Delcath Systems (DCTH)
Commercializing HEPZATO in the United States and CHEMOSAT in Europe for liver-directed oncology.
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Sells hepatic delivery products through HEPZATO KIT, a drug-device combination in the United States for eligible metastatic uveal melanoma patients, and CHEMOSAT, a Europe-sold device configuration for percutaneous hepatic perfusion. Revenue comes from product sales, with commercialization tied to trained treatment centers and reimbursement access.
Builds hepatic delivery systems for liver-directed cancer therapy. HEPZATO KIT combines melphalan with Delcath's Hepatic Delivery System in the United States for eligible adult metastatic uveal melanoma patients, while CHEMOSAT is the Europe-sold device configuration used for percutaneous hepatic perfusion.
Commercial execution depends on specialized treatment centers. United States sites must complete REMS training and certification, and field teams work with hospitals and cancer centers to activate referral and treatment capacity. Most current product sales come from HEPZATO, with CHEMOSAT providing the European channel.
The business is shaped by product-specific reimbursement, procedure adoption, and the approved label. HEPZATO carries FDA-managed safety controls, and CHEMOSAT operates under European medical-device regulation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $30 | Target: $32 |
| Jul 13, 2026 | BTIG | Reiterate | Rating: —Target: $19 | Target: $17 |
| Feb 26, 2026 | Evercore ISI | Target | Target: — | Target: $27 |
| Feb 26, 2026 | BTIG | Reiterate | Rating: —Target: — | Target: $19 |
| Oct 21, 2025 | Craig-Hallum | Target | Target: — | Target: $20 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $95.9M · Total debt $2.5M · Total assets $137.0M · Shareholders' equity $121.1M
- Revenue
- $29.1M
- Operating income
- $2.4M
- Net income
- $2.7M
No dividends on record.
| Institutions | 50.45% | 17.51M shares | |
|---|---|---|---|
| 129 holders · as of Jun 30, 2026 | |||
| Insiders | 6.83% | 2.37M shares | |
| 5 holders · as of Mar 20, 2026 | |||
| Other | 42.72% | 14.82M shares | |
| remainder | |||
34.70M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Rosalind Advisors, Inc.Institution | 9.51% | 3.30M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.80% | 2.71M | as of Jun 30, 2026 |
Daniel KaufmanInsider | 5.09% | 1.77M | filed Mar 20, 2026 |
Vanguard Capital Management LLCInstitution | 3.52% | 1.22M | as of Jun 30, 2026 |
Propel Bio Management, LLCInstitution | 2.51% | 871,460 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 6, 2026 | Sandra Pennell | officer: Chief Financial Officer | +5,533 | $9.04 |
| Mar 2, 2026 | Gerard J. Michel | director, officer: CHIEF EXECUTIVE OFFICER | +11,200 | $8.96 |
| Nov 21, 2025 | John Richard Sylvester | director | +4,386 | $8.89 |
| Nov 11, 2025 | Gerard J. Michel | director, officer: CHIEF EXECUTIVE OFFICER | +11,500 | $8.53 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Delcath Systems | $16.09 | −0.10% | $556.1M | 1,239.2 | — | 5.8 | +20.6% |
| Immunocore (ADR) | $32.21 | +0.09% | $1.64B | — | — | 4.1 | −13.7% |
| Boston Scientific | $44.65 | +2.12% | $64.98B | 17.8 | 13.6 | 3.1 | +7.5% |
| IDEAYA Biosciences | $39.57 | +1.83% | $3.69B | — | — | 15.8 | — |
| Medtronic | $91.62 | −0.14% | $117.44B | 22.6 | 15.3 | 3.1 | +13.7% |
| Merit Medical Systems | $86.90 | +1.65% | $5.10B | 35.3 | 19.9 | 3.2 | +9.5% |
| AngioDynamics | $15.63 | +1.37% | $637.3M | — | — | 2.0 | +8.1% |
| Replimune Group | $13.57 | +5.47% | $1.08B | — | — | — | — |
| Median | 22.6 | 15.3 | 3.2 | +8.1% |