CASI Pharmaceuticals (CASI) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	CASI Pharmaceuticals, Inc.
Entity Central Index Key	895,051
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CASI
Entity Common Stock, Shares Outstanding		60,196,574

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 24,137,329	$ 5,131,114
Prepaid expenses and other	401,080	438,231
Total current assets	24,538,409	5,569,345
Property and equipment, net	184,090	218,796
Other assets	34,485	38,174
Total assets	24,756,984	5,826,315
Current liabilities:
Accounts payable	918,892	884,100
Accrued liabilities	161,978	169,464
Note payable, net of discount	1,485,985	0
Total current liabilities	2,566,855	1,053,564
Note payable, net of discount	0	1,464,970
Contingent rights derivative liability	6,167,142	9,395,222
Total liabilities	8,733,997	11,913,756
Commitments and contingencies
Stockholders’ equity (deficit):
Convertible preferred stock, $1.00 par value; 5,000,000 shares authorized and 0 shares issued and outstanding at September 30, 2016 and December 31, 2015	0	0
Common stock, $.01 par value: 170,000,000 shares authorized; 49,537,267 and 32,525,356 shares issued at September 30, 2016 and December 31, 2015, respectively	495,371	325,252
Common stock to be issued	6,274,000	0
Additional paid-in capital	456,545,927	434,099,890
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(439,258,067)	(432,478,339)
Total stockholders’ equity (deficit)	16,022,987	(6,087,441)
Total liabilities and stockholders’ equity (deficit)	$ 24,756,984	$ 5,826,315

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Convertible preferred stock, par value (in dollars per share)	$ 1	$ 1
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	49,537,267	32,525,356
Treasury stock, shares held	79,545	79,545

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Product sales	$ 0	$ 0	$ 0	$ 47,712
Costs and expenses:
Cost of product sales	0	0	0	6,274
Research and development	1,013,929	942,338	3,395,362	3,030,648
General and administrative	676,927	673,910	3,356,804	2,459,024
Costs and expenses	1,690,856	1,616,248	6,752,166	5,495,946
Interest expense, net	5,614	24,346	23,140	72,836
Change in fair value of contingent rights	(2,978)	(35,690)	4,422	(17,346)
Net loss	$ (1,693,492)	$ (1,604,904)	$ (6,779,728)	$ (5,503,724)
Net loss per share (basic and diluted)	$ (0.03)	$ (0.05)	$ (0.15)	$ (0.17)
Weighted average number of common shares outstanding (basic and diluted)	49,227,983	32,445,811	44,132,599	32,445,811

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,779,728)	$ (5,503,724)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	47,963	50,771
Net gain on disposal of assets	(12,461)	0
Stock-based compensation expense	2,201,401	1,193,419
Non-cash interest	21,015	67,950
Change in fair value of contingent rights	4,422	(17,346)
Changes in operating assets and liabilities:
Accounts receivable	0	23,727
Prepaid expenses and other	40,840	(88,997)
Accounts payable	34,793	46,645
Accrued liabilities	(7,486)	5,285
Net cash used in operating activities	(4,449,241)	(4,222,270)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of furniture and equipment	158,446	0
Purchases of furniture and equipment	(159,244)	(23,729)
Net cash used in investing activities	(798)	(23,729)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issuance costs	(72,087)	0
Proceeds from sale of common stock	17,254,341
Proceeds from sale of common stock to be issued	6,274,000	0
Net cash provided by financing activities	23,456,254	0
Net increase (decrease) in cash and cash equivalents	19,006,215	(4,245,999)
Cash and cash equivalents at beginning of period	5,131,114	10,669,919
Cash and cash equivalents at end of period	24,137,329	6,423,920
Non-cash financing activity:
Partial settlement of contingent rights derivative	$ 3,232,502	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
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 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, 2015 financial information was derived from the Company’s audited financial statements in the Annual Report on Form 10-K for the year ended December 31, 2015. Operating results for the three and nine month periods ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, 2015. Liquidity Risks and Management’s Plans Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $ 439.3 25.1 10.3 6.0 1.0 7.8 3.0 6.2

License Arrangements and Acquis

License Arrangements and Acquisition of In-Process Research and Development	9 Months Ended
	Sep. 30, 2016
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	2. License Arrangements and Acquisition of In-Process Research and Development In September 2014, the Company acquired 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”): · MARQIBO ® · ZEVALIN ® · EVOMELA ® 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 MARQIBO ® ® ® ® ® ® ® As consideration for the acquisition from Spectrum, the Company issued a total 5,405,382 1.5 0.5 March 2017 19.7 The fair value of the common stock issued was based on the closing market price of the Company’s common stock on the acquisition date. The fair value of the promissory note was measured using Level 3 unobservable inputs (see Note 4) including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution. The Contingent Rights provide Spectrum with the option to acquire, at a strike price of par value, a variable number of additional shares of common stock that allows Spectrum to maintain its fully-diluted ownership percentage for a certain time period and under certain terms and conditions. These Contingent Rights will expire on the earlier of raising an aggregate of $50 million or September 17, 2019 (subject to possible extension only for certain outstanding derivative securities). Based on the terms and conditions of the Contingent Rights, the Company has determined that the Contingent Rights are a derivative financial instrument that is not indexed to its common stock and therefore is required to be accounted for at fair value, initially and on a recurring basis. The fair value of the Contingent Rights was measured using Level 3 unobservable inputs; the unobservable inputs include estimates of the Company’s future capital requirements, and the timing, probability, size and characteristics of those capital raises, among other inputs. The total estimated fair value of the Contingent Rights was $ 6,167,142 9,395,222 As a result of the First Closing (see Note 5), Spectrum exercised its Contingent Rights and the Company issued Spectrum 1,688,877 980,732 164,526 3,232,502 As a result of the Final Closing and the October Offering (see Note 5), Spectrum exercised its Contingent Rights and the Company issued Spectrum 1,789,062 2,047,243

Note Payable

Note Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	3. Note Payable As part of the license arrangements with Spectrum (see Note 2), the Company issued to Spectrum a $ 1.5 0.5 136,000 21,015 67,950

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Measurements Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: · Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; · Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, the Company performs a detailed analysis of its assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. The inputs used in measuring the fair value of cash and cash equivalents are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair values are based on period-end statements supplied by the various banks and brokers that held the majority of the Company’s funds. The fair value of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, and other current assets and liabilities) approximates their carrying values because of their short-term nature. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis: The Contingent Rights issued to Spectrum in connection with the license arrangements (see Note 2) are considered derivative liabilities and were recorded initially at their estimated fair value, and are marked to market each reporting period until settlement. The fair value of the Contingent Rights was measured using Level 3 unobservable inputs; the unobservable inputs include estimates of the Company’s future capital requirements, and the timing, probability, size and characteristics of those capital raises, among other inputs. Generally, if the estimates of the size and probability of the Company’s future capital requirements increase, the fair value of the Contingent Rights will also increase. As of September 30, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 6,167,142 $ 6,167,142 As of December 31, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,395,222 $ 9,395,222 December 31, 2015 $ 9,395,222 Partial settlement of Contingent Rights (3,232,502) Change in fair value of Contingent Rights 4,422 Balance at September 30, 2016 $ 6,167,142 Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis: The promissory note issued to Spectrum in connection with the license arrangements (see Notes 2 and 3) was initially recorded at its fair value using Level 3 unobservable inputs including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution. Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis: The Company does not have any non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis: The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized for the nine months ended September 30, 2016 and 2015.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	5. Stockholders’ Equity Securities Purchase Agreements As described in Note 1, on September 20, 2015, the Company entered into stock purchase agreements with certain institutional and accredited investors (the “Investors”) for a $ 25.1 20,658,434 1.19 4,131,686 20 0.125 1.69 The offering closed after satisfaction of certain regulatory and customary closing conditions, with the net proceeds subject to payment of offering expenses, including fees and expenses. On January 15, 2016, the Company completed the First Closing and received approximately $ 10.3 10.2 8,448,613 1.19 1,689,722 0.125 The warrants became exercisable on April 15, 2016 at $1.69 per share exercise price, and will expire on April 15, 2019. 321,047 0.19 3.25 70.1 1.08 On June 24, 2016, the Company completed the Second Closing and received approximately $ 6.0 4,906,118 1.19 981,223 0.125 The warrants became exercisable on September 23, 2016 at $1.69 per share exercise price, and will expire on September 23, 2019. 431,738 0.44 3.25 70.4 0.76 On July 5, 2016, the Company completed the Third Closing and received $ 1.0 823,045 1.19 164,609 0.125 The warrants became exercisable on October 4, 2016 at $1.69 per share exercise price, and will expire on October 4, 2019. 67,490 0.41 3.25 70.6 0.66 On October 3, 2016, the Company completed the Final Closing and received $ 7.8 6,480,655 1.19 1,296,129 0.125 The warrants will become exercisable on January 2, 2017 at $1.69 per share exercise price, and will expire on January 2, 2020. 544,374 0.42 3.25 71.4 0.91 6.3 The Company granted registration rights to the Investors and agreed to file a resale registration statement covering the shares of common stock and the shares of common stock underlying the warrants within 120 days of the Final Closing. As described in Note 1, on October 24, 2016, the Company entered into and closed on a stock purchase agreement with an accredited investor, pursuant to which the Company agreed to sell to the investor in a private placement an aggregate of 2,469,135 1.190 493,827 20 0.125 3.0 The warrants will become exercisable on January 23, 2017 at $1.69 per share exercise price, and will expire on January 23, 2020. 306,173 0.62 3.25 72.2 1.00 The Company granted registration rights to the investor and agreed to file a resale registration statement covering the shares of common stock and the shares of common stock underlying the warrants within 120 days of the closing of the transaction.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Share-Based Compensation 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 2016, the Company’s shareholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares reserved for issuance from 8,230,000 11,230,000 As of September 30, 2016, there are 9,067,244 0.86 17.38 873,000 2,554,019 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 three years. Awards with will be expensed if it is probable that the will be achieved. For the nine months ended September 30, 2016, $ 10,100 2,201,401 1,193,419 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: NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 2015 Research and development $ 578,626 $ 569,791 General and administrative 1,622,775 623,628 Share-based compensation expense $ 2,201,401 $ 1,193,419 Net share-based compensation expense, per common share: Basic and diluted $ 0.05 $ 0.04 The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of 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. NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 2015 Expected volatility 83.03 % 85.28 % Risk-free interest rate 1.31 % 1.58 % Expected term of option 5.41 years 5.67 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine-month periods ended September 30, 2016 and 2015, forfeitures were estimated at 3 The weighted average fair value of stock options granted during the nine-month periods ended September 30, 2016 and 2015 were $ 0.75 1.02 Weighted Average Number of Exercise Options Price Outstanding at January 1, 2016 6,694,744 $ 1.99 Granted 3,336,357 $ 0.95 Exercised - $ - Expired (836,062) $ 2.20 Forfeited (127,795) $ 1.33 Outstanding at September 30, 2016 9,067,244 $ 1.60 Vested and expected to vest at September 30, 2016 8,968,117 $ 1.61 Exercisable at September 30, 2016 5,763,002 $ 1.90 There were no option exercises during the three or nine months ended September 30, 2016 or 2015.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	7. Income Taxes At December 31, 2015, the Company had a $ 3.1 During the nine months ended September 30, 2016, 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 September 30, 2016. 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions In June 2016, under a supply agreement with Spectrum, the Company received a shipment of MARQIBO ® 133,770 In 2015, the Company began utilizing the services of Crown Biosciences, Inc. (“Crown Bio”) to perform certain research and development testing. The CEO of Crown Bio is also a board member of CASI. The total value of the services is $ 66,545 16,648 28,648 24,750 In October 2015, the Company entered into a material transfer and research agreement with Origene Technologies, Inc. (“Origene”) for certain research materials. The CEO of Origene is also the Chairman of the Board of CASI. No materials have been purchased as of September 30, 2016, and there is no minimum commitment associated with this agreement. As described in Note 1, in January, June, July and October 2016, the Company conducted a series of closings for a $ 25.1

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact the Company’s condensed consolidated financial statements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB delayed the effective date of this standard by one year. The new standard will be effective for the Company’s reporting year beginning on January 1, 2018, and early adoption of the standard as of In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet . The accounting standard is effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The Company has not yet adopted this pronouncement but does not expect it to have any impact on its consolidated financial statements. In January 2016, the FASB issued a new accounting standard on recognition and measurement of financial assets and financial liabilities. The accounting standard primarily affects 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. Early adoption is permitted for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact, if any, that the pronouncement will have on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases 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. In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company does not expect that the adoption of this ASU will have a material impact on its financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 by level within the fair value hierarchy: As of September 30, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 6,167,142 $ 6,167,142 As of December 31, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,395,222 $ 9,395,222
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents the changes in the Company’s financial liabilities accounted for at fair value on a recurring basis using Level 3 unobservable inputs: December 31, 2015 $ 9,395,222 Partial settlement of Contingent Rights (3,232,502) Change in fair value of Contingent Rights 4,422 Balance at September 30, 2016 $ 6,167,142

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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 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: NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 2015 Research and development $ 578,626 $ 569,791 General and administrative 1,622,775 623,628 Share-based compensation expense $ 2,201,401 $ 1,193,419 Net share-based compensation expense, per common share: Basic and diluted $ 0.05 $ 0.04
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 during the nine-month periods ended September 30, 2016 and 2015: NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 2015 Expected volatility 83.03 % 85.28 % Risk-free interest rate 1.31 % 1.58 % Expected term of option 5.41 years 5.67 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine-month periods ended September 30, 2016 and 2015, forfeitures were estimated at 3
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 for the nine months ended September 30, 2016 is as follows: Weighted Average Number of Exercise Options Price Outstanding at January 1, 2016 6,694,744 $ 1.99 Granted 3,336,357 $ 0.95 Exercised - $ - Expired (836,062) $ 2.20 Forfeited (127,795) $ 1.33 Outstanding at September 30, 2016 9,067,244 $ 1.60 Vested and expected to vest at September 30, 2016 8,968,117 $ 1.61 Exercisable at September 30, 2016 5,763,002 $ 1.90

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	Oct. 03, 2016	Jul. 05, 2016	Jan. 15, 2016	Oct. 24, 2016	Jun. 24, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit), Total						$ (439,258,067)	$ (432,478,339)
Percentage Of Ownership Interest In Non Stock Subsidiary						100.00%
Proceeds from Issuance of Common Stock						$ 17,254,341
CASI China [Member]
Description of Business and Basis of Presentation [Line Items]
Cash						$ 6,200,000
First Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock And Warrants			$ 10,200,000
Proceeds from Issuance of Common Stock			$ 10,300,000
Second Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock And Warrants					$ 6,000,000
Third Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock And Warrants		$ 1,000,000
Subsequent Event [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock And Warrants				$ 3,000,000
Subsequent Event [Member] | Final Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock And Warrants	$ 7,800,000
Investors [Member]
Description of Business and Basis of Presentation [Line Items]
Maximum Stock To Be Issued								$ 25,100,000

License Arrangements and Acqu18

License Arrangements and Acquisition of In-Process Research and Development (Details Textual) - USD ($)	1 Months Ended			9 Months Ended		12 Months Ended
	Oct. 31, 2016	Jul. 31, 2016	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2015
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Liabilities - Contingent Rights				$ 6,167,142			$ 9,395,222
Notes Payable, Noncurrent				0			$ 1,464,970
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements				$ 3,232,502	$ 0
Contingent Rights [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Debt Instrument, Maturity Date, Description				March 2,017
Spectrum [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Stock Issued During Period, Shares, New Issues			1,688,877
Spectrum [Member] | Second Closing [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Stock Issued During Period, Shares, New Issues		980,732
Spectrum [Member] | Third Closing [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Stock Issued During Period, Shares, New Issues		164,526
Spectrum [Member] | Fisrt, Second And Third Closing [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements				$ 3,232,502
Spectrum [Member] | Final Closing [Member] | Subsequent Event [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Stock Issued During Period, Shares, New Issues	1,789,062
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	$ 2,047,243
Spectrum Pharmaceuticals [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Contingent Consideration Fair Value Of License						$ 19,700,000
Stock Issued During Period, Shares, Acquisitions						5,405,382
Debt Instrument, Interest Rate, Stated Percentage						0.50%
Notes Payable, Noncurrent						$ 1,500,000
Contingent Rights Aggregate Amount				$ 50,000,000
Contingent Rights Expiration				These Contingent Rights will expire on the earlier of raising an aggregate of $50 million or September 17, 2019 (subject to possible extension only for certain outstanding derivative securities).

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2014
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)	$ 21,015	$ 67,950
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

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 6,167,142	$ 9,395,222
Fair Value, Inputs, Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 6,167,142	$ 9,395,222

Fair Value Measurements (Deta21

Fair Value Measurements (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
December 31, 2015	$ 9,395,222
Partial settlement of Contingent Rights	(3,232,502)	$ 0
Change in fair value of Contingent Rights	4,422
Balance at September 30, 2016	$ 6,167,142

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Oct. 03, 2016	Jul. 05, 2016	Jan. 15, 2016	Oct. 24, 2016	Jun. 24, 2016	Sep. 20, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Proceeds from Issuance of Common Stock							$ 17,254,341
Common Stock, Shares, Issued							49,537,267		32,525,356
Proceeds From Sale of Common Stock To Be Issued							$ 6,274,000	$ 0
Investors [Member]
Percentage of Warrant Coverage On Purchase Price						20.00%
Warrants Purchase Price Per share						$ 0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights						1.69
Shares To Be Issued Per Share						$ 1.19
Warrants To Be Issued						4,131,686
Stock And Warrants To Be Issued Value						$ 25,100,000
Common Stock To Be Issued						20,658,434
Subsequent Event [Member]
Shares Issued, Price Per Share				$ 1.190
Percentage of Warrant Coverage On Purchase Price				20.00%
Warrants Purchase Price Per share				$ 0.125
Class Of Warrant Or Right Maturity Period Description				The warrants will become exercisable on January 23, 2017 at $1.69 per share exercise price, and will expire on January 23, 2020.
Fair Value Of Warrant Issued				$ 306,173
Fair Value Assumptions Fair Value				$ 0.62
Fair Value Assumptions, Expected Term				3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate				1.00%
Fair Value Assumptions, Expected Volatility Rate				72.20%
Warrants Issued				493,827
Common Stock, Shares, Issued				2,469,135
Proceeds from Issuance of Common Stock And Warrants				$ 3,000,000
First Closing [Member]
Warrants Purchase Price Per share			$ 0.125
Class Of Warrant Or Right Maturity Period Description			The warrants became exercisable on April 15, 2016 at $1.69 per share exercise price, and will expire on April 15, 2019.
Fair Value Of Warrant Issued			$ 321,047
Fair Value Assumptions Fair Value			$ 0.19
Fair Value Assumptions, Expected Term			3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate			1.08%
Fair Value Assumptions, Expected Volatility Rate			70.10%
Warrants Issued			1,689,722
Proceeds from Issuance of Common Stock			$ 10,300,000
Sale of Stock, Number of Shares Issued in Transaction			8,448,613
Sale of Stock, Price Per Share			$ 1.19
Proceeds from Issuance of Common Stock And Warrants			$ 10,200,000
Second Closing [Member]
Warrants Purchase Price Per share					$ 0.125
Class Of Warrant Or Right Maturity Period Description					The warrants became exercisable on September 23, 2016 at $1.69 per share exercise price, and will expire on September 23, 2019.
Fair Value Of Warrant Issued					$ 431,738
Fair Value Assumptions Fair Value					$ 0.44
Fair Value Assumptions, Expected Term					3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate					0.76%
Fair Value Assumptions, Expected Volatility Rate					70.40%
Warrants Issued					981,223
Sale of Stock, Number of Shares Issued in Transaction					4,906,118
Sale of Stock, Price Per Share					$ 1.19
Proceeds from Issuance of Common Stock And Warrants					$ 6,000,000
Third Closing [Member]
Warrants Purchase Price Per share		$ 0.125
Class Of Warrant Or Right Maturity Period Description		The warrants became exercisable on October 4, 2016 at $1.69 per share exercise price, and will expire on October 4, 2019.
Fair Value Of Warrant Issued		$ 67,490
Fair Value Assumptions Fair Value		$ 0.41
Fair Value Assumptions, Expected Term		3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate		0.66%
Fair Value Assumptions, Expected Volatility Rate		70.60%
Warrants Issued		164,609
Sale of Stock, Number of Shares Issued in Transaction		823,045
Sale of Stock, Price Per Share		$ 1.19
Proceeds from Issuance of Common Stock And Warrants		$ 1,000,000
Final Closing [Member]
Proceeds From Sale of Common Stock To Be Issued							$ 6,300,000
Final Closing [Member] | Subsequent Event [Member]
Warrants Purchase Price Per share	$ 0.125
Class Of Warrant Or Right Maturity Period Description	The warrants will become exercisable on January 2, 2017 at $1.69 per share exercise price, and will expire on January 2, 2020.
Fair Value Of Warrant Issued	$ 544,374
Fair Value Assumptions Fair Value	$ 0.42
Fair Value Assumptions, Expected Term	3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate	0.91%
Fair Value Assumptions, Expected Volatility Rate	71.40%
Warrants Issued	1,296,129
Sale of Stock, Number of Shares Issued in Transaction	6,480,655
Sale of Stock, Price Per Share	$ 1.19
Proceeds from Issuance of Common Stock And Warrants	$ 7,800,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,201,401	$ 1,193,419
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$ 0.05	$ 0.04
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 578,626	$ 569,791
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,622,775	$ 623,628

Share-Based Compensation (Det24

Share-Based Compensation (Details 1)		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		83.03%	85.28%
Risk-free interest rate		1.31%	1.58%
Expected term of option		5 years 4 months 28 days	5 years 8 months 1 day
Forfeiture rate	[1]	3.00%	3.00%
Expected dividend yield		0.00%	0.00%
[1]	Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the nine-month periods ended September 30, 2016 and 2015, forfeitures were estimated at 3%.

Share-Based Compensation (Det25

Share-Based Compensation (Details 2)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Options, Beginning Balance | shares	6,694,744
Granted - Number of Options | shares	3,336,357
Exercised - Number of Options | shares	0
Expired - Number of Options | shares	(836,062)
Forfeited - Number of Options | shares	(127,795)
Outstanding - Number of Options, Ending Balance | shares	9,067,244
Vested and expected to vest - Number of Options | shares	8,968,117
Exercisable - Number of Options | shares	5,763,002
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.99
Granted - Weighted Average Exercise Price | $ / shares	0.95
Exercised - Weighted Average Exercise Price | $ / shares	0
Expired - Weighted Average Exercise Price | $ / shares	2.2
Forfeited - Weighted Average Exercise Price | $ / shares	1.33
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares	1.6
Vested and expected to vest - Weighted Average Exercise Price | $ / shares	1.61
Exercisable - Weighted Average Exercise Price | $ / shares	$ 1.9

Share-Based Compensation (Det26

Share-Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
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	$ 0.75	$ 1.02
Share-based Compensation, Total	$ 2,201,401	$ 1,193,419
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,067,244			6,694,744
Share Based Compensation Estimated Forfeiture Rate	3.00%	3.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 10,100
Certain Board Members Officers And Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Subject To Achievement	873,000
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	2,554,019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,067,244
Long Term Incentive Plan2011 [Member] | Maximum [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			11,230,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 17.38
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long Term Incentive Plan2011 [Member] | Minimum [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			8,230,000
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, Award Vesting Period	1 year

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 3.1

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Research and Development Expense, Total	$ 1,013,929	$ 942,338	$ 3,395,362	$ 3,030,648
Crown Biosciences, Inc [Member]
Related Party Transaction, Amounts of Transaction			66,545
Research and Development Expense, Total			28,648	24,750
Due to Related Parties, Current	$ 16,648		16,648
Spectrum [Member]
Research and Development Expense, Total			$ 133,770
Investors [Member]
Maximum Stock To Be Issued		$ 25,100,000		$ 25,100,000