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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0002010692 XXXXXXXX LIVE 1 Ordinary Shares 12/16/2025 true 0001962738 G1933S101 CASI Pharmaceuticals, Inc. 1701-1702, China Central Office Tower 1 No. 81 Jianguo Road, Chaoyang District Beijing F4 100025 James Huang (86-21) 6176-1101 Panacea Venture, No. 5, Lane 1350 Fuxing Middle Road Xuhui District Shanghai F4 200031 0001869939 N Panacea Venture Healthcare Fund II, L.P. OO N E9 0 4529956 0 4529956 4529956 N 22.0 PN Y Panacea Venture Healthcare Fund II GP Company, Ltd. OO N E9 0 4529956 0 4529956 4529956 N 22.0 CO 0002010692 N Panacea Innovation Limited OO N E9 0 4529956 0 4529956 4529956 N 22.0 CO 0001573160 N James Huang OO PF N F4 121571 4529956 121571 4529956 4651527 N 22.5 IN Ordinary Shares CASI Pharmaceuticals, Inc. 1701-1702, China Central Office Tower 1 No. 81 Jianguo Road, Chaoyang District Beijing F4 100025 Item 3 of the Schedule 13D is hereby amended and supplemented by inserting the following: Panacea Venture Healthcare Fund II, L.P. purchased 979,956 Ordinary Shares for aggregate consideration of approximately $0.8 million. Mr. Huang received options to purchase an additional 10,000 Ordinary Shares in connection with his service as a director of the Issuer. Panacea Venture Healthcare Fund II, L.P. obtained the funds used to purchase the Ordinary Shares through capital contributions from its partners. Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages is incorporated by reference into this Item 5. The ownership information presented herein represents beneficial ownership of Ordinary Shares as of the date of this filing, based upon 20,548,273 Ordinary Shares outstanding as of September 30, 2025, as set forth in the Issuer's Exhibit 99.1 to Form 6-K filed with the Securities and Exchange Commission on November 14, 2025. Panacea Venture Healthcare Fund II, L.P. is the record holder of 4,529,956 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 121,571 Ordinary Shares that are currently exercisable. The information contained on the cover pages is incorporated by reference into this Item 5. On December 16, 2025, Panacea Venture Healthcare Fund II, L.P. purchased 979,956 Ordinary Shares in a private transaction at a price of $0.80 per Ordinary Share. Except for the transactions disclosed in this Item 5(c), none of the Reporting Persons has effected any transactions in the Ordinary Shares during the past sixty days. None. Not applicable. Panacea Venture Healthcare Fund II, L.P. By: Panacea Venture Healthcare Fund II GP Company, Ltd., its general partner, By: Panacea Innovation Limited, its sole owner, /s/ James Huang James Huang, Founding Managing Partner 12/17/2025 Panacea Venture Healthcare Fund II GP Company, Ltd. By: Panacea Innovation Limited, its sole owner, /s/ James Huang James Huang, Founding Managing Partner 12/17/2025 Panacea Innovation Limited /s/ James Huang James Huang, Founding Managing Partner 12/17/2025 James Huang /s/ James Huang James Huang 12/17/2025