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DCTH

Delcath Systems, Inc.

DCTH

Delcath Systems, Inc. • NASDAQ
$9.70 ▲ 0.62% (+0.06)
Market Cap $336.74 M
52w High $18.23
52w Low $8.12
Dividend Yield 0%
P/E 323.33
Volume 295.80K
Outstanding Shares 34.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.563M ▼ $18.327M ▲ $830K ▼ 4.036% ▼ $0.023 ▼ $467K ▼
Q2-2025 $24.156M ▲ $18.248M ▲ $2.697M ▲ 11.165% ▲ $0.075 ▲ $2.617M ▲
Q1-2025 $19.784M ▲ $16.297M ▲ $1.069M ▲ 5.403% ▲ $0.031 ▲ $709K ▼
Q4-2024 $15.1M ▲ $9.935M ▼ $-3.398M ▼ -22.503% ▼ $-0.106 ▼ $10.477M ▲
Q3-2024 $11.2M $10.819M $1.864M 16.643% $0.065 $-1.161M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $88.912M ▲ $124.295M ▲ $9.448M ▼ $114.847M ▲
Q2-2025 $81.005M ▲ $116.876M ▲ $11.89M ▲ $104.986M ▲
Q1-2025 $58.896M ▲ $87.319M ▲ $7.089M ▼ $80.23M ▲
Q4-2024 $53.233M ▲ $76.589M ▲ $7.843M ▼ $68.746M ▲
Q3-2024 $13.992M $31.681M $23.11M $8.571M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $830K ▼ $4.772M ▼ $-466K ▼ $3.1M ▼ $7.392M ▼ $4.313M ▼
Q2-2025 $2.697M ▲ $7.293M ▲ $-415K ▲ $14.639M ▲ $21.645M ▲ $6.895M ▲
Q1-2025 $1.069M ▲ $2.203M ▲ $-25.148M ▼ $3.253M ▼ $-19.636M ▼ $2.063M ▲
Q4-2024 $-3.398M ▼ $-1.006M ▲ $-15.228M ▼ $40.385M ▲ $24.097M ▲ $-1.235M ▲
Q3-2024 $1.864M $-3.64M $-697K $-2.142M $-6.467M $-3.856M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Delcath’s income statement looks like that of a very early commercial-stage company. Revenue has only just begun to appear and remains very small, while research, clinical, and overhead costs still dominate. The company has posted steady operating and net losses for several years, although the size of those losses has not been spiraling out of control. Per‑share losses have narrowed recently, but the long history of reverse splits means per‑share trends should be interpreted cautiously. Overall, the business is still in the investment phase, not yet in a profit-generating phase.

Balance Sheet

Balance Sheet The balance sheet is small and fairly lean. The company holds a modest cash balance and a limited pool of total assets, reflecting its early scale. Debt is low, which reduces financial strain, and shareholder equity has recently moved back into positive territory after a period when it dipped negative. However, the thin capital base, combined with ongoing losses and a long history of reverse stock splits, suggests that Delcath has relied heavily on equity financing and may need continued access to capital markets to fund its strategy.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating losses rather than heavy investment in equipment or facilities. Free cash flow remains meaningfully negative, with no material spending on property or large capital projects, which implies most cash is going into people, trials, and commercialization efforts. The burn rate appears relatively steady over the last few years, but given the modest cash on hand, the company’s ability to continue funding operations depends on future financing or a meaningful ramp in product revenue.

Competitive Edge

Competitive Edge Delcath competes in a specialized corner of cancer treatment: liver-dominant metastatic disease. Its hepatic perfusion platform, delivered through the HEPZATO KIT in the U.S. and CHEMOSAT in Europe, is differentiated by treating the entire liver with high‑dose chemotherapy while trying to limit the rest of the body’s exposure. FDA approval for metastatic uveal melanoma gives Delcath a first‑in‑class liver‑directed option in a niche with few good alternatives, supported by proprietary technology and patents. At the same time, it faces competition from other liver-directed approaches like radioembolization and chemoembolization, as well as from systemic oncology therapies, and must overcome the practical hurdle of training and equipping specialized centers to perform a complex procedure.

Innovation and R&D

Innovation and R&D Innovation is Delcath’s core asset. Its percutaneous hepatic perfusion technology embodies a platform approach: one procedure framework aimed at multiple liver‑dominant cancers, starting with metastatic uveal melanoma. The company is actively pursuing clinical trials in metastatic breast cancer, metastatic colorectal cancer, and other liver cancers, which, if successful, could broaden its reach well beyond the initial indication. This R&D strategy is ambitious but carries the usual clinical and regulatory risks: trial outcomes, safety signals, and reimbursement decisions will heavily influence how far the platform can extend and how widely it is adopted.

Summary

Delcath is an early, high‑risk, high‑uncertainty interventional oncology company that has just begun to transition from development to commercialization. Financially, it is still loss‑making with modest resources and a reliance on external capital, but with limited debt. Strategically, its strength lies in a differentiated, patented liver‑perfusion technology and a first‑mover position in a narrowly defined but underserved cancer segment. The main opportunities are in expanding indications and driving center adoption; the main risks are execution, trial outcomes, and the company’s ability to sustain its cash needs until revenue can meaningfully scale.

NEWS

November 20, 2025 · 4:01 PM UTC

Delcath Systems Board of Directors Authorizes $25 Million Share Repurchase Program

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November 18, 2025 · 8:00 AM UTC

Delcath Systems Announces Publication of Expert Narrative Review on Percutaneous Hepatic Perfusion for Liver Metastases from Uveal Melanoma

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November 14, 2025 · 4:01 PM UTC

Delcath Systems, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 13, 2025 · 8:30 AM UTC

Delcath Systems Announces Publication of Real-World Evidence Supporting Early Use of Liver-Directed Therapy with PHP in Achieving Long-Term Survival for Metastatic Uveal Melanoma Patients

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November 4, 2025 · 8:00 AM UTC

Delcath Systems Reports Third Quarter 2025 Results and Business Highlights

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