CASI Pharmaceuticals, Inc. (NASDAQ:CASI) received a Nasdaq Hearings Panel extension that allows the company to remain listed until February 17 2026 while it works to meet the $35 million Market Value of Listed Securities (MVLS) requirement. The panel granted the extension on December 23 2025, giving CASI a 55‑day window to raise additional capital or otherwise increase its market value.
The extension follows a series of capital‑strengthening moves: the appointment of David Cory as CEO in July 2025, the addition of James Huang as non‑executive chairman on November 17 2025, a convertible note purchase agreement for up to $20 million announced on December 11 2025, and a divestiture of China assets announced on May 12 2025. These actions aim to improve liquidity and focus the company’s resources on its lead clinical asset, CID‑103, an anti‑CD38 monoclonal antibody for organ transplant rejection.
CASI’s Q3 2025 results show revenue of $3.1 million, a 60% decline year‑over‑year, and a net loss of $10.9 million. The revenue drop reflects the return of the oncology drug EVOMELA and the company’s shift away from legacy products, underscoring the urgency of raising capital to fund clinical development and meet the MVLS threshold.
The Nasdaq panel’s decision provides a temporary reprieve, but the company must raise sufficient capital or increase market value by February 17 2026 or face delisting to the OTC market, which would likely erode liquidity and shareholder value. The extension is therefore a critical lifeline that allows CASI to continue trading while it pursues financing and advances CID‑103.
Investors reacted positively to the extension, reflecting relief that the immediate delisting threat was removed. However, the company’s financial fragility remains a concern, and the ability to secure additional funding will be pivotal for sustaining its clinical program and maintaining market presence.
Analysts forecast that CASI could achieve profitability in 2025 with an EPS of $0.54, but revenue is projected to decline 53% for the fiscal year, highlighting the challenge of balancing clinical development costs with limited revenue streams.
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