DELCATH SYSTEMS, INC.

For the period ended Sep 30, 2025. Filed Nov 4, 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.

Sep 30, 2025 · Filed Nov 4, 2025

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 30,2025	December 31,2024
Assets
Current assets
Cash and cash equivalents	$41,813	$32,412
Short-term investments	47,099	20,821
Accounts receivable	13,751	10,890
Inventories	10,745	6,933
Prepaid expenses and other current assets	7,207	2,704
Total current assets	120,615	73,760
Property, plant and equipment, net	2,715	1,790
Right-of-use assets	965	1,039
Total assets	$124,295	$76,589
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$2,133	$961
Accrued expenses	5,768	5,078
Lease liabilities, current	110	105
Total current liabilities	8,011	6,144
Lease liabilities, non-current	855	933
Other liabilities, non-current	582	766
Total liabilities	$9,448	$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 September 30, 2025 and December 31, 2024, respectively	—	—
Common stock, $0.01 par value; 80,000,000 shares authorized; 35,308,939 shares and 33,061,002 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	353	331
Additional paid-in capital	640,571	599,881
Accumulated deficit	(526,952)	(531,548)
Accumulated other comprehensive income	875	82
Total stockholders’ equity	114,847	68,746
Total liabilities and stockholders’ equity	$124,295	$76,589

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,
	2025	2024	2025	2024
Product revenue	$20,563	$11,200	$64,503	$22,105
Cost of goods sold	(2,624)	(1,640)	(8,787)	(4,062)
Gross profit	17,939	9,560	55,716	18,043
Operating expenses:
Research and development expenses	7,986	3,866	19,875	10,960
Selling, general and administrative expenses	10,341	6,953	32,997	22,532
Total operating expenses	18,327	10,819	52,872	33,492
Operating income (loss)	(388)	(1,259)	2,844	(15,449)
Change in fair value of warrant liability	—	2,975	—	(7,392)
Interest income (expense), net	796	113	2,063	(170)
Other income (expense)	(33)	35	(63)	$23
Income (loss) before income taxes	375	1,864	4,844	(22,988)
Income tax (benefit) expense	(455)	—	248	—
Net income (loss)	830	1,864	4,596	(22,988)
Other comprehensive income (loss):
Unrealized gain on investments adjustments	296	(14)	592	(147)
Foreign currency translation adjustments	(13)	17	201	23
Total comprehensive income (loss)	$1,113	$1,867	$5,389	$(23,112)
Common share data:
Basic income (loss) per common share	$0.02	$0.06	$0.13	$(0.84)
Weighted average number of basic shares outstanding	36,383,277	28,738,307	35,610,619	27,335,212
Diluted income (loss) per common share	$0.02	$0.06	$0.12	$(0.84)
Weighted average number of dilutive shares outstanding	40,056,814	32,345,672	39,949,941	27,335,212

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
Compensation expense for issuance of stock options	—	—	—		—		5,567	—	—		5,567
Compensation expense for Employee Stock Purchase Plan	—	—	—		—		81	—	—		81
Issuance of common stock with the Employee Stock Purchase Plan	—	—	22,858		—		243	—	—		243
Stock Option Exercise	—	—	330,107		3		2,854	—	—		2,857
Net income	—	—	—		—		—	830	—		830
Unrealized gain on investment adjustments	—	—	—		—		—	—	296		296
Foreign currency translation adjustments	—	—	—		—		—	—	(13)		(13)
Balance at September 30, 2025	14,192	$—		35,308,939		$353		$640,571		$(526,952)		$875	$114,847

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

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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.