Statement of Changes in Beneficial Ownership (4)

FORM 4 ☒ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* BVF PARTNERS L P/IL	2. Issuer Name and Ticker or Trading Symbol CTI BIOPHARMA CORP [ CTIC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) __X__ Other (specify below) See Remarks
(Last) (First) (Middle) 44 MONTGOMERY ST., 40TH FL	3. Date of Earliest Transaction (MM/DD/YYYY) 6/26/2023
(Street) SAN FRANCISCO, CA 94104	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person
(City) (State) (Zip)	Rule 10b5-1(c) Transaction Indication ☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 ⁽¹⁾	6/26/2023		U		3989130 ⁽⁷⁾	D	$9.1000	0	D ⁽²⁾
Common Stock, par value $0.001 ⁽¹⁾	6/26/2023		U		2595239 ⁽⁷⁾	D	$9.1000	0	D ⁽³⁾
Common Stock, par value $0.001 ⁽¹⁾	6/26/2023		U		702505 ⁽⁷⁾	D	$9.1000	0	D ⁽⁴⁾
Common Stock, par value $0.001 ⁽¹⁾	6/26/2023		U		1526147 ⁽⁷⁾	D	$9.1000	0	I ⁽⁵⁾	See footnote ⁽⁵⁾
Common Stock, par value $0.001 ⁽¹⁾	6/26/2023		U		43139 ⁽⁷⁾	D	$9.1000	0	I ⁽⁶⁾	See footnote ⁽⁶⁾

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series X Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			1594	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	15940000	⁽⁸⁾	0	D ⁽²⁾
Series X Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			1250	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	12500000	⁽⁸⁾	0	D ⁽³⁾
Series X Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			191	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	1910000	⁽⁸⁾	0	D ⁽⁴⁾
Series X Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			12	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	120000	⁽⁸⁾	0	I ⁽⁵⁾	See footnote ⁽⁵⁾
Series X1 Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			344	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	3440000	⁽⁸⁾	0	D ⁽²⁾
Series X1 Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			239	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	2390000	⁽⁸⁾	0	D ⁽³⁾
Series X1 Convertible Preferred Stock ⁽¹⁾	⁽⁸⁾	6/26/2023		U			17	⁽⁸⁾	⁽⁸⁾	Common Stock, par value $0.001	170000	⁽⁸⁾	0	D ⁽⁴⁾
Stock Option (Right to Buy) ⁽⁶⁾	$0.8411	6/26/2023		D			120000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	120000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾
Stock Option (Right to Buy) ⁽⁶⁾	$4.61	6/26/2023		D			60000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	60000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾
Stock Option (Right to Buy) ⁽⁶⁾	$4.25	6/26/2023		D			50000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	50000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾
Stock Option (Right to Buy) ⁽⁶⁾	$3.30	6/26/2023		D			80000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	80000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾
Stock Option (Right to Buy) ⁽⁶⁾	$4.49	6/26/2023		D			80000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	80000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾
Stock Option (Right to Buy) ⁽⁶⁾	$4.08	6/26/2023		D			80000	⁽⁹⁾	⁽⁹⁾	Common Stock, par value $0.001	80000	⁽⁹⁾	0	I ⁽⁶⁾	See footnote ⁽⁶⁾

Explanation of Responses:
(1)	This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons was a member of a Section 13(d) group that previously collectively owned more than 10% of the Issuer's outstanding shares of Common Stock, par value $0.001 (the "Common Stock"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
(2)	Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.
(3)	Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.
(4)	Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.
(5)	Securities held in certain Partners managed accounts (the "Partners Managed Accounts"). Partners, as the investment manager of the Partners Managed Accounts, may be deemed to beneficially own the securities held by the Partners Managed Accounts. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities held by the Partners Managed Accounts. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities held by the Partners Managed Accounts.
(6)	Partners, BVF Inc. and Mr. Lampert may be deemed to have a pecuniary interest in these securities of the Issuer previously held by Matthew Perry, who served as a director of the Issuer and is a member of Partners, due to a certain agreement between Partners and Mr. Perry, pursuant to which Mr. Perry is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of options awarded to Mr. Perry in his capacity as a director to Partners. As such, Mr. Perry disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
(7)	Securities disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 10, 2023, by and among the Issuer, Swedish Orphan Biovitrum AB (PUBL) ("Parent"), and Cleopatra Acquisition Corp., an indirect wholly owned subsidiary of Parent ("Purchaser"), pursuant to which Purchaser completed a tender offer for the shares of Common Stock and thereafter merged with and into the Issuer (the "Merger") effective as of June 26, 2023 (the "Effective Time"). At the Effective Time, each issued and outstanding share of Common Stock was cancelled and converted into the right to receive $9.10 in cash (the "Offer Price") without interest and subject to applicable withholding taxes.
(8)	Pursuant to the Merger Agreement, each share of the Issuer's preferred stock that was issued and outstanding immediately prior to the Effective Time was converted into the right to receive $91,000 per share, without interest and subject to any applicable withholding taxes.
(9)	Pursuant to the Merger Agreement, each option to purchase shares of Common Stock that was outstanding immediately prior to the Effective Time, whether or not vested, with an exercise price that was less than the Offer Price, terminated and was cancelled immediately prior to the Effective Time and converted into the right to receive a cash payment (without interest, and less any applicable withholding taxes) equal to (A) the excess of (x) the Offer Price over (y) the exercise price payable per share of Common Stock under such option, multiplied by (B) the total number of shares of Common Stock subject to such option.

Remarks:
For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each of the Reporting Persons may be deemed to be a director by deputization of the Issuer due to a member of Partners, Mr. Perry, having served as a director of the Issuer, and his agreement to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of options awarded to Mr. Perry in his capacity as a director to Partners.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BVF PARTNERS L P/IL 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Remarks
BIOTECHNOLOGY VALUE FUND L P 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Explanation of Responses
BVF I GP LLC 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Explanation of Responses
BIOTECHNOLOGY VALUE FUND II LP 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X			See Explanation of Responses
BVF II GP LLC 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X			See Explanation of Responses
Biotechnology Value Trading Fund OS LP P.O. BOX 309 UGLAND HOUSE GRAND CAYMAN, E9 KY1-1104	X			See Explanation of Responses
BVF Partners OS Ltd. P.O. BOX 309 UGLAND HOUSE GRAND CAYMAN, E9 KY1-1104	X			See Explanation of Responses
BVF GP HOLDINGS LLC 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Explanation of Responses
BVF INC/IL 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Explanation of Responses
LAMPERT MARK N 44 MONTGOMERY ST. 40TH FL SAN FRANCISCO, CA 94104	X	X		See Explanation of Responses

Signatures
BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President		6/28/2023
^**Signature of Reporting Person		Date
Biotechnology Value Fund, L.P., By: BVF I GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer		6/28/2023
^**Signature of Reporting Person		Date
BVF I GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer		6/28/2023
^**Signature of Reporting Person		Date
Biotechnology Value Fund II, L.P., By: BVF II GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer		6/28/2023
^**Signature of Reporting Person		Date
BVF II GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer		6/28/2023
^**Signature of Reporting Person		Date
BVF Partners OS Ltd., By: BVF Partners L.P., its sole member, By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President		6/28/2023
^**Signature of Reporting Person		Date
Biotechnology Value Trading Fund OS LP, By: BVF Partners L.P., its investment manager, BVF Inc., its general partner, By: /s/ Mark N. Lampert, President		6/28/2023
^**Signature of Reporting Person		Date
BVF GP Holdings LLC, By: /s/ Mark N. Lampert, Chief Executive Officer		6/28/2023
^**Signature of Reporting Person		Date
BVF Inc., By: /s/ Mark N. Lampert, President		6/28/2023
^**Signature of Reporting Person		Date
/s/ Mark N. Lampert		6/28/2023
^**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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