CASI is a clinical-stage biopharmaceutical company that develops oncology and autoimmune therapeutics. CASI is shifting from a commercial operation in China to a focus on its lead asset, CID-103. In May 2025, CASI agreed to sell its China subsidiaries and several pipeline rights to an entity owned by its chairman. This divestiture focuses CASI on CID-103, an anti-CD38 monoclonal antibody targeting immune thrombocytopenia and renal allograft antibody-mediated rejection. CASI holds global rights to CID-103, excluding China and most of Asia. Historically, CASI generated revenue by selling in-licensed drugs in China, such as EVOMELA and MAFALAN. The CASI business model involved acquiring China rights for drugs approved in Western markets and navigating local regulatory and reimbursement systems like the National Reimbursement Drug List. CASI's strategy now centers on advancing CID-103 through global clinical trials and developing a subcutaneous formulation. Other assets include CB-5339, a VCP/p97 inhibitor, and CNCT19, a CAR-T therapy currently involved in a license dispute. CASI recently delisted from Nasdaq and moved to the OTCQB market while evaluating a proposal from its chairman to take CASI private.