On May 14, 2024 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a Cayman incorporated biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported financial results for the three months ended March 31, 2024 (Press release, CASI Pharmaceuticals, MAY 14, 2024, View Source [SID1234643266]).

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In the first quarter of 2024, CASI’s total revenue was $3.4 million. Total revenue decreased by 59% compared to the same period in 2023. This decline can be attributed to several factors: increasing competition from a generic melphalan product with lower cost and undifferentiated formulation, implementation of an inventory management strategy by the distributor of EVOMELA and restructuring of the sales force. CASI’s commercial and medical marketing team remain committed to executing a strategic plan and defending our market leadership position for EVOMELA. Furthermore, CASI has successfully launched its second commercial product, FOLOTYN, and administered the first patient dose in China in February. We will continue to spend time, resources, and efforts to grow our commercial franchise throughout 2024 and beyond.

Advancement, development, and commercialization of the pipelines remain our strategic focus. We continue to make progress on the development of BI-1206 in China. The early clinical data from the ongoing Phase I trial in China has demonstrated promising preliminary results for patients with relapsed/refractory non-Hodgkin lymphoma. We submitted an Investigational New Drug Application (IND) to the US Food and Drug Administration (FDA) for CID-103 on immune thrombocytopenia (ITP) in April of 2024. We are excited to initiate clinical development for autoimmune indications of this program in the US. CB-5339 received Clinical Trial Application approval from the NMPA in 2023. With respect to Inaticabtagene Autoleucel (CNCT-19 CAR-T cell therapy), we have received an emergency injunctive relief that prohibits Juventas from commercializing CNCT-19 by itself or through another third party, and while continuing to vigorously assert and enforce our rights with respect to the commercial launch of CNCT-19, we intend to negotiate with Juventas in good faith the temporary arrangement for new patients’ access to CNCT-19 treatment. We will continue to drive our portfolio forward by executing on several milestones in the quarters ahead.

First Quarter 2024 Financial Highlights

Total revenue was $3.4 million for the three months ended March 31, 2024, compared to $8.3 million for the three months ended March 31, 2023.

Costs of revenues were $1.6 million for the three months ended March 31, 2024, compared to $3.4 million for the three months ended March 31, 2023. The decrease was in line with the decrease of revenues.

Research and development expenses for the three months ended March 31, 2024, were $2.5 million, compared with $2.5 million for the three months ended March 31, 2023.

General and administrative expenses for the three months ended March 31, 2024, were $4.8 million, compared with $5.7 million for the three months ended March 31, 2023.

Selling and marketing expenses for the three months ended March 31, 2024, were $3.7 million, compared with $4.0 million for the three months ended March 31, 2023.

Net loss for the three months ended March 31, 2024, were $9.5 million, compared with $5.8 million for the three months ended March 31, 2023. The expanding of net loss was mainly attributed to the decrease in revenues.

As of March 31, 2024, CASI had cash, cash equivalents and short term investments of $18.2 million compared to $29.1 million as of December 31, 2023.

Further information regarding the Company, including its Quarterly Report for the quarter ended March 31, 2024, can be found at www.casipharmaceuticals.com.