Delcath Systems Reports $24.2 Million Revenue in Q2 2025, Significant Financial Improvements

Delcath Systems, Inc. reported significant financial improvements in its latest quarterly results, with total revenues reaching $24.2 million for the three months ended June 30, 2025, compared to $7.8 million for the same period in 2024. This increase is attributed to the growing demand for its HEPZATO KIT and CHEMOSAT products, which have seen expanded commercial use. The company achieved a gross profit of $20.8 million in the second quarter of 2025, up from $6.2 million in the prior year, reflecting a gross margin of approximately 86.3%. For the first half of 2025, Delcath reported total revenues of $43.9 million, a substantial increase from $10.9 million in the first half of 2024.

The company’s operating income for the second quarter was $2.6 million, a turnaround from an operating loss of $3.9 million in the same quarter of the previous year. Delcath's net income for the second quarter was $2.7 million, compared to a net loss of $13.7 million in the prior year. The improved financial performance is attributed to increased product adoption, with 20 facilities treating patients with HEPZATO in the first half of 2025, up from just 7 facilities in the same period of 2024.

Delcath has also made strategic advancements, including the FDA approval of the HEPZATO KIT in August 2023, which has been commercially available since January 2024. The company is actively pursuing clinical trials for HEPZATO in combination with standard care for liver-dominant metastatic colorectal cancer and metastatic breast cancer, with patient enrollment expected to begin in late 2025. Additionally, Delcath has expanded its operational footprint, with a focus on enhancing its clinical development program and increasing its market presence in Europe.

Operationally, Delcath's total assets increased to $116.9 million as of June 30, 2025, up from $76.6 million at the end of 2024. The company reported cash and cash equivalents of $34.4 million and short-term investments of $46.6 million, reflecting a strong liquidity position. Delcath's employee headcount has also grown, contributing to increased research and development expenses, which totaled $6.9 million in the second quarter, up from $3.4 million in the prior year.

Looking ahead, Delcath anticipates continued growth driven by the ongoing commercialization of HEPZATO and CHEMOSAT, alongside the initiation of new clinical trials. The company believes its current cash reserves and operational cash flow will support its activities for at least the next 12 months. However, it acknowledges potential risks related to market conditions, regulatory approvals, and competition that could impact its future performance.