CASI Pharmaceuticals Reports Q3 2024 Financial Results and Clinical Trial Advancements in China

CASI Pharmaceuticals Reports Q3 2024 Financial Results and Clinical Trial Advancements in China

CASI Pharmaceuticals, Inc. (Nasdaq:CASI) (“CASI” or the “Company”), a biopharmaceutical entity based in the Cayman Islands, actively engaged in the creation and market introduction of groundbreaking therapeutics and pharmaceutical solutions, today announced significant business advancements and financial outcomes for the quarter ending September 30, 2024.

Dr. Wei-Wu He, Chairman and CEO of CASI, expressed enthusiasm over the milestones achieved, stating, “The third quarter of 2024 signifies a critical juncture for CASI as we persist in honing our strategic direction, primarily emphasizing the development of treatments for organ transplant rejection and various autoimmune disorders. Notably, we have recently received the green light from the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) for our Clinical Trial Application (CTA) to initiate a phase 1/2 clinical study of CID-103 targeting patients suffering from chronic Immune Thrombocytopenia (ITP) within China. This pivotal trial is an integral aspect of our larger global study, which had earlier garnered approval from the U.S. FDA in May. Additionally, we are advancing steadily towards submitting the Investigational New Drug (IND) application aimed at addressing Antibody-Mediated Rejection (AMR) in renal allograft patients in the U.S.

Third Quarter 2024 Financial Highlights

Total revenue was $7.8 million for the three months ended September 30, 2024. This marks a 12% decline compared to the $8.8 million generated during the same timeframe in 2023 while illustrating a remarkable 96% increase from the preceding quarter, which reported $4 million in revenue.

Costs of revenues totaled $3.7 million during the three months ending September 30, 2024, a slight rise from $3.6 million in the comparable quarter of 2023 and significantly up from $1.9 million recorded in the second quarter of 2024.

Research and development expenses for this quarter stood at $1.5 million, a decrease from $2.4 million in the same period last year, and slightly increased from $1.3 million in the previous quarter. The previous year’s R&D expenses included amortization associated with a generic portfolio that was subsequently written off.

General and administrative expenses amounted to $5.7 million for the three months ended September 30, 2024, showing a minor increase compared to $5.5 million during the same period in 2023, and a slight decrease from $5.9 million in the second quarter of 2024.

Selling and marketing expenses for the quarter reached $4.9 million, which indicates a significant increase from $2.5 million in the corresponding quarter of the previous year and an uptick from $4.4 million in the preceding quarter.

Net loss for the three months ending September 30, 2024, was reported at $8.4 million, a stark increase from a net loss of $4.5 million in the same period of 2023, and slightly worse than the $7.0 million loss recorded in the preceding quarter.

Recent Development for Certain Litigation

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc. is committed to innovating and commercializing transformative therapeutics and pharmaceutical solutions across China, the United States, and globally. The company focuses on not just acquiring, but also developing products that emphasize hematology oncology treatments and addressing unmet medical needs in organ transplant rejection and autoimmune diseases. Through strategic execution of its business plan, CASI aims to establish itself as a leader in the Greater China market by leveraging its regulatory expertise based in China alongside its adeptness in global drug development. The company’s operations in China are effectively managed by its wholly owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., situated in Beijing. For further insights into CASI’s operations and goals, visit www.casipharmaceuticals.com.

CASI Forward-Looking Statements:

EVOMELA® and FOLOTYN® are proprietary to Acrotech Biopharma Inc. and its respective affiliates.

COMPANY CONTACT:

Rui Zhang
CASI Pharmaceuticals, Inc.
240.864.2643
[email protected]

Financial Table Follows

CASI Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In USD thousands, except share and per share data)

ASSETS

Current assets:

Cash and cash equivalents

$

16,537

$

17,083

Investment in equity securities, at fair value

4,277

1,675

Short term investments

12,011

Accounts receivable

10,116

9,551

Amounts due from related parties

1,027

587

Inventories

12,925

15,877

Prepaid expenses and other

2,270

2,560

Total current assets

47,152

59,344

Long-term investments

2,246

1,686

Property, plant and equipment, net

8,488

9,241

Intangible assets, net

1,117

1,839

Right of use assets

3,911

2,392

Other assets

702

766

Total assets

$

63,616

$

75,268

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

1,764

$

4,438

Accrued and other current liabilities

12,975

12,288

Total current liabilities

14,739

16,726

Long term borrowing

19,123

18,895

Other liabilities

15,907

15,482

Total liabilities

49,769

51,103

Commitments and contingencies

Shareholders’ equity:

Ordinary shares

2

1

Treasury shares

(9,604

)

(9,604

)

Subscription Receivable

(1,975

)

Additional paid-in capital

712,597

695,785

Accumulated other comprehensive loss

(1,468

)

(1,200

)

Accumulated deficit

(685,705

)

(660,817

)

Total shareholders’ equity

13,847

24,165

Total liabilities and shareholders’ equity

$

63,616

$

75,268

CASI Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)

Three months ended

Nine months ended

September 30,

2024

September 30,

2023

September 30,

2024

September 30,

2023

Revenues

7,793

8,838

15,181

27,005

Costs of revenues

3,748

3,648

7,263

11,012

Gross profit

4,045

5,190

7,918

15,993

Operating expenses:

Research and development

1,521

2,399

5,251

7,547

General and administrative

5,701

5,521

16,456

18,967

Selling and marketing

4,908

2,518

13,069

11,300

Other operating income

(1,306

)

Gain on disposal of intangible assets

(500

)

Foreign exchange loss (gain)

379

(153

)

349

(168

)

Total operating expense

12,509

10,285

34,625

36,340

Loss from operations

(8,464

)

(5,095

)

(26,707

)

(20,347

)

Non-operating income (expense):

Interest (expense) income, net

(61

)

161

(177

)

502

Other (expense) income, net

(5

)

473

171

513

Changes in fair value of investments

1,251

10

2,941

(1,068

)

Loss before income tax expense and share of net loss in an equity investee

(7,279

)

(4,451

)

(23,772

)

(20,400

)

Income tax benefit

80

Share of net loss in an equity investee

(1,116

)

(15

)

(1,116

)

(47

)

Net loss

(8,395

)

(4,466

)

(24,888

)

(20,367

)

Weighted average number of ordinary shares outstanding (basic and diluted)

15,294,393

13,378,175

14,069,746

13,354,123

Net loss per share (basic and diluted)

(0.55

)

(0.35

)

(1.77

)

(1.56

)

Comprehensive loss:

Net loss

(8,395

)

(4,466

)

(24,888

)

(20,367

)

Foreign currency translation adjustment

(48

)

(171

)

(268

)

(2,150

)

Total comprehensive loss

(8,443

)

(4,637

)

(25,156

)

(22,517

)

Less: comprehensive loss attributable to redeemable noncontrolling interest

(746

)

(3,094

)

Comprehensive loss attributable to ordinary shareholders

(8,443

)

(3,891

)

(25,156

)

(19,423

)

SOURCE: CASI Pharmaceuticals

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CASI ⁢Pharmaceuticals, Inc.
240.864.2643
[email protected]

Financial Table Follows

CASI Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance ⁢Sheets
(In USD thousands, except share and per share⁣ data)

ASSETS
Current assets:
Cash and cash ⁤equivalents $ 16,537 $ 17,083
Investment in‍ equity securities, at fair value 4,277 1,675
Short⁤ term investments 12,011
Accounts receivable 10,116 9,551
Amounts due from⁣ related parties 1,027 587
Inventories 12,925 15,877
Prepaid expenses and other 2,270 2,560
Total current assets 47,152 59,344
Long-term investments 2,246 1,686
Property, ‌plant and equipment, ​net 8,488 9,241
Intangible assets,​ net 1,117 1,839
Right of‌ use assets 3,911 2,392
Other assets 702 766
Total assets $⁢ 63,616 $‍ 75,268
LIABILITIES AND SHAREHOLDERS’ ⁢EQUITY
Current ⁣liabilities:
Accounts payable $ 1,764 $ ⁣4,438
Accrued and other current liabilities 12,975 12,288
Total ​current liabilities 14,739 16,726
Long term borrowing 19,123 18,895
Other liabilities 15,907 15,482
Total liabilities 49,769 51,103
Commitments and contingencies
Shareholders’ equity:
Ordinary shares 2 1
Treasury shares (9,604) (9,604)
Subscription Receivable (1,975)
Additional paid-in capital 712,597 695,785
Accumulated other comprehensive loss (1,468) (1,200)
Accumulated deficit (685,705) (660,817)
Total shareholders’ equity 13,847 24,165
Total liabilities and shareholders’ equity $ 63,616 $‍ 75,268

CASI Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Statements of⁣ Operations and Comprehensive‌ Loss
(In thousands, except share and per share data)

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Three months⁣ ended Nine months ended
September‍ 30, 2024 September 30, 2023 September ⁣30, ‌2024 September 30, 2023
Revenues 7,793 8,838 15,181 27,005
Costs of revenues 3,748 3,648 7,263 11,012
Gross⁢ profit 4,045 5,190 7,918 15,993
Operating ‌expenses:
Research and development 1,521 2,399 5,251 7,547
General ​and administrative 5,701 5,521 16,456 18,967
Selling ​and marketing 4,908 2,518 13,069 11,300
Other operating income (1,306)
Gain on disposal of intangible⁢ assets (500)