<SEC-DOCUMENT>0000950170-25-097749.txt : 20250723
<SEC-HEADER>0000950170-25-097749.hdr.sgml : 20250723
<ACCEPTANCE-DATETIME>20250723093943
ACCESSION NUMBER:		0000950170-25-097749
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250723
DATE AS OF CHANGE:		20250723

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASI Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001962738
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94039
		FILM NUMBER:		251141878

	BUSINESS ADDRESS:	
		STREET 1:		1701-1702, CHINA CENTRAL OFFICE TOWER 1
		STREET 2:		NO. 81 JIANGUO ROAD, CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100025
		BUSINESS PHONE:		86 10 6561 8789

	MAIL ADDRESS:	
		STREET 1:		1701-1702, CHINA CENTRAL OFFICE TOWER 1
		STREET 2:		NO. 81 JIANGUO ROAD, CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CASI Pharmaceuticals Holdings, Inc.
		DATE OF NAME CHANGE:	20230118

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Huang James
		CENTRAL INDEX KEY:			0001573160
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	MAIL ADDRESS:	
		STREET 1:		9620 MEDICAL CENTER DRIVE
		STREET 2:		SUITE 300
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001573160</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>6</amendmentNo>
      <securitiesClassTitle>Ordinary Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001962738</issuerCik>
        <issuerName>CASI Pharmaceuticals, Inc.</issuerName>
        <issuerCusip>G1933S101</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">1701-1702, China Central Office Tower 1</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">No. 81 Jianguo Road, Chaoyang District</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Beijing</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">F4</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">100025</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Panacea Venture Healthcare Fund II, L.P.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2050000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2050000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2050000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>13.2</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Panacea Venture Healthcare Fund II GP Company, Ltd.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2050000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2050000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2050000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>13.2</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Panacea Innovation Limited</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2050000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2050000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2050000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>13.2</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>James Huang</reportingPersonName>
      <citizenshipOrOrganization>F4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>111571</soleVotingPower>
        <sharedVotingPower>2050000</sharedVotingPower>
        <soleDispositivePower>111571</soleDispositivePower>
        <sharedDispositivePower>2050000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2161571</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>13.8</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>CASI Pharmaceuticals, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1701-1702, China Central Office Tower 1, No. 81 Jianguo Road, Chaoyang District, Beijing, China 100025.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons."  This statement is filed on behalf of:

Panacea Venture Healthcare Fund II, L.P.
Panacea Venture Healthcare Fund II GP Company, Ltd.
Panacea Innovation Limited
James Huang</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The business address of each of the Reporting Persons is c/o Maples Corporate Services Limited, Ugland House, Grand Cayman KY1-1104, Cayman Islands.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Mr. Huang is a citizen of the Republic of China. The remaining Reporting Persons are organized under the laws of the Cayman Islands.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
The information contained on the cover pages to this Schedule 13G  is incorporated into this Item 4.

The ownership information presented herein represents beneficial ownership of Ordinary Shares as of the date of this filing, based upon 15,506,348 Ordinary Shares outstanding as of June 20, 2025.

Panacea Venture Healthcare Fund II, L.P. is the record holder of 2,050,000  Ordinary Shares.

James Huang is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture Healthcare Fund II GP Company, Ltd., which is the general partner of Panacea Venture Healthcare Fund II, L.P. As a result, each of the Reporting Persons may be deemed to share beneficial ownership of the Ordinary Shares held of record by Panacea Venture Healthcare Fund II, L.P., but each disclaims such beneficial ownership.

In addition, Mr. Huang  holds options to purchase 111,571  Ordinary Shares that are currently exercisable.</amountBeneficiallyOwned>
        <classPercent>See Item 11 of each of the cover pages hereto.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Item 5 of each of the cover pages hereto.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Item 6 of each of the cover pages hereto.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Item 7 of each of the cover pages hereto.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Item 8 of each of the cover pages hereto.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Panacea Venture Healthcare Fund II, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang</signature>
        <title>James Huang, Founding Managing Partner</title>
        <date>07/23/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Panacea Venture Healthcare Fund II GP Company, Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>By: Panacea Innovation Limited, its sole owner, /s/ James Huang</signature>
        <title>James Huang, Founding Managing Partner</title>
        <date>07/23/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Panacea Innovation Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ James Huang</signature>
        <title>James Huang, Founding Managing Partner</title>
        <date>07/23/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>James Huang</reportingPersonName>
      <signatureDetails>
        <signature>/s/ James Huang</signature>
        <title>James Huang</title>
        <date>07/23/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
