CASI Pharmaceuticals Secures $5 Million in Convertible Note Financing
CASI Pharmaceuticals, Inc. (NASDAQ: CASI) announced the closing of a third tranche of its previously arranged $20 million convertible note financing on February 20, 2026. The financing, totaling $5 million, comes from ETP Global III Fund LP, a partnership controlled by Dr. Wei-Wu He.
Financing Details
The convertible note matures in 36 months and carries an annual interest rate of 12%. CASI has the option to convert the note into ordinary shares at maturity, based on the five-day volume-weighted average closing price preceding that date. The investor, ETP Global III Fund LP, also has the right to convert the note into ordinary shares starting 91 days after issuance, using a similar pricing mechanism.
The conversion price is capped between $1 and $2 per share, a structure designed to balance the company’s need for capital with investor protection. This arrangement could influence CASI’s capital structure and shareholder base as the note approaches conversion or repayment. Source
Use of Funds
The initial $20 million convertible note financing, announced on December 12, 2025, is intended to fund a Phase 1 study in China evaluating CID-103 in renal allograft antibody-mediated rejection (AMR). CID-103 is an anti-CD38 monoclonal antibody being developed for organ transplant rejection and autoimmune diseases. Source The funds will also support the development of a stable, high-concentration protein solution for subcutaneous formulation.
Analyst Ratings and Stock Performance
As of February 21, 2026, the most recent analyst rating for CASI stock is a “Hold” with a price target of $0.96. Source
TipRanks’ AI Analyst, Spark, currently rates CASI as “Neutral,” citing concerns about the company’s financial performance, including declining revenue, ongoing losses, negative free cash flow, and high leverage. Source
Company Overview
CASI Pharmaceuticals, Inc. Is a clinical-stage biopharmaceutical company headquartered in Beijing, China, and listed on Nasdaq. Source The company focuses on developing CID-103, positioning itself within the immunology and specialty biologics market.
Investor Details
ETP Global III Fund LP, the investor in this financing round, is controlled by Dr. Wei-Wu He. Source and Source The business address of ETP Global Fund III L.P. Is 4919 Rebel Ridge Dr, Sugar Land, TX 77878. Source