CASI Pharmaceuticals Inc. (CASI) shares surged 18.60% in after-hours on Friday, August 20, 2021, and closed the weekly trading at $1.53. In the regular trading session of Friday, CASI’s stock gained 4.88%. CASI shares have fallen 29.89% over the last 12 months, and they have moved down 1.53% in the past week. Over the past three months, the stock has lost 16.23%, while over the past six months, it has declined 52.92%.
Let’s have a brief look at its recent developments.
CASI recent financial results announcement
On Aug. 12, 2021, CASI Pharmaceuticals, Inc. (CASI) reported financial results for the second quarter of 2021.
Q2 2021 financial highlights
- CASI reported revenue of $7.1 million for Q2 2021 compared to 6 million for the three months ended June 30, 2020.
- Costs of revenues were $2.9 million for Q2 2021 compared to $2.5 million for Q2 2020.
- General and administrative expenses were $5.4 million in Q2 2021 compared with $4.1 million in Q2 2020.
- Selling and marketing expenses were $3.4 million in Q2 2021 compared with $1.6 million for the three months ended June 30, 2020.
- R&D expenses were $1.06 million for Q2 2021 compared to $0 million for the three months ended June 30, 2020.
- It suffered a net loss of $6.7 million in Q2 2021 compared to $8.5 million in Q2 2020.
- CASI had cash and cash equivalents of $60.4 million compared to $57.1 million as of December 31, 2020, on June 30, 2021.
Dosing Of First Patient with CID-103
On June 10, 2021, CASI Pharmaceuticals, Inc. announced First-Patient-In in the Phase 1 dose-escalation and expansion study of CID-103, an investigational novel anti-CD38 monoclonal antibody, in patients with previously treated, relapsed or refractory multiple myeloma. The study is designed to assess the safety, tolerability, pharmacology and clinical activity of CID-103.
CASI’s Chairman and Chief Executive Officer, Wei-Wu He, Ph.D., said that CID-103 has previously shown encouraging preclinical efficacy. This Phase 1 trial will generate valuable information and has the potential to provide early evidence of clinical activity in the treatment of multiple myeloma.
CASI participation in the investor conference
CASI Pharmaceuticals, Inc participated in Jefferies Virtual Healthcare Conference, which was held on Friday, June 4, 2021. The company was presented by its chairman and Chief Executive Officer, Dr. Wei-Wu He.
Conclusion
Well, as of this writing, there is no recent news or development that could be linked with its recent performance on Friday.
