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what it is
CASI develops and sells cancer and immune-disease medicines in China, the U.S., and other markets.
how it gets paid
Last year Casi Pharmaceuticals made $29M in revenue. Hematology oncology therapeutics was the main engine at $14M, or 48% of sales.
what just happened
FY2024 revenue was $29M, while EPS came in at -$2.56.
At a glance
C balance sheet — red flag territory — real financial stress
60/100 earnings predictability — reasonably predictable
-$2.56 fy2024 eps est
$29M fy2024 rev est
n/a operating margin
xvary composite: 27/100 — weak
What they do
CASI develops and sells cancer and immune-disease medicines in China, the U.S., and other markets.
CASI has 233 employees and a China-based operating setup. That matters because approvals and sales sit in the same bottleneck. Your A vs. B is $29M of revenue versus a -138.8% operating margin, which means the company loses $1.39 for every $1 of sales.
How they make money
$29M
annual revenue
Hematology oncology therapeutics
$14M
Organ transplant rejection therapies
$7M
Autoimmune disease therapies
$4M
Other therapeutics
$4M
The products that matter
anti-CD38 antibody candidate
CID-103
lead pipeline asset
for a company worth roughly $3M, this asset carries most of the upside narrative. if development disappoints, the pipeline story gets very small very fast.
clinical optionality
sells oncology therapeutics
Commercial Portfolio
$26.8M · 92.4% of tracked revenue
this is the business paying the current bills, and it just fell 60.5%. if that decline continues, the company loses the one operating engine it has.
shrinking core
ancillary revenue streams
Other Revenue
$2.2M · 7.6% of tracked revenue
it exists, but it is too small to offset a $26.8M commercial base that is falling apart. same business. very different scale.
too small to matter
Key numbers
$3M
Market cap
You are looking at a $3M equity tied to $29M of annual revenue. That gap is the market saying execution is the whole story.
$29M
Revenue
This is the top line. It is the only thing standing between the stock and pure speculation.
n/a
Op margin
Prior margin KPI failed sanity check — verify in filings. For every $1 of sales, about $1.39 disappears before interest and taxes.
39.1%
Gross margin
After direct production costs, $0.39 remains from each dollar. The company still leaks it below that line.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CASIF right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FY2024 revenue was $29M, while EPS came in at -$2.56.
EPS stayed negative in all four FY2024 quarters: -0.70, -0.52, -0.55, and -0.79. Gross margin was 39.1%, but operating margin was -138.8%.
$29.0M
revenue
-$2.56
eps
39.1%
gross margin
the number that mattered
The -138.8% operating margin says the company lost $1.39 for every $1 of revenue.
source: and EDGAR, 2024
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What could go wrong
the #1 risk is cash exhaustion before CID-103 creates value.
med
cash exhaustion
Cash covers only 0.25x debt, and the company posted a $49.4M trailing net loss. That is a funding gap, not just a weak quarter.
If new capital comes in at distressed prices, existing shareholders absorb dilution while still carrying clinical risk.
med
commercial revenue collapse
The $26.8M Commercial Oncology segment is 92.4% of tracked revenue, and it fell 60.5%. When your core business breaks, everything downstream gets harder.
Another large decline would pressure almost the entire revenue base at once.
med
binary pipeline risk
CID-103 carries most of the upside narrative for a company worth roughly $3M. Drug development does not grade on effort.
A delay or disappointing update leaves you with a shrinking commercial business and very little strategic room.
With 92.4% of tracked revenue tied to a business that fell 60.5%, CASIF does not have a second engine.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 and full-year 2025 earnings
March 26, 2026 is the next hard checkpoint. You want updated cash burn, revenue trend, and any financing commentary in one place.
balance sheet
capital raise terms
A company with 0.25 cash-to-debt usually needs outside capital. The question is not whether money is needed. It's what price shareholders pay for it.
trend
commercial oncology stabilization
The current drop is 60.5%. If that starts easing, the business gets breathing room. If it does not, the balance-sheet clock speeds up.
pipeline
CID-103 development updates
At this size, one asset can dominate the whole story. You are watching for concrete progress, not just hopeful language.
Analyst rankings
earnings predictability
60 / 100
in human-speak, analysts can model this business only so far because the operating base is unstable.
price stability
5 / 100
this stock does not trade like a steady compounding business. it trades like a stressed micro-cap with event risk.
source: institutional data
Institutional activity
institutional ownership data for CASIF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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