
$1.02 ▲ 0.99% (+0.01)
Market Cap $15.80 M
52w High $4.10
52w Low $1.01
Dividend Yield 0%
P/E -0.34
Volume 36.16K
Outstanding Shares 15.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.075M ▼ $11.383M ▼ $-10.883M ▲ -353.919% ▼ $-0.68 ▲ $-10.105M ▲
Q2-2025 $4.175M ▼ $13.183M ▼ $-13.375M ▼ -320.359% ▼ $-0.86 ▼ $-10.957M ▼
Q1-2025 $6.24M ▼ $13.998M ▼ $-10.75M ▲ -172.276% ▼ $-0.69 ▲ $-10.553M ▼
Q4-2024 $13.356M ▲ $16.142M ▲ $-14.37M ▼ -107.592% ▲ $-0.93 ▼ $-9.757M ▼
Q3-2024 $7.793M $12.509M $-8.395M -107.725% $-0.55 $-7.15M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.685M ▼ $24.462M ▼ $53.054M ▲ $-28.592M ▼
Q2-2025 $6.762M ▼ $31.202M ▼ $51.512M ▲ $-20.31M ▼
Q1-2025 $12.699M ▼ $40.821M ▼ $48.891M ▼ $-8.07M ▼
Q4-2024 $16.091M ▼ $53.674M ▼ $51.823M ▲ $1.851M ▼
Q3-2024 $20.814M $63.616M $49.769M $13.847M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.883M ▲ $0 $0 $0 $-2.055M ▲ $0
Q2-2025 $-13.375M ▼ $0 $0 $0 $-4.157M ▼ $0
Q1-2025 $-10.75M ▲ $0 $0 $0 $-2.571M ▲ $0
Q4-2024 $-14.37M ▼ $0 $0 $0 $-3.069M ▼ $0
Q3-2024 $-8.395M $0 $0 $0 $7.004M $0

Revenue by Products

Product Q4-2019Q1-2020Q2-2020Q3-2020
E V O M E L A
E V O M E L A
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement CASI’s income statement shows a tiny, fairly flat revenue base with modest gross profit but persistent operating losses. The business has not yet reached a scale where sales can cover R&D, overhead, and other operating costs. Losses have narrowed only slightly over time, so the core pattern is still one of ongoing, recurring net losses. This reflects a company that is much more of a development-stage biotech than a mature commercial operation, with profitability dependent on future product success rather than current sales performance.

Balance Sheet

Balance Sheet The balance sheet has been getting lighter, with total assets and cash both drifting down over the past several years. Equity has been largely eroded, leaving only a thin capital cushion, while some debt has appeared where there previously was none. This combination—shrinking assets, low equity, new borrowings—signals financial fragility and limited room for missteps. The company’s ability to fund its pipeline increasingly depends on external capital, asset sales, or partnership inflows rather than balance sheet strength alone.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, showing that the company spends more cash on running and developing the business than it brings in from its current products. Free cash flow is also negative, even though investment spending has been relatively restrained. This pattern indicates ongoing cash burn, which is typical for a small biotech but still a key risk: the company will likely need to periodically secure new funding or monetise assets to keep development moving forward.

Competitive Edge

Competitive Edge CASI occupies a narrow but potentially valuable niche. Its strengths are its experience in the Chinese oncology market, its in‑licensing and partnering model, and its relationships around cell therapies and antibodies. However, it competes in highly crowded and well‑funded therapeutic areas, especially around CD38-targeting agents and oncology, where large global players already dominate. The recent sale of some China assets gives it cash and focus, but also reduces its established commercial base, increasing dependence on a smaller set of lead programs. Overall, its edge lies more in specific regional expertise and partnerships than in sheer scale or market power.

Innovation and R&D

Innovation and R&D Innovation is the central story: CASI is heavily re‑orienting around CID‑103, an anti‑CD38 antibody designed to target difficult conditions like transplant rejection and immune thrombocytopenia, where treatment options are limited. The scientific rationale and early preclinical profile look differentiated, and work on a more convenient subcutaneous form adds potential patient appeal, but the program is still in relatively early human testing. Additional partnered assets—such as a CAR‑T therapy in China and an antibody with orphan status—plus smaller pipeline candidates suggest a multi‑asset platform, but CID‑103 is clearly the key value driver. The upside is meaningful if trials confirm safety and efficacy; the risk is that setbacks in one or two core programs would materially impact the entire story.

Summary

CASI is a small, loss‑making biotech in transition, shifting from a mixed commercial‑plus‑in‑licensing model in China toward a more focused, innovation‑driven pipeline centered on CID‑103. Financially, it operates with limited revenue, sustained losses, a weakened balance sheet, and ongoing cash burn, which heightens funding and execution risk. Strategically, it has carved out a niche through Chinese market know‑how and partnerships, but now relies heavily on the success of a few key assets. The company’s future trajectory will hinge on clinical outcomes for CID‑103, the ability to turn partnered programs into durable revenue streams, and its capacity to continue funding R&D without overstraining its already thin financial resources.

NEWS

November 19, 2025 · 9:00 AM UTC

CASI Pharmaceuticals Announces Changes in Board Governance

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November 14, 2025 · 4:05 PM UTC

CASI Pharmaceuticals Announces Third Quarter 2025 Business and Financial Results

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November 10, 2025 · 4:05 PM UTC

CASI Pharmaceuticals Receives and Appeals Delisting Determination from NASDAQ

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November 4, 2025 · 9:00 AM UTC

CASI Pharmaceuticals to Participate at Guggenheim Healthcare Innovation Conference

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November 3, 2025 · 9:01 AM UTC

CASI Pharmaceuticals Announces Upcoming Presentation of Clinical Results for CID-103 at the 67th American Society of Hematology (ASH) Annual Meeting

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