DELCATH SYSTEMS, INC.
DCTH · Surgical & Medical Instruments & Apparatus · 34.5M shares · +59%/yr ↑ shares · EDGAR filings ↗
Reference price $9.04 · est. market cap ~$312M — last insider purchase, 2026-03-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Liver-cancer device maker (Hepzato) at commercial ramp — newly FCF-positive and very well-funded.
Strengths
- Strong FCF and liquidity — FCF $21M (79th), FCF margin 25%, current ratio 10.9 (92nd)
- High gross margin, strong growth — gross margin 86%, revenue +129%
Risks
- Early commercial ramp; single-product dependence — per 10-K
- Earnings still volatile — net income -110%
- Reimbursement/adoption risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +59%/yr over 3y (dilution)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$150,328, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-12 — PHASE2 · Refractory Metastatic Colorectal Cancer
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
86.2%
Operating margin
0.8%
Net margin
3.2%
Return on equity
2.4%
Return on assets
2.2%
Revenue growth (QoQ)
20.6%
Current ratio
10.9×
Free cash flow
$21M
Tangible book value
$111M
Cash & investments
$91M
Stock comp / revenue
28.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-06 | Pennell Sandra | Buy | 5.5K | $9.04 |
| 2026-03-02 | MICHEL GERARD J | Buy | 11K | $8.96 |
| 2025-11-21 | Sylvester John Richard | Buy | 4.4K | $8.89 |
| 2025-11-11 | MICHEL GERARD J | Buy | 12K | $8.53 |
| 2025-06-12 | Vukovic Vojo | Option exercise | 42K | $4.78 |
| 2025-05-05 | Aharon Gil | Option exercise | 400K | $10.00 |
| 2025-05-05 | SALAMON STEVEN A J | Option exercise | 400K | $10.00 |
| 2025-05-05 | Rosalind Advisors, Inc. | Option exercise | 400K | $10.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06875128 ↗ | Evaluation of the Safety and Efficacy of Treatment w/High Dose Melphalan Given Directly Into the Liver Followed by Treatment w/Approved Cancer Treatment or Approved Cancer Treatment Alone in Patients w/ Metastatic Breast Cancer w/Liver Dominant Disease Metastatic Breast Cancer in the Liver | PHASE2 | Recruiting | 2029-05-01 |
| NCT06607458 ↗ | Evaluation of the Safety and Efficacy of Treatment w/High Dose Melphalan Given Directly Into the Liver Followed by Treatment w/Approved Cancer Treatment or Approved Cancer Treatment Alone in Patients w/ Metastatic Colorectal Cancer w/Liver Dominant Disease Refractory Metastatic Colorectal Cancer | PHASE2 | Recruiting | 2026-12-01 |
| NCT05022901 ↗ | An Open-Label Expanded Access Study of the Melphalan/Hepatic Delivery System (HDS) in Patients With Hepatic Dominant Ocular Melanoma Metastatic Ocular Melanoma, Metastatic Uveal Melanoma | PHASE3 | Active Not Recruiting | 2024-03-01 |
| NCT02678572 ↗ | Percutaneous Hepatic Perfusion in Patients With Hepatic-dominant Ocular Melanoma Melanoma, Ocular | PHASE3 | Completed | 2023-05-18 |
| NCT03086993 ↗ | Percutaneous Hepatic Perfusion vs. Cisplatin/Gemcitabine in Patients With Intrahepatic Cholangiocarcinoma Bile Duct Cancer, Intrahepatic Cholangiocarcinoma | PHASE2/PHASE3 | Unknown | 2023-01-01 |
| NCT03266042 ↗ | Registry Protocol- Melphalan Percutaneous Hepatic Perfusion for the Treatment of Unresectable Hepatic Malignancy Hepatic Malignant Neoplasm Primary Non-Resectable | — | Unknown | 2020-01-01 |
| NCT02415036 ↗ | Melphalan for Use With the Hepatic Delivery System Treatment in Patients With Unresectable Hepatocellular Carcinoma or Intra Hepatic Cholangiocarcinoma Hepatocellular Carcinoma, Intrahepatic Cholangiocarcinoma | PHASE2 | Terminated | 2018-10-01 |
| NCT02406508 ↗ | Sequential Melphalan for Use With Hepatic Delivery System Treatment Followed by Sorafenib in Patients With Unresectable HCC Hepatocellular Carcinoma (HCC) | PHASE2 | Withdrawn | 2017-12-01 |
| NCT00324727 ↗ | Hepatic Arterial Infusion With Melphalan Compared With Standard Therapy in Treating Patients With Unresectable Liver Metastases Due to Melanoma Intraocular Melanoma, Melanoma (Skin) | PHASE3 | Completed | 2012-08-01 |
| NCT00096083 ↗ | Hepatic Arterial Infusion of Melphalan With Hepatic Perfusion in Treating Patients With Unresectable Liver Cancer Cancer | PHASE2 | Completed | 2012-08-01 |
| NCT01728051 ↗ | Expanded Access Study of Melphalan With Delcath CS-PHP System in Patients With Ocular/Cutaneous Melanoma Mets to Liver Metastatic Liver Cancer, Ocular Melanoma | — | No Longer Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-13 | 0001193125-26-222899 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001628280-26-031751 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031725 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001193125-26-088527 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001628280-26-012019 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001628280-26-012004 ↗ |
| 8-K | 2026-01-12 | 2026-01-09 | 0001193125-26-010498 ↗ |
| 8-K | 2025-11-20 | 2025-11-19 | 0001193125-25-289917 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001628280-25-048539 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001628280-25-048558 ↗ |
| 8-K | 2025-10-20 | 2025-10-18 | 0001193125-25-242909 ↗ |
| 8-K | 2025-08-15 | 2025-08-12 | 0001193125-25-181881 ↗ |