DCTH on Nasdaq

Delcath Systems, Inc.

Logo: delcath.com5

Delcath Systems, Inc. (NASDAQ: DCTH) is a publicly traded specialty pharmaceutical and medical device company, that develops percutaneous perfusion technologies for the targeted administration of high-dose chemotherapeutic agents to specific organs or regions of the body.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1988Founded1

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  • TickerDCTH on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersNew York City1
  • Websitewww.delcath.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address566 Queensbury Avenue, Queensbury, Ny 128046
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • LEI549300NVPLITUM6URT024
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 21687134

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Delcath Systems, Inc. (NASDAQ: DCTH) is a publicly traded specialty pharmaceutical and medical device company, that develops percutaneous perfusion technologies for the targeted administration of high-dose chemotherapeutic agents to specific organs or regions of the body. Based in Queensbury, New York, the company has an intellectual property portfolio consisting of 28 patents worldwide. Delcath's Percutaneous Hepatic Perfusion (PHP) is currently undergoing Phase II and Phase III trials against tumors in the liver. Delcath has a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute and has received Fast Track and a Special Protocol Assessment from the Food and Drug Administration for its use of melphalan in treating unresectable liver tumors. PHP, also known as the Delcath System, is tested for the treatment of metastatic melanoma in the liver and for primary liver cancer and metastatic hepatic malignancies from neuroendocrine cancers and adenocarcinomas, as well as patients with melanoma who previously received isolated perfusion. Chemotherapy is usually delivered intravenously, although a number of agents can be administered orally (e.g. specialty drugs, melphalan (trade name Alkeran), busulfan, capecitabine).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

86.2%Gross margin7
0.8%Operating margin7
3.2%Net margin7
129.1%Revenue growth, 20257
2.4%Return on equity7
$21.0MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Hepzato Kit brought in 92% of the revenue Delcath Systems, Inc. broke down this way in fiscal 2025.

  1. Hepzato Kit$78.8M792%up 144% from 2024
  2. Chemosat$6.4M78%up 30% from 2024
Products and services by year
Products and services20242025
Hepzato Kit$32.3M$78.8M
Chemosat$4.9M$6.4M

Regions

United States brought in 92% of the revenue Delcath Systems, Inc. broke down this way in fiscal 2025.

  1. United States$78.8M792%up 144% from 2024
  2. Outside the United States$6.4M78%up 30% from 2024
Regions by year
Regions20242025
United States$32.3M$78.8M
Outside the United States$4.9M$6.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue13¢$11.8M
  • Research and development33¢$29.2M
  • Selling, general and admin49¢$43.5M
  • Income tax1¢$810.0K
  • Profit3¢$2.7M

Out of $85.2M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending7¢$1.5M
  • Share buybacks27¢$6.0M
  • Kept or used elsewhere66¢$15.0M

Out of $22.5M of cash from operations.7

Financial statements

Revenue89107$85.2M in 2025+2297% since 2021
0$25.0M$50.0M$75.0M$100.0M2021: $3.6M$3.6M20212022: $2.7M$2.7M2022−24%2023: $2.1M$2.1M2023−24%2024: $37.2M$37.2M2024+1702%2025: $85.2M$85.2M2025+129%
Gross profit111289107$73.4M in 2025+8429% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $861.0K$861.0K20192020: $1.0M$1.0M2020+17%2021: $2.9M$2.9M2021+187%2022: $2.0M$2.0M2022−30%2023: $1.4M$1.4M2023−30%2024: $31.0M$31.0M2024+2069%2025: $73.4M$73.4M2025+137%
Operating income111289107$660.0K in 2025
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2019: -$19.9M-$19.9M20192020: -$21.3M-$21.3M2020+7%2021: -$24.5M-$24.5M2021+15%2022: -$33.9M-$33.9M2022+38%2023: -$38.2M-$38.2M2023+13%2024: -$12.4M-$12.4M2024−67%2025: $660.0K$660.0K2025
Net income111289107$2.7M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$8.9M-$8.9M20192020: -$24.2M-$24.2M2020+172%2021: -$25.6M-$25.6M2021+6%2022: -$36.5M-$36.5M2022+42%2023: -$47.7M-$47.7M2023+31%2024: -$26.4M-$26.4M2024−45%2025: $2.7M$2.7M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Total revenue$85.2M$37.2M
Cost of goods sold-$11.8M-$6.2M
Gross profit$73.4M$31.0M
Research and development expenses$29.2M$13.9M
Selling, general and administrative expenses$43.5M$29.6M
Total operating expenses$72.8M$43.4M
Operating income (loss)$660.0K-$12.4M
Change in fair value of warrant liability$0-$14.1M
Interest income, net$2.9M$125.0K
Other expense-$70.0K-$30.0K
Income before taxes$3.5M-$26.4M
Income tax expense$810.0K$0
Net income (loss)$2.7M-$26.4M
Unrealized gain on investment adjustments$394.0K-$22.0K
Foreign currency translation adjustments$99.0K-$31.0K
Total comprehensive income (loss)$3.2M-$26.4M
Basic income (loss) per common share (in dollars per share)$0.08-$0.93
Weighted average number of basic shares outstanding (in shares)35.8M shares28.5M shares
Diluted income (loss) per common share (in dollars per share)$0.07-$0.93
Weighted average number of diluted shares outstanding (in shares)39.9M shares28.5M shares

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Leadership

Who has led Delcath Systems, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. M. S. /fa/ Koly2006
  2. Richard Taney2007–2009
  3. Eamonn P. Hobbs2009–2013
  4. Graham G. Miao2013
  5. Jennifer K. Simpson2013–2020
  6. Gerard J. Michel2020–now

President

  1. M. S. /fa/ Koly2006
  2. Eamonn P. Hobbs2009–2013
  3. Jennifer K. Simpson2015–2020

Chief financial officer

  1. Paul M. Feinstein2007
  2. Graham G. Miao2011–2013
  3. Barbra Keck2017–2019
  4. Sandra Pennell2025–now

Chief operating officer

  1. Samuel /fa/ Herschkowitz2007
  2. John Purpura2020–2024
  3. Martha S. Rook2024–now
19901995200020052010201520202025
Board members and other officers (44)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJohnny G. John named Jul 22, 2022 to Mar 31, 202370

Former names

  • DELCATH SYSTEMS INCJun 16, 2000 to Apr 22, 20136

Timeline

  1. Oct 5, 2020New chief executive Gerard J. Michel becomes CEO15
  2. Nov 18, 2013New chief executive Graham G. Miao becomes CEO16
  3. Nov 18, 2013New chief executive Jennifer K. Simpson becomes CEO17
  4. Nov 20, 2009New chief executive Eamonn P. Hobbs becomes CEO18
  5. Jan 5, 2007New chief executive Richard Taney becomes CEO19
  6. Aug 3, 2006New chief executive M. S. /fa/ Koly becomes CEO20
  7. 1988Founded Founded1

Filings

325 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 143 insider forms, 31 large holders, 4 private raises, 62 other. The latest 20:

  1. Oct 14, 20264 PRIMARY DOCUMENT EDGAR
  2. Aug 14, 2026S-8 EDGAR
  3. Aug 14, 20268-K EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Aug 6, 20268-K EDGAR
  6. Jul 28, 2026SCHEDULE 13G EDGAR
  7. May 14, 20264 EDGAR
  8. May 14, 20264 EDGAR
  9. May 14, 20264 EDGAR
  10. May 14, 20264 EDGAR
  11. May 14, 20264 EDGAR
  12. May 14, 20268-K EDGAR
  13. May 7, 202610-Q EDGAR
  14. May 7, 20268-K EDGAR
  15. Apr 27, 2026SCHEDULE 13G/A EDGAR
  16. Apr 2, 2026ARS EDGAR
  17. Apr 2, 2026DEFA14A EDGAR
  18. Apr 2, 2026DEF 14A EDGAR
  19. Mar 20, 2026SCHEDULE 13G EDGAR
  20. Mar 6, 20264 EDGAR

The 325 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

42 open-market trades by officers, directors and large owners since October 2021: 42 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 6, 2026Pennell SandraChief Financial OfficerBuy5,533$9.04$50.0KForm 4
Mar 2, 2026MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy11,200$8.96$100.4KForm 4
Nov 21, 2025Sylvester John RichardDirectorBuy4,386$8.89$39.0KForm 4
Nov 11, 2025MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy11,500$8.53$98.1KForm 4
Mar 19, 2024Aharon GilDirectorBuy26,882$3.72$100.0KForm 4
Mar 19, 2024SALAMON STEVEN A JDirectorBuy26,882$3.72$100.0KForm 4
Dec 12, 2023Vukovic VojoCHIEF MEDICAL OFFICERBuy40,000$3.00$120.0KForm 4
Dec 8, 2023MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy34,000$2.94$100.0KForm 4
Nov 17, 2023Rosalind Advisors, Inc.DirectorBuy100,000$2.40$240.0KForm 4
Nov 17, 2023Pennell SandraChief Financial OfficerBuy30,000$2.43$72.9KForm 4
Nov 16, 2023Vukovic VojoCHIEF MEDICAL OFFICERBuy60,000$2.48$148.8KForm 4
Nov 16, 2023Hoffman David L.GEN'L COUNSEL, CCO & SECYBuy40,000$2.48$99.2KForm 4
Oct 13, 2023Purpura JohnCHIEF OPERATING OFFICERBuy14,505$3.44$49.9KForm 4
Aug 21, 2023Sylvester John RichardDirectorBuy10,550$4.80$50.6KForm 4
Mar 29, 2023MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy19,646$4.84$95.1KForm 4
Dec 14, 2022Rosalind Advisors, Inc.DirectorBuy15,215$3.62$55.1KForm 4
Dec 14, 2022SALAMON STEVEN A JDirectorBuy15,215$3.62$55.1KForm 4
Dec 13, 2022MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy51,725$2.90$150.0KForm 4
Jul 20, 2022MICHEL GERARD JCHIEF EXECUTIVE OFFICERBuy62,814$3.98$250.0KForm 4
May 16, 2022Purpura JohnCHIEF OPERATING OFFICERBuy3,300$4.61$15.2KForm 4

All 42 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 19, 2024Raised $7 million in a private offering of equity Form D: 17 investors so far Form D
  2. Mar 29, 2023Raised $25 million in a private offering of equity Form D: 17 investors so far Form D
  3. Dec 12, 2022Raised $3.8 million in a private offering of equity Form D: 7 investors so far Form D
  4. Jul 20, 2022Raised $5 million in a private offering of equity Form D: 6 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Rosalind Advisors, Inc.3,300,389$41.6M15.6%No change
BlackRock, Inc.2,706,802$34.1M0.0%+922,336
Vanguard Capital Management LLC1,221,247$15.4M0.0%−108,041
Propel Bio Management, LLC871,460$11.0M5.7%−108,238
Geode Capital Management, LLC733,115$9.2M0.0%+41,084
State Street Corp679,280$8.6M0.0%+14,852
Algert Global LLC580,708$7.3M0.1%+434,975
Millennium Management LLC566,371$7.1M0.0%−21,684
Divisadero Street Capital Management, LP499,796$6.3M0.1%No change
Morgan Stanley407,983$5.1M0.0%+22,459
ExodusPoint Capital Management, LP359,884$4.5M0.0%+323,916
Private Wealth Advisors, LLC310,863$3.9M1.2%−280,661
Simplify Asset Management Inc.264,770$3.3M0.0%+3,644
Northern Trust Corp252,108$3.2M0.0%+245
Goldman Sachs Group Inc250,312$3.2M0.0%−38,819
ADAR1 Capital Management, LLC224,385$2.8M0.1%No change
Marshall Wace, Llp218,963$2.8M0.0%+27,333
Dimensional Fund Advisors LP210,298$2.6M0.0%New
Kennedy Capital Management LLC204,143$2.6M0.0%−3,780
Vanguard Portfolio Management LLC193,448$2.4M0.0%+15,412
Ikarian Capital, LLC185,667$2.3M0.4%−245,584
Vanguard Fiduciary Trust Co181,903$2.3M0.0%−19,921
Nuveen, LLC181,595$2.3M0.0%+77,821
Aqr Capital Management LLC172,993$2.2M0.0%+140,897
Cibc World Market Inc.163,208$2.1M0.0%−26,529

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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