CASI Pharmaceuticals Inc

NASDAQ:CASIUnited States

Mar 28, 2024

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• Press Release: CASI PHARMACEUTICALS ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 BUSINESS AND FINANCIAL RESULTS, from 7:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  7:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: CASI

• CASI PHARMACEUTICALS ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 BUSINESS AND FINANCIAL RESULTS, from 7:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  7:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: CASI
  Additional paid-in capital 695,785 691,766 Treasury shares, at cost: 411,952 shares and 275,834 shares held at December 31, 2023 and December 31, 2022, respectively (9,604) (9,330) Accumulated other comprehensive loss (1,200) (703) Accumulated deficit (660,817) (637,160) --------------- --------------- Total shareholders' equity 24,165 44,574 --------------- --------------- Total liabilities, redeemable noncontrolling interest and shareholders' equity $ 75,268 $ 96,234 =============== =============== CASI Pharmaceuticals, Inc. Consolidated Statements of Operations and Comprehensive Loss (In USD thousands, except share and per share data) Year Ended December 31, ------------------------------------- 2023 2022 2021 ----------- ----------- ----------- Revenues: Product sales $ 33,879 $ 38,047 $ 30,020 Sublicensing revenue from a related party -- 5,000 -- Lease income from a related party -- 60 148 ---------- ---------- ---------- Total revenues 33,879 43,107 30,168 Total costs of revenues 13,827 15,827 12,557 Gross Profit 20,052 27,280 17,611 Operating expenses: Research and development 9,861 15,996 14,422 General and administrative 25,387 23,449 23,701 Selling and marketing 16,450 14,326 14,705 Other operating income (6,366) -- -- Acquired in-process research and development -- -- 6,555 Loss on disposal of long-lived assets -- 2,058 65 Foreign exchange gain (200) (3,241) (321) Impairment of intangible assets -- 8,724 -- ---------- ---------- ---------- Total operating expenses 45,132 61,312 59,127 Loss from operations (25,080) (34,032) (41,516) Non-operating income (expense): Interest income, net 614 127 321 Other income 764 44 558 Change in fair value of investments (581) (8,895) 5,660 Gain from sale of an equity investment -- 5,325 -- Impairment loss of long-term investments (2,009) -- (865) ---------- ---------- ---------- Loss before income tax benefit (expense) and share of net loss in an equity investee (26,292) (37,431) (35,842) Income tax benefit (expense) 81 (1,980) -- ---------- ---------- ---------- Net loss before share of net loss in an equity investee (26,211) (39,411) (35,842) Share of net loss in an equity investee (48) (846) -- ---------- ---------- ---------- Net loss (26,259) (40,257) (35,842) Less:Loss attributable to redeemable noncontrolling interest (2,602) (8,740) (700) Accretion to redeemable noncontrolling interest redemption value 3,281 9,497 1,512 Deemed dividends to Wuxi LP 22 -- -- ---------- ---------- ---------- Net loss attributable to CASI Pharmaceuticals, Inc. $ (26,960) $ (41,014) $ (36,654) Net loss per share (basic and diluted) $ (2.02) $ (3.01) $ (2.69) Weighted average number of ordinary shares outstanding (basic and diluted) 13,360,185 13,647,455 13,610,441 Comprehensive loss: Net loss $ (26,259) $ (40,257) $ (35,842) Foreign currency translation adjustment (1,118) (4,513) 1,977 Total comprehensive loss $ (27,377) $ (44,770) $ (33,865) Less: Comprehensive loss attributable to redeemable noncontrolling interest (3,223) (10,596) (88) Comprehensive loss attributable to ordinary shareholders $ (24,154) $ (34,174) $ (33,777)