DELCATH SYSTEMS, INC.: insider trades · United States · SEC (Form 4)

About DELCATH SYSTEMS, INC.

Delcath Systems, Inc. (ticker: DCTH) is a U.S.-based interventional oncology company listed on the NASDAQ market in the United States. For European investors, the investment case is centered on a highly specialized and relatively niche healthcare platform aimed at liver cancer treatment. Founded in 1988 by a team of physicians, Delcath spent many years as a development-stage oncology company before evolving into a commercial-stage business around its proprietary hepatic perfusion technology. The company’s operational headquarters are in Queensbury, New York, reinforcing its United States base while it also maintains a European presence through CHEMOSAT. Delcath’s core focus is the treatment of primary and metastatic cancers of the liver. Its business is built around two key products: HEPZATO KIT, a drug-device combination approved in the United States for certain adult patients with metastatic uveal melanoma and unresectable hepatic metastases, and CHEMOSAT Hepatic Delivery System, which is primarily used in Europe. The underlying technology is designed to deliver high-dose chemotherapy directly to the liver while limiting systemic exposure and the associated side effects. That creates a differentiated value proposition in oncology, because the company operates in a medically complex niche with meaningful regulatory, procedural, and clinical barriers. From a competitive standpoint, Delcath remains a small specialist rather than a broad oncology platform. Its market position is driven less by scale and more by the specificity of its technology, intellectual-property protection, procedural know-how, and the gradual expansion of active treatment centers. As of December 31, 2025, management reported 28 active centers and approximately 140% growth in HEPZATO procedure volume during 2025, indicating that commercial adoption is continuing to build. Full-year 2025 revenue reached $85.2 million, the company returned to annual net income, and it ended the year with roughly $91.0 million in cash and short-term investments and no debt, which strengthens near-term financial flexibility. Recent milestones are particularly relevant. Delcath published additional FOCUS study results, presented CHOPIN phase 2 data in 2025 suggesting clinical benefit when PHP is sequenced with checkpoint inhibitors, initiated a phase 2 trial in liver-dominant metastatic colorectal cancer, and issued 2026 guidance calling for at least $100 million in total revenue from CHEMOSAT and HEPZATO KIT. For investors, Delcath is still a commercialization-and-execution story rather than a mature diversified medtech group. The upside is tied to physician adoption, reimbursement progress, and clinical expansion; the risk profile remains that of a specialized biotech/oncology company with concentration in a single therapeutic platform.