CASI Pharmaceuticals Receives the Delisting Decision From the Nasdaq Hearings Panel
Rhea-AI Summary
CASI Pharmaceuticals (NASDAQ:CASI) received a determination letter from the Nasdaq Hearings Panel dated February 23, 2026, notifying the company that the Panel determined to delist CASI securities for failure to meet continued listing conditions.
The company said its securities will be suspended at the open of business on February 26, 2026, and delisted after completion of applicable processes; CASI does not intend to request a review. The company expects its shares may trade on the OTC market, but noted there is no guarantee a market maker or continued trading will exist. CASI stated the delisting will have no significant impact on operations.
Positive
- Delisting decision announced without claimed operational impact
- Company expects ordinary shares may be quoted on the OTC market
Negative
- Securities suspended from trading at open on February 26, 2026
- Nasdaq Hearings Panel determined to delist CASI securities
- No appeal planned: company does not intend to request a review
- No guarantee a broker will continue to make a market in shares
News Market Reaction – CASI
On the day this news was published, CASI declined 74.06%, reflecting a significant negative market reaction. Argus tracked a peak move of +98.0% during that session. Argus tracked a trough of -47.5% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $47M from the company's valuation, bringing the market cap to $16M at that time. Trading volume was exceptionally heavy at 174.4x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CASI showed a 5.71% gain while close peers were mixed: ANTX -0.96%, LSB -20.62%, ESLA flat, KLTO +3.37%, XLO +2.11%. Momentum scanner only flagged KAPA (+6.77%), reinforcing a stock-specific setup.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 15 | Clinical trial approval | Positive | +2.0% | China NMPA approved Phase 1/2 trial of CID-103 in renal AMR. |
| Jan 12 | Clinical data & proposal | Positive | -1.8% | Positive CID-103 ITP Phase 1 data and preliminary acquisition proposal details. |
| Dec 23 | Nasdaq extension | Positive | -5.9% | Nasdaq granted extension to regain MVLS compliance and reviewed strategic steps. |
| Dec 11 | Convertible note financing | Positive | +10.8% | Up to $20M convertible note deal to fund CID-103 development initiatives. |
| Dec 08 | Clinical data update | Positive | -3.1% | Interim CID-103 ITP Phase 1 results presented at ASH with strong response rates. |
Across the last 5 largely positive announcements, CASI saw price gains after 2 events and declines after 3, indicating inconsistent reactions to favorable news.
Over recent months, CASI combined clinical and financing milestones with listing challenges. Positive CID-103 Phase 1 data and NMPA approval for a Phase 1/2 AMR trial were followed by mixed price moves. Nasdaq listing pressure appeared earlier when CASI obtained an extension to regain compliance and arranged up to $20 million in convertible note financing. The current delisting decision follows this prior extension and highlights that listing risk had been building despite clinical progress.
Market Pulse Summary
The stock dropped -74.1% in the session following this news. A negative reaction despite the company stating that delisting would not significantly affect operations would have fit its history of inconsistent responses to news. Earlier, CASI often declined after positive clinical or listing-related updates, suggesting sensitivity to perceived risk over fundamentals. The move from Nasdaq to OTC trading, combined with prior MVLS non-compliance, underscored structural and liquidity concerns that could weigh on sentiment regardless of CID-103’s development progress.
Key Terms
monoclonal antibody medical
over the counter financial
otc markets group inc. financial
AI-generated analysis. Not financial advice.
SOUTH SAN FRANCISCO, CA / ACCESS Newswire / February 25, 2026 / CASI Pharmaceuticals, Inc. (NASDAQ:CASI), a clinical-stage biopharmaceutical company focused on developing CID-103, a potential best-in-class, anti-CD38 monoclonal antibody for patients with organ transplant rejection and autoimmune diseases, today announced that it has received a determination letter from the Hearings Panel (the "Panel") of The Nasdaq Stock Market ("Nasdaq") dated February 23, 2026, notifying the Company that the Panel determined to delist the Company's securities from Nasdaq, due to the Company's failure to satisfy the continued listing conditions as previously disclosed. As a result, the Company securities will be suspended from trading at the open of business on February 26, 2026, and delisted from Nasdaq after the completion of certain applicable process. The Company does not intend to request a review of such decision.
Following the delisting, the Company expects that its ordinary shares will be quoted on the "over the counter" market operated by OTC Markets Group Inc. (the "OTC") so that a trading market may continue to exist for its ordinary shares. There is no guarantee, however, that a broker will continue to make a market in the ordinary shares and that trading of the ordinary shares will continue on an OTC market or otherwise.
The delisting from Nasdaq will have no significant impact on the Company's operations.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is a public biopharmaceutical company developing CID-103, an anti-CD38 monoclonal antibody for organ transplant rejection and autoimmune diseases.
CID-103 is a fully human IgG1, potentially best-in-class, clinical stage, anti-CD38 monoclonal antibody that targets a unique epitope and has demonstrated an encouraging pre-clinical efficacy and clinical safety profile compared to other anti-CD38 monoclonal antibodies, and for which CASI owns exclusive global rights. CASI has received regulatory approvals of a Chinese Phase 1 / 2 CTA and a U.S. Phase 1 IND in adults with chronic active renal allograft antibody-mediated rejection (AMR). In parallel, CASI is actively recruiting and dosing patients in an ongoing Phase 1 study in immune thrombocytopenia (ITP). In addition, CASI is assessing multiple technologies for development of a stable, high-concentration protein solution for subcutaneous injection.
More information on CASI is available at www.casipharmaceuticals.com.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided herein is as of the date of this announcement, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. We caution readers not to place undue reliance on any forward-looking statements contained herein.
INVESTOR CONTACT:
Larry Zhang
240-205-5475
larryz@casipharmaceuticals.com
SOURCE: CASI Pharmaceuticals, Inc.
View the original press release on ACCESS Newswire
FAQ
What did Nasdaq decide about CASI (NASDAQ:CASI) on February 23, 2026?
Will CASI (NASDAQ:CASI) shares trade after the February 26, 2026 suspension?
Does CASI (NASDAQ:CASI) plan to appeal the Nasdaq delisting decision?
How will the Nasdaq delisting affect CASI (NASDAQ:CASI) operations and investors?
