On 19 May 2020, CASI Pharmaceuticals, Inc. stock identified change of 73.91% away from 52-week low price and recently located move of -47.64% off 52-week high price. It has market worth of $188.06M. CASI stock has been recorded 10.05% away from 50 day moving average and -27.11% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.04% off 20-day moving average.
CASI Pharmaceuticals, Inc. (CASI) recently stated financial results for the year ended December 31, 2019, and provided a business update.
Full Year 2019 Highlights
Revenues consist of product sales of EVOMELA that released during August 2019. Revenue was $4.1M for the year ended 2019 contrast to $0 for the year ended December 31, 2018.
Costs of Revenues:
Costs of revenues were $3.9M for the year ended December 31, 2019 contrast to $0 for the year ended December 31, 2018. The increase is Because of the launch of EVOMELA that occurred during August 2019. Costs of revenues have been influenced by a transitional supply contract that is in the process of being modified with an alternate manufacturer. We expect the unit cost of inventories of EVOMELA to be considerably reduced in the future.
Research and Development Expenses:
Research and development expenses for the year ended December 31, 2019 were $9.7M, contrast with $8.5M for the year ended December 31, 2018. The increase in R&D expenses primarily reflects higher regulatory costs associated with our ANDAs in 2019, costs incurred with the development of CID-103 and higher consulting and manufacturing related services.
General and Administrative Expenses:
General and administrative expenses for the year ended December 31, 2019 were $27.3M, contrast with $18M for the year ended December 31, 2018. The increase was related to a combination of factors primarily related to the Company’s growth in China. These factors include a raise in salary, benefits and recruitment expense and facilities costs Because of increases in head count in connection with the commercial launch of the Company’s first commercial product (EVOMELA), professional services fees (including audit and legal services), and a raise in non-cash stock compensation expense largely attributed to stock options issued to CASI’s CEO, President of CASI, and other employees.
Selling and Marketing Expenses:
Selling and marketing expenses for the year ended December 31, 2019 were $3.1M, contrast with $0 for the year ended December 31, 2018. The increase isBecause of selling costs related to the commercial sales of EVOMELA that began during August 2019.
Purchased In-Process Research and Development:
Purchased in-process R&D expenses for year ended December 31, 2019 were $7.0M, primarily relating to the purchased Black Belt and Octreotide licenses, contrast with $0.7M for the year ended December 31, 2018, primarily relating to purchased ANDAs in January 2018.
Net loss for the year ended December 31, 2019 was $45.4M contrast to $27.5M for the year ended December 31, 2018. The increase is primarily Because of the Company’s growth in China to support the Company’s 2019 commercial product launch of EVOMELA, as well as costs associated with the purchased Black Belt and Octreotide licenses.
Cash and Cash Equivalents:
As of December 31, 2019, CASI had cash and cash equivalents of $53.6M contrast to $84.2M as of December 31, 2018. The decrease in cash is primarily Because of the Black Belt and Juventas investments made during the second quarter 2019, together with normal operating expenses.
CASI Pharmaceuticals, Inc. noticed change of 0.50% to $2 along volume of 204720 shares in recent session compared to an average volume of 225.01K. CASI’s shares are at -9.55% for the quarter and driving a -36.83% return over the course of the past year and is now at -35.60% since this point in 2018.