0001144204-18-044293.txt : 20180814 0001144204-18-044293.hdr.sgml : 20180814 20180814100146 ACCESSION NUMBER: 0001144204-18-044293 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASI Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0000895051 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 581959440 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20713 FILM NUMBER: 181014887 BUSINESS ADDRESS: STREET 1: 9620 MEDICAL CENTER DR STREET 2: STE 300 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 240-864-2600 MAIL ADDRESS: STREET 1: 9620 MEDICAL CENTER DR STREET 2: STE 300 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: ENTREMED INC DATE OF NAME CHANGE: 19960415 10-Q 1 tv500185_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

x         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2018

 

¨         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to _____________.

 

Commission file number 0-20713

 

CASI PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   58-1959440
(State or other jurisdiction of   (I.R.S. Employer Identification No.)
incorporation or organization)    

 

9620 Medical Center Drive, Suite 300

Rockville, Maryland

(Address of principal executive offices)

 

20850

(Zip code)

 

(240) 864-2600

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES x NO ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

YES x NO ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ¨   Accelerated filer ¨   Non-accelerated filer ¨  

Smaller reporting company þ

Emerging growth

company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

YES ¨ NO x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most recent practicable date.

 

Class   Outstanding at August 8, 2018
Common Stock $.01 Par Value   86,591,249

 

 

 

 

 

 

CASI PHARMACEUTICALS, INC.

 

Table of Contents

 

    PAGE
     
PART I. FINANCIAL INFORMATION  
     
Item 1 — Consolidated Financial Statements  
     
Condensed Consolidated Balance Sheets as of June 30, 2018 (unaudited) and December 31, 2017 4
     
Condensed Consolidated Statements of Operations and Comprehensive Loss for the  Three and Six Months Ended June 30, 2018 and 2017 (unaudited) 5
     
Condensed Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2018 (unaudited) 6
     
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (unaudited) 7
     
Notes to Condensed Consolidated Financial Statements (unaudited) 8
     
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
     
Item 3 — Quantitative and Qualitative Disclosures  About Market Risk 25
     
Item 4 — Controls and Procedures 25
     
Part II.  OTHER INFORMATION  
     
Item 1 — Legal Proceedings 25
     
Item 1A —   Risk Factors 26
     
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 26
     
Item 3 — Defaults Upon Senior Securities 26
     
Item 4 — Removed and Reserved 26
     
Item 5 — Other Information 26
     
Item 6 — Exhibits 26
     
EXHIBIT INDEX 27
   
SIGNATURES 28

 

 2 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements also may be included in other statements that we make. All statements that are not descriptions of historical facts are forward-looking statements. These statements can generally be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” or “anticipates” or similar terminology. These forward-looking statements include, among others, statements regarding the timing of our clinical trials, our cash position and future expenses, and our future revenues.

 

Our forward-looking statements are based on information available to us today, and we will not update these statements.

Actual results could differ materially from those currently anticipated due to a number of factors, including: risks relating to interests of our largest stockholders that differ from our other stockholders; the difficulty of executing our business strategy in China; the risk that we will not be able to effectively select, register and commercialize products from our recently acquired portfolio of abbreviated new drug applications (ANDAs);  our lack of experience in manufacturing products and uncertainty about our resources and capabilities to do so on a clinical or commercial scale; risks relating to the commercialization, if any, of our products and proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); our inability to predict when or if our product candidates will be approved for marketing by the China Food and Drug Administration authorities; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates; the volatility in the market price of our common stock; risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; risks associated with our product candidates; risks associated with any early-stage products under development;  risk that results in preclinical and early clinical models are not necessarily indicative of later clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; the lack of success in the clinical development of any of our products; and our dependence on third parties. Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition. We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition and results of operations, are contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), which are available at www.sec.gov.

 

 3 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

 

CASI Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

 

   June 30, 2018   December 31, 2017 
   (Unaudited)   (Note 1) 
ASSETS          
Current assets:          
Cash and cash equivalents  $66,215,678   $43,489,935 
Investments, at fair value   1,220,987    - 
Prepaid expenses and other   977,658    322,493 
Total current assets   68,414,323    43,812,428 
           
Property and equipment, net   1,617,053    1,046,514 
Other assets   221,923    242,023 
Intangible assets, net   17,457,631    - 
Total assets  $87,710,930   $45,100,965 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable  $2,089,680   $2,087,770 
Payable to related parties   -    2,228,366 
Accrued liabilities   544,803    745,961 
Total current liabilities   2,634,483    5,062,097 
           
Note payable, net of discount   1,499,108    1,498,754 
Other liabilities   55,195    - 
Total liabilities   4,188,786    6,560,851 
           
Commitments and contingencies          
           
Stockholders' equity:          
Preferred stock, $1.00 par value: 5,000,000 shares authorized and 0 shares issued and outstanding at June 30, 2018 and December 31, 2017   -    - 
Common stock, $.01 par value: 170,0000,000 shares authorized at June 30, 2018 and December 31, 2017; 86,589,032 shares and 69,901,625 shares issued at June 30, 2018 and December 31, 2017, respectively   865,890    699,015 
Common stock to be issued for 15,162 shares   56,858    - 
Additional paid-in capital   552,093,693    498,577,372 
Treasury stock, at cost: 79,545 shares held at June 30, 2018 and December 31, 2017   (8,034,244)   (8,034,244)
Accumulated other comprehensive loss   (539,642)   - 
Accumulated deficit   (460,920,411)   (452,702,029)
Total stockholders' equity   83,522,144    38,540,114 
Total liabilities and stockholders' equity  $87,710,930   $45,100,965 

 

See accompanying condensed notes.

 

 4 

 

 

CASI Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

   Three Months Ended   Six Months Ended 
   June 30, 2018   June 30, 2017   June 30, 2018   June 30, 2017 
Revenues:                    
Product sales  $-   $-   $-   $- 
                     
Costs and expenses:                    
Research and development   1,729,470    1,727,407    3,426,703    2,776,694 
General and administrative   4,042,347    691,422    5,345,469    1,335,585 
Acquired in-process research and development   -    -    686,998    - 
    5,771,817    2,418,829    9,459,170    4,112,279 
                     
Interest (income) expense, net   (13,072)   72    (19,801)   (70)
Other expense   101,038    -    11,325    - 
Change in fair value of contingent rights   -    (10,319)   -    (3,445)
                     
Net loss  $(5,859,783)  $(2,408,582)  $(9,450,694)  $(4,108,764)
                     
Net loss per share (basic and diluted)  $(0.07)  $(0.04)  $(0.12)  $(0.07)
Weighted average number of common shares outstanding (basic and diluted)   86,029,692    60,196,574    78,663,271    60,196,574 
                     
Comprehensive loss:                    
Net loss  $(5,859,783)  $(2,408,582)  $(9,450,694)  $(4,108,764)
Foreign currency translation adjustment   (1,066,893)   -    (539,642)   - 
Total comprehensive loss  $(6,926,676)  $(2,408,582)  $(9,990,336)  $(4,108,764)

 

See accompanying condensed notes.

 

 5 

 

 

CASI Pharmaceuticals, Inc.

Condensed Consolidated Statement of Stockholders’ Equity

(Unaudited)

 

                               Accumulated         
                       Additional   Common   Other         
   Preferred Stock   Common Stock   Treasury   Paid-in   Stock to   Comprehensive   Accumulated     
   Shares   Amount   Shares   Amount   Stock   Capital   Be Issued   Loss   Deficit   Total 
                                         
Balance at December 31, 2017   -   $-    69,822,080   $699,015   $(8,034,244)  $498,577,372        $-   $(452,702,029)  $38,540,114 
Cumulative effect adjustment due to the adoption of ASU 2016-01   -    -    -    -    -    -    -    -    1,232,312    1,232,312 
Issuance of common stock and warrants pursuant to financing agreements   -    -    15,575,339    155,753    -    50,334,463    -    -    -    50,490,216 
Issuance of common stock for options exercised   -    -    107,083    1,071    -    175,762    -    -    -    176,833 
Stock option grants surrendered   -    -    -    -    -    (54,284)   -    -    -    (54,284)
Issuance of common stock from exercise of warrants   -    -    1,004,985    10,051    -    1,893,627    -    -    -    1,903,678 
Common stock to be issued   -    -    -    -    -    -    56,858    -    -    56,858 
Stock issuance costs   -    -    -    -    -    (645,466)   -    -    -    (645,466)
Stock-based compensation expense   -    -    -    -    -    1,812,219    -    -    -    1,812,219 
Foreign currency translation adjustment   -    -    -    -    -    -    -    (539,642)   -    (539,642)
Net loss   -    -    -    -    -    -    -    -    (9,450,694)   (9,450,694)
                                                   
Balance at June 30, 2018   -   $-    86,509,487   $865,890   $(8,034,244)  $552,093,693   $56,858   $(539,642)  $(460,920,411)  $83,522,144 

 

See accompanying condensed notes.

 

 6 

 

 

CASI Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   Six Months Ended 
   June 30, 2018   June 30, 2017 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss  $(9,450,694)  $(4,108,764)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   141,717    37,918 
Amortization of intangible assets   597,354    - 
Stock-based compensation expense   1,812,219    350,565 
Acquired in-process research and development   686,998    - 
Unrealized loss on equity investment   11,325    -
Non-cash interest   354    3,738 
Change in fair value of contingent rights   -    (3,445)
Changes in operating assets and liabilities:          
Prepaid expenses and other   (221,861)   66,870 
Accounts payable   4,312    118,645 
Payable to related party   (2,228,366)   - 
Accrued liabilities   (134,695)   58,878 
Net cash used in operating activities   (8,781,337)   (3,475,595)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchases of property and equipment   (726,445)   (256,804)
Acquisition of Abbreviated New Drug Applications and related items   (19,171,956)   - 
Net cash used in investing activities   (19,898,401)   (256,804)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Stock issuance costs   (645,466)   - 
Proceeds from sale of common stock and warrants   50,490,216    - 
Proceeds from exercise of stock options   176,833    - 
Stock option grants surrendered to satisfy tax withholding obligations   (54,284)   - 
Proceeds from exercise of stock warrants   1,960,536    - 
Net cash provided by financing activities   51,927,835    - 
           
Effect of exchange rate changes on cash and cash equivalents   (522,354)   - 
Net increase (decrease) in cash and cash equivalents   22,725,743    (3,732,399)
Cash and cash equivalents at beginning of period   43,489,935    27,092,928 
Cash and cash equivalents at end of period  $66,215,678   $23,360,529 

 

See accompanying condensed notes.

 

 7 

 

 

CASI Pharmaceuticals, Inc.

Notes to Condensed Consolidated Financial Statements

June 30, 2018 (unaudited)

 

1.Basis of Presentation

 

The accompanying condensed consolidated financial statements include the accounts of CASI Pharmaceuticals, Inc. and its subsidiaries (“CASI” or “the Company”), Miikana Therapeutics, Inc. (“Miikana”) and CASI Pharmaceuticals (Beijing) Co., Ltd. (“CASI China”). The Company previously operated under a different name prior to restructuring its business in 2012 in connection with an investment led by one of the Company’s largest stockholders. CASI China is a non-stock Chinese entity with 100% of its interest owned by CASI. CASI China received approval for a business license from the Beijing Industry and Commercial Administration in August 2012 and has operating facilities in Beijing. All inter-company balances and transactions have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such condensed consolidated financial statements do not include all of the information and disclosures required by U.S. generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying December 31, 2017 financial information was derived from the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three and six month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other future period. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in its Form 10-K for the year ended December 31, 2017.

 

Liquidity Risks and Management’s Plans

 

Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $460.9 million. The Company restructured its business in 2012 in connection with an investment led by one of the Company’s largest stockholders, followed by implementation of a name change to reflect its core mission and business strategy. The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. In 2018, the Company entered into securities purchase agreements pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement (the “2018 Financing”). The 2018 Financing closing included an investment from ETP Global Fund, L.P., a healthcare investment fund. The managing member of Emerging Technology Partners, LLC, which is the general partner of ETP Global Fund, L.P., is also the Executive Chairman of the Company. The 2018 Financing also included an investment from IDG-Accel China Growth Fund III L.P. (“IDG-Accel Growth”) and IDG-Accel China III Investors L.P. (“IDG-Accel Investors”). A director and shareholder of IDG-Accel China Growth Fund GP III Associates Ltd., which is the ultimate general partner of IDG-Accel Growth and IDG-Accel Investors, is also a member of the Company’s Board of Directors. In October 2017, the Company entered into securities purchase agreements for an approximately $23.8 million strategic financing. The Company held its initial closing on October 17, 2017, a second closing on October 23, 2017 and a final closing on November 20, 2017 and received approximately $23.4 million in net proceeds (collectively, the “2017 Closings”). Net proceeds from the 2018 Financing and the 2017 Closings are being used to prepare for the anticipated launch of the Company’s first commercial product in China, to support the Company’s business development activities, to advance the development of the Company’s pipeline, to support its marketing and commercial planning activities, and for other general corporate purposes.

 

 8 

 

 

As a result of the 2018 Financing and 2017 Closings, the Company believes that it has sufficient resources to fund its operations at least through August 14, 2019. As of June 30, 2018, approximately $17.9 million of the Company’s cash balance was held by CASI China. The Company intends to continue to exercise tight controls over operating expenditures and will continue to pursue opportunities, as required, to raise additional capital and will also actively pursue non- or less-dilutive capital raising arrangements in China to support the Company’s dual-country approach to drug development.

 

2.Acquisition of Abbreviated New Drug Applications

 

On January 26, 2018, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Sandoz, Inc. (“Sandoz”). Pursuant to the Asset Purchase Agreement, the Company acquired a portfolio of 29 abbreviated new drug applications (“ANDAs”), including 25 ANDAs approved by the U.S. Food and Drug Administration (“FDA”) and four pipeline ANDAs that are pending FDA approval, limited quantities of certain active pharmaceutical ingredient (“API”), and certain manufacturing and other information related to the products (collectively, the ANDAs, API and other information are referred to as the “Acquired Assets”). To facilitate the sale and transition, the parties also entered into several limited term ancillary arrangements.

 

The Acquired Assets enhance the Company’s strategic focus to build a robust pipeline and commercialize quality drug candidates in China. The Company intends to select and commercialize certain products from the portfolio that have unique market and cost-effective manufacturing opportunities in China (and potentially in the U.S.).

 

The total purchase price for the Acquired Assets was $18.0 million in cash. The Company accounted for the purchase of the Acquired Assets as an asset acquisition (consisting of a concentrated group of similar identifiable assets, including ANDAs and API) following the guidance contained in Accounting Standards Update (“ASU”) 2017-01. The total purchase price, along with approximately $1.2 million of transaction expenses, was allocated to the Acquired Assets based on their relative fair values, as follows:

 

ANDAs  $18,608,000 
API   564,000 
Total value  $19,172,000 

 

Of the total value allocated to the ANDAs, approximately $553,000 was immediately expensed as acquired in-process research and development since the underlying ANDAs have not been approved by the FDA, and of the total value allocated to the API, approximately $134,000 was immediately expensed as acquired in-process research and development since the Company does not intend to use all of the API. The allocated cost of the capitalized ANDAs will be amortized over their estimated useful lives of 13 years. The capitalized API will be expensed in the period it is used or if its value is otherwise impaired.

 

The fair values of certain acquired ANDAs were estimated using the discounted cash flow method (an income approach), which involves the use of Level 3 inputs such as estimates for projected sales, expenses, and cash flows, estimates of total addressable markets and market penetration rates, future sales growth and inflation rates, expected income and value-added tax rates, and a required rate of return adjusted for both industry and Company-specific risks, among other inputs. The fair values of the remaining ANDAs were estimated using a multiple of values method (an income approach), which involved using Level 3 inputs such as estimated addressable markets and market penetration rates. The fair value of the API was estimated using Level 2 inputs, such as quoted market prices for similar API from various suppliers or other sources. The ANDAs will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable; no such triggering events were identified during the period from the date of acquisition to June 30, 2018.

 

 9 

 

 

3.Intangible Assets

 

Intangible assets were acquired as part of the 2018 asset acquisition from Sandoz and include ANDAs for a total of 25 previously marketed generic products. These intangible assets were originally recorded at relative fair values based on the purchase price for the asset acquisition and are stated net of accumulated amortization.

 

The ANDAs are being amortized over their estimated useful lives of 13 years, using the straight-line method. Management reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in a manner similar to that for property and equipment. No impairment losses related to intangible assets were recognized in the six months ended June 30, 2018.

 

As discussed in Note 2, in January 2018, the Company purchased the Acquired Assets from Sandoz for a total purchase price of $18.0 million. The total purchase price, along with transaction expenses of approximately $1.2 million, was allocated to the ANDAs and API acquired based on their relative fair values. Net finite-lived intangible assets at June 30, 2018 consists of the following:

 

Asset  Gross Value   Accumulated Amortization   Estimated useful lives
ANDAs  $18,054,985   $(597,354)  13 years

 

Expected future amortization expense is as follows for the years ending December 31:

 

2018 (remaining six months)  $694,421 
2019   1,388,845 
2020   1,388,845 
2021   1,388,845 
2022   1,388,845 
2023 and thereafter   11,207,830 

 

4.Foreign Currency Translation

 

The U.S. dollar is the reporting currency of the Company. Foreign currency denominated assets and liabilities of the Company and its foreign subsidiary are translated into U.S. dollars. Accordingly, assets and liabilities are translated using the exchange rates in effect at the consolidated balance sheet date and revenues and expenses at the rates of exchange prevailing when the transactions occurred, using an average periodic exchange rate. In 2017, remeasurement adjustments were included in income (loss). As discussed in Note 2, on January 26, 2018, the Company acquired a portfolio of ANDAs. Management believes that this transaction provides significant and permanent changes to its operations in China, and that it may allow its subsidiary in China to generate operating revenues from the China marketplace in the future and potentially sustain its own operations without the necessity of parent support. Accordingly, effective January 1, 2018, the functional currency of the Company’s subsidiary based in China has been changed to the local currency of the China Renminbi (“RMB”). The change in functional currency did not have a material impact on the consolidated financial statements.

 

Beginning January 1, 2018, translation gains and losses relating to the financial statements of the Company’s China subsidiary are included as accumulated other comprehensive loss in the accompanying Condensed Consolidated Balance Sheets.

 

 10 

 

 

5.Investments

 

The Company has an equity investment in the publicly traded common stock of a company. Beginning on January 1, 2018 with the adoption of ASU 2016-01, the Company’s investment in this equity security is considered a trading security and is carried at its estimated fair value, with changes in fair value reported in the statement of operations each reporting period.  The fair value of this security was measured using its quoted market price, a Level 1 input, and was approximately $1.2 million as of June 30, 2018.

 

In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, “Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The accounting standards primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, it includes a clarification related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018 and recorded a cumulative effect adjustment that decreased accumulated deficit by approximately $1.2 million. Effective January 1, 2018, the adoption date, changes in the fair value of the Company’s investments in equity securities are recognized in the statements of operations and comprehensive loss.

 

6.Inventories

 

Inventories consist of raw materials and are stated at the lower of cost or net realizable value. Cost is determined using an average cost method. The carrying value of raw materials inventory was approximately $430,000 as of June 30, 2018 and is included in “prepaid expenses and other assets” in the accompanying condensed consolidated balance sheets.

 

7.Research and Development

 

Research and development expenses consist primarily of compensation and other expenses related to research and development personnel, research collaborations, costs associated with pre-clinical testing and clinical trials of the Company’s product candidates, including the costs of manufacturing drug substance and drug product, regulatory maintenance costs, and facilities expenses, along with the amortization of acquired ANDAs. Research and development costs are expensed as incurred.

 

8.License Arrangements

 

The Company has certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. and certain of its affiliates (together referred to as “Spectrum”) to develop and commercialize the following commercial oncology drugs and drug candidates in the greater China region (which includes China, Taiwan, Hong Kong and Macau) (the “Territories”):

 

EVOMELA® (melphalan) for Injection (“EVOMELA”);

MARQIBO® (vinCRIStine sulfate LIPOSOME injection) (“MARQIBO”); and

ZEVALIN® (ibritumomab tiuxetan) (“ZEVALIN”).

 

CASI is responsible for developing and commercializing these three drugs in the Territories, including the submission of import drug registration applications and conducting confirmatory clinical trials as needed.

 

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The Company is in various stages of the regulatory and development process to obtain marketing approval for EVOMELA®, MARQIBO®, and ZEVALIN® in its territorial region, with ZEVALIN® commercially available in Hong Kong. In January 2016, the China Food and Drug Administration (CFDA) accepted for review the Company’s import drug registration application for MARQIBO® and has completed the quality testing phase of the regulatory process and is currently in technical review by Center for Drug Evaluation (CDE) of the CFDA as part of the regulatory process. On March 10, 2016, Spectrum received notification from the FDA of the grant of approval of its New Drug Application (NDA) for EVOMELA® primarily for use as a high-dose conditioning treatment prior to hematopoietic progenitor (stem) cell transplantation in patients with multiple myeloma. In December 2016, the CFDA accepted for review the Company’s import drug registration application for EVOMELA® and in 2017 has granted priority review of the import drug registration clinical trial application (CTA). EVOMELA® has completed the quality testing phase of the regulatory process, as well as the technical review by CDE of the CFDA, and was evaluated under a CFDA CDE Advisory Committee meeting held in the second quarter of 2018 followed by a series of standard questions from the CFDA related to EVOMELA® drug product production which usually reflects the final stage of CFDA assessment before approval based on the Import Drug Approval registration pathway. CASI is diligently working with Spectrum and their vendors to address the questions and submit the requested documents. In 2017, the CFDA accepted for review the Company’s import drug registration for ZEVALIN® including both the antibody kit and the radioactive Yttrium-90 component. ZEVALIN® is currently under the quality testing phase of the regulatory process by National Institute for Food and Drug Control (NIFDC) as well as the technical review by CDE of the CFDA.

 

9.Note Payable

 

As part of the license arrangements with Spectrum (see Note 8), the Company issued to Spectrum a $1.5 million 0.5% secured promissory note originally due March 17, 2016 which was subsequently amended and extended to September 17, 2019. All other terms remain the same. The promissory note was recorded initially at its fair value, giving rise to a discount of approximately $136,000; the promissory note is presented as note payable, net of discount in the accompanying condensed consolidated balance sheets. For the six months ended June 30, 2018 and 2017, the Company recognized $354 and $3,738 of non-cash interest expense, respectively, related to the amortization of the debt discount, using the effective interest rate method.

 

10.Stockholders’ Equity

 

Securities Purchase Agreements

 

As described in Note 1, in 2018, the Company entered into securities purchase agreements (the “Securities Purchase Agreements”) with certain institutional investors, accredited investors and current stockholders, pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement. The purchase price for each share of common stock and warrant was $3.24. The warrants will become exercisable on September 17, 2018 at a $3.69 per share exercise price and will expire on March 21, 2023. The fair value of the warrants issued is $15,062,000, or $2.44 per warrant, calculated using the Black-Scholes-Merton valuation model with a contractual life of 5 years, an assumed volatility of 75.4%, and a risk-free interest rate of 2.69%. The Securities Purchase Agreements and warrants each include additional customary representations, warranties and covenants. The Company filed a resale registration covering the shares of common stock issued and the shares of common stock underlying the warrants on Form S-3 (File No. 333-226206) which became effective on August 8, 2018.

 

Common Stock Sales Agreement

 

On February 23, 2018, the Company entered into a Common Stock Sales Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“HCW”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time, at its option, shares of the Company’s common stock through HCW, as sales agent, with an aggregate sales price of up to $25 million (the “Shares”).

 

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Any sales of Shares pursuant to the Sales Agreement will be made under the Company’s effective “shelf” registration statement (the “Registration Statement”) on Form S-3 (File No. 333-222046) which became effective on December 22, 2017 and the related prospectus supplement and the accompanying prospectus, as filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2018.

 

In March 2018, the Company issued 143,248 Shares under the Sales Agreement resulting in net proceeds to the Company of approximately $475,000. As of June 30, 2018, approximately $24.5 million remained available under the Sales Agreement.

 

11.Net Loss Per Share

 

Net loss per share (basic and diluted) was computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding. Outstanding stock options and warrants totaling 17,059,368 and 11,416,701 as of June 30, 2018, respectively, were anti-dilutive and, therefore, were not included in the computation of weighted average shares used in computing diluted loss per share.

 

12.Stock-Based Compensation and Warrants

 

The Company has adopted incentive and nonqualified stock option plans for executive, scientific and administrative personnel of the Company as well as outside directors and consultants. In June 2018, the Company’s stockholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares of common stock reserved for issuance from 14,230,000 to 20,230,000 to be available for grants and awards. As of June 30, 2018, there are 17,059,368 shares issuable under options previously granted and currently outstanding, with exercise prices ranging from $0.86 to $8.23. Options granted under the plans generally vest over periods varying from immediately to one to five years, are not transferable and generally expire ten years from the date of grant. As of June 30, 2018, 8,245,174 shares remained available for grant under the Company’s 2011 Long-Term Incentive Plan. On March 13, 2018, upon the recommendation of the Compensation Committee of the Board of Directors (the “Board”), the Board approved a grant of stock options to the Company’s Executive Chairman exercisable for 1 million shares of common stock that will vest and become exercisable on the first anniversary date of the grant. In addition, the Board approved the grant of a performance-based option covering 4 million shares of common stock that will vest if, within 18 months of the date of grant, specific operational and strategic milestones are achieved. Both grants were approved by the Company’s stockholders at the 2018 Annual Meeting of Stockholders.

 

The Company records compensation expense associated with stock options and other equity-based compensation in accordance with provisions of authoritative guidance. Compensation costs are recognized over the requisite service period, which is generally the option vesting term of up to five years. Awards with performance conditions will be expensed if it is probable that the performance condition will be achieved. There was no expense recorded for share awards with performance conditions during the six months ended June 30, 2018 and 2017.

 

The Company’s net loss for the six months ended June 30, 2018 and 2017 includes $1,812,219 and $350,565, respectively, of non-cash compensation expense related to the Company’s share-based compensation awards. The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:

 

   Six Month Period ended June 30, 
   2018   2017 
Research and development  $162,516   $171,326 
General and administrative   1,649,703    179,239 
Share-based compensation expense  $1,812,219   $350,565 
Net share-based compensation expense, per common share:          
Basic and diluted  $0.02   $0.01 

 

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The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of service based and performance-based stock options granted to employees. Option valuation models, including Black-Scholes-Merton, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. Following are the weighted-average assumptions used in valuing the stock options granted to employees during the six-month periods ended June 30, 2018 and 2017:

 

   Six Month Period ended June 30, 
   2018   2017 
Expected volatility   78.97%   78.34%
Risk free interest rate   2.79%   1.82%
Expected term of option   5.65 years    5.66 years 
Expected dividend yield   0.00%   0.00%

 

The weighted average fair value of stock options granted during the six-month periods ended June 30, 2018 and 2017 were $4.53 and $0.77, respectively.

 

A summary of the Company's stock option plans and of changes in options outstanding under the plans during the six-month period ended June 30, 2018 is as follows:

 

   Number of Options   Weighted Average
Exercise Price
 
Outstanding at January 1, 2018   11,585,315   $1.42 
Exercised   (115,283)  $1.53 
Granted   5,886,000   $3.47 
Expired   -   $- 
Forfeited   (296,664)  $1.67 
Outstanding at June 30, 2018   17,059,368   $2.13 
Exercisable at June 30, 2018   8,692,437   $1.56 

 

Cash received from option exercises under all share-based payment arrangements for the six months ended June 30, 2018 was $176,833. There were no option exercises during the six months ended June 30, 2017.

 

Warrants

 

Warrants issued generally expire after 2-5 years from the date of issuance. Stock warrant activity is as follows:

 

   Number of Warrants   Weighted Average
Exercise Price
 
Outstanding at January 1, 2018   6,264,016   $2.23 
Issued   6,172,832   $3.69 
Exercised   (1,020,147)  $1.92 
Expired   -   $- 
Outstanding at June 30, 2018   11,416,701   $3.05 
Exercisable at June 30, 2018   5,243,869   $2.29 

 

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Cash received from warrants exercised during the six months ended June 30, 2018 was $1,960,535. There were no warrants exercised during the six months ended June 30, 2017.

 

13.Income Taxes

 

At December 31, 2017, the Company had a $3.2 million unrecognized tax benefit. The Company recorded a full valuation allowance on the net deferred tax asset recognized in the consolidated financial statements as of December 31, 2017.

 

During the six months ended June 30, 2018, there were no material changes to the measurement of unrecognized tax benefits in various taxing jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.

 

The tax returns for all years in the Company’s major tax jurisdictions are not settled as of June 30, 2018. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.

 

14.Related Party Transactions

 

The Company has supply agreements with Spectrum for the purchase of EVOMELA®, MARQIBO®, and ZEVALIN® in China for quality testing purposes to support CASI’s application for import drug registration and for commercialization purposes. The former CEO of Spectrum and current board member of Spectrum is also a member of CASI’s Board. All amounts payable to Spectrum for material purchases have been paid as of June 30, 2018. There were no materials purchased from Spectrum for the six months ended June 30, 2018. In April and June 2017, under supply agreements with Spectrum, the Company received shipments of EVOMELA® and MARQIBO®, respectively, in China for quality testing purposes to support CASI’s application for import drug registration. The total cost of the materials was approximately $477,000 which is included in research and development expense for the six months ended June 30, 2017.

 

15.New Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact the Company’s consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 supersedes existing lease guidance, including Accounting Standards Codification (ASC) 840 - Leases. Among other things, the new standard requires recognition of a right-of-use asset and liability for future lease payments for contracts that meet the definition of a lease. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted. The standard must be applied using a modified retrospective approach. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements.

 

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In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805). The amendments in the update provide a screen to determine when a set is not a business. If the screen is not met, the amendments in the update (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. Lastly, the amendments in the update narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017; earlier adoption is permitted under certain criteria. The Company adopted this ASU on January 1, 2018. While this ASU did not have a material effect on the Company’s financial statements on the date of adoption, the Company did follow the new guidance in determining that its acquisition of ANDAs from Sandoz, Inc. in January 2018 was an asset acquisition. See Note 2.

 

In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2017-09 in the first quarter of 2018 and the adoption of this ASU did not have a material effect on the consolidated financial statements.

 

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company's financial position, results of operations or cash flows.

 

16.Commitments

 

In March 2018 and June 2018, the Company committed to purchase obligations for EVOMELA® from Spectrum for approximately $5.5 million and $2.7 million, respectively.

 

In April 2018, the Company entered into a lease agreement for office space in China that continues through April 2021. Future minimum lease payments are approximately $259,000 in 2018, $561,900 in 2019, $561,900 in 2020 and $140,500 in 2021.

 

In June 2018, the Company entered into a strategic partnering and contract manufacturing agreement with a manufacturing organization in China to assist with the initial technology transfer activities of two ANDA drugs for approximately $464,000, followed by manufacturing at supply prices to be agreed.

 

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

OVERVIEW

 

We are a U.S. based biopharmaceutical company dedicated to the development and delivery of high quality, cost-effective pharmaceutical products and innovative therapeutics to patients in the U.S., China and throughout the world. We intend to execute our plan to become a leading pharmaceutical company with a substantial market share in China. We are headquartered in Rockville, Maryland and have a wholly owned subsidiary and R&D operations in Beijing, China.

 

Our product pipeline features the following: (1) EVOMELA®, MARQIBO®, and ZEVALIN®, all U.S. FDA approved drugs in-licensed from Spectrum Pharmaceuticals, Inc. for China regional rights, and currently in various stages in the regulatory process for market approval in China, and (2) an acquired portfolio of 25 FDA-approved abbreviated new drug applications (“ANDAs”) and four pipeline ANDAs that are pending FDA approval, from which we will prioritize a select subset for product registration and commercialization in China. In addition to these advanced products, our pipeline includes a proprietary Phase 2 drug candidate, ENMD-2076, that the Company has determined not to pursue as a single agent and is exploring feasibility of combination as a clinical strategy, and also CASI-001 and CASI-002, proprietary early-stage candidates in immuno-oncology in preclinical development.

 

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We believe our pipeline reflects a risk-balanced approach between products in various stages of development, and between products that we develop ourselves and those that we develop with our partners for the China regional market. We intend to continue building a significant product pipeline of high quality, cost-effective pharmaceuticals, as well as innovative drug candidates that we will commercialize alone in China and with partners for the rest of the world. For in-licensed products, the Company uses a market-oriented approach to identify pharmaceutical candidates that it believes have the potential for gaining widespread market acceptance, either globally or in China, and for which development can be accelerated under the Company’s drug development strategy. For our FDA-approved ANDAs, we intend to select and commercialize certain products from the portfolio that offer unique market and cost-effective manufacturing opportunities in China and/or in the U.S.

 

Our primary research and development focus is to acquire high quality, cost-effective medicines, as well as to in-license clinical-stage and late-stage drug candidates so that we can immediately employ our U.S. and China drug development model to accelerate commercialization, and clinical and regulatory progress. In addition to our high quality, cost-effective medicines, and our clinical-and late-stage approach for innovative products, we have other potential drug candidates in preclinical development which we will continue to evaluate in 2018. The implementation of our plans will include leveraging our resources in both the United States and China. In order to capitalize on the drug development and capital resources available in China, we are doing business in China through our wholly-owned China-based subsidiary that will execute the China portion of our drug development strategy, including conducting clinical trials in China, pursuing local funding opportunities and strategic collaborations, and implementing our transition to a commercial enterprise.

 

Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $460.9 million.  The Company restructured its business in 2012 in connection with an investment led by one of the Company’s largest stockholders, followed by implementation of a name change to reflect its core mission and business strategy.  The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. In 2018, the Company entered into securities purchase agreements pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement (the “2018 Financing”). The 2018 Financing closing included an investment from ETP Global Fund, L.P., a healthcare investment fund. The managing member of Emerging Technology Partners, LLC, which is the general partner of ETP Global Fund, L.P., is also the Executive Chairman of the Company. The 2018 Financing also included an investment from IDG-Accel China Growth Fund III L.P. (“IDG-Accel Growth”) and IDG-Accel China III Investors L.P. (“IDG-Accel Investors”). A director and shareholder of IDG-Accel China Growth Fund GP III Associates Ltd., which is the ultimate general partner of IDG-Accel Growth and IDG-Accel Investors, is also a board member of the Company. In October 2017, the Company entered into securities purchase agreements for an approximately $23.8 million strategic financing. The Company held its initial closing on October 17, 2017, a second closing on October 23, 2017 and a final closing on November 20, 2017 (collectively, the “2017 Closings”) and received approximately $23.4 million in net proceeds. Net proceeds from the 2018 Financing and the 2017 Closings are being used to prepare for the anticipated launch of the Company’s first commercial product in China, to support the Company’s business development activities, to advance the development of the Company’s pipeline, support its marketing and commercial planning activities, and for other general corporate purposes.

 

As a result of the 2018 Financing and the 2017 Closings, the Company believes that it has sufficient resources to fund its operations at least through August 14, 2019. As of June 30, 2018, approximately $17.9 million of the Company’s cash balance was held by CASI China. We intend to continue to exercise tight controls over operating expenditures. In developing drug candidates, we intend to use and leverage resources available to us in both the United States and China. We intend to pursue additional financing opportunities as well as opportunities to raise capital through forms of non- or less-dilutive arrangements, such as partnerships and collaborations with organizations that have capabilities and/or products that are complementary to our capabilities and products in order to continue the development of our product candidates that we intend to pursue to commercialization.

 

Additional funds raised by issuing equity securities may result in dilution to existing stockholders.

 

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CRITICAL ACCOUNTING POLICIES AND THE USE OF ESTIMATES

 

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Our critical accounting policies, including the items in our financial statements requiring significant estimates and judgments, are as follows:

 

-Research and Development - Research and development expenses consist primarily of compensation and other expenses related to research and development personnel, research collaborations, costs associated with pre-clinical testing and clinical trials of the Company’s product candidates, including the costs of manufacturing drug substance and drug product, regulatory maintenance costs, and facilities expenses, along with the amortization of acquired ANDAs. Research and development costs are expensed as incurred.

 

-Expenses for Clinical Trials - Expenses for clinical trials are incurred from planning through patient enrollment to reporting of the data. We estimate expenses incurred for clinical trials that are in process based on patient enrollment and based on clinical data collection and management. Costs that are associated with patient enrollment are recognized as each patient in the clinical trial completes the enrollment process. Estimated clinical trial costs related to enrollment can vary based on numerous factors, including expected number of patients in trials, the number of patients that do not complete participation in a trial, and when a patient drops out of a trial. Costs that are based on clinical data collection and management are recognized in the reporting period in which services are provided. In the event of early termination of a clinical trial, we accrue an amount based on estimates of the remaining non-cancelable obligations associated with winding down the clinical trial.

 

-Stock-Based Compensation - All stock-based payment transactions are recognized in the consolidated financial statements at their fair values. Compensation expense associated with service and performance condition-based stock options and other equity-based compensation is recorded in accordance with provisions of authoritative guidance. The fair value of awards for which fair values are calculated using the Black-Scholes-Merton option pricing model is generally being amortized on a straight-line basis over the requisite service period and is recognized based on the proportionate amount of the requisite service period that has been rendered during each reporting period. Share-based awards granted to employees with a performance condition are measured based on the probable outcome of that performance condition during the requisite service period. Such an award with a performance condition will be expensed if it is probable that a performance condition will be achieved. There was no expense recorded for share awards with performance conditions during the six months ended June 30, 2018 and 2017. Using the straight-line expense attribution method over the requisite service period, which is generally the option vesting term ranging from immediately to one to five years, share-based compensation expense recognized for the six months ended June 30, 2018 and 2017 totaled approximately $1,812,000 and $351,000, respectively.

 

The determination of fair value of stock-based payment awards on the date of grant using the Black-Scholes-Merton valuation model is affected by our stock price, as well as the input of other subjective assumptions. These assumptions include, but are not limited to, the expected forfeiture rate and expected term of stock options and our expected stock price volatility over the term of the awards. Changes in the assumptions can materially affect the fair value estimates.

 

Any future changes to our share-based compensation strategy or programs would likely affect the amount of compensation expense recognized.

 

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RESULTS OF OPERATIONS

 

For the Three and Six Months Ended June 30, 2018 and 2017.

 

Revenues and Cost of Product Sales. There were no revenues recorded for the three or six months ended June 30, 2018 and 2017.

 

Research and Development Expenses. Our research and development expenses for the three and six months ended June 30, 2018 totaled approximately $1,729,000 and $3,427,000, respectively. Research and development expenses for the corresponding 2017 periods were $1,727,000 and $2,777,000, respectively. Included in our research and development expenses for the three-month period ended June 30, 2018 are direct project costs of $388,000 related to our ANDAs acquired in January 2018, $121,000 for ENMD-2076, $174,000 for drugs in-licensed from Spectrum, and $388,000 for preclinical development activities primarily in China. The 2017 R&D expenses for the comparable period are direct project costs of $282,000 for ENMD-2076, $725,000 for drugs in-licensed from Spectrum, and $325,000 for preclinical development activities in China. Research and development expenses totaling $3,427,000 for the six-month period ended June 30, 2018 included direct project costs of $829,000 related to our ANDAs acquired in January 2018, $234,000 related to ENMD-2076, $316,000 for drugs in-licensed from Spectrum, and $886,000 for preclinical development activities primarily in China. The 2017 research and development expenses for the comparable period totaled $2,777,000 and included direct project costs of $556,000 related to ENMD-2076, $913,000 for drugs in-licensed from Spectrum, and $567,000 for preclinical development activities in China. The overall increase in research and development costs in the three and six months ended June 30, 2018, as compared to same periods in 2017, primarily reflects higher costs associated with regulatory costs of the ANDAs in 2018.

 

At June 30, 2018, and, since acquired, accumulated direct project expenses for our ANDAs acquired in January 2018 totaled $829,000; $28,745,000 for ENMD-2076; $4,852,000 for drugs in-licensed from Spectrum; and for preclinical development activities primarily in China, accumulated project expenses totaled $4,242,000. Our research and development expenses also include non-cash stock-based compensation totaling $59,000 and $163,000 for the three and six-months ended June 30, 2018, respectively, and $104,000 and $171,000 for the corresponding 2017 periods, respectively. The balance of our research and development expenditures includes facility costs and other departmental overhead, expenditures related to the non-clinical support of our programs, and non-cash amortization expense of acquired ANDAs.

 

We expect the majority of our research and development expenses in 2018 to be devoted to advancing our in-licensed products towards market approval in China, the technology transfer activities and regulatory support associated with our ANDA portfolio, and our early-stage candidates in preclinical development. We expect our expenses in 2018 to increase based on our commercial and clinical development plan. Completion of clinical development may take several years or more, but the length of time generally varies substantially according to the type, complexity, novelty and intended use of a product candidate.

 

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We estimate that clinical trials of the type we generally conduct are typically completed over the following timelines:

 

Global FDA Trial:

 

CLINICAL PHASE  

ESTIMATED

COMPLETION

PERIOD

Phase 1   1-2 Years
Phase 2   2-3 Years
Phase 3   2-4 Years

 

Local CFDA Trial:

 

CLINICAL PHASE  

ESTIMATED

COMPLETION

PERIOD

Phase 1   1 Year
Phase 2   2 Years
Phase 3   2-3 Years

 

The duration and the cost of clinical trials may vary significantly over the life of a project as a result of differences arising during the clinical trial protocol, including, among others, the following:

 

-the number of patients that ultimately participate in the trial;

 

-the duration of patient follow-up that seems appropriate in view of the results;

 

-the number of clinical sites included in the trials; and

 

-the length of time required to enroll suitable patient subjects.

 

We test our potential product candidates in numerous preclinical studies to identify indications for which they may be product candidates. We may conduct multiple clinical trials to cover a variety of indications for each product candidate. As we obtain results from trials, we may elect to discontinue clinical trials for certain indications in order to focus our resources on more promising indications.

 

Our proprietary product candidates have also not yet achieved regulatory approval, which is required before we can market them as therapeutic products. In order to proceed to subsequent clinical trial stages and to ultimately achieve regulatory approval, regulatory agencies must conclude that our clinical data establish safety and efficacy. Historically, the results from preclinical testing and early clinical trials have often not been predictive of results obtained in later clinical trials. A number of new drugs and biologics have shown promising results in clinical trials, but subsequently failed to establish sufficient safety and efficacy data to obtain necessary regulatory approvals.

 

Our business strategy includes being opportunistic with collaborative arrangements with third parties to complete the development and commercialization of our product candidates. In the event that third parties take over the clinical trial process for one of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, and how such arrangements would affect our capital requirements.

 

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As a result of the uncertainties discussed above, among others, we are unable to estimate the duration and completion costs of our research and development projects. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. There can be no assurance that we will be able to successfully access external sources of financing in the future. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business.

 

Research and development expenses consist primarily of compensation and other expenses related to research and development personnel, research collaborations, costs associated with internal and contract preclinical testing and clinical trials of our product candidates, including the costs of manufacturing drug substance and drug product, regulatory maintenance costs, facilities expenses, and amortization expense of acquired ANDAs. Overall research and development expenses increased to $1,729,000 during the three-months ended June 30, 2018 from $1,727,000 for the corresponding period in 2017. Research and development expenses increased to $3,427,000 during the six months ended June 30, 2018 from $2,777,000 for the corresponding period in 2017. The fluctuations in research and development expenditures during the three and six months ended June 30, 2018 were specifically impacted by the following:

 

-Outside Services – We utilize outsourcing to conduct our product development activities. In the three-month period ended June 30, 2018, we expended $103,000 on outside service activities versus $34,000 in the same 2017 period. For the six-month period ended June 30, 2018 outside services were $446,000 compared to $232,000 for the same 2017 period. The increase in 2018 as compared to 2017 primarily reflects regulatory costs associated with our ANDAs acquired in January 2018.

 

-Clinical Trial Costs – Clinical trial costs, which include clinical site fees, monitoring costs and data management costs, decreased to $26,000 in the three months ended June 30, 2018 from $158,000 in the three-month period ended June 30, 2017. Clinical trial costs for the six-month period ended June 30, 2018 decreased to $103,000 from $324,000 for the comparable 2017 period. This decrease primarily relates to higher patient costs and clinical trial management costs associated with our Phase 2 clinical trial in advanced fibrolamellar carcinoma (FLC) during the 2017 period compared to the 2018 period as enrollment has completed.

 

-Lab Supplies – Laboratory supplies associated with our pre-clinical activities for the three-month period ended June 30, 2018 decreased to $63,000 from $100,000 during the same period in 2017 due to the timing of supply purchases. Laboratory supplies associated with our pre-clinical activities for the six-month period ended June 30, 2018 increased to $164,000 from $140,000 during the same period in 2017 due to the expansion of activities in our China research and development lab.

 

-Contract Manufacturing Costs – The costs of manufacturing the material used in clinical trials for our product candidates is reflected in contract manufacturing. These costs include bulk manufacturing, encapsulation and fill and finish services, product release costs and storage fees. Contract manufacturing costs for the three months ended June 30, 2018 decreased to $39,000 from $613,000 during the same period in 2017. For the six-month period ended June 30, 2018, manufacturing costs decreased to $44,000 from $625,000 for the comparable 2017 period. The decrease in both periods primarily reflects costs associated with the purchase of EVOMELA® in China for quality testing purposes to support CASI’s application for import drug registration in the second quarter of 2017.

 

-Personnel Costs – Personnel costs increased to $695,000 in the three-month period ended June 30, 2018 from $605,000 in the corresponding 2017 period. For the six-month period ended June 30, 2018, personnel costs increased in 2018 to $1,363,000 from $992,000 for the corresponding 2017 period. This variance is primarily attributed to increased salary and benefit costs associated with new employees hired in China.

 

 21 

 

 

-Also reflected in our 2018 research and development expenses for the three-month period ended June 30, 2018 are outsourced consultant costs of $156,000, facility and related expenses of $222,000, and amortization of acquired ANDAs of $347,000. In the corresponding 2017 period, these expenses totaled $46,000, $118,000, and $0, respectively. For the six-month period ended June 30, 2018, outsourced consultant costs were $190,000, facility and related expenses were $380,000, and amortization of acquired ANDAs of $597,000. In the corresponding 2017 period, these expenses totaled $141,000, $221,000, and $0, respectively. The variance in outsourced consultant costs reflect the timing of regulatory activities. The increase in facilities and related expenses is due to new leased lab space in China in February 2017 and new leased office space in China in April 2018. The increase in amortization of acquired ANDAs is due to the January 2018 acquisition of ANDAs.

 

General and Administrative Expenses. General and administrative expenses include compensation and other expenses related to finance, business development and administrative personnel, professional services, investor relations and facilities. General and administrative expenses increased to $4,042,000 in the three-month period ended June 30, 2018 from $691,000 in the corresponding 2017 period. This variance relates to an increase in non-cash stock-based compensation expense totaling $1,403,000, primarily associated with stock option awards issued to the Company’s Executive Chairman; an increase in salary, benefits and recruitment expense totaling $312,000 in China primarily related to sales and marketing efforts to prepare for the anticipated launch of the Company’s first commercial product in China, as well as other general and administrative functions; increased costs of approximately $936,000 associated with business development and exploratory acquisition activities during the period; and increased costs of approximately $224,000 associated with additional professional services fees and investor and public relations activities. General and administrative expenses increased to $5,345,000 during the six months ended June 30, 2018 from $1,336,000 for the corresponding period in 2017. The increase in expenses in the six-month period in 2018, compared to the same period in 2017 reflects an increase in non-cash stock-based compensation expense totaling $1,470,000, primarily associated with stock option awards issued to the Company’s Executive Chairman; an increase in salary, benefits and recruitment expense totaling $493,000 in China primarily related to sales and marketing efforts to prepare for the anticipated launch of the Company’s first commercial product in China, as well as other general and administrative functions; increased costs of approximately $965,000 associated with business development and exploratory acquisition activities during the six-month period; and increased costs of approximately $348,000 associated with additional professional services fees and investor and public relations activities.

 

Acquired In-process Research and Development. In January 2018, we acquired a portfolio of 29 ANDAs, including 25 FDA-approved ANDAs and four pipeline ANDAs that are pending FDA approval, limited quantities of API, and certain manufacturing and other information related to the products (collectively, the ANDAs, API and other information are referred to as the “Acquired Assets”). The total purchase price for the Acquired Assets was $18.0 million in cash. We accounted for the purchase of the Acquired Assets as an asset acquisition (consisting of a concentrated group of similar identifiable assets, including ANDAs and API). The total purchase price, along with approximately $1.2 million of transaction expenses, was allocated to the Acquired Assets based on their relative fair values. Of the total value allocated to the ANDAs, approximately $553,000 was immediately expensed as acquired in-process research and development since the underlying ANDAs have not been approved by the FDA, and of the total value allocated to the API, approximately $134,000 was immediately expensed as acquired in-process research and development since the Company does not intend to use all the API.

 

Interest (income) expense, net. Interest (income) expense, net for the three months ended June 30, 2018 and 2017 was $(13,072) and $72, respectively. This includes interest on our note payable of $1,875 for both periods; non-cash interest of $177 and $1,869, respectively, representing the amortization of the debt discount; offset by interest income of $15,124 and $3,672, respectively. Interest (income) expense, net for the six months ended June 30, 2018 and 2017 was $(19,801) and $(70), respectively. This includes interest on our note payable of $3,750 for both periods; non-cash interest of $354 and $3,738, respectively, representing the amortization of the debt discount; offset by interest income of $23,905 and $7,558, respectively.

 

 22 

 

 

Other expense. Other expense for the three and six months ended June 30, 2018 was $101,038 and $11,325, respectively, representing unrealized losses on the Company’s equity investment securities.

 

Change in fair value of contingent rights. The Contingent Rights issued to Spectrum in connection with the license arrangements are considered derivative liabilities and were recorded initially at their estimated fair value and are marked to market each reporting period until settlement. The Contingent Rights were fully settled during 2017, so there was no change in the fair value of the Contingent Right for the three and six months ended June 30, 2018. The change in fair value of the Contingent Rights for the three and six months ended June 30, 2017 was $(10,319) and $(3,445), respectively.

 

LIQUIDITY AND CAPITAL RESOURCES

 

To date, we have been engaged primarily in research and development activities. As a result, we have incurred and expect to continue to incur operating losses in 2018 and the foreseeable future before we commercialize any products and penetrate significant markets such as China. Based on our current plans, we expect our current available cash and cash equivalents to meet our cash requirements for at least through August 14, 2019.

 

We will require significant additional funding to fund operations until such time, if ever, we become profitable. We intend to augment our cash balances by pursuing other forms of capital infusion, including strategic alliances or collaborative development opportunities with organizations that have capabilities and/or products that are complementary to our capabilities and products in order to continue the development of our potential product candidates that we intend to pursue to commercialization. If we seek strategic alliances, licenses, or other alternative arrangements, such as arrangements with collaborative partners or others, to raise further financing, we may need to relinquish rights to certain of our existing product candidates, or products we would otherwise seek to develop or commercialize on our own, or to license the rights to our product candidates on terms that are not favorable to us.

 

We will continue to seek to raise additional capital to fund our commercialization efforts, expansion of our operations, research and development, and for the acquisition of new product candidates, if any. We intend to explore one or more of the following alternatives to raise additional capital:

 

·selling additional equity securities;
·out-licensing product candidates to one or more corporate partners;
·completing an outright sale of non-priority assets; and/or
·engaging in one or more strategic transactions.

 

We also will continue to manage our cash resources prudently and cost-effectively.

 

There can be no assurance that adequate additional financing under such arrangements will be available to us on terms that we deem acceptable, if at all. If additional funds are raised by issuing equity securities, dilution to existing stockholders may result, or the equity securities may have rights, preferences, or privileges senior to those of the holders of our common stock. If we fail to obtain additional capital when needed, we may be required to delay or scale back our commercialization efforts, our advancement of the Spectrum products, and the ANDA products, or plans for other product candidates, if any.

 

 23 

 

 

At June 30, 2018, we had cash and cash equivalents of approximately $66.2 million, with working capital of approximately $65.8 million. As of June 30, 2018, approximately $17.9 million of the Company’s cash balance was held by the Company’s wholly-owned subsidiary in China.

 

As a result of the Company’s acquisition of a portfolio of ANDAs, we believe that this transaction provides significant and permanent changes to our operations in China, and that may allow our subsidiary in China to generate operating revenues from the China marketplace in the future and potentially to sustain its own operations without the necessity of parent support. Accordingly, effective January 1, 2018, the functional currency of the Company’s subsidiary based in China has been changed to the local currency of the China RMB. The change in functional currency did not have a material impact on the consolidated financial statements.

 

FINANCING ACTIVITIES

 

“Shelf” Registration Statement

 

On December 13, 2017, we filed a Form S-3 registration statement with the SEC utilizing a “shelf” registration process. On December 22, 2017, the Form S-3 registration statement was declared effective by the SEC. Pursuant to this shelf registration statement, we may sell debt or equity securities in one or more offerings up to a total public offering price of $100 million. We believe that this shelf registration statement currently provides us additional flexibility with regard to potential financings that we may undertake when market conditions permit or our financial condition may require.

 

Securities Purchase Agreements

 

As discussed above, in 2018, the Company entered into securities purchase agreements (the “Securities Purchase Agreements”) with certain institutional investors, accredited investors and current stockholders, pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement. The purchase price for each share of common stock and warrant was $3.24. The warrants will become exercisable on September 17, 2018 at a $3.69 per share exercise price, and will expire on March 21, 2023. The fair value of the warrants issued is $15,062,000, or $2.44 per warrant, calculated using the Black-Scholes-Merton valuation model with a contractual life of 5 years, an assumed volatility of 75.4%, and a risk-free interest rate of 2.69%. The Securities Purchase Agreements and warrants each include additional customary representations, warranties and covenants. The Company has filed a resale registration covering the shares of common stock issued and the shares of common stock underlying the warrants on Form S-3 (File No. 333-226206) which became effective on August 8, 2018.

 

Common Stock Sales Agreement

 

On February 23, 2018, the Company entered into a Common Stock Sales Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“HCW”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time, at its option, shares of the Company’s common stock through HCW, as sales agent, with an aggregate sales price of up to $25 million (the “Shares”).

 

Any sales of Shares pursuant to the Sales Agreement will be made under the Company’s effective “shelf” registration statement (the “Registration Statement”) on Form S-3 (File No. 333-222046) which became effective on December 22, 2017 and the related prospectus supplement and the accompanying prospectus, as filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2018.

 

 24 

 

 

In March 2018, the Company issued 143,248 Shares under the Sales Agreement resulting in net proceeds to the Company of approximately $475,000. As of June 30, 2018, approximately $24.5 million remained available under the Sales Agreement.

 

INFLATION AND INTEREST RATE CHANGES

 

Management does not believe that our working capital needs are sensitive to inflation and changes in interest rates.

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The primary objective of our investment activities is to preserve our capital until it is required to fund operations while at the same time maximizing the income we receive from our investments without incurring investment market volatility risk. Our investment income is sensitive to the general level of U.S. interest rates. In this regard, changes in the U.S. interest rates affect the interest earned on our cash and cash equivalents. Due to the short-term nature of our cash and cash equivalent holdings, a 10% movement in market interest rates would not materially impact the total fair market value of our portfolio as of June 30, 2018.

 

ITEM 4.CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s Chief Executive Officer and Principal Accounting Officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective as of June 30, 2018 to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Company’s management, including its Chief Executive Officer and Principal Accounting Officer, as appropriate to allow timely decisions regarding required disclosure.

 

We believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended June 30, 2018 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

 

We are subject in the normal course of business to various legal proceedings in which claims for monetary or other damages may be asserted. Management does not believe such legal proceedings, unless otherwise disclosed herein, are material.

 

 25 

 

 

ITEM 1A. RISK FACTORS

 

For information regarding factors that could affect the Company’s results of operations, financial condition and liquidity, see the risk factors discussion set forth in Item 1A of CASI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and the information under “Special Note Regarding Forward-Looking Statements” included in this report. There have been no material changes to our risk factors from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

Not applicable.

 

ITEM 4.REMOVED AND RESERVED

 

ITEM 5.OTHER INFORMATION

 

Not applicable.

 

ITEM 6.EXHIBITS

 

1.1   Common Stock Sales Agreement by and between the Company and H.C. Wainwright & Co. dated February 23, 2018 (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on February 23, 2018)
31.1   Rule 13a-14(a) Certification of Chief Executive Officer*
31.2   Rule 13a-14(a) Certification of Principal Accounting Officer*
32.1   Section 1350 Certification of Chief Executive Officer*
32.2   Section 1350 Certification of Principal Accounting Officer*
101   The following financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017, (ii) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2018 and 2017, (iii) Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2018, (iv) Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017, and (v) Notes to Unaudited Condensed Consolidated Financial Statements.*
    * Filed Herewith

 

 26 

 

 

EXHIBIT INDEX

 

1.1   Common Stock Sales Agreement by and between the Company and H.C. Wainwright & Co. dated February 23, 2018 (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on February 23, 2018)
31.1   Rule 13a-14(a) Certification of Chief Executive Officer*
31.2   Rule 13a-14(a) Certification of Principal Accounting Officer*
32.1   Section 1350 Certification of Chief Executive Officer*
32.2   Section 1350 Certification of Principal Accounting Officer*
101   The following financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017, (ii) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2018 and 2017, (iii) Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2018, (iv) Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017, and (v) Notes to Unaudited Condensed Consolidated Financial Statements.*

 

* Filed Herewith

 

 27 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  CASI PHARMACEUTICALS, INC.
  (Registrant)
   
Date: August 14, 2018 /s/ Ken K. Ren
  Ken K. Ren
  Chief Executive Officer
   
Date: August 14, 2018 /s/ Sara B. Capitelli
  Sara B. Capitelli
  Principal Accounting Officer

 

 28 

EX-31.1 2 tv500185_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

I, Ken K. Ren, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of CASI Pharmaceuticals, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the condensed consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 14, 2018

 

/s/ Ken K. Ren  
Ken K. Ren  

Chief Executive Officer

 

 

 

EX-31.2 3 tv500185_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER

 

I, Sara B. Capitelli, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of CASI Pharmaceuticals, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the condensed consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 14, 2018

 

/s/ Sara B. Capitelli  
Sara B. Capitelli  
Principal Accounting Officer  

 

 

EX-32.1 4 tv500185_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of CASI Pharmaceuticals, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ken K. Ren, as Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report.

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

Date: August 14, 2018   /s/ Ken K. Ren
    Ken K. Ren
Chief Executive Officer

 

 

EX-32.2 5 tv500185_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION BY PRINCIPAL ACCOUNTING OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of CASI Pharmaceuticals, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sara B. Capitelli, as Principal Accounting Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report.

 

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

Date: August 14, 2018   /s/ Sara B. Capitelli
    Sara B. Capitelli
Principal Accounting Officer

 

 

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Foreign currency denominated assets and liabilities of the Company and its foreign subsidiary are translated into U.S. dollars. Accordingly, assets and liabilities are translated using the exchange rates in effect at the consolidated balance sheet date and revenues and expenses at the rates of exchange prevailing when the transactions occurred, using an average periodic exchange rate. In 2017, remeasurement adjustments were included in income (loss). As discussed in Note 2, on January 26, 2018, the Company acquired a portfolio of ANDAs. Management believes that this transaction provides significant and permanent changes to its operations in China, and that it may allow its subsidiary in China to generate operating revenues from the China marketplace in the future and potentially sustain its own operations without the necessity of parent support. Accordingly, effective January 1, 2018, the functional currency of the Company&#8217;s subsidiary based in China has been changed to the local currency of the China Renminbi (&#8220;RMB&#8221;). 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Research and development costs are expensed as incurred.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;times new roman&quot;, times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"><tr style="text-align: justify; vertical-align: top;"><td style="width: 0.5in; text-align: left; font-family: &quot;times new roman&quot;, times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">8.</div></td><td style="text-align: justify; font-family: &quot;times new roman&quot;, times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">License Arrangements</div></td></tr></table><div style="clear: both; background: none;"></div><div style="font: 10pt &quot;times new roman&quot;, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company has certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. and certain of its affiliates (together referred to as &#8220;Spectrum&#8221;) to develop and commercialize the following commercial oncology drugs and drug candidates in the greater China region (which includes China, Taiwan, Hong Kong and Macau) (the &#8220;Territories&#8221;):</div></div><div style="font: 10pt &quot;times new roman&quot;, times, serif; 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In January 2016, the China Food and Drug Administration (CFDA) accepted for review the Company&#8217;s import drug registration application for MARQIBO<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> and has completed the quality testing phase of the regulatory process and is currently in technical review by Center for Drug Evaluation (CDE) of the CFDA as part of the regulatory process. On March 10, 2016, Spectrum received notification from the FDA of the grant of approval of its New Drug Application (NDA) for EVOMELA<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> primarily for use as a high-dose conditioning treatment prior to hematopoietic progenitor (stem) cell transplantation in patients with multiple myeloma. In December 2016, the CFDA accepted for review the Company&#8217;s import drug registration application for EVOMELA<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> and in 2017 has granted priority review of the import drug registration clinical trial application (CTA). EVOMELA<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> has completed the quality testing phase of the regulatory process, as well as the technical review by CDE of the CFDA, and was evaluated under a CFDA CDE Advisory Committee meeting held in the second quarter of 2018 followed by a series of standard questions from the CFDA related to EVOMELA<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> drug product production which usually reflects the final stage of CFDA assessment before approval based on the Import Drug Approval registration pathway. 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All other terms remain the same. The promissory note was recorded initially at its fair value, giving rise to a discount of approximately $136,000; the promissory note is presented as note payable, net of discount in the accompanying condensed consolidated balance sheets. For the six months ended June 30, 2018 and 2017, the Company recognized $354 and $3,738 of non-cash interest expense, respectively, related to the amortization of the debt discount, using the effective interest rate method.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;times new roman&quot;, times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px;"><tr style="text-align: justify; vertical-align: top;"><td style="width: 0.5in; text-align: left; font-family: &quot;times new roman&quot;, times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">10.</div></td><td style="text-align: justify; font-family: &quot;times new roman&quot;, times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">Stockholders&#8217; Equity</div></td></tr></table><div style="clear: both; background: none;"></div><div style="font: 10pt &quot;times new roman&quot;, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Purchase Agreements</div></div></div><div style="font: 10pt &quot;times new roman&quot;, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As described in Note 1, in 2018, the Company entered into securities purchase agreements (the &#8220;Securities Purchase Agreements&#8221;) with certain institutional investors, accredited investors and current stockholders, pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement. 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margin: 0px; background: none;"><div style="text-decoration: none; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accompanying condensed consolidated financial statements include the accounts of CASI Pharmaceuticals, Inc. and its subsidiaries (&#8220;CASI&#8221; or &#8220;the Company&#8221;), Miikana Therapeutics, Inc. (&#8220;Miikana&#8221;) and CASI Pharmaceuticals (Beijing) Co., Ltd. (&#8220;CASI China&#8221;). The Company previously operated under a different name prior to restructuring its business in 2012 in connection with an investment&#160;led by one of the Company&#8217;s largest stockholders. CASI China is a non-stock Chinese entity with 100% of its interest owned by CASI. CASI China received approval for a business license from the Beijing Industry and Commercial Administration in August 2012 and has operating facilities in Beijing. All inter-company balances and transactions have been eliminated in consolidation.</div></div><div style="font: 10pt &quot;times new roman&quot;, times, serif; margin: 0px; text-align: justify; background: none;"><div style="text-decoration: none; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such condensed consolidated financial statements do not include all of the information and disclosures required by U.S. generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying December 31, 2017 financial information was derived from the Company&#8217;s audited financial statements included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three and six month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other future period. 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The Company restructured its business in 2012 in connection with an investment led by one of the Company&#8217;s largest stockholders, followed by implementation of a name change to reflect its core mission and business strategy. The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. In 2018, the Company entered into securities purchase agreements pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement (the &#8220;2018 Financing&#8221;). The 2018 Financing closing included an investment from ETP Global Fund, L.P., a healthcare investment fund. The managing member of Emerging Technology Partners, LLC, which is the general partner of ETP Global Fund, L.P., is also the Executive Chairman of the Company. The 2018 Financing also included an investment from IDG-Accel China Growth Fund III L.P. (&#8220;IDG-Accel Growth&#8221;) and IDG-Accel China III Investors L.P. (&#8220;IDG-Accel Investors&#8221;). A director and shareholder of IDG-Accel China Growth Fund GP III Associates Ltd., which is the ultimate general partner of IDG-Accel Growth and IDG-Accel Investors, is also a member of the Company&#8217;s Board of Directors. In October 2017, the Company entered into securities purchase agreements for an approximately $23.8 million strategic financing. The Company held its initial closing on October 17, 2017, a second closing on October 23, 2017 and a final closing on November 20, 2017 and received approximately $23.4 million in net proceeds (collectively, the &#8220;2017 Closings&#8221;). Net proceeds from the 2018 Financing and the 2017 Closings are being used to prepare for the anticipated launch of the Company&#8217;s first commercial product in China, to support the Company&#8217;s business development activities, to advance the development of the Company&#8217;s pipeline, to support its marketing and commercial planning activities, and for other general corporate purposes.</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">&#160;</div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As a result of the 2018 Financing and 2017 Closings, the Company believes that it has sufficient resources to fund its operations at least through August 14, 2019. As of June 30, 2018, approximately $17.9 million of the Company&#8217;s cash balance was held by CASI China. 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The fair values of the remaining ANDAs were estimated using a multiple of values method (an income approach), which involved using Level 3 inputs such as estimated addressable markets and market penetration rates. The fair value of the API was estimated using Level 2 inputs, such as quoted market prices for similar API from various suppliers or other sources. 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Document And Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 08, 2018
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Registrant Name CASI Pharmaceuticals, Inc.  
Entity Central Index Key 0000895051  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol CASI  
Entity Common Stock, Shares Outstanding   86,591,249
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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 66,215,678 $ 43,489,935
Investments, at fair value 1,220,987 0
Prepaid expenses and other 977,658 322,493
Total current assets 68,414,323 43,812,428
Property and equipment, net 1,617,053 1,046,514
Other assets 221,923 242,023
Intangible assets, net 17,457,631 0
Total assets 87,710,930 45,100,965
Current liabilities:    
Accounts payable 2,089,680 2,087,770
Payable to related parties 0 2,228,366
Accrued liabilities 544,803 745,961
Total current liabilities 2,634,483 5,062,097
Note payable, net of discount 1,499,108 1,498,754
Other liabilities 55,195 0
Total liabilities 4,188,786 6,560,851
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $1.00 par value: 5,000,000 shares authorized and 0 shares issued and outstanding at June 30, 2018 and December 31, 2017 0 0
Common stock, $.01 par value: 170,0000,000 shares authorized at June 30, 2018 and December 31, 2017; 86,589,032 shares and 69,901,625 shares issued at June 30, 2018 and December 31, 2017, respectively 865,890 699,015
Common stock to be issued for 15,162 shares 56,858 0
Additional paid-in capital 552,093,693 498,577,372
Treasury stock, at cost: 79,545 shares held at June 30, 2018 and December 31, 2017 (8,034,244) (8,034,244)
Accumulated other comprehensive loss (539,642) 0
Accumulated deficit (460,920,411) (452,702,029)
Total stockholders' equity 83,522,144 38,540,114
Total liabilities and stockholders' equity $ 87,710,930 $ 45,100,965
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Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Preferred Stock, Par or Stated Value Per Share $ 1.00 $ 1.00
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized 1,700,000,000 1,700,000,000
Common stock, shares issued 86,589,032 69,901,625
Treasury stock, shares held 79,545 79,545
Common stock to be issued 15,162  
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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Product sales $ 0 $ 0 $ 0 $ 0
Costs and expenses:        
Research and development 1,729,470 1,727,407 3,426,703 2,776,694
General and administrative 4,042,347 691,422 5,345,469 1,335,585
Acquired in-process research and development 0 0 686,998 0
Costs and expenses 5,771,817 2,418,829 9,459,170 4,112,279
Interest (income) expense, net (13,072) 72 (19,801) (70)
Other expense 101,038 0 11,325 0
Change in fair value of contingent rights 0 (10,319) 0 (3,445)
Net loss $ (5,859,783) $ (2,408,582) $ (9,450,694) $ (4,108,764)
Net loss per share (basic and diluted) $ (0.07) $ (0.04) $ (0.12) $ (0.07)
Weighted average number of common shares outstanding (basic and diluted) 86,029,692 60,196,574 78,663,271 60,196,574
Comprehensive loss:        
Net loss $ (5,859,783) $ (2,408,582) $ (9,450,694) $ (4,108,764)
Foreign currency translation adjustment (1,066,893) 0 (539,642) 0
Total comprehensive loss $ (6,926,676) $ (2,408,582) $ (9,990,336) $ (4,108,764)
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Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($)
Total
Preferred Stock [Member]
Common Stock [Member]
Treasury Stock [Member]
Additional Paid-in Capital [Member]
Common Stock To Be Issued [Member]
AOCI Attributable to Parent [Member]
Accumulated Deficit [Member]
Balance at Dec. 31, 2017 $ 38,540,114 $ 0 $ 699,015 $ (8,034,244) $ 498,577,372   $ 0 $ (452,702,029)
Balance (in Shares) at Dec. 31, 2017   0 69,822,080          
Cumulative effect adjustment due to the adoption of ASU 2016-01 1,232,312 $ 0 $ 0 0 0 $ 0 0 1,232,312
Issuance of common stock and warrants pursuant to financing agreements 50,490,216 $ 0 $ 155,753 0 50,334,463 0 0 0
Issuance of common stock and warrants pursuant to financing agreements (in shares)   0 15,575,339          
Issuance of common stock for options exercised 176,833 $ 0 $ 1,071 0 175,762 0 0 0
Issuance of common stock for options exercised (in shares)   0 107,083          
Stock option grants surrendered (54,284) $ 0 $ 0 0 (54,284) 0 0 0
Issuance of common stock from exercise of warrants 1,903,678 $ 0 $ 10,051 0 1,893,627 0 0 0
Issuance of common stock from exercise of warrants (in Shares)   0 1,004,985          
Common stock to be issued 56,858         56,858    
Stock issuance costs (645,466) $ 0 $ 0 0 (645,466) 0 0 0
Stock-based compensation expense 1,812,219 0 0 0 1,812,219 0 0 0
Foreign currency translation adjustment (539,642) 0 0 0 0 0 (539,642) 0
Net loss (9,450,694) $ 0 $ 0 0 0 0 0 (9,450,694)
Balance (in shares) at Jun. 30, 2018   0 86,509,487          
Balance at Jun. 30, 2018 $ 83,522,144 $ 0 $ 865,890 $ (8,034,244) $ 552,093,693 $ 56,858 $ (539,642) $ (460,920,411)
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Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (9,450,694) $ (4,108,764)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 141,717 37,918
Amortization of intangible assets 597,354 0
Stock-based compensation expense 1,812,219 350,565
Acquired in-process research and development 686,998 0
Unrealized loss on equity investment 11,325 0
Non-cash interest 354 3,738
Change in fair value of contingent rights 0 (3,445)
Changes in operating assets and liabilities:    
Prepaid expenses and other (221,861) 66,870
Accounts payable 4,312 118,645
Payable to related party (2,228,366) 0
Accrued liabilities (134,695) 58,878
Net cash used in operating activities (8,781,337) (3,475,595)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (726,445) (256,804)
Acquisition of Abbreviated New Drug Applications and related items (19,171,956) 0
Net cash used in investing activities (19,898,401) (256,804)
CASH FLOWS FROM FINANCING ACTIVITIES    
Stock issuance costs (645,466) 0
Proceeds from sale of common stock and warrants 50,490,216 0
Proceeds from exercise of stock options 176,833 0
Stock option grants surrendered to satisfy tax withholding obligations (54,284) 0
Proceeds from exercise of stock warrants 1,960,536 0
Net cash provided by financing activities 51,927,835 0
Effect of exchange rate changes on cash and cash equivalents (522,354) 0
Net increase (decrease) in cash and cash equivalents 22,725,743 (3,732,399)
Cash and cash equivalents at beginning of period 43,489,935 27,092,928
Cash and cash equivalents at end of period $ 66,215,678 $ 23,360,529
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Basis of Presentation
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting [Text Block]
1.
Basis of Presentation
 
The accompanying condensed consolidated financial statements include the accounts of CASI Pharmaceuticals, Inc. and its subsidiaries (“CASI” or “the Company”), Miikana Therapeutics, Inc. (“Miikana”) and CASI Pharmaceuticals (Beijing) Co., Ltd. (“CASI China”). The Company previously operated under a different name prior to restructuring its business in 2012 in connection with an investment led by one of the Company’s largest stockholders. CASI China is a non-stock Chinese entity with 100% of its interest owned by CASI. CASI China received approval for a business license from the Beijing Industry and Commercial Administration in August 2012 and has operating facilities in Beijing. All inter-company balances and transactions have been eliminated in consolidation.
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such condensed consolidated financial statements do not include all of the information and disclosures required by U.S. generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying December 31, 2017 financial information was derived from the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three and six month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other future period. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in its Form 10-K for the year ended December 31, 2017.
 
Liquidity Risks and Management’s Plans
 
Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $460.9 million. The Company restructured its business in 2012 in connection with an investment led by one of the Company’s largest stockholders, followed by implementation of a name change to reflect its core mission and business strategy. The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. In 2018, the Company entered into securities purchase agreements pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement (the “2018 Financing”). The 2018 Financing closing included an investment from ETP Global Fund, L.P., a healthcare investment fund. The managing member of Emerging Technology Partners, LLC, which is the general partner of ETP Global Fund, L.P., is also the Executive Chairman of the Company. The 2018 Financing also included an investment from IDG-Accel China Growth Fund III L.P. (“IDG-Accel Growth”) and IDG-Accel China III Investors L.P. (“IDG-Accel Investors”). A director and shareholder of IDG-Accel China Growth Fund GP III Associates Ltd., which is the ultimate general partner of IDG-Accel Growth and IDG-Accel Investors, is also a member of the Company’s Board of Directors. In October 2017, the Company entered into securities purchase agreements for an approximately $23.8 million strategic financing. The Company held its initial closing on October 17, 2017, a second closing on October 23, 2017 and a final closing on November 20, 2017 and received approximately $23.4 million in net proceeds (collectively, the “2017 Closings”). Net proceeds from the 2018 Financing and the 2017 Closings are being used to prepare for the anticipated launch of the Company’s first commercial product in China, to support the Company’s business development activities, to advance the development of the Company’s pipeline, to support its marketing and commercial planning activities, and for other general corporate purposes.
 
As a result of the 2018 Financing and 2017 Closings, the Company believes that it has sufficient resources to fund its operations at least through August 14, 2019. As of June 30, 2018, approximately $17.9 million of the Company’s cash balance was held by CASI China. The Company intends to continue to exercise tight controls over operating expenditures and will continue to pursue opportunities, as required, to raise additional capital and will also actively pursue non- or less-dilutive capital raising arrangements in China to support the Company’s dual-country approach to drug development.
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Acquisition of Abbreviated New Drug Applications
6 Months Ended
Jun. 30, 2018
Acquisition of Abbreviated New Drug Applications [Abstract]  
Acquisition of Abbreviated New Drug Applications [Text Block]
2.
Acquisition of Abbreviated New Drug Applications
 
On January 26, 2018, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Sandoz, Inc. (“Sandoz”). Pursuant to the Asset Purchase Agreement, the Company acquired a portfolio of 29 abbreviated new drug applications (“ANDAs”), including 25 ANDAs approved by the U.S. Food and Drug Administration (“FDA”) and four pipeline ANDAs that are pending FDA approval, limited quantities of certain active pharmaceutical ingredient (“API”), and certain manufacturing and other information related to the products (collectively, the ANDAs, API and other information are referred to as the “Acquired Assets”). To facilitate the sale and transition, the parties also entered into several limited term ancillary arrangements.
 
The Acquired Assets enhance the Company’s strategic focus to build a robust pipeline and commercialize quality drug candidates in China. The Company intends to select and commercialize certain products from the portfolio that have unique market and cost-effective manufacturing opportunities in China (and potentially in the U.S.).
 
The total purchase price for the Acquired Assets was $18.0 million in cash. The Company accounted for the purchase of the Acquired Assets as an asset acquisition (consisting of a concentrated group of similar identifiable assets, including ANDAs and API) following the guidance contained in Accounting Standards Update (“ASU”) 2017-01. The total purchase price, along with approximately $1.2 million of transaction expenses, was allocated to the Acquired Assets based on their relative fair values, as follows:
 
ANDAs $18,608,000 
API  564,000 
Total value $19,172,000 
 
Of the total value allocated to the ANDAs, approximately $553,000 was immediately expensed as acquired in-process research and development since the underlying ANDAs have not been approved by the FDA, and of the total value allocated to the API, approximately $134,000 was immediately expensed as acquired in-process research and development since the Company does not intend to use all of the API. The allocated cost of the capitalized ANDAs will be amortized over their estimated useful lives of 13 years. The capitalized API will be expensed in the period it is used or if its value is otherwise impaired.
 
The fair values of certain acquired ANDAs were estimated using the discounted cash flow method (an income approach), which involves the use of Level 3 inputs such as estimates for projected sales, expenses, and cash flows, estimates of total addressable markets and market penetration rates, future sales growth and inflation rates, expected income and value-added tax rates, and a required rate of return adjusted for both industry and Company-specific risks, among other inputs. The fair values of the remaining ANDAs were estimated using a multiple of values method (an income approach), which involved using Level 3 inputs such as estimated addressable markets and market penetration rates. The fair value of the API was estimated using Level 2 inputs, such as quoted market prices for similar API from various suppliers or other sources. The ANDAs will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable; no such triggering events were identified during the period from the date of acquisition to June 30, 2018.
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Intangible Assets
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
3.
Intangible Assets
 
Intangible assets were acquired as part of the 2018 asset acquisition from Sandoz and include ANDAs for a total of 25 previously marketed generic products. These intangible assets were originally recorded at relative fair values based on the purchase price for the asset acquisition and are stated net of accumulated amortization.
 
The ANDAs are being amortized over their estimated useful lives of 13 years, using the straight-line method. Management reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in a manner similar to that for property and equipment. No impairment losses related to intangible assets were recognized in the six months ended June 30, 2018.
 
As discussed in Note 2, in January 2018, the Company purchased the Acquired Assets from Sandoz for a total purchase price of $18.0 million. The total purchase price, along with transaction expenses of approximately $1.2 million, was allocated to the ANDAs and API acquired based on their relative fair values. Net finite-lived intangible assets at June 30, 2018 consists of the following:
 
Asset
 
Gross Value
  
Accumulated Amortization
  
Estimated useful lives
ANDAs $18,054,985  $(597,354) 13 years
 
Expected future amortization expense is as follows for the years ending December 31:
 
2018 (remaining six months) $694,421  
2019  1,388,845 
2020  1,388,845 
2021  1,388,845 
2022  1,388,845 
2023 and thereafter  11,207,830 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Foreign Currency Translation
6 Months Ended
Jun. 30, 2018
Foreign Currency [Abstract]  
Foreign Currency Disclosure [Text Block]
4.
Foreign Currency Translation
 
The U.S. dollar is the reporting currency of the Company. Foreign currency denominated assets and liabilities of the Company and its foreign subsidiary are translated into U.S. dollars. Accordingly, assets and liabilities are translated using the exchange rates in effect at the consolidated balance sheet date and revenues and expenses at the rates of exchange prevailing when the transactions occurred, using an average periodic exchange rate. In 2017, remeasurement adjustments were included in income (loss). As discussed in Note 2, on January 26, 2018, the Company acquired a portfolio of ANDAs. Management believes that this transaction provides significant and permanent changes to its operations in China, and that it may allow its subsidiary in China to generate operating revenues from the China marketplace in the future and potentially sustain its own operations without the necessity of parent support. Accordingly, effective January 1, 2018, the functional currency of the Company’s subsidiary based in China has been changed to the local currency of the China Renminbi (“RMB”). The change in functional currency did not have a material impact on the consolidated financial statements.
 
Beginning January 1, 2018, translation gains and losses relating to the financial statements of the Company’s China subsidiary are included as accumulated other comprehensive loss in the accompanying Condensed Consolidated Balance Sheets.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments
6 Months Ended
Jun. 30, 2018
Schedule of Investments [Abstract]  
Investment Holdings, Schedule of Investments [Text Block]
5.
Investments
 
The Company has an equity investment in the publicly traded common stock of a company. Beginning on January 1, 2018 with the adoption of ASU 2016-01, the Company’s investment in this equity security is considered a trading security and is carried at its estimated fair value, with changes in fair value reported in the statement of operations each reporting period.  The fair value of this security was measured using its quoted market price, a Level 1 input, and was approximately $1.2 million as of June 30, 2018.
 
In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, “Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The accounting standards primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, it includes a clarification related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018 and recorded a cumulative effect adjustment that decreased accumulated deficit by approximately $1.2 million. Effective January 1, 2018, the adoption date, changes in the fair value of the Company’s investments in equity securities are recognized in the statements of operations and comprehensive loss.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories
6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]
6.
Inventories
 
Inventories consist of raw materials and are stated at the lower of cost or net realizable value. Cost is determined using an average cost method. The carrying value of raw materials inventory was approximately $430,000 as of June 30, 2018 and is included in “prepaid expenses and other assets” in the accompanying condensed consolidated balance sheets.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Research and Development
6 Months Ended
Jun. 30, 2018
Research and Development [Abstract]  
Research, Development, and Computer Software Disclosure [Text Block]
7.
Research and Development
 
Research and development expenses consist primarily of compensation and other expenses related to research and development personnel, research collaborations, costs associated with pre-clinical testing and clinical trials of the Company’s product candidates, including the costs of manufacturing drug substance and drug product, regulatory maintenance costs, and facilities expenses, along with the amortization of acquired ANDAs. Research and development costs are expensed as incurred.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
License Arrangements
6 Months Ended
Jun. 30, 2018
License Arrangements Disclosure [Abstract]  
License Arrangements Disclosure [Text Block]
8.
License Arrangements
 
The Company has certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. and certain of its affiliates (together referred to as “Spectrum”) to develop and commercialize the following commercial oncology drugs and drug candidates in the greater China region (which includes China, Taiwan, Hong Kong and Macau) (the “Territories”):
 
EVOMELA
®
(melphalan) for Injection (“EVOMELA”);
MARQIBO
®
(vinCRIStine sulfate LIPOSOME injection) (“MARQIBO”); and
ZEVALIN
®
(ibritumomab tiuxetan) (“ZEVALIN”).
 
CASI is responsible for developing and commercializing these three drugs in the Territories, including the submission of import drug registration applications and conducting confirmatory clinical trials as needed.
 
The Company is in various stages of the regulatory and development process to obtain marketing approval for EVOMELA
®
, MARQIBO
®
, and ZEVALIN
®
in its territorial region, with ZEVALIN
®
commercially available in Hong Kong. In January 2016, the China Food and Drug Administration (CFDA) accepted for review the Company’s import drug registration application for MARQIBO
®
and has completed the quality testing phase of the regulatory process and is currently in technical review by Center for Drug Evaluation (CDE) of the CFDA as part of the regulatory process. On March 10, 2016, Spectrum received notification from the FDA of the grant of approval of its New Drug Application (NDA) for EVOMELA
®
primarily for use as a high-dose conditioning treatment prior to hematopoietic progenitor (stem) cell transplantation in patients with multiple myeloma. In December 2016, the CFDA accepted for review the Company’s import drug registration application for EVOMELA
®
and in 2017 has granted priority review of the import drug registration clinical trial application (CTA). EVOMELA
®
has completed the quality testing phase of the regulatory process, as well as the technical review by CDE of the CFDA, and was evaluated under a CFDA CDE Advisory Committee meeting held in the second quarter of 2018 followed by a series of standard questions from the CFDA related to EVOMELA
®
drug product production which usually reflects the final stage of CFDA assessment before approval based on the Import Drug Approval registration pathway. CASI is diligently working with Spectrum and their vendors to address the questions and submit the requested documents. In 2017, the CFDA accepted for review the Company’s import drug registration for ZEVALIN
®
including both the antibody kit and the radioactive Yttrium-90 component. ZEVALIN
®
is currently under the quality testing phase of the regulatory process by National Institute for Food and Drug Control (NIFDC) as well as the technical review by CDE of the CFDA.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note Payable
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
9.
Note Payable
 
As part of the license arrangements with Spectrum (see Note 8), the Company issued to Spectrum a $1.5 million 0.5% secured promissory note originally due March 17, 2016 which was subsequently amended and extended to September 17, 2019. All other terms remain the same. The promissory note was recorded initially at its fair value, giving rise to a discount of approximately $136,000; the promissory note is presented as note payable, net of discount in the accompanying condensed consolidated balance sheets. For the six months ended June 30, 2018 and 2017, the Company recognized $354 and $3,738 of non-cash interest expense, respectively, related to the amortization of the debt discount, using the effective interest rate method.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
10.
Stockholders’ Equity
 
Securities Purchase Agreements
 
As described in Note 1, in 2018, the Company entered into securities purchase agreements (the “Securities Purchase Agreements”) with certain institutional investors, accredited investors and current stockholders, pursuant to which the Company issued 15,432,091 shares of its common stock with accompanying warrants to purchase 6,172,832 shares of its common stock and received $50 million in gross proceeds in a private placement. The purchase price for each share of common stock and warrant was $3.24. The warrants will become exercisable on September 17, 2018 at a $3.69 per share exercise price and will expire on March 21, 2023. The fair value of the warrants issued is $15,062,000, or $2.44 per warrant, calculated using the Black-Scholes-Merton valuation model with a contractual life of 5 years, an assumed volatility of 75.4%, and a risk-free interest rate of 2.69%. The Securities Purchase Agreements and warrants each include additional customary representations, warranties and covenants. The Company filed a resale registration covering the shares of common stock issued and the shares of common stock underlying the warrants on Form S-3 (File No. 333-226206) which became effective on August 8, 2018.
 
Common Stock Sales Agreement
 
On February 23, 2018, the Company entered into a Common Stock Sales Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“HCW”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time, at its option, shares of the Company’s common stock through HCW, as sales agent, with an aggregate sales price of up to $25 million (the “Shares”).
 
Any sales of Shares pursuant to the Sales Agreement will be made under the Company’s effective “shelf” registration statement (the “Registration Statement”) on Form S-3 (File No. 333-222046) which became effective on December 22, 2017 and the related prospectus supplement and the accompanying prospectus, as filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2018.
 
In March 2018, the Company issued 143,248 Shares under the Sales Agreement resulting in net proceeds to the Company of approximately $475,000. As of June 30, 2018, approximately $24.5 million remained available under the Sales Agreement.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Loss Per Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
11.
Net Loss Per Share
 
Net loss per share (basic and diluted) was computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding. Outstanding stock options and warrants totaling 17,059,368 and 11,416,701 as of June 30, 2018, respectively, were anti-dilutive and, therefore, were not included in the computation of weighted average shares used in computing diluted loss per share.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
12.
Stock-Based Compensation and Warrants
 
The Company has adopted incentive and nonqualified stock option plans for executive, scientific and administrative personnel of the Company as well as outside directors and consultants. In June 2018, the Company’s stockholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares of common stock reserved for issuance from 14,230,000 to 20,230,000 to be available for grants and awards. As of June 30, 2018, there are 17,059,368 shares issuable under options previously granted and currently outstanding, with exercise prices ranging from $0.86 to $8.23. Options granted under the plans generally vest over periods varying from immediately to one to five years, are not transferable and generally expire ten years from the date of grant. As of June 30, 2018, 8,245,174 shares remained available for grant under the Company’s 2011 Long-Term Incentive Plan. On March 13, 2018, upon the recommendation of the Compensation Committee of the Board of Directors (the “Board”), the Board approved a grant of stock options to the Company’s Executive Chairman exercisable for 1 million shares of common stock that will vest and become exercisable on the first anniversary date of the grant. In addition, the Board approved the grant of a performance-based option covering 4 million shares of common stock that will vest if, within 18 months of the date of grant, specific operational and strategic milestones are achieved. Both grants were approved by the Company’s stockholders at the 2018 Annual Meeting of Stockholders.
 
The Company records compensation expense associated with stock options and other equity-based compensation in accordance with provisions of authoritative guidance. Compensation costs are recognized over the requisite service period, which is generally the option vesting term of up to five years. Awards with performance conditions will be expensed if it is probable that the performance condition will be achieved. There was no expense recorded for share awards with performance conditions during the six months ended June 30, 2018 and 2017.
 
The Company’s net loss for the six months ended June 30, 2018 and 2017 includes $1,812,219 and $350,565, respectively, of non-cash compensation expense related to the Company’s share-based compensation awards. The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:
 
  
Six Month Period ended June 30,
 
  
2018
  
2017
 
Research and development $162,516  $171,326 
General and administrative  1,649,703   179,239 
Share-based compensation expense $1,812,219   $350,565 
Net share-based compensation expense, per common share:        
Basic and diluted $0.02  $0.01 
 
The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of service based and performance-based stock options granted to employees. Option valuation models, including Black-Scholes-Merton, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. Following are the weighted-average assumptions used in valuing the stock options granted to employees during the six-month periods ended June 30, 2018 and 2017:
 
  
Six Month Period ended June 30,
 
  
2018
  
2017
 
Expected volatility  78.97%  78.34%
Risk free interest rate  2.79%  1.82%
Expected term of option  
5.65 years
   
5.66 years
 
Expected dividend yield  0.00%  0.00%
 
The weighted average fair value of stock options granted during the six-month periods ended June 30, 2018 and 2017 were $4.53 and $0.77, respectively.
 
A summary of the Company's stock option plans and of changes in options outstanding under the plans during the six-month period ended June 30, 2018 is as follows:
 
  
Number of Options
  
Weighted Average

Exercise Price
 
Outstanding at January 1, 2018  11,585,315  $1.42 
Exercised  (115,283) $1.53 
Granted  5,886,000  $3.47 
Expired  -  $- 
Forfeited  (296,664) $1.67 
Outstanding at June 30, 2018  17,059,368  $2.13 
Exercisable at June 30, 2018  8,692,437  $1.56 
 
Cash received from option exercises under all share-based payment arrangements for the six months ended June 30, 2018 was $176,833. There were no option exercises during the six months ended June 30, 2017.
 
Warrants
 
Warrants issued generally expire after 2-5 years from the date of issuance. Stock warrant activity is as follows:
 
  
Number of Warrants
  
Weighted Average

Exercise Price
 
Outstanding at January 1, 2018  6,264,016  $2.23 
Issued  6,172,832  $3.69 
Exercised  (1,020,147) $1.92 
Expired  -  $- 
Outstanding at June 30, 2018  11,416,701  $3.05 
Exercisable at June 30, 2018  5,243,869  $2.29 
 
Cash received from warrants exercised during the six months ended June 30, 2018 was $1,960,535. There were no warrants exercised during the six months ended June 30, 2017.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
13.
Income Taxes
 
At December 31, 2017, the Company had a $3.2 million unrecognized tax benefit. The Company recorded a full valuation allowance on the net deferred tax asset recognized in the consolidated financial statements as of December 31, 2017.
 
During the six months ended June 30, 2018, there were no material changes to the measurement of unrecognized tax benefits in various taxing jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.
 
The tax returns for all years in the Company’s major tax jurisdictions are not settled as of June 30, 2018. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
14.
Related Party Transactions
 
The Company has supply agreements with Spectrum for the purchase of EVOMELA
®
, MARQIBO
®
, and ZEVALIN
®
in China for quality testing purposes to support CASI’s application for import drug registration and for commercialization purposes. The former CEO of Spectrum and current board member of Spectrum is also a member of CASI’s Board. All amounts payable to Spectrum for material purchases have been paid as of June 30, 2018. There were no materials purchased from Spectrum for the six months ended June 30, 2018. In April and June 2017, under supply agreements with Spectrum, the Company received shipments of EVOMELA® and MARQIBO®, respectively, in China for quality testing purposes to support CASI’s application for import drug registration. The total cost of the materials was approximately $477,000 which is included in research and development expense for the six months ended June 30, 2017.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
New Accounting Pronouncements
6 Months Ended
Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
15.
New Accounting Pronouncements
 
The Company has implemented all new accounting pronouncements that are in effect and that may impact the Company’s consolidated financial statements.
 
In February 2016, the FASB issued ASU 2016-02,
Leases
(Topic 842). ASU 2016-02 supersedes existing lease guidance, including Accounting Standards Codification (ASC) 840 -
Leases
. Among other things, the new standard requires recognition of a right-of-use asset and liability for future lease payments for contracts that meet the definition of a lease. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted. The standard must be applied using a modified retrospective approach. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements.
 
In January 2017, the FASB issued ASU No. 2017-01,
Clarifying the Definition of a Business
(Topic 805). The amendments in the update provide a screen to determine when a set is not a business. If the screen is not met, the amendments in the update (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. Lastly, the amendments in the update narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017; earlier adoption is permitted under certain criteria. The Company adopted this ASU on January 1, 2018. While this ASU did not have a material effect on the Company’s financial statements on the date of adoption, the Company did follow the new guidance in determining that its acquisition of ANDAs from Sandoz, Inc. in January 2018 was an asset acquisition. See Note 2.
 
In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2017-09 in the first quarter of 2018 and the adoption of this ASU did not have a material effect on the consolidated financial statements.
 
There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company's financial position, results of operations or cash flows.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
16.
Commitments
 
In March 2018 and June 2018, the Company committed to purchase obligations for EVOMELA
®
from Spectrum for approximately $5.5 million and $2.7 million, respectively.
 
In April 2018, the Company entered into a lease agreement for office space in China that continues through April 2021. Future minimum lease payments are approximately $259,000 in 2018, $561,900 in 2019, $561,900 in 2020 and $140,500 in 2021.
 
In June 2018,
the Company entered into a strategic partnering and contract manufacturing agreement with a manufacturing organization in China to assist with the initial technology transfer activities of two ANDA drugs for approximately
$464,000, followed by manufacturing at supply prices to be agreed.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Abbreviated New Drug Applications (Tables)
6 Months Ended
Jun. 30, 2018
Acquisition of Abbreviated New Drug Applications [Abstract]  
Schedule Of Finite Lived Intangible Assets and API Inventory [Table Text Block]
ANDAs $18,608,000 
API  564,000 
Total value $19,172,000 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Finite-lived Intangible Assets Amortization Expense [Table Text Block]
Net finite-lived intangible assets at June 30, 2018 consists of the following:
 
Asset
 
Gross Value
  
Accumulated Amortization
  
Estimated useful lives
ANDAs $18,054,985  $(597,354) 13 years
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Expected future amortization expense is as follows for the years ending December 31:
 
2018 (remaining six months) $694,421  
2019  1,388,845 
2020  1,388,845 
2021  1,388,845 
2022  1,388,845 
2023 and thereafter  11,207,830 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Tables)
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The Company’s net loss for the six months ended June 30, 2018 and 2017 includes $1,812,219 and $350,565, respectively, of non-cash compensation expense related to the Company’s share-based compensation awards. The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows:
 
  
Six Month Period ended June 30,
 
  
2018
  
2017
 
Research and development $162,516  $171,326 
General and administrative  1,649,703   179,239 
Share-based compensation expense $1,812,219   $350,565 
Net share-based compensation expense, per common share:        
Basic and diluted $0.02  $0.01 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
Following are the weighted-average assumptions used in valuing the stock options granted to employees during the six-month periods ended June 30, 2018 and 2017:
 
  
Six Month Period ended June 30,
 
  
2018
  
2017
 
Expected volatility  78.97%  78.34%
Risk free interest rate  2.79%  1.82%
Expected term of option  
5.65 years
   
5.66 years
 
Expected dividend yield  0.00%  0.00%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company's stock option plans and of changes in options outstanding under the plans during the six-month period ended June 30, 2018 is as follows:
 
  
Number of Options
  
Weighted Average

Exercise Price
 
Outstanding at January 1, 2018  11,585,315  $1.42 
Exercised  (115,283) $1.53 
Granted  5,886,000  $3.47 
Expired  -  $- 
Forfeited  (296,664) $1.67 
Outstanding at June 30, 2018  17,059,368  $2.13 
Exercisable at June 30, 2018  8,692,437  $1.56 
Schedule Of Warrant Activity [Table Text Block]
Warrants issued generally expire after 2-5 years from the date of issuance. Stock warrant activity is as follows:
 
  
Number of Warrants
  
Weighted Average

Exercise Price
 
Outstanding at January 1, 2018  6,264,016  $2.23 
Issued  6,172,832  $3.69 
Exercised  (1,020,147) $1.92 
Expired  -  $- 
Outstanding at June 30, 2018  11,416,701  $3.05 
Exercisable at June 30, 2018  5,243,869  $2.29 
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation (Details Textual) - USD ($)
1 Months Ended 6 Months Ended
Mar. 31, 2018
Nov. 20, 2017
Oct. 17, 2017
Jun. 30, 2018
Dec. 31, 2017
Description of Business and Basis of Presentation [Line Items]          
Retained Earnings (Accumulated Deficit)       $ (460,920,411) $ (452,702,029)
Percentage Of Ownership Interest In Non Stock Subsidiary       100.00%  
Stock Issued During Period, Shares, New Issues 143,248        
Net Proceeds From Issuance Of Common Stock $ 475,000        
Investors [Member]          
Description of Business and Basis of Presentation [Line Items]          
Stock Issued During Period, Shares, New Issues       15,432,091  
Proceeds From Issuance Of Common Stock Gross     $ 23,800,000    
Class of Warrant, Number of Warrants to Purchase Common Stock Issued During the Period       6,172,832  
Second Closing [Member]          
Description of Business and Basis of Presentation [Line Items]          
Net Proceeds From Issuance Of Common Stock   $ 23,400,000      
Private Placement [Member]          
Description of Business and Basis of Presentation [Line Items]          
Proceeds from Issuance of Common Stock and Warrants Gross       $ 50,000,000  
CASI China [Member]          
Description of Business and Basis of Presentation [Line Items]          
Cash       $ 17,900,000  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Abbreviated New Drug Applications (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Purchase Price For The Assets Acquired $ 19,172,000
Abbreviated new drug applications [Member]  
Purchase Price For Finite-lived Intangible Assets Acquired 18,608,000
Active pharmaceutical ingredient [Member]  
Purchase Price For Raw Materials Inventory Acquired $ 564,000
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition of Abbreviated New Drug Applications (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Research and Development in Process   $ 0 $ 0 $ 686,998 $ 0
Finite-Lived Intangible Asset, Useful Life       13 years  
Payments to Acquire Intangible Assets $ 18,000,000     $ 19,171,956 $ 0
Abbreviated new drug applications [Member]          
Research and Development in Process       553,000  
Active pharmaceutical ingredient [Member]          
Research and Development in Process       134,000  
Accounting Standards Update 2017-01 [Member]          
Asset Acquisition Transaction Costs       $ 1,200,000  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Estimated useful lives 13 years
Abbreviated new drug applications [Member]  
Gross Value $ 18,054,985
Accumulated Amortization $ (597,354)
Estimated useful lives 13 years
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details 1)
Jun. 30, 2018
USD ($)
2018 (remaining Six months) $ 694,421
2019 1,388,845
2020 1,388,845
2021 1,388,845
2022 1,388,845
2023 and thereafter $ 11,207,830
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details Textual) - USD ($)
1 Months Ended 6 Months Ended
Jan. 31, 2018
Jun. 30, 2018
Jun. 30, 2017
Finite-Lived Intangible Asset, Useful Life   13 years  
Payments to Acquire Intangible Assets $ 18,000,000 $ 19,171,956 $ 0
Accounting Standards Update 2017-01 [Member]      
Asset Acquisition Transaction Costs   $ 1,200,000  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Short-term Investments $ 1,220,987 $ 0
Cumulative Effect on Retained Earnings, Net of Tax $ 1,232,312  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Inventories (Details Textual)
Jun. 30, 2018
USD ($)
Raw Materials [Member]  
Inventory, Raw Materials, Net of Reserves $ 430,000
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note Payable (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Notes Payable [Line Items]    
Amortization of Debt Discount (Premium) $ 354 $ 3,738
Spectrum Pharmaceuticals [Member]    
Notes Payable [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 0.50%  
Debt Instrument Initial Discount Upon Issuance $ 136,000  
Debt Instrument, Face Amount $ 1,500,000  
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details Textual) - USD ($)
1 Months Ended 2 Months Ended 6 Months Ended
Mar. 31, 2018
Apr. 30, 2018
Jun. 30, 2018
Feb. 23, 2018
Net Proceeds From Issuance Of Common Stock $ 475,000      
Stock Issued During Period, Shares, New Issues 143,248      
Price Per Share and Warrant   $ 3.24    
Remaining Dollar Amount Available Under Sales Agreement     $ 24,500,000  
Investors [Member]        
Class of Warrant or Right, Exercise Price of Warrants or Rights   $ 3.69    
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   6,172,832    
Stock Issued During Period, Shares, New Issues   15,432,091    
H.C. Wainwright Co., LLC [Member] | Maximum [Member]        
Aggregate Sales Price       $ 25,000,000
Securities Purchase Agreements [Member]        
Fair Value Of Warrant Issued   $ 15,062,000    
Fair Value Assumptions Fair Value   $ 2.44    
Securities Purchase Agreements [Member] | Measurement Input, Expected Term [Member]        
Fair Value Assumptions Term   5 years    
Securities Purchase Agreements [Member] | Measurement Input, Risk Free Interest Rate [Member]        
Fair Value Assumptions rate   2.69%    
Securities Purchase Agreements [Member] | Measurement Input, Price Volatility [Member]        
Fair Value Assumptions rate   75.40%    
Private Placement [Member]        
Stock Issued During Period, Value, New Issues   $ 50,000,000    
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Loss Per Share (Details Textual)
6 Months Ended
Jun. 30, 2018
shares
Employee Stock Option [Member]  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 17,059,368
Warrant [Member]  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 11,416,701
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 1,812,219 $ 350,565
Net share-based compensation expense, per common share:    
Basic and diluted (in dollars per share) $ 0.02 $ 0.01
Research and Development Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 162,516 $ 171,326
General and Administrative Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 1,649,703 $ 179,239
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Details 1)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility 78.97% 78.34%
Risk free interest rate 2.79% 1.82%
Expected term of option 5 years 7 months 24 days 5 years 7 months 28 days
Expected dividend yield 0.00% 0.00%
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Details 2) - Employee Stock Option [Member]
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding - Number of Options, Beginning Balance | shares 11,585,315
Exercised - Number of Options | shares (115,283)
Granted - Number of Options | shares 5,886,000
Expired - Number of Options | shares 0
Forfeited - Number of Options | shares (296,664)
Outstanding - Number of Options, Ending Balance | shares 17,059,368
Exercisable - Number of Options | shares 8,692,437
Outstanding - Weighted Average Exercise Price, Beginning Balance | $ / shares $ 1.42
Exercised - Weighted Average Exercise Price | $ / shares 1.53
Granted - Weighted Average Exercise Price | $ / shares 3.47
Expired - Weighted Average Exercise Price | $ / shares 0
Forfeited - Weighted Average Exercise Price | $ / shares 1.67
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares 2.13
Exercisable - Weighted Average Exercise Price | $ / shares $ 1.56
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Details 3) - Warrant [Member]
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Outstanding at Number of Warrants, Beginning Balance | shares 6,264,016
Issued Number of Warrants | shares 6,172,832
Exercised Number of Warrants | shares (1,020,147)
Expired Number of Warrants | shares 0
Outstanding at Number of Warrants, Ending Balance | shares 11,416,701
Exercisable Number of Warrants | shares 5,243,869
Outstanding Weighted Average Exercise Price, Beginning Balance | $ / shares $ 2.23
Issued Weighted Average Exercise Price | $ / shares 3.69
Exercised Weighted Average Exercise Price | $ / shares 1.92
Expired Weighted Average Exercise Price | $ / shares 0
Outstanding Weighted Average Exercise Price, Ending Balance | $ / shares 3.05
Exercisable Weighted Average Exercise Price | $ / shares $ 2.29
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Warrants (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Mar. 13, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 4.53 $ 0.77  
Share-based Compensation $ 1,812,219 $ 350,565  
Proceeds from Stock Options Exercised 176,833 0  
Proceeds from Warrant Exercises $ 1,960,536 $ 0  
Executive Chairman [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number     1,000,000
Executive Chairman [Member] | Performance Based Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number     4,000,000
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Expire Terms 5 years    
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Expire Terms 2 years    
Long Term Incentive Plan2011 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 8,245,174    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance 17,059,368    
Long Term Incentive Plan2011 [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit $ 8.23    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 20,230,000    
Long Term Incentive Plan2011 [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit $ 0.86    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 14,230,000    
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Textual)
$ in Millions
Dec. 31, 2017
USD ($)
Income Tax Contingency [Line Items]  
Unrecognized Tax Benefits $ 3.2
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Textual) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Research and Development Expense $ 1,729,470 $ 1,727,407 $ 3,426,703 $ 2,776,694
Spectrum [Member]        
Research and Development Expense       $ 477,000
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments (Details Textual) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Jun. 30, 2018
Dec. 31, 2017
Purchase obligation to purchase materials $ 5,500,000 $ 2,700,000  
Operating Lease, Future Minimum Payments, Current     $ 259,000
Operating Lease, Future Minimum Payments, in Two Years     561,900
Operating Lease, Future Minimum Payments, in Three Years     561,900
Operating Lease, Future Minimum Payments, in Four Years     $ 140,500
Other Commitment   $ 464,000  
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