CASI Pharmaceuticals, Inc. (NASDAQ:CASI) received a determination letter from the Nasdaq Hearings Panel on February 23, 2026, stating that the company will be delisted for failing to meet the exchange’s continued listing requirements. The panel’s decision means CASI’s securities will be suspended from trading at the open of business on February 26, 2026, and will be removed from the Nasdaq exchange once the required compliance process is complete. The delisting notice was triggered by the company’s market value falling below the $35 million threshold required for Nasdaq listing.
Prior financial statements reveal a sharp deterioration in CASI’s financial health. In the third quarter of 2025, the company reported revenue of $3.1 million, a 60 percent decline from $7.8 million in the same period a year earlier, and a net loss of $10.9 million versus $8.4 million in the prior year. Liquidity ratios are severely compressed, with a current ratio of 0.3 and a quick ratio of 0.24. Cash and cash equivalents stood at $4.7 million as of September 30, 2025, down from $13.5 million at the end of 2024. An Altman Z‑Score of –48.37 signals a very high probability of bankruptcy within the next two years.
CASI’s failure to meet Nasdaq’s listing rules is rooted in a prolonged compliance gap. The company was first notified on May 5, 2025, that its Market Value of Listed Securities (MVLS) had fallen below the $35 million threshold for 30 consecutive business days from March 20 to May 2, 2025. In addition to the MVLS requirement, CASI did not satisfy Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3). The company received extensions, most recently until February 17, 2026, but was unable to regain compliance by the extended deadline, leading to the current delisting determination.
CASI’s strategic focus remains on its single clinical asset, CID‑103, an anti‑CD38 monoclonal antibody for organ transplant rejection and autoimmune diseases. The program has received regulatory approvals for Phase 1/2 trials in the United States and China. CEO David Cory has emphasized the company’s commitment to advancing CID‑103, stating, "We are focused on capitalizing and advancing our CID‑103 clinical program in renal allograft antibody mediated rejection (AMR), first in the U.S. under an already approved IND, followed by China where a regulatory package has been accepted and is under review." He also noted, "We are looking forward to presenting results from the CID‑103 study in immune thrombocytopenia (ITP) at the ASH 2025 meeting."
The market reaction to the delisting decision has been sharply negative, reflecting concerns over CASI’s liquidity, limited access to capital markets, and the high risk of bankruptcy or asset sale. The company’s removal from Nasdaq will force a transition to the over‑the‑counter market, where trading liquidity is typically lower and price discovery less efficient. The delisting underscores the severity of CASI’s financial distress and signals a potential acceleration toward bankruptcy or a forced sale of remaining assets.
The delisting represents a critical juncture for CASI Pharmaceuticals. With its market value below the required threshold and a history of non‑compliance with Nasdaq’s listing rules, the company’s removal from the exchange will likely exacerbate liquidity challenges and restrict future capital‑raising opportunities. The focus on CID‑103 remains the sole potential revenue driver, but the company’s financial position and regulatory hurdles suggest that the likelihood of a successful turnaround is low, and bankruptcy or asset divestiture may become inevitable.
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