CASI PHARMACEUTICALS ANNOUNCES SECOND QUARTER 2023 BUSINESS AND FINANCIAL UPDATES
Wei-Wu He, Ph.D., CASI's Chairman and Chief Executive Officer, commented, "We are pleased to report
Dr. He continued, "Advancement, development, and commercialization of the portfolio remains our strategic focus. We have achieved a major milestone with our partner Juventas Biotechnology (
Second Quarter 2023 Financial Highlights
- Revenue was
for the three months ended June 30, 2023, compared to$9.8 million for the three months ended June 30, 2022.$8.6 million - Costs of revenues were
for the three months ended June 30, 2023, compared to$4.0 million for the three months ended June 30, 2022.$3.6 million - Research and development expenses for the three months ended June 30, 2023 were
, compared with$2.6 million for the three months ended June 30, 2022.$3.9 million - General and administrative expenses for the three months ended June 30, 2023 were
, compared with$7.7 million for the three months ended June 30, 2022. The increase was mainly attributable to the$5.5 million share-based compensation expenses allocated to general and administrative expenses related to the Company's modification to certain share options granted under the 2011 Long-term Incentive Plan and 2021 Long-term Incentive Plan.$2.2 million - Selling and marketing expenses for the three months ended June 30, 2023 were
, compared with$4.8 million for the three months ended June 30, 2022. The increase was mainly attributable to travel and conference expenses incurred for our commercial activities.$3.4 million - As of June 30, 2023, CASI had cash, cash equivalents and short-term investments of
.$36.8 million
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, strategies, expectations, and goals. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed. Actual results could differ materially from those currently anticipated due to a number of factors, including: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on The Nasdaq Capital Market; the volatility in the market price of our ordinary shares; the risk of substantial dilution of existing shareholders in future share issuances; the difficulty of executing our business strategy in
EVOMELA® is proprietary to Acrotech Biopharma Inc. and its affiliates. FOLOTYN® is proprietary to Mundipharma International Corporation Limited and its affiliates.
COMPANY CONTACT:
Rui Zhang
CASI Pharmaceuticals, Inc.
Phone: 240.864.2643
Email: ir@casipharmaceuticals.com
CASI Pharmaceuticals, Inc. | ||
Unaudited Condensed Consolidated Balance Sheets | ||
(In thousands, except share and per share data) | ||
June 30, 2023 | December 31, 2022 | |
Current assets: | ||
Cash and cash equivalents | 16,915 | 47,112 |
Short-term investments | 19,851 | 1,462 |
Investment in equity securities, at fair value | 2,028 | 2,763 |
Accounts receivable | 12,529 | 12,973 |
Inventories | 7,767 | 6,138 |
Prepaid expenses and other | 1,914 | 2,975 |
Total current assets | 61,004 | 73,423 |
Term deposit, non current | - | 3,065 |
Property and equipment, net | 10,122 | 11,831 |
Intangible assets, net | 537 | 1,063 |
Long-term investments | 3,636 | 4,398 |
Right of use assets | 1,368 | 1,398 |
Other assets | 1,207 | 1,056 |
Total assets | 77,874 | 96,234 |
Current liabilities: | ||
Accounts payable | 2,374 | 3,289 |
Accrued and other current liabilities | 9,533 | 11,816 |
Income tax payable | - | 1,900 |
Total current liabilities | 11,907 | 17,005 |
Other liabilities | 12,124 | 12,297 |
Total liabilities | 24,031 | 29,302 |
Redeemable noncontrolling interest, at redemption value | 21,617 | 22,358 |
Shareholders' equity: | ||
Ordinary shares | 1 | 1 |
Additional paid-in capital | 695,224 | 691,766 |
Treasury shares | (9,604) | (9,330) |
Accumulated other comprehensive loss | (1,594) | (703) |
Accumulated deficit | (651,801) | (637,160) |
Total shareholders' equity | 32,226 | 44,574 |
Total liabilities, redeemable noncontrolling interest and shareholders' equity | 77,874 | 96,234 |
CASI Pharmaceuticals, Inc. | |||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||
(In thousands, except share and per share data) | |||||
Three months ended | Six months ended | ||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||
Revenues | |||||
Product sales | 9,820 | 8,550 | 18,167 | 17,575 | |
Lease income from a related party | - | 23 | - | 60 | |
Total revenues | 9,820 | 8,573 | 18,167 | 17,635 | |
Costs of revenues | 3,986 | 3,550 | 7,364 | 7,308 | |
Gross profit | 5,834 | 5,023 | 10,803 | 10,327 | |
Research and development | 2,614 | 3,851 | 5,148 | 7,843 | |
General and administrative | 7,701 | 5,520 | 13,446 | 10,845 | |
Selling and marketing | 4,820 | 3,398 | 8,782 | 6,675 | |
Foreign exchange loss (gain) | 44 | (1,355) | (15) | (1,688) | |
Total operating expense | 15,179 | 11,414 | 27,361 | 23,675 | |
Loss from operations | (9,345) | (6,391) | (16,558) | (13,348) | |
Interest income, net | 139 | 40 | 341 | 114 | |
Changes in fair value of investments | (938) | (1,153) | (1,078) | (2,708) | |
Other income | 89 | 11 | 1,426 | 49 | |
Net loss before share of net loss in an equity investee | (10,055) | (7,493) | (15,869) | (15,893) | |
Income tax expense | - | - | - | - | |
Share of net loss in an equity investee | (15) | - | (32) | - | |
Net loss | (10,070) | (7,493) | (15,901) | (15,893) | |
Less: loss attributable to redeemable noncontrolling interest | (593) | (548) | (1,260) | (965) | |
accretion to redeemable noncontrolling interest redemption value | 762 | 735 | 1,607 | 1,348 | |
Net loss attributable to CASI Pharmaceuticals, Inc. | (10,239) | (7,680) | (16,248) | (16,276) | |
Weighted average number of ordinary shares outstanding (basic and diluted) | 13,344,548 | 13,606,130 | 13,341,897 | 13,700,282 | |
Net loss per share (basic and diluted) | (0.77) | (0.56) | (1.22) | (1.19) | |
Comprehensive loss: | |||||
Net loss | (10,070) | (7,493) | (15,901) | (15,893) | |
Foreign currency translation adjustment | (2,177) | (3,541) | (1,979) | (3,293) | |
Total comprehensive loss | (12,247) | (11,034) | (17,880) | (19,186) | |
Less: comprehensive loss attributable to redeemable noncontrolling interest | (1,789) | (1,800) | (2,348) | (2,144) | |
Comprehensive loss attributable to ordinary shareholders | (10,458) | (9,234) | (15,532) | (17,042) |
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SOURCE CASI Pharmaceuticals, Inc.