DCTHMEDIUM SIGNALFINANCIAL10-K

Delcath Systems strengthened its balance sheet substantially through what appears to be an equity raise, while expanding operations drove higher expenses across multiple categories.

The company's financial position improved markedly with stockholders' equity growing 62% and cash increasing by over $11 million, suggesting successful capital raising activities. However, the substantial increases in both SG&A expenses and interest expense indicate higher operational costs and debt servicing burdens that investors should monitor closely.

Comparing 2026-02-26 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

Delcath's balance sheet expanded significantly with total assets growing 61% driven by higher current assets and cash positions, while stockholders' equity increased substantially indicating likely equity financing activity. The company also built up inventory levels by 48% suggesting preparation for increased commercial operations. On the expense side, both SG&A costs and interest expense grew meaningfully, reflecting higher operational spending and debt servicing requirements as the company scales its HEPZATO commercialization efforts.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+78.2%
$6.1M→$10.9M

Current liabilities surged 78.2% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
+62.1%
$73.8M→$119.5M

Current assets grew 62.1% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+61.8%
$68.7M→$111.2M

Equity base grew 61.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+61.4%
$76.6M→$123.6M

Asset base grew 61.4% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+58.3%
$7.8M→$12.4M

Liabilities grew 58.3% — significant increase in debt or obligations, assess impact on financial flexibility.

Interest Expense
P&L
+51.5%
$14.3M→$21.7M

Interest expense surged 51.5% — significant debt increase or rising rates materially impacting earnings.

Inventory
Balance Sheet
+47.9%
$6.9M→$10.3M

Inventory surged 47.9% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

SG&A Expense
P&L
+47.3%
$29.6M→$43.5M

SG&A up 47.3% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Cash & Equivalents
Balance Sheet
+34.1%
$32.4M→$43.5M

Cash position surged 34.1% — strong cash generation or capital raise providing significant financial cushion.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-06
ADDED
On February 13, 2026, the registrant had outstanding 34,746,187 shares of common stock, par value $0.01 per share.
In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
If the continued commercialization of HEPZATO is unsuccessful or any future approved products are unsuccessful, we may never be profitable or obtain sustainable profitability.
Our (or the third parties with whom we work) actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class-action claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.
Our telephone number is (518) 743-8892 and our internet address is www.delcath.com.
The first commercial use of the HEPZATO for the treatment of metastatic hepatic dominant uveal melanoma ( mUM ) took place in January 2024.
We have sufficient raw material and component constituent parts of the HEPZATO KIT to meet anticipated demand and we intend to manage supply chain risk through stockpiled inventory and contracting with multiple suppliers for critical components.
Primary liver cancers, hepatocellular carcinoma and intrahepatic cholangiocarcinoma, originate in the liver or biliary tract and are particularly prevalent in populations where the primary risk factors for the disease, such as hepatitis-B, hepatitis-C, high levels of alcohol consumption, aflatoxin, cigarette smoking and exposure to industrial pollutants, are present.
We estimate that the total potential addressable market for liver cancer (primary and metastatic) is approximately 200,000 in the United States per year.
Based on industry reports, it is estimated the total addressable market ( TAM ) in the United States for mUM, metastatic cholangiocarcinoma ( mCCA ), metastatic neuroendocrine tumor ( mNET ), metastatic colorectal cancer ( mCRC ), metastatic breast cancer ( mBC ), metastatic non-small cell lung cancer ( mNSCLC ), metastatic pancreatic cancer ( mPC ) and HCC, is well over $1.0 billion.
REMOVED
On February 28, 2025, the registrant had outstanding 33,403,138 shares of common stock, par value $0.01 per share.
If the continued commercialization of HEPZATO is unsuccessful or any future approved products are unsuccessful, we may never be profitable.
CHEMOSAT and HEPZATO may not achieve sufficient acceptance by the medical community to sustain our business.
Our telephone number is (212) 489-2100 and our internet address is www.delcath.com.
The first commercial use of HEPZATO KIT for the treatment of metastatic uveal melanoma ( mUM ) occurred in January 2024.
We have direct responsibility for sales, marketing and distribution of CHEMOSAT in Europe.
Primary liver cancers (hepatocellular carcinoma, or HCC, and Intrahepatic Cholangiocarcinoma or ICC) originate in the liver or biliary tract and are particularly prevalent in populations where the primary risk factors for the disease, such as hepatitis-B, hepatitis-C, high levels of alcohol consumption, aflatoxin, cigarette smoking and exposure to industrial pollutants, are present.
Given the vital biological functions of the liver, including processing nutrients from food and filtering toxins from the blood, it is not uncommon for metastases to settle in the liver.
The estimated total potentially addressable market for liver cancer (primary and metastatic) is approximately 200,000 in the United States per year.
GLOBOCAN 2022 estimates 516,452 colorectal cancer diagnoses per year in the United States and the European Union.
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