DELCATH SYSTEMS, INC.

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

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.

Jun 30, 2025 · Filed Aug 6, 2025

DCTH$20.27+35.8%Stored close · as of Nov 9, 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)

	June 30,2025	December 31,2024
Assets
Current assets
Cash and cash equivalents	$34,421	$32,412
Short-term investments	46,584	20,821
Accounts receivable	15,836	10,890
Inventories	10,523	6,933
Prepaid expenses and other current assets	6,118	2,704
Total current assets	113,482	73,760
Property, plant and equipment, net	2,401	1,790
Right-of-use assets	993	1,039
Total assets	$116,876	$76,589
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$4,716	$961
Accrued expenses	5,603	5,078
Lease liabilities, current	116	105
Total current liabilities	10,435	6,144
Lease Liabilities, non-current	877	933
Other liabilities, non-current	578	766
Total liabilities	$11,890	$7,843
Commitments and contingencies (see Note 12)
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 14,192 and 14,192 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	—	—
Common stock, $0.01 par value; 80,000,000 shares authorized; 34,955,974 shares and 33,061,002 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	350	331
Additional paid-in capital	631,826	599,881
Accumulated deficit	(527,782)	(531,548)
Accumulated other comprehensive income	592	82
Total stockholders’ equity	104,986	68,746
Total liabilities and stockholders’ equity	$116,876	$76,589

Condensed Consolidated Statements of Operations and Comprehensive Income and Loss

(in thousands, except share and per share data)

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Product revenue	$24,156	$7,766	$43,940	$10,905
Cost of goods sold	(3,318)	(1,519)	(6,163)	(2,422)
Gross profit	20,838	6,247	37,777	8,483
Operating expenses:
Research and development expenses	6,882	3,394	11,889	7,094
Selling, general and administrative expenses	11,366	6,765	22,656	15,579
Total operating expenses	18,248	10,159	34,545	22,673
Operating income (loss)	2,590	(3,912)	3,232	(14,190)
Change in fair value of warrant liability	—	(9,755)	—	(10,367)
Interest income (expense), net	649	(84)	1,267	(283)
Other income (expense)	(34)	10	(30)	$(12)
Income (loss) before income taxes	3,205	(13,741)	4,469	(24,852)
Income tax expense	508	—	703	—
Net income (loss)	2,697	(13,741)	3,766	(24,852)
Other comprehensive income (loss):
Unrealized gain on investments adjustments	57	(141)	296	(133)
Foreign currency translation adjustments	154	(8)	214	6
Total comprehensive income (loss)	$2,908	$(13,890)	$4,276	$(24,979)
Common share data:
Basic income (loss) per common share	$0.08	$(0.48)	$0.11	$(0.93)
Weighted average number of basic shares outstanding	35,786,813	28,364,731	35,217,887	26,625,955
Diluted income (loss) per common share	$0.07	$(0.48)	$0.09	$(0.93)
Weighted average number of dilutive shares outstanding	40,262,764	28,364,731	39,890,102	26,625,955

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 · Total
No. ofShares · Amount · No. ofShares · Amount
Balance at January 1, 2025	14,192	$—		33,061,002		$331		$599,881		$(531,548)		$82	$68,746
Compensation expense for issuance of stock options	—	—		—		—		6,813		—		—	6,813
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		50	—	—		50
Issuance of common stock with the Employee Stock Purchase Plan	—	—		35,513		—		238		—		—	238
Warrant Exercise - Series F	—	—	238,500		2		2,383	—	—		2,385
Stock Option Exercise	—	—	101,597		1		629	—	—		630
Net income	—	—		—		—		—		1,069		—	1,069
Unrealized gain on investment adjustments	—	—	—		—		—	—	239		239
Foreign currency translation adjustments	—	—		—		—		—		—		60	60
Balance at March 31, 2025	14,192	$—		33,436,612		$334		$609,994		$(530,479)		$381	$80,230
Compensation expense for issuance of stock options	—	—	—		—		7,159	—	—		7,159
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		50	—	—		50
Warrant Exercise - Series F	—	—	1,377,275		14		13,759	—	—		13,773
Stock Option Exercise	—	—	142,087		2		864	—	—		866
Net income	—	—	—		—		—	2,697	—		2,697
Unrealized gain on investment adjustments	—	—	—		—		—	—	57		57
Foreign currency translation adjustments	—	—	—		—		—	—	154		154
Balance at June 30, 2025	14,192	—	34,955,974		350		631,826	(527,782)	592		104,986

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

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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.