DELCATH SYSTEMS, INC.

Listed Company

DCTHCIK 0000872912NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$85.23M

Net Income

$2.70M

Total Assets

$123.63M

Equity

$111.22M

Shares Out

34.75M

Op. Cash Flow

$22.52M

Business

Delcath Systems, Inc. is an interventional oncology company focused on treating primary and metastatic cancers of the liver. It offers the HEPZATO KIT, a melphalan drug/device combination for percutaneous hepatic perfusion, and CHEMOSAT, the device-only hepatic delivery system used in Europe. The company operates as a single operating segment that encompasses clinical development, manufacturing, regulatory, sales, marketing, and distribution of these liver-directed therapies. It markets HEPZATO through trained cancer centers in the United States and sells and distributes CHEMOSAT directly to European medical centers while supporting clinical trials and reimbursement efforts.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	85	37	2	3	4
Cost of goods sold	−12	−6	−635,000	−686,000	−671,000
Gross profit	73	31	1	2	3
Research and development expenses	29	14	18	19	14
Selling, general and administrative expenses	44	30	22	17	14
Total operating expenses	73	43	40	36	27
Operating income (loss)	660,000	−12	−38	−34	−25
Change in fair value of warrant liability	0	−14	−8	0	—
Interest income, net	3	125,000	−1	−3	−1
Other expense	−70,000	−30,000	−59,000	30,000	68,000
Income before taxes	4	−26	—	—	—
Income tax expense	810,000	0	—	—	—
Net income (loss)	3	−26	−48	−37	−26
Unrealized gain on investment adjustments	394,000	−22,000	—	—	—
Foreign currency translation adjustments	99,000	−31,000	—	—	—
Total comprehensive income (loss)	3	−26	−47	−36	−26
Basic income (loss) per common share (in dollars per share)	0.08	−0.93	−2.94	−4.12	−3.59
Weighted average number of basic shares outstanding (in shares)	36	29	16	9	7
Diluted income (loss) per common share (in dollars per share)	0.07	−0.93	−2.94	−4.12	−3.59
Weighted average number of diluted shares outstanding (in shares)	40	29	16	9	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	43	32	13	8	23
Short-term investments	48	21	20	0	—
Accounts receivable	12	11	241,000	366,000	44,000
Inventories	10	7	3	2	1
Prepaid expenses and other current assets	6	3	1	2	3
Total current assets	120	74	37	16	31
Property, plant and equipment, net	3	2	1	1	1
Right-of-use assets	936,000	1	103,000	285,000	624,000
Total assets	124	77	39	18	33
Accounts payable	3	961,000	1	2	638,000
Accrued expenses	8	5	5	5	4
Lease liabilities, current	101,000	105,000	37,000	186,000	416,000
Total current liabilities	11	6	16	15	6
Lease liabilities, non-current	835,000	933,000	0	—	207,000
Other liabilities, non-current	628,000	766,000	840,000	1	207,000
Total liabilities	12	8	23	24	21
Commitments and contingencies (see Note 13)	—	—	—	—	0
Preferred stock, $.01 par value; 10,000,000 shares authorized; 14,192 and 14,192 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	—
Common stock, $.01 par value; 80,000,000 shares authorized; 34,691,671 shares and 33,061,002 shares issued and outstanding at December 31, 2025 and 2024, respectively	347,000	331,000	228,000	100,000	79,000
Additional paid-in capital	639	600	521	452	433
Accumulated deficit	−529	−532	−505	−457	−421
Accumulated other comprehensive income	575,000	82,000	135,000	−83,000	18,000
Total stockholders equity	111	69	16	−6	12
Total liabilities and stockholders equity	124	77	39	18	33

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock option compensation expense	24	10	8	8	8
Depreciation expense	200,000	100,000	100,000	100,000	146,000
Amortization of Right-of-Use Asset	111,000	95,000	271,000	—	—
Amortization of debt discount	0	460,000	776,000	768,000	323,000
Interest expense accrued related to convertible notes	0	133,000	160,000	160,000	186,000
Interest paid related to convertible notes	0	−847,000	0	—	—
Amortization of premiums and discounts on marketable securities	−2	−587,000	−151,000	0	—
Prepaid expenses and other assets	−3	−2	1	774,000	813,000
Accounts receivable	−854,000	−11	125,000	−322,000	13,000
Inventory	−3	−4	−1	−587,000	−557,000
Accounts payable and accrued expenses	5	479,000	−199,000	2	−3
Other liabilities, non-current	−241,000	−101,000	−537,000	621,000	−322,000
Net cash provided by (used in) operating activities	23	−19	−31	−25	−23
Purchases of investments	−93	−52	−20	0	—
Maturities of investments	68	52	0	0	—
Purchase of property, plant and equipment	−2	−559,000	−58,000	−209,000	−143,000
Net cash used in investing activities	−27	−981,000	−20	−209,000	−143,000
Net proceeds from private placement	0	7	23	11	0
Proceeds from the issuance of common stock relating to the employee stock purchase plan	481,000	250,000	123,000	0	—
Repayment of Debt	0	−11	−6	−714,000	—
Proceeds from the exercise of warrants	16	41	35	0	2
Proceeds from the exercise of stock options	4	2	4,000	0	4,000
Repurchase and retirement of common stock	−6	0	—	—	—
Net cash provided by financing activities	15	39	52	10	21
Foreign currency effects on cash	68,000	−32,000	56,000	−115,000	122,000
Net increase in total cash	11	20	874,000	−15	−2
Interest paid	0	1	1	2	681,000
Taxes paid	2	0	—	—	—
Right of use assets obtained in exchange for lease obligations	0	1	84,000	86,000	0

Filings

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