On August 11, 2023 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported financial results for the quarter ended June 30, 2023 (Press release, CASI Pharmaceuticals, AUG 11, 2023, View Source [SID1234634289]).

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Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, "We are pleased to report $9.8 million sales revenue for the second quarter of 2023. This is a 15% increase compared to the same period last year and an 18% of increase from the first quarter of 2023."

Dr. He continued, "Advancement, development, and commercialization of the portfolio remains our strategic focus. We have achieved a major milestone with our partner Juventas Biotechnology (Tianjin) Co., Ltd. ("Juventas") on the CNCT-19 CAR-T Cell therapy. CNCT-19’s New Drug Application (NDA) was accepted by National Medical Products Administration (NMPA) in December 2022. We are now diligently preparing for the anticipated CNCT-19 launch in China. We are advancing the clinical development of BI-1206 in combination with rituximab and presently undertaking the enrollment of patients for the second cohort of the phase I trial in China. We are transitioning the development of CID-103 into China for the malignant hematology indications. In addition, we acquired global rights for CB-5339 from Cleave Therapeutics in July. On August 1st, we announced the transfer of license of Folotyn in China from Mundipharma International Corporation Limited, Mundipharma Medical Company, and Acrotech Biopharma Inc.. We continue to advance our portfolio by executing on several milestones as well as bringing in new potential opportunities for synergy in the quarters ahead."

Second Quarter 2023 Financial Highlights

Revenue was $9.8 million for the three months ended June 30, 2023, compared to $8.6 million for the three months ended June 30, 2022.
Costs of revenues were $4.0 million for the three months ended June 30, 2023, compared to $3.6 million for the three months ended June 30, 2022.
Research and development expenses for the three months ended June 30, 2023 were $2.6 million, compared with $3.9 million for the three months ended June 30, 2022.
General and administrative expenses for the three months ended June 30, 2023 were $7.7 million, compared with $5.5 million for the three months ended June 30, 2022. The increase was mainly attributable to the $2.2 million share-based compensation expenses allocated to general and administrative expenses related to the Company’s modification to certain share options granted under the 2011 Long-term Incentive Plan and 2021 Long-term Incentive Plan.
Selling and marketing expenses for the three months ended June 30, 2023 were $4.8 million, compared with $3.4 million for the three months ended June 30, 2022. The increase was mainly attributable to travel and conference expenses incurred for our commercial activities.
As of June 30, 2023, CASI had cash, cash equivalents and short-term investments of $36.8 million.