Delcath Systems, Inc. reported its financial results for the first quarter of 2026, revealing a total revenue of $24.994 million, a 26.5% increase from $19.784 million in the same period of 2025. The growth in revenue was primarily driven by the continued commercial expansion and demand for the HEPZATO KIT, which generated $23.247 million in sales, up from $18.023 million year-over-year. However, the company recorded a net loss of $1.070 million, compared to a net income of $1.069 million in the prior year, reflecting increased operating expenses associated with research and development and selling, general, and administrative costs.
Operating expenses for the quarter totaled $22.895 million, up from $16.297 million in the previous year. This increase was largely attributed to a rise in research and development expenses, which reached $9.824 million, compared to $5.007 million in the first quarter of 2025. The company is actively expanding its clinical team and continuing its Phase 2 clinical trials for HEPZATO in combination with standard care for liver-dominant metastatic colorectal cancer and metastatic breast cancer. Selling, general, and administrative expenses also rose to $13.071 million from $11.290 million, reflecting ongoing commercial expansion efforts.
Delcath's balance sheet as of March 31, 2026, showed total assets of $124.838 million, a slight increase from $123.632 million at the end of 2025. The company had cash and cash equivalents of $41.313 million and short-term investments of $47.986 million. Total liabilities decreased to $12.128 million from $12.413 million, with current liabilities slightly reduced to $10.698 million. The company’s stockholders’ equity increased to $112.710 million, up from $111.219 million, indicating a stable financial position.
In terms of operational developments, Delcath continues to focus on its lead product, the HEPZATO KIT, which received FDA approval in August 2023 and began commercial use in January 2024. The company is also pursuing additional indications for HEPZATO, targeting unmet medical needs in various liver cancers. The company has sufficient inventory and plans to manage supply chain risks through stockpiling and multiple supplier contracts. Delcath's strategic initiatives include a share repurchase program, with approximately $16 million remaining under the authorization to repurchase shares.
Looking ahead, Delcath anticipates that its current cash reserves and investments will support operations for at least the next 12 months. The company is focused on advancing its clinical trials and expanding the market for HEPZATO, with expectations of increased clinical adoption and reimbursement opportunities. However, the company acknowledges potential risks related to market conditions, regulatory approvals, and competition that could impact its future performance.
About DELCATH SYSTEMS, INC.
Delcath Systems, Inc. develops interventional oncology products targeting primary and metastatic liver cancers. Its core offerings include the HEPZATO KIT and CHEMOSAT systems for liver-directed chemotherapy delivery. The company serves patients with liver metastases from cancers such as uveal melanoma, colorectal, breast, and neuroendocrine tumors. It focuses on clinical development, regulatory approval, and commercialization of innovative treatments to address significant unmet medical needs in oncology.
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