#CASI Pharmaceuticals Reports First Half 2026 Results
SOUTH SAN FRANCISCO, CA - CASI Pharmaceuticals, Inc. recently announced its business and financial performance for the first half of 2026, ending June 30. The biopharmaceutical company has been focused on advancing its lead product, CID-103, an anti-CD38 monoclonal antibody that aims to treat antibody-mediated rejection in organ transplant patients and autoimmune diseases.
For the first six months of 2026, CASI Pharmaceuticals reported revenues of $9.8 million, marking a 5.8% decline from $10.4 million in the same period the previous year. This decrease was primarily attributed to a transition from EVOMELA to the domestically manufactured MAFALAN, which is still in its market-expansion phase.
The company recorded a net loss of $20.0 million for the first half of the year, an improvement over the $24.1 million loss in the first half of 2025. Their research and development expenses were reported at $2.3 million, down 37.8% compared to the same timeframe last year, largely due to reduced clinical study costs.
CASI Pharmaceuticals has made significant strides in its clinical trials. The company announced that it has dosed the first patient in a Phase 1/2 trial focused on the safety and tolerability of CID-103 in adult patients with renal allograft antibody-mediated rejection in China. In addition, they have completed patient enrollment for Part A of their ongoing Phase 1/2 study for immune thrombocytopenia, with the maximum tested dose set at 1,200 mg.
In a notable development, the company secured $15 million through a convertible note financing agreement. However, CASI is navigating challenges related to its operations following its delisting from Nasdaq on February 26, 2026, for not meeting listing requirements. Since then, CASI's ordinary shares began trading on the OTCQB market under the ticker CASIF as of April 14, 2026.
Furthermore, CASI has entered into a Settlement Agreement with Acrotech Biopharma Inc. to rescind the prior termination of licensing agreements for EVOMELA and ensure that these agreements remain active, albeit with certain revisions. This decision was part of a broader strategy to stabilize the company's operational framework.
CASI Pharmaceuticals, Inc. reported that they dosed the first patient in a Phase 1/2 trial of CID-103, targeting antibody-mediated rejection (AMR) in organ transplant patients in China. Additionally, they completed enrollment in the dose-escalation part of the ongoing Phase 1/2 study for immune thrombocytopenia (ITP). However, the full efficacy and safety of CID-103 are still under investigation, and the outcome remains uncertain.
For the first half of 2026, CASI reported revenues of $9.8 million, a decrease of 5.8% from $10.4 million in the same period in the previous year. The decline was attributed to a product transition affecting sales. The net loss for the same period was $20.0 million, which was lower than the $24.1 million loss reported in the first half of 2025. While expenses have decreased in certain areas, the overall financial situation indicates ongoing challenges.
CASI Pharmaceuticals was delisted from Nasdaq on February 26, 2026, due to not meeting continued listing requirements. Subsequently, the company's ordinary shares began quoting on the OTCQB market under the ticker CASIF on April 14, 2026. This transition reflects a significant shift in trading venues which may impact the visibility and liquidity of the shares.
CASI Pharmaceuticals faces several risks including ongoing operating losses that raise doubts about its ability to continue as a going concern, potential volatility in share prices, challenges in securing funding, execution of its business strategy on a global scale, and uncertainties in clinical trial outcomes. These factors could lead to significant impacts on its operational capabilities and financial performance.
As of June 30, 2026, CASI Pharmaceuticals had a total of 20,555,873 outstanding shares. The number of shares can influence investor perception and the overall market capitalization of the company.
In the first half of 2026, CASI Pharmaceuticals reported research and development expenses of $2.3 million, a 37.8% decrease compared to $3.7 million in the same period last year. This reduction was primarily due to decreased clinical studies costs and lower labour costs, indicating a possible shift in resource allocation or project focus.
Dr. Wei-Wu He has taken on the role of principal executive officer while continuing to serve as Executive Chairman of CASI Pharmaceuticals. Leadership changes can significantly influence a company’s strategic direction and operational effectiveness.
CID-103 is a clinical-stage anti-CD38 monoclonal antibody being developed for treating antibody-mediated rejection (AMR) in organ transplants and autoimmune diseases. While it has shown promise in preclinical stages, the final outcomes will depend on the success of ongoing clinical trials.