[SCHEDULE 13G/A] CASI Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Panacea Venture Healthcare Fund II, L.P., its GP and parent entities, and Managing Partner James Huang filed Amendment No. 6 to Schedule 13G for CASI Pharmaceuticals (ticker: CASI) as of 30 Jun 2025.

The group reports beneficial ownership of 2,161,571 ordinary shares, equal to 13.8 % of the 15,506,348 shares outstanding. Of this, the fund holds 2,050,000 shares (13.2 %), while Huang controls options for 111,571 shares that are currently exercisable. Voting and dispositive power over the fund’s shares are shared among the Cayman-registered entities; Huang has sole power over his option shares.

The filers certify the stake was not acquired to influence control. No purchase prices or transaction dates beyond the record date are provided; the amendment chiefly refreshes ownership percentages and organizational details.

Insights

Securities Analyst

TL;DR (24 words)

13G amendment shows Panacea fund & James Huang own 13.8 % of CASI, confirming continued institutional presence but no strategic intent declared.

Detail: The filing signals stable, significant backing from a life-sciences-focused fund. While the stake size may provide support for future capital raises, the absence of activist language suggests neutral impact on governance and near-term share price. Liquidity could tighten due to the concentrated block, yet no lock-up or sale plans are disclosed.

Corporate Governance Expert

TL;DR (25 words)

Disclosure updates beneficial ownership; large Cayman-based fund plus insider options hold 13.8 %. No control ambitions stated, so governance implications remain limited.

The layered ownership structure—LP, GP, holding company—places ultimate control with Huang. Despite aggregated voting power, the 13G (vs. 13D) filing type and explicit certification reduce concerns of an imminent control contest. Investors should still monitor any future switch to a 13D or additional share accumulation as potential governance catalysts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

CASI Pharmaceuticals, Inc.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G1933S101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G1933S101

1

Names of Reporting Persons

Panacea Venture Healthcare Fund II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,050,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G1933S101

1

Names of Reporting Persons

Panacea Venture Healthcare Fund II GP Company, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,050,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G1933S101

1

Names of Reporting Persons

Panacea Innovation Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,050,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G1933S101

1

Names of Reporting Persons

James Huang

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 111,571.00
6	Shared Voting Power 2,050,000.00
7	Sole Dispositive Power 111,571.00
8	Shared Dispositive Power 2,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,161,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CASI Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 1701-1702, China Central Office Tower 1, No. 81 Jianguo Road, Chaoyang District, Beijing, China 100025.
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: Panacea Venture Healthcare Fund II, L.P. Panacea Venture Healthcare Fund II GP Company, Ltd. Panacea Innovation Limited James Huang
(b)	Address or principal business office or, if none, residence: The business address of each of the Reporting Persons is c/o Maples Corporate Services Limited, Ugland House, Grand Cayman KY1-1104, Cayman Islands.
(c)	Citizenship: Mr. Huang is a citizen of the Republic of China. The remaining Reporting Persons are organized under the laws of the Cayman Islands.
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G1933S101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages to this Schedule 13G is incorporated into this Item 4. The ownership information presented herein represents beneficial ownership of Ordinary Shares as of the date of this filing, based upon 15,506,348 Ordinary Shares outstanding as of June 20, 2025. Panacea Venture Healthcare Fund II, L.P. is the record holder of 2,050,000 Ordinary Shares. James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd., which is the general partner of Panacea Venture Healthcare Fund II, L.P. As a result, each of the Reporting Persons may be deemed to share beneficial ownership of the Ordinary Shares held of record by Panacea Venture Healthcare Fund II, L.P., but each disclaims such beneficial ownership. In addition, Mr. Huang holds options to purchase 111,571 Ordinary Shares that are currently exercisable.
(b)	Percent of class: See Item 11 of each of the cover pages hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each of the cover pages hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each of the cover pages hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each of the cover pages hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each of the cover pages hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Panacea Venture Healthcare Fund II, L.P.

Signature:	By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang
Name/Title:	James Huang, Founding Managing Partner
Date:	07/23/2025

Panacea Venture Healthcare Fund II GP Company, Ltd.

Signature:	By: Panacea Innovation Limited, its sole owner, /s/ James Huang
Name/Title:	James Huang, Founding Managing Partner
Date:	07/23/2025

Panacea Innovation Limited

Signature:	/s/ James Huang
Name/Title:	James Huang, Founding Managing Partner
Date:	07/23/2025

James Huang

Signature:	/s/ James Huang
Name/Title:	James Huang
Date:	07/23/2025