CASI Pharmaceuticals (CASI) AI Stock Analysis

• Market Cap: $16.73M
• Dividend Yield: N/A
• Average Volume (3M): 219.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: 26.20%
• EPS Growth: -42.26%
• Country: US
• Employees: 233
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.68
• Shares Outstanding: 15,492,681
• 10 Day Avg. Volume: 60,876
• 30 Day Avg. Volume: 219,829
• PEG Ratio: -0.04
• Price to Book (P/B): 23.45
• Price to Sales (P/S): 1.52
• P/FCF Ratio: -1.47
• Enterprise Value/Market Cap: 1.81
• Enterprise Value/Revenue: 1.13
• Enterprise Value/Gross Profit: 3.15
• Enterprise Value/Ebitda: -0.73
• 1Y Price Target: $4.00
• Price Target Upside: 277.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $1.00 ▼(-5.66% Downside)

The score is primarily weighed down by poor financial performance (declining revenue, ongoing losses, negative and worsening free cash flow, and very high leverage). Technicals are somewhat improved in the short term but remain weak versus longer-term trend levels, while valuation is difficult to support due to negative earnings and no dividend yield data.

Positive Factors

Secured $20M convertible financing

A $20M convertible note deal provides multi-month runway to fund a Phase 1 renal AMR study in China and formulation work. This financing materially reduces near-term funding stress and enables continued clinical progress, sustaining the company's development trajectory.

Positive Phase 1 CID-103 interim data

Interim Phase 1 results showing a 73% primary endpoint rate and manageable safety provide clinical proof-of-concept for CID-103. This de-risks the asset, supports expansion into autoimmune and transplant indications, and underpins potential longer-term commercial opportunities.

Strengthened board leadership

Appointing James Huang, with cross-border growth and financing experience, boosts governance and strategic capacity. Strong leadership with fundraising and commercialization experience can improve execution on clinical programs and transactions critical for biotech scaling.

Negative Factors

Sustained revenue decline

Two-year revenue decline signals weakening commercial traction and pressures gross margins and operating leverage. Lower and shrinking top-line constrains reinvestment into R&D and commercialization, making the company more reliant on financing to sustain clinical development.

Very high leverage

A debt-to-equity ratio near 12 indicates elevated solvency risk for a loss-making biotech. High leverage limits strategic optionality, increases interest burden, and raises refinancing and covenant risks, undermining financial flexibility during lengthy clinical development timelines.

Persistently negative and worsening free cash flow

Ongoing negative operating and free cash flow indicate structural cash burn that financing must continually cover. Reliance on debt/equity financings increases dilution and refinancing risk, challenging long-term sustainability until programs reach value-inflecting clinical or commercial milestones.

CASI Pharmaceuticals Business Overview & Revenue Model

Company Description

CASI Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in China, the United States, and internationally. It offers EVOMELA, an intravenous formulation of melphalan for use as a conditioning treatment prior to stem cell transplantation, and as a palliative treatment for patients with multiple myeloma. The company's product pipeline includes CNCT19, an autologous CD19 CAR-T investigative product for the treatment of patients with B-cell acute lymphoblastic leukemia (B-ALL) and B-cell non-Hodgkin lymphoma (B-NHL); BI-1206 that is in Phase I/II trial in combination with anti-PD1 therapy Keytruda for solid tumors, and in a Phase I/IIa trial in combination with MabThera (rituximab) in patients with relapsed/refractory NHL; and CB-5339, which is in Phase I clinical trial for acute myeloid leukemia and myelodysplastic syndrome. Its product pipeline also comprises CID-103 for the treatment of patients with multiple myeloma; Thiotepa, which has multiple indications including use as a conditioning treatment for various allogeneic haemopoietic stem cell transplants; and Octreotide long acting injectable formulations for the treatment of acromegaly and for the control of symptoms associated with various neuroendocrine tumors. The company has licensing agreements with Juventas Cell Therapy Ltd; BioInvent International AB; Black Belt Therapeutics Limited; and Cleave Therapeutics, Inc. It also has distribution agreements with China Resources Pharmaceutical Commercial Group International Trading Co., Ltd; Pharmathen Global BV; and Riemser Pharma GmbH. The company was formerly known as EntreMed, Inc. and changed its name to CASI Pharmaceuticals, Inc. in June 2014. CASI Pharmaceuticals, Inc. was incorporated in 1991 and is based in Rockville, Maryland.

How the Company Makes Money

CASI Pharmaceuticals generates revenue primarily through the commercialization of its pharmaceutical products, including sales from its oncology therapies. The company may also earn income through licensing agreements, partnerships, and collaborations with larger pharmaceutical firms, which can involve upfront payments, milestone payments, and royalties on sales. Additionally, CASI may receive funding from research grants or investment capital to support its clinical development programs. Significant partnerships, particularly those that enhance its product pipeline or expand its market reach, can also contribute to its overall earnings.

CASI Pharmaceuticals Financial Statement Overview

Summary

CASI Pharmaceuticals faces significant financial challenges with declining revenue, negative profit margins, high leverage, and consistently negative cash flows. These factors contribute to a weak financial performance.

Income Statement

CASI Pharmaceuticals has experienced a consistent decline in total revenue, from $43.1M in 2022 to $28.5M in 2024, indicating a negative revenue growth trend. The company also has negative EBIT and net income, leading to negative profit margins. These factors contribute to a weak income statement performance.

Balance Sheet

The balance sheet shows high leverage with a debt-to-equity ratio increasing to 11.96 in 2024, indicating significant financial risk. Stockholders' equity has drastically decreased over the years. However, the company maintains a significant portion of its assets in cash and cash equivalents, which provides some liquidity cushion.

Cash Flow

Cash flow from operations is consistently negative, leading to negative free cash flow. The company's free cash flow has deteriorated over time, growing more negative from $-26.7M in 2022 to $-29.5M in 2024. While financing activities have provided some cash inflow, this is not sustainable long-term. The operating cash flow to net income ratio is poor, reflecting inefficiencies in converting sales into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	26.85M	28.54M	33.88M	43.11M	30.17M	15.14M
Gross Profit	9.61M	11.15M	20.05M	27.28M	17.61M	5.63M
EBITDA	-41.37M	-34.87M	-21.54M	-24.07M	-33.40M	-31.35M
Net Income	-49.38M	-39.26M	-26.94M	-41.01M	-36.65M	-48.29M
Balance Sheet
Total Assets	24.46M	53.67M	75.27M	96.23M	138.30M	127.73M
Cash, Cash Equivalents and Short-Term Investments	4.68M	16.09M	30.77M	51.34M	48.57M	66.37M
Total Debt	18.86M	22.14M	21.24M	1.34M	4.33M	3.20M
Total Liabilities	53.05M	51.82M	51.10M	29.30M	30.34M	24.16M
Stockholders Equity	-28.59M	1.85M	24.16M	44.57M	84.50M	81.54M
Cash Flow
Free Cash Flow	0.00	-29.46M	-22.21M	-26.70M	-42.34M	-45.21M
Operating Cash Flow	0.00	-29.22M	-19.97M	-21.09M	-26.84M	-25.89M
Investing Cash Flow	0.00	11.24M	-9.67M	31.16M	-20.69M	-20.72M
Financing Cash Flow	0.00	15.43M	-907.00K	-3.27M	29.64M	47.15M

CASI Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.06
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CASI, the sentiment is Positive. The current price of 1.06 is above the 20-day moving average (MA) of 0.87, above the 50-day MA of 1.04, and below the 200-day MA of 1.61, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.09 is Neutral, neither overbought nor oversold. The STOCH value of 71.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CASI.

CASI Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CASI	46 Neutral	$16.73M	-0.33	―	―	26.20%	-42.26%
CRIS	45 Neutral	$11.83M	-0.24	―	―	13.56%	52.92%
MBRX	45 Neutral	$12.47M	-0.07	―	―	―	79.31%
GOVX	44 Neutral	$6.18M	-0.07	-377.44%	―	8.52%	79.51%
PULM	43 Neutral	$8.58M	-1.37	-79.47%	―	-99.97%	35.59%

CASI Pharmaceuticals Corporate Events

CASI Pharmaceuticals Closes First US$5 Million Tranche of Convertible Note Financing

On December 30, 2025, CASI Pharmaceuticals announced that it had closed the first tranche of a US$20 million convertible note financing, issuing a US$5 million note to ETP Global III Fund LP, a partnership controlled by Dr. Wei-Wu He. The three-year note carries a 12% annual interest rate and is convertible into CASI ordinary shares at a price based on the volume-weighted average trading price over a five-day period, subject to a cap of US$2 and a floor of US$1 per share, with conversion rights available to CASI at maturity and to the investor from the 91st day after issuance, providing the company with near-term funding flexibility while potentially diluting existing shareholders over time.

The most recent analyst rating on (CASI) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.

CASI Pharmaceuticals Wins Nasdaq Listing Extension to February 2026

On December 23, 2025, CASI Pharmaceuticals announced that a Nasdaq Hearings Panel granted the company an extension to remain listed on the Nasdaq Capital Market, provided it regains compliance with the Market Value of Listed Securities requirement by February 17, 2026. The extension, which follows an initial deficiency notice issued on May 5, 2025 and a prior grace period through November 3, 2025, temporarily halts any suspension of CASI’s securities while the company works to restore its market value above the $35 million threshold. The Panel’s decision took into account CASI’s recent strategic moves, including leadership changes, a renewed focus on executing development of CID-103, a convertible note financing, ongoing funding initiatives, and a planned divestiture of its China assets, signaling both operational restructuring and continued pressure to stabilize its financial and market position for investors and other stakeholders.

The most recent analyst rating on (CASI) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.

CASI Pharmaceuticals Secures $20 Million for Renal AMR Study

On December 11, 2025, CASI Pharmaceuticals announced a $20 million convertible note financing agreement with ETP Global III Fund LP to support a Phase 1 study in China for renal allograft antibody-mediated rejection (AMR). This investment, structured in tranches, will also aid in developing a stable, high concentration protein solution for subcutaneous formulation, potentially enhancing CASI’s market position in biopharmaceuticals. The financing reflects strategic growth efforts, although it involves risks such as market volatility and operational challenges.

The most recent analyst rating on (CASI) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.

CASI Pharmaceuticals Appoints James Huang as Non-Executive Chairman

On November 19, 2025, CASI Pharmaceuticals announced a significant change in its board governance with the appointment of James Huang as the Non-Executive Chairman of the Board, effective November 17, 2025. This move is part of a strategic effort to enhance governance and drive growth, as Dr. Wei-Wu He steps down from the Executive Chairman role but remains on the board. The appointment reflects confidence in Huang’s vision and leadership as the company advances its CID-103 development, particularly in addressing organ transplant rejection. This governance change is expected to align with shareholder interests and sustain the company’s long-term success.

The most recent analyst rating on (CASI) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.

CASI Pharmaceuticals Reports Q3 2025 Results Amid Nasdaq Delisting Appeal

On November 14, 2025, CASI Pharmaceuticals announced its third-quarter 2025 business and financial results, highlighting ongoing advancements in its CID-103 clinical program. The company is preparing for a Phase 1 study in the U.S. for renal allograft antibody-mediated rejection (AMR) and is conducting a Phase 1 study for immune thrombocytopenia (ITP). Financially, CASI reported a 60% decrease in revenue to $3.1 million compared to the previous year, primarily due to changes in the distribution agreement for EVOMELA®. The company also faced a net loss increase to $10.9 million and received a Nasdaq delisting determination due to non-compliance with market value requirements, which it is appealing.

The most recent analyst rating on (CASI) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.

CASI Pharmaceuticals Appeals Nasdaq Delisting Determination

CASI Pharmaceuticals announced that it received a delisting determination from Nasdaq due to its market value of listed securities falling below the minimum requirement for an extended period. The company has appealed the decision and is working on a compliance plan to maintain its Nasdaq listing, which is crucial for its operations and investor confidence.

The most recent analyst rating on (CASI) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on CASI Pharmaceuticals stock, see the CASI Stock Forecast page.