SCHEDULE 13G/A 0001573160 XXXXXXXX LIVE 6 Ordinary Shares 06/30/2025 0001962738 CASI Pharmaceuticals, Inc. G1933S101 1701-1702, China Central Office Tower 1 No. 81 Jianguo Road, Chaoyang District Beijing F4 100025 Rule 13d-1(c) Panacea Venture Healthcare Fund II, L.P. E9 0 2050000 0 2050000 2050000 N 13.2 PN Panacea Venture Healthcare Fund II GP Company, Ltd. E9 0 2050000 0 2050000 2050000 N 13.2 CO Panacea Innovation Limited E9 0 2050000 0 2050000 2050000 N 13.2 CO James Huang F4 111571 2050000 111571 2050000 2161571 N 13.8 IN CASI Pharmaceuticals, Inc. 1701-1702, China Central Office Tower 1, No. 81 Jianguo Road, Chaoyang District, Beijing, China 100025. 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 The business address of each of the Reporting Persons is c/o Maples Corporate Services Limited, Ugland House, Grand Cayman KY1-1104, Cayman Islands. Mr. Huang is a citizen of the Republic of China. The remaining Reporting Persons are organized under the laws of the Cayman Islands. Y 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. See Item 11 of each of the cover pages hereto. See Item 5 of each of the cover pages hereto. See Item 6 of each of the cover pages hereto. See Item 7 of each of the cover pages hereto. See Item 8 of each of the cover pages hereto. Y Y Y Y Y N 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. Panacea Venture Healthcare Fund II, L.P. By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang 07/23/2025 Panacea Venture Healthcare Fund II GP Company, Ltd. By: Panacea Innovation Limited, its sole owner, /s/ James Huang 07/23/2025 Panacea Innovation Limited /s/ James Huang 07/23/2025 James Huang /s/ James Huang 07/23/2025