CASI Pharmaceuticals, Inc.: management transactions · United States · SEC (Form 4)

About CASI Pharmaceuticals, Inc.

CASI Pharmaceuticals, Inc. is a U.S.-based biopharmaceutical company listed on NASDAQ, with its ordinary shares later beginning to trade on the OTCQB market under the ticker CASIF after Nasdaq delisting proceedings announced in February 2026. The company is headquartered in South San Francisco, California, while also maintaining offices in Beijing, China, plus manufacturing and R&D capabilities in Wuxi. That footprint reflects a long-standing cross-border operating model spanning the United States and Greater China. CASI was incorporated in 1991, giving it a long corporate history even though its strategy has evolved materially over time. Today, the company is best understood as a clinical-stage biotech focused on CID-103, an investigational anti-CD38 monoclonal antibody being developed for organ transplant rejection and autoimmune diseases. This is a meaningful strategic pivot from CASI’s earlier emphasis on the development and commercialization of hematology and oncology products. Historically, the company built a China-oriented commercialization platform and has been associated with specialty products such as EVOMELA, a melphalan formulation for injection, alongside other oncology and hematology assets. Its earlier model combined product licensing, regulatory execution, and local commercialization capabilities in China, which differentiated it from many U.S. micro- and small-cap biotechs. From a competitive standpoint, CASI occupies a niche position rather than competing as a broad-based pharmaceutical company. Its investment case is centered on a small number of assets, especially CID-103, where the company is pursuing a differentiated mechanism in areas of high unmet medical need. CASI’s messaging emphasizes that antibody-mediated rejection remains a major problem in kidney transplantation and that there is currently no FDA-approved treatment for AMR, underscoring the potential clinical and commercial significance if development succeeds. That said, the company remains highly dependent on execution, funding, and clinical outcomes. Recent corporate developments have been material. In February 2026, CASI said it had received a Nasdaq Hearings Panel determination to delist the company’s securities, with trading suspension beginning February 26, 2026. In April 2026, the company disclosed that its shares had started trading on the OTCQB under CASIF. Earlier 2025 updates also highlighted ongoing development work and efforts to extend runway for clinical programs. For investors, especially those in France, Belgium, and Switzerland, CASI should be viewed as a high-risk, event-driven biotech story with an international operating presence, a U.S. base, and a concentrated pipeline exposure to a single lead program.