CASIF on OTC
CASI Pharmaceuticals, Inc.
In its 2026 annual report (Form 20-F) the company says: “CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. We are focused on acquiring, developing and commercializing products that augment our hematology oncology, autoimmune and organ transplant rejection therapeutic area focus as well as other unmet medical need.”4 It is headquartered in Beijing, China.1 Its shares trade on OTC under the symbol CASIF.1
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Last updated Oct 21, 2026.
Overview
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- TickerCASIF on OTC1
- IndustryPharmaceutical Preparations1
- HeadquartersBeijing, China1
- Incorporated inCayman Islands3
- Business address1701-1702, China Central Office Tower 1, No. 81 Jianguo Road, Chaoyang District, Beijing, F4 1000253
- Filer categoryNon-accelerated filer3
- Legal formOther
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CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
48.6%Gross margin2
-217.3%Operating margin2
-232.0%Net margin2
-27.4%Revenue growth, 20252
-$20.8MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue51¢$10.6M
- Research and development30¢$6.3M
- Other costs18¢$3.8M
Out of $20.7M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $20.7M | $28.5M | $33.9M |
| Costs of revenues | -$10.6M | -$17.4M | -$13.8M |
| Gross Profit | $10.1M | $11.1M | $20.1M |
| Research and development | -$6.3M | -$8.9M | -$9.9M |
| General and administrative | -$28.3M | -$23.6M | -$25.4M |
| Selling and marketing | -$18.3M | -$17.9M | -$16.4M |
| Other operating income | $2.0K | $6.4M | |
| Gain on disposal of long-lived assets | $479.0K | ||
| Foreign exchange gain (loss) | -$2.2M | -$192.0K | $200.0K |
| Impairment of intangible assets | -$696.0K | ||
| Total operating expenses | -$55.1M | -$50.8M | -$45.1M |
| Loss from operations | -$45.0M | -$39.6M | -$25.1M |
| Interest expense | -$840.0K | -$871.0K | -$15.0K |
| Interest income | $135.0K | $539.0K | $629.0K |
| Other income | $20.0K | $188.0K | $764.0K |
| Change in fair value of investments | -$179.0K | $1.7M | -$581.0K |
| Impairment loss of long-term investments | -$2.0M | ||
| Loss before income tax benefit and share of net loss in an equity investee | -$45.9M | -$38.1M | -$26.3M |
| Income tax benefit | $81.0K | ||
| Net loss before share of net loss in an equity investee | -$45.9M | -$38.1M | -$26.2M |
| Share of net loss in an equity investee | -$2.2M | -$1.2M | -$48.0K |
| Net loss | -$48.1M | -$39.3M | -$26.3M |
| Less:Loss attributable to redeemable noncontrolling interest | -$2.6M | ||
| Accretion to redeemable noncontrolling interest redemption value | $3.3M | ||
| Deemed dividends to Wuxi LP | $22.0K | ||
| Net loss attributable to CASI Pharmaceuticals, Inc. | -$48.1M | -$39.3M | -$27.0M |
| Net loss per share (basic) (in $ per share) | -$2.59 | -$2.56 | -$2.02 |
| Net loss per share (diluted) (in $ per share) | -$2.59 | -$2.56 | -$2.02 |
| Weighted average number of ordinary shares outstanding (basic) | 18.5M shares | 15.3M shares | 13.4M shares |
| Weighted average number of ordinary stock outstanding (diluted) | 18.5M shares | 15.3M shares | 13.4M shares |
| Foreign currency translation adjustment | -$11.0K | -$574.0K | -$1.1M |
| Total comprehensive loss | -$48.1M | -$39.8M | -$27.4M |
| Less: Comprehensive loss attributable to redeemable noncontrolling interest | -$3.2M | ||
| Comprehensive loss attributable to ordinary shareholders | -$48.1M | -$39.8M | -$24.2M |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-03-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $5.6M | $13.5M | |||
| Investment in equity securities, at fair value | $2.6M | ||||
| Accounts receivable, net of nil expected credit loss | $4.1M | $15.3M | |||
| Inventories | $1.6M | $5.3M | |||
| Prepaid expenses and other | $2.1M | $2.9M | |||
| Total current assets | $13.5M | $39.6M | |||
| Long-term investments | $1.7M | $1.9M | |||
| Property, plant and equipment, net | $7.0M | $7.9M | |||
| Intangible assets, net | $221.0K | $238.0K | |||
| Right of use assets | $2.5M | $3.5M | |||
| Other assets | $740.0K | $587.0K | |||
| Total assets | $25.6M | $53.7M | |||
| Accounts payable | $1.1M | $2.7M | |||
| Bank borrowings | $1.0M | ||||
| Accrued and other current liabilities | $24.2M | $15.3M | |||
| Convertible notes due to a related party | $4.2M | ||||
| Current portion of long term borrowing | $19.2M | $18.4M | |||
| Total current liabilities | $49.7M | $36.5M | |||
| Other liabilities | $13.3M | $15.4M | |||
| Total liabilities | $62.9M | $51.8M | |||
| $0.0001 par value, 500,000,000 shares authorized 20,967,869 shares and 15,904,533 shares issued at December 31, 2025 and 2024, respectively; 20,555,873 shares and 15,492,581 shares outstanding at December 31, 2025 and 2024, respectively | $2.0K | $2.0K | |||
| Treasury shares, at cost: 411,996 shares and 411,952 shares held at December 31, 2025 and 2024 | -$9.6M | -$9.6M | |||
| Additional paid-in capital | $722.2M | $713.3M | |||
| Accumulated other comprehensive loss | -$1.8M | -$1.8M | |||
| Accumulated deficit | -$748.1M | -$700.1M | |||
| Total shareholders' (deficit) equity | -$37.3M | $1.9M | $24.2M | $44.6M | |
| Total liabilities and shareholders' (deficit) equity | $25.6M | $53.7M | |||
| Accounts receivable, expected credit loss | $0 | $0 | |||
| Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
| Authorized common stock (in shares) | 500.0M shares | 500.0M shares | 500.0M shares | ||
| Common Stock, Shares Issued (in shares) | 21.0M shares | 15.9M shares | |||
| Common Stock, Shares Outstanding (in shares) | 20.6M shares | 15.5M shares | |||
| Treasury stock, Shares Held (in shares) | 412.0K shares | 412.0K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-03-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $5.6M | $13.5M | ||||
| Investment in equity securities, at fair value | $2.6M | |||||
| Accounts receivable, net of nil expected credit loss | $4.1M | $15.3M | ||||
| Inventories | $1.6M | $5.3M | ||||
| Prepaid expenses and other | $2.1M | $2.9M | ||||
| Total current assets | $13.5M | $39.6M | ||||
| Long-term investments | $1.7M | $1.9M | ||||
| Property, plant and equipment, net | $7.0M | $7.9M | ||||
| Intangible assets, net | $221.0K | $238.0K | ||||
| Right of use assets | $2.5M | $3.5M | ||||
| Other assets | $740.0K | $587.0K | ||||
| Total assets | $25.6M | $53.7M | ||||
| Accounts payable | $1.1M | $2.7M | ||||
| Bank borrowings | $1.0M | |||||
| Accrued and other current liabilities | $24.2M | $15.3M | ||||
| Convertible notes due to a related party | $4.2M | |||||
| Current portion of long term borrowing | $19.2M | $18.4M | ||||
| Total current liabilities | $49.7M | $36.5M | ||||
| Other liabilities | $13.3M | $15.4M | ||||
| Total liabilities | $62.9M | $51.8M | ||||
| $0.0001 par value, 500,000,000 shares authorized 20,967,869 shares and 15,904,533 shares issued at December 31, 2025 and 2024, respectively; 20,555,873 shares and 15,492,581 shares outstanding at December 31, 2025 and 2024, respectively | $2.0K | $2.0K | ||||
| Treasury shares, at cost: 411,996 shares and 411,952 shares held at December 31, 2025 and 2024 | -$9.6M | -$9.6M | ||||
| Additional paid-in capital | $722.2M | $713.3M | ||||
| Accumulated other comprehensive loss | -$1.8M | -$1.8M | ||||
| Accumulated deficit | -$748.1M | -$700.1M | ||||
| Total shareholders' (deficit) equity | -$37.3M | $1.9M | $24.2M | $44.6M | ||
| Total liabilities and shareholders' (deficit) equity | $25.6M | $53.7M | ||||
| Accounts receivable, expected credit loss | $0 | $0 | ||||
| Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 | $0.00 | |||
| Authorized common stock (in shares) | 500.0M shares | 500.0M shares | 500.0M shares | 250.0M shares | ||
| Common Stock, Shares Issued (in shares) | 21.0M shares | 15.9M shares | ||||
| Common Stock, Shares Outstanding (in shares) | 20.6M shares | 15.5M shares | ||||
| Treasury stock, Shares Held (in shares) | 412.0K shares | 412.0K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$48.1M | -$39.3M | -$26.3M |
| Depreciation for property, plant and equipment | $1.2M | $1.3M | $2.5M |
| Amortization of intangible assets | $28.0K | $1.1M | $1.3M |
| Reduction in the carrying amount of the right-of-use assets | $1.0M | $1.1M | $988.0K |
| (Gain) loss on disposal of long-lived assets | $7.0K | -$479.0K | |
| Write-down of inventories | $1.1M | $4.8M | $0 |
| Impairment of intangible assets | $696.0K | ||
| Share-based compensation expense | $3.0M | $1.3M | $7.2M |
| Change in fair value of investments | $179.0K | -$1.7M | $581.0K |
| Share of net loss of an equity investee | $2.2M | $1.2M | $48.0K |
| Gain from extinguishment of investment in a convertible loan | -$474.0K | ||
| Impairment loss of long-term investments | $2.0M | ||
| Accounts receivable | $11.3M | -$5.8M | $3.4M |
| Receivable from a related party | $587.0K | -$587.0K | |
| Inventories | $2.5M | $5.8M | -$9.7M |
| Prepaid expenses and other | $9.0K | $319.0K | $701.0K |
| Accounts payable | -$1.7M | -$1.7M | $1.1M |
| Accrued liabilities and other liabilities | $6.4M | $1.5M | -$876.0K |
| Income tax payable | -$1.9M | ||
| Net cash used in operating activities | -$20.8M | -$29.2M | -$20.0M |
| Purchases of property, plant and equipment | -$16.0K | -$223.0K | -$204.0K |
| Proceeds from sale of intangible assets | $500.0K | ||
| Purchase of intangible assets | -$13.0K | -$17.0K | -$2.0M |
| Proceeds from sales of equity securities | $2.6M | $467.0K | |
| Cash paid to acquire equity interests in an equity method investee | -$1.6M | -$1.4M | |
| Purchase of short term investments and term deposits | -$1.4M | -$51.8M | |
| Proceeds from sales or maturity of short term investments and term deposits | $13.3M | $43.3M | |
| Proceeds from extinguishment of investment in a convertible loan | $1.0M | ||
| Net cash provided by (used in) investing activities | $951.0K | $11.2M | -$9.7M |
| Proceeds from issuance of ordinary shares | $5.9M | $15.0M | |
| Payment of issuance costs | -$681.0K | -$960.0K | |
| Proceeds from issuance of convertible note | $5.0M | ||
| Proceeds from exercise of share options | $56.0K | $2.1M | $109.0K |
| Dividend payment to Wuxi LP | -$718.0K | -$738.0K | |
| Proceeds from bank borrowings | $1.0M | ||
| Repurchase of ordinary shares | -$278.0K | ||
| Net cash provided by (used in) financing activities | $11.3M | $15.4M | -$907.0K |
| Effect of exchange rate change on cash and cash equivalents | $713.0K | -$1.1M | $518.0K |
| Net decrease in cash and cash equivalents | -$7.8M | -$3.6M | -$30.0M |
| Interest paid | $4.0K | ||
| Income taxes paid | $1.8M | ||
| Payables related to property, plant and equipment | $8.0K | $99.0K | |
| Exchange of redeemable noncontrolling interest to long term borrowing (Note 11) | $18.9M |
No quarter-by-quarter statement was filed.
Corporate structure
CASI Pharmaceuticals, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of CASI Pharmaceuticals, Inc.
- Wei-Wu He Filed SCHEDULE 13D/A on CASI Pharmaceuticals, Inc., latest May 18, 2026 (9 filings since Apr 18, 2023)
- Venrock Healthcare Capital Partners III, L.P. Filed SCHEDULE 13G/A on CASI Pharmaceuticals, Inc., latest Feb 17, 2026 (2 filings since Jul 25, 2024)
- Foresite Capital Fund VI LP Filed SCHEDULE 13G/A on CASI Pharmaceuticals, Inc., latest Feb 13, 2026 (4 filings since Jun 20, 2024)
- Chi Sing Ho Filed SCHEDULE 13D/A on CASI Pharmaceuticals, Inc., latest Jan 20, 2026 (2 filings since Feb 3, 2025)
- SPARKLE BYTE LTD Filed SCHEDULE 13D/A on CASI Pharmaceuticals, Inc., latest Jan 20, 2026
- Panacea Innovation Ltd Filed SCHEDULE 13D/A on CASI Pharmaceuticals, Inc., latest Dec 17, 2025 (2 filings since Sep 26, 2025)
- Zhenfeng M. Chen Filed SCHEDULE 13G on CASI Pharmaceuticals, Inc., latest Nov 26, 2025
- James Huang Filed SCHEDULE 13G/A on CASI Pharmaceuticals, Inc., latest Jul 23, 2025 (7 filings since Apr 10, 2023)
- CASI Pharmaceuticals, Inc. Beijing, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What CASI Pharmaceuticals, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Machinery and equipment | $6.2M2 Dec 31, 2025 | $5.9M2 Dec 31, 2024 | +4.5% |
| Leasehold improvements | $7.3M2 Dec 31, 2025 | $7.0M2 Dec 31, 2024 | +4.2% |
| Property and equipment, before depreciation | $14.1M2 Dec 31, 2025 | $13.6M2 Dec 31, 2024 | +3.5% |
| Accumulated depreciation | $7.1M2 Dec 31, 2025 | $5.7M2 Dec 31, 2024 | +24.1% |
| Property and equipment, net | $7.0M2 Dec 31, 2025 | $7.9M2 Dec 31, 2024 | −11.4% |
| Operating-lease assets (leased space) | $2.5M2 Dec 31, 2025 | $3.5M2 Dec 31, 2024 | −27.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $5.6M2 Dec 31, 2025 | $13.5M2 Dec 31, 2024 | −58.2% |
| Long-term investments | $1.7M2 Dec 31, 2025 | $1.9M2 Dec 31, 2024 | −10.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $221.0K2 Dec 31, 2025 | $238.0K2 Dec 31, 2024 | −7.1% |
| Finite-lived intangibles, gross | $2.5M2 Dec 31, 2025 | $2.5M2 Dec 31, 2024 | +0.6% |
| Accumulated amortization | $1.6M2 Dec 31, 2025 | $1.5M2 Dec 31, 2024 | +2.0% |
| Finite-lived intangibles, net | $221.0K2 Dec 31, 2025 | $238.0K2 Dec 31, 2024 | −7.1% |
Inventory
Leadership
Who has led CASI Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.
Board members and other officers (7)
- Global Chief Medical OfficerAlexander A. Zukiwski Apr 3, 2026 to now8
- Global ControllerKun Qian Apr 13, 2026 to now9
- Board memberAlex Wu Mar 25, 2026 to now10
- Board memberBarbara Helene Hannelore Krebs-Pohl Mar 27, 2026 to now11
- Board memberXuebo Zeng Apr 20, 2026 to now12
- Board memberThomas Folinsbee Apr 23, 2026 to now13
- General counselWei R. Gao Apr 16, 2026 to now14
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Chief Operating OfficerChunhua Y. Wang named Jul 15, 2024 to Apr 28, 202615
- Global Chief Commercial OfficerHai Y. Huang named Jul 15, 2024 to Apr 28, 202615
- Vice PresidentWei (Larry) Y. Zhang named Jul 15, 2024 to Apr 28, 202615
- Chief Executive Officer and a member of the Board of DirectorsDavid A. Cory named Jan 28, 2026 to Feb 26, 202616
- DirectorJames Y. Huang named Jan 28, 2026 to Apr 28, 202615
- Chairman to the BoardWei-Wu He named Jul 15, 2024 to Apr 28, 202615
- DirectorZhenbo Su named Jul 15, 2024 to Apr 28, 202615
Former names
- CASI Pharmaceuticals Holdings, Inc.Jan 31, 2023 to Feb 14, 20233
Filings
157 filings to the SEC since October 2021: 4 annual reports, 11 insider forms, 28 large holders, 5 private raises, 109 other. The latest 20:
- Sep 2, 20266-K EDGAR
- Aug 14, 20266-K EDGAR
- Aug 13, 20266-K EDGAR
- Jul 15, 20266-K EDGAR
- Jun 29, 20266-K EDGAR
- Jun 23, 202625-NSE EDGAR
- Jun 2, 20266-K EDGAR
- May 18, 2026SCHEDULE 13D/A EDGAR
- May 15, 202620-F EDGAR
- Apr 28, 2026D EDGAR
- Apr 23, 20263 OWNERSHIP DOCUMENT EDGAR
- Apr 21, 2026NT 20-F EDGAR
- Apr 20, 20263 OWNERSHIP DOCUMENT EDGAR
- Apr 20, 20266-K EDGAR
- Apr 20, 20266-K EDGAR
- Apr 16, 20263 OWNERSHIP DOCUMENT EDGAR
- Apr 15, 20266-K EDGAR
- Apr 13, 20263 OWNERSHIP DOCUMENT EDGAR
- Apr 7, 20263 OWNERSHIP DOCUMENT EDGAR
- Apr 3, 20263 OWNERSHIP DOCUMENT EDGAR
The 157 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Wei-Wu HeSCHEDULE 13D/A, 9 filings Apr 18, 2023 to May 18, 202617
- Venrock Healthcare Capital Partners III, L.P.SCHEDULE 13G/A, 2 filings Jul 25, 2024 to Feb 17, 202618
- Foresite Capital Fund VI LPSCHEDULE 13G/A, 4 filings Jun 20, 2024 to Feb 13, 202619
- Chi Sing HoSCHEDULE 13D/A, 2 filings Feb 3, 2025 to Jan 20, 202620
- SPARKLE BYTE LTDSCHEDULE 13D/A, 1 filing Jan 20, 202621
- Panacea Innovation LtdSCHEDULE 13D/A, 2 filings Sep 26, 2025 to Dec 17, 202522
- Zhenfeng M. ChenSCHEDULE 13G, 1 filing Nov 26, 202523
- James HuangSCHEDULE 13G/A, 7 filings Apr 10, 2023 to Jul 23, 202524
Money raised
Private offerings the company reported to the SEC on Form D.
- Apr 17, 2026Raised $5 million in a private offering of debt Form D: 1 investor so far Form D
- Feb 19, 2026Raised $5 million in a private offering of debt Form D: 1 investor so far Form D
- Jan 9, 2026Raised $5 million in a private offering of debt Form D: 1 investor so far Form D
- Dec 27, 2025Raised $5 million in a private offering of debt Form D: 1 investor so far Form D
- Jun 26, 2024Raised $15 million in a private offering of equity Form D: 7 investors so far Form D
SEC filer profile
How CASI Pharmaceuticals, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARCASI Pharmaceuticals, Inc.1
- CIK0001962738
- Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address1701-1702, China Central Office Tower 1, No. 81 Jianguo Road, Chaoyang District, Beijing, F4 1000251
- Phone86 10 6561 87891
- Shares outstanding20,555,873 shares as of Dec 31, 20254
- AuditorKPMG Huazhen LLP, Beijing, China PCAOB ID 1186; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJan 31, 20231
- Filings157 in all: 6-K (67), 3 (11), SCHEDULE 13D/A (11), S-8 POS (8), UPLOAD (8), CORRESP (6), D (5), SC 13G/A (5)1
All 27 form types
SCHEDULE 13G/A (5), 20-F (4), EFFECT (4), F-3 (3), SC 13G (3), 144 (2), F-3/A (2), SC 13D/A (2), 25-NSE (1), 424B3 (1), 424B5 (1), 6-K/A (1), 8-A12B (1), F-4 (1), F-4/A (1), NT 20-F (1), S-8 (1), SCHEDULE 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (20-F) May 15, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Ordinary shares, par value US$0.0001 per share | casif |
From the cover page of the 20-F filed May 15, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 9SEC EDGARKun Qian, Global Controller
- 10SEC EDGARAlex Wu, Board member
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- 12SEC EDGARXuebo Zeng, Board member
- 13SEC EDGARThomas Folinsbee, Board member
- 14SEC EDGARWei R. Gao, General counsel
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