DELCATH SYSTEMS INC

For the period ended Sep 30, 2024. Filed Nov 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 8, 2024

DCTH$14.93+3.0%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

	September 30,2024	December 31,2023
Assets
Current assets
Cash and cash equivalents	$8,315	$12,646
Restricted cash	—	50
Short-term investments	5,677	19,808
Accounts receivable, net	6,936	241
Inventory	6,642	3,322
Prepaid expenses and other current assets	1,312	1,091
Total current assets	28,882	37,158
Property, plant and equipment, net	1,729	1,352
Right-of-use assets	1,070	103
Total assets	$31,681	$38,613
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$937	$1,012
Accrued expenses	5,706	5,249
Lease liabilities, current	107	37
Loan payable	—	5,239
Convertible notes payable	2,000	4,911
Warrant liability - current	12,834	—
Total current liabilities	21,584	16,448
Warrant liability, non-current	—	5,548
Lease Liabilities, non-current	963	—
Other liabilities, non-current	563	840
Total liabilities	$23,110	$22,836
Commitments and contingencies (see Note 14)
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 12,342 and 24,819 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	—	—
Common stock, $0.01 par value; 80,000,000 shares authorized; 28,019,599 shares and 22,761,554 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	280	228
Additional paid-in capital	536,430	520,576
Accumulated deficit	(528,150)	(505,162)
Accumulated other comprehensive income	11	135
Total stockholders’ equity	8,571	15,777
Total liabilities and stockholders’ equity	$31,681	$38,613

Condensed Consolidated Statements of Operations and Comprehensive Income and Loss

(in thousands, except share and per share data)

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Product revenue	$11,200	$434	$22,105	$1,526
Cost of goods sold	(1,640)	(133)	(4,062)	(464)
Gross profit	9,560	301	18,043	1,062
Operating expenses:
Research and development expenses	3,866	4,662	10,960	12,793
Selling, general and administrative expenses	6,953	6,195	22,532	15,147
Total operating expenses	10,819	10,857	33,492	27,940
Operating loss	(1,259)	(10,556)	(15,449)	(26,878)
Change in fair value of warrant liability	2,975	(9,384)	(7,392)	(8,224)
Interest expense, net	113	(395)	(170)	(1,454)
Other (expense) income	35	(5)	23	$14
Net income (loss)	1,864	(20,340)	(22,988)	(36,542)
Other comprehensive (loss) income:
Unrealized gain (loss) on investments	(14)	—	(147)	—
Foreign currency translation adjustments	17	5	23	24
Total comprehensive income (loss)	$1,867	$(20,335)	$(23,112)	$(36,518)
Common share data:
Basic income (loss) per common share	$0.06	$(1.14)	$(0.84)	$(2.61)
Weighted average number of basic shares outstanding	28,738,307	17,863,078	27,335,212	13,985,248
Diluted income (loss) per common share	$0.06	$(1.14)	$(0.84)	$(2.61)
Weighted average number of dilutive shares outstanding	32,345,672	17,863,078	27,335,212	13,985,248

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

Preferred Stock$0.01 Par Value · Common Stock$0.01 Par Value · AdditionalPaidin Capital · AccumulatedDeficit · AccumulatedOtherComprehensiveIncome (Loss) · Total
No. ofShares · Amount · No. ofShares · Amount
Balance at January 1, 2024	24,819	$—		22,761,554		$228		$520,576		$(505,162)		$135	$15,777
Compensation expense for issuance of stock options	—	—		—		—		2,895		—		—	2,895
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		50	—	—		50
Private placement -issuance of common shares, net of expenses	—	—		876,627		8		6,904		—		—	6,912
Issuance of common stock with the employee stock purchase plan	—	—		21,140		—		74		—		—	74
Conversion - F-3 Preferred to Common	(8,010)	—	1,779,998		18		(17)	—	—		1
Net loss	—	—		—		—		—		(11,111)		—	(11,111)
Unrealized gain on investments	—	—	—		—		—	—	8		8
Foreign currency translation adjustments	—	—		—		—		—		—		14	14
Balance at March 31, 2024	16,809	$—		25,439,319		$254		$530,482		$(516,273)		$157	$14,620
Compensation expense for issuance of stock options	—	—	—		—		3,021	—	—		3,021
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		48	—	—		48
Prior quarter private placement - expenses	—	—	—		—		(141)	—	—		(141)
Warrant exercise and conversion - F-4 Preferred to Common	—	—	41,666		—		355	—	—		355
Conversion - F-3 Preferred to Common	(3,010)	—	668,888		7		(7)	—	—		—
Conversion - F-2 Preferred to Common	(1,457)	—	441,514		4		(4)	—	—		—
Pre-funded warrant exercise	—	—	1,307,706		13		(3)	—	—		10
Stock option exercise	—	—	32,300		1		168	—	—		169
Net loss	—	—	—		—		—	(13,741)	—		(13,741)
Unrealized loss on investments	—	—	—		—		—	—	(141)		(141)
Foreign currency translation adjustments	—	—	—		—		—	—	(8)		(8)
Balance at June 30, 2024	12,342	$—		27,931,393		$279		$533,919		$(530,014)		$8	$4,192
Compensation expense for issuance of stock options	—	—	—		—		2,092	—	—		2,092
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		49	—	—		49
Issuance of common stock with the Employee Stock Purchase Plan	—	—	50,418		1		174	—	—		175
Stock option exercise	—	—	37,788		—		196	—	—		196
Net income	—	—	—		—		—	1,864	—		1,864
Unrealized loss on investments	—	—	—		—		—	—	(14)		(14)
Foreign currency translation adjustments	—	—	—		—		—	—	17		17
Balance at September 30, 2024	12,342	$—		28,019,599		$280		$536,430		$(528,150)		$11	$8,571

Preferred Stock$0.01 Par Value · Common Stock$0.01 Par Value · AdditionalPaidin Capital · AccumulatedDeficit · AccumulatedOtherComprehensiveIncome (Loss) · Total
No. ofShares · Amount · No. ofShares · Amount
Balance at January 1, 2023	11,357	$—			10,046,571		$100			$451,608			$(457,484)			$(83)	$(5,859)
Compensation expense for issuance of stock options	—	—			—		—			1,661			—			—	1,661
Private placement -issuance of common shares, net of expenses	—	—			19,646		1			55			—			—	56
Issuance of common stock with the employee stock purchase plan	—	—			15,417		—			47			—			—	47
Net loss	—	—			—		—			—			(9,000)			—	(9,000)
Foreign currency translation adjustments	—	—			—		—			—			—			19	19
Balance at March 31, 2023	11,357	$—			10,081,634		$101			$453,371			$(466,484)			$(64)	$(13,076)
Compensation expense for issuance of stock options	—	—		—		—		1,661		—		—		1,661
Conversion of Preferred F-1 shares to common shares	—	—		4,629,539		47		11,222		—		—		11,269
Preferred F-2 Shares Issuance	9,624	—		—		—		7,099		—		—		7,099
Pre-funded warrant exercise	—	—		538,828		5		—		—		—		5
Issuance of common stock related to stock option exercises	—	—		468		—		2		—		—		2
Net loss	—	—		—		—		—		(7,202)		—		(7,202)
Balance at June 30, 2023	20,981	$—			15,250,469		$153			$473,355			$(473,686)			$(64)	$(242)
Compensation expense for issuance of stock options	—	—		—		—		2,783		—		—		2,783
Conversion of Series F-2 Preferred shares to common shares	(4,721)		—		1,430,603		14		(14)			—		—		—
Series F-3 Preferred Shares Issuance	34,859	—		—		—		42,388		—		—		42,388
Conversion of Series F-3 Preferred shares to common shares	(13,232)		—		2,940,440		30		(29)			—		—		1
Conversion of Series E Preferred shares to common shares	(100)		—		10,000		—		—		—		—		—
Common Stock warrant exercise	—	—		31,110		—		—		—		—		—
Issuance of common stock with the employee stock purchase plan	—	—		26,018		—		76		—			—		76
Issuance of common stock related to stock option exercises	—	—		351		—		1		—		—		1
Compensation expense for issuance of employee stock purchase plan	—	—		—		—		47		—			—		47
Net loss	—	—		—		—		—		(20,340)			—		(20,340)
Total comprehensive income	—	—		—		—		—		—		5		5
Balance at September 30, 2023	37,787	$—			19,688,991		$197			$518,607			$(494,026)			$(59)	$24,719

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.