CASI Pharmaceuticals Inc. (NASDAQ:CASI) announced Tuesday that its shares will be removed from trading on the Nasdaq Stock Market at the opening of business on Wednesday, February 26, 2026. The stock closed Tuesday at $0.76, near its 52-week low of $0.74, following a sharp 67% decline over the past six months.
The clinical-stage biopharmaceutical company said it received a determination letter from Nasdaq’s Hearings Panel dated February 23, 2026, confirming the decision to delist its securities due to failure to meet continued listing requirements. According to the company’s press release, CASI does not plan to appeal or request further review of the ruling.
Trading in the company’s shares will be suspended when markets open Wednesday, with the delisting process to proceed under standard regulatory procedures.
Following removal from Nasdaq, CASI expects its ordinary shares to be quoted on the over-the-counter market operated by OTC Markets Group Inc. However, the company cautioned there is no assurance that a broker will maintain a market in the shares or that trading activity will continue on an OTC platform.
CASI stated that the delisting is not expected to materially affect its business operations. The company currently has a market capitalization of approximately $16.4 million but faces financial challenges, including a current ratio of 0.3 and a “WEAK” financial health rating. InvestingPro analysis, which provides valuation metrics and Fair Value estimates across more than 1,400 U.S.-listed companies, suggests the shares may be undervalued at present levels.
The company’s primary development focus is CID-103, an anti-CD38 monoclonal antibody being studied for organ transplant rejection and autoimmune diseases. CASI has received regulatory clearance for a Phase 1/2 clinical trial in China and a U.S. Phase 1 investigational new drug application targeting adults with chronic active renal allograft antibody-mediated rejection. Patient enrollment is also ongoing for a Phase 1 study evaluating CID-103 in immune thrombocytopenia.
In related developments, CASI recently secured approval from China’s National Medical Products Administration to conduct a Phase 1/2 clinical trial of CID-103 for chronic active renal allograft antibody-mediated rejection, aimed at assessing safety, tolerability and treatment efficacy.
The company also obtained a $20 million investment from ETP Global III Fund LP to support development of CID-103, including work on a subcutaneous formulation and advancement of its China-based clinical program. Interim positive data from a Phase 1 immune thrombocytopenia study were presented at the American Society of Hematology Annual Meeting.
Previously, CASI had been granted an extension by Nasdaq’s Hearings Panel allowing continued listing through February 17, 2026, to meet the Market Value of Listed Securities requirement of at least $35 million. The company said these milestones reflect ongoing progress across its clinical pipeline despite the delisting outcome.