Here are 1-2 brief analogies for Delcath Systems (DCTH):

• Think of Delcath Systems as a specialized **Medtronic** but focused on delivering chemotherapy directly to the liver for cancer treatment.

• It's like an **Edwards Lifesciences**, but developing innovative systems for liver cancer treatment rather than heart valves.

• HEPZATO KIT: A lead product candidate in the United States, this kit combines melphalan hydrochloride for injection with a hepatic delivery system for high-dose liver chemotherapy.
• CHEMOSAT Hepatic Delivery System for Melphalan: This medical device is sold in Europe for medical centers to treat a range of liver cancers by delivering melphalan directly to the liver.

Delcath Systems (DCTH) sells primarily to other companies and organizations within the healthcare sector rather than directly to individual patients. Their lead product, HEPZATO KIT (also known as CHEMOSAT Hepatic Delivery System for Melphalan in Europe), is a specialized medical device and drug delivery system used by medical professionals to treat primary and metastatic liver cancers.

Based on the company's business model and product description, the major categories of customers for Delcath Systems are:

• Hospitals: This includes general hospitals, particularly those equipped with interventional oncology, interventional radiology, or surgical oncology departments capable of performing liver-directed chemotherapy procedures.
• Specialized Cancer Treatment Centers/Clinics: Institutions dedicated specifically to comprehensive cancer care, which have the expertise and infrastructure to administer advanced treatments for liver cancers.
• Academic Medical Centers: University-affiliated hospitals and research institutions that are often at the forefront of adopting new medical technologies and may also be involved in clinical trials for conditions like metastatic ocular melanoma.

As is typical for medical device and pharmaceutical companies, Delcath Systems does not publicly disclose the names of specific hospital systems or medical centers that purchase their products.

• Catalent, Inc. (CTLT)
• BD (Becton, Dickinson and Company) (BDX)
• B. Braun Melsungen AG
• Custom Biologics, Inc.

Gerard Michel, Chief Executive Officer

Mr. Michel was appointed Chief Executive Officer of Delcath Systems in October 2020. He brings over 30 years of experience in the pharmaceutical and medical technology industries. Prior to joining Delcath, he served as Chief Financial Officer and Vice President of Corporate Development at Vericel Corp., where he was a key member of the management team responsible for integrating a transformative acquisition and shifting the company's business model to a fully integrated, profitable commercial entity. His previous roles include Chief Financial Officer and Vice President of Corporate Development at Biodel Inc. and NPS Pharmaceuticals Inc. Earlier in his career, he was a Principal at Booz Allen Hamilton Inc. and held various commercial positions at Lederle Labs and Wyeth Labs. Mr. Michel holds an M.S. in Microbiology, an M.B.A., and a B.S. in both Biology and Geology from the University of Rochester.

Sandra Pennell, Chief Financial Officer

Ms. Pennell joined Delcath Systems as Senior Vice President of Finance in June 2023, and later became Chief Financial Officer. She possesses over 20 years of experience in various financial oversight capacities within the biotechnology industry, with expertise in SEC reporting, equity raises, financial planning and analysis (FP&A), and overall accounting functions. Before Delcath, Ms. Pennell served as Vice President, Finance at Invivyd, Inc., and previously as Vice President, Corporate Controller, and Principal Accounting Officer at Vericel Corporation. She earned both a Bachelor and Master of Science in Accountancy from the University of Illinois at Urbana-Champaign.

Martha S. Rook, PhD, Chief Operating Officer

Dr. Rook is an accomplished industry leader with more than 25 years of experience in molecular biology, diagnostics development, biologics process development, and biologics manufacturing, spanning both academic and industrial settings.

Vojislav "Vojo" Vukovic, MD, MSc, PhD, Chief Medical Officer

Dr. Vukovic is an experienced drug development executive with a notable career in cancer research and global clinical development. His background encompasses early- to late-stage clinical development projects across various anticancer modalities and tumor types, as well as global medical affairs programs supporting several commercial oncology drugs. He previously served as Senior Vice President and Chief Medical Officer at Aileron Therapeutics, Taiho Oncology Inc, and Synta Pharmaceuticals Inc.

David Hoffman, J.D., General Counsel, Corporate Secretary and Chief Compliance Officer

Mr. Hoffman brings over two decades of experience advising biotechnology companies, with a particular focus on the commercialization of therapies. Most recently, he held the position of Associate General Counsel and Chief Compliance Officer at Vericel Corporation, where he managed legal and compliance matters and contributed to the launch and growth of products in the advanced cell therapy and biologics sectors.

1. Commercialization and Market Acceptance Challenges for HEPZATO KIT: Delcath Systems faces significant challenges in the commercialization and market acceptance of its HEPZATO KIT. These include slower-than-anticipated activation of new treatment sites, difficulties in fully penetrating the market, and pricing pressures, such as those arising from the National Drug Rebate Agreement, which have led to revised downward revenue guidance. Seasonal factors also impact patient starts. The company's ability to secure adequate healthcare coverage and favorable reimbursement rates also directly influences demand and profitability.
2. Regulatory and Clinical Development Risks for Expanded Indications: While HEPZATO KIT has received FDA approval for metastatic uveal melanoma, it is subject to a strict Risk Evaluation and Mitigation Strategy (REMS) program due to the potential for severe peri-procedural complications and myelosuppression. This imposes ongoing regulatory burdens and operational complexities. For long-term growth, Delcath's strategy hinges on expanding the use of its percutaneous hepatic perfusion (PHP) system into larger indications, such as liver-dominant metastatic colorectal cancer (mCRC) and metastatic breast cancer (mBC). This expansion requires substantial research and development (R&D) investment and lengthy clinical trial timelines, with key results for mCRC not expected until 2028-2030, presenting considerable development and approval risks.
3. Reliance on a Single Product and Supply Chain Dependencies: The company's current revenue is largely dependent on the successful adoption and sales of its HEPZATO KIT for metastatic uveal melanoma. This concentration on a single primary product for a niche indication poses a risk to overall business stability. Additionally, Delcath Systems faces operational risks related to its supply chain, including reliance on a single supplier for critical components and the potential for disruptions in the supply of melphalan and other necessary materials. The company must maintain compliance with manufacturing regulations to ensure an adequate and uninterrupted supply for product commercialization.

Delcath Systems (NASDAQ: DCTH) targets several addressable markets with its main products, HEPZATO KIT and CHEMOSAT Hepatic Delivery System.

HEPZATO KIT (U.S.) and CHEMOSAT Hepatic Delivery System (Europe) for Metastatic Uveal Melanoma (mUM)

• For patients with uveal melanoma liver metastases, an estimated 800 patients in the United States and 1,200 patients in Europe may be eligible for treatment with HEPZATO KIT or CHEMOSAT annually.
• The annual addressable market for this indication in the United States and Europe is approximately $600 million.
• The broader ocular melanoma market across the 7 Major Markets (7MM, including the US, EU4, and UK) was valued at approximately $340 million in 2023. The global uveal melanoma treatment market reached US$ 1.2 billion in 2024 and is projected to grow to US$ 2.5 billion by 2035. North America held the largest share of the uveal melanoma treatment market in 2024, at 44.2%.

HEPZATO KIT for Liver-Dominant Metastatic Colorectal Cancer (mCRC)

• Delcath Systems estimates the total addressable market for liver-dominant mCRC receiving third-line treatment to be between 6,000 and 10,000 patients annually in the United States. This market is also being addressed in a global Phase 2 clinical trial across the United States and Europe.

CHEMOSAT Hepatic Delivery System for a Range of Liver Cancers (Europe)

• CHEMOSAT is marketed in Europe to treat a range of primary and metastatic liver cancers.
• The total potential addressable market for liver cancer (primary and metastatic) is approximately 200,000 patients per year in the United States.
• The total addressable market in the United States for mUM, intrahepatic cholangiocarcinoma (ICC), hepatocellular carcinoma (HCC), breast cancer, neuroendocrine, pancreatic, and colorectal cancers with liver involvement is estimated to be well over $1.0 billion.
• Delcath Systems indicates a multi-billion dollar annual global revenue market opportunity for CHEMOSAT, with an estimated $7 billion annual global revenue opportunity primarily in Europe in the near term.
• The European liver cancer drug market generated a revenue of USD 1,084.7 million in 2024 and is expected to reach US$ 2,881.6 million by 2030, growing at a CAGR of 17.8% from 2025 to 2030.

Delcath Systems (DCTH) anticipates several key drivers of revenue growth over the next 2-3 years, stemming from its commercialization efforts for HEPZATO KIT and expansion of its clinical pipeline:

1. U.S. Commercial Expansion and Adoption of HEPZATO KIT: Following FDA approval in August 2023 and the commercial launch in January 2024 for metastatic uveal melanoma (mUM), Delcath Systems is heavily focused on expanding its U.S. commercial footprint. The company projects a significant increase in HEPZATO KIT procedure volume, targeting at least $100 million in total revenue for 2026, representing over 20% growth in HEPZATO KIT procedure volume. This growth is supported by plans to expand the number of active treatment centers to 40 by the end of 2026, up from 28 at the close of 2025, and to strengthen referral networks to engage oncologists.
2. Expansion into New Indications: A significant long-term growth driver is the company's investment in Phase 2 clinical trials for liver-dominant metastatic colorectal cancer (mCRC) and metastatic breast cancer (mBC). These trials aim to expand the use of HEPZATO KIT beyond mUM into larger oncology markets with substantial unmet needs. While key results for mCRC are anticipated later (2028-2030), the ongoing investment in R&D and progress in these trials, including activating 15 trial sites for mBC by late 2026, are crucial for future revenue streams.
3. Continued Growth of CHEMOSAT in Europe: Delcath also continues to generate revenue from its CHEMOSAT Hepatic Delivery System in Europe, where it is used to treat a range of liver cancers. The company expects more than 10% growth in CHEMOSAT volume for 2026, building on its full-year 2025 revenue of $6.4 million from this product.
4. Increased Utilization and Physician Adoption: Delcath Systems is working to drive higher procedure volumes through increased physician adoption and utilization of its treatment options. The company reported a remarkable 140% growth in Hepzato procedure volume in 2025, indicating rising physician acceptance. Furthermore, the ability for patients to undergo multiple treatments (up to ten in commercial settings) contributes to higher utilization rates per patient.
5. Development of Combination Therapies: Delcath is evaluating the potential for combining its Percutaneous Hepatic Perfusion (PHP) system with immune checkpoint inhibitors across various tumor types, based on results from trials like CHOPIN. While early in development, finalizing plans for these combination trials over the next 3-6 months could unlock new treatment modalities and subsequently drive future revenue growth by broadening the addressable market.

Share Repurchases

• Delcath Systems' Board of Directors authorized a $25 million share repurchase program on November 20, 2025.
• Through December 31, 2025, the company repurchased 628,572 common shares for $6.0 million under the authorized program.
• The share repurchase program does not have an expiration date.

Capital Expenditures

• Full-year Selling, General, and Administrative (SG&A) expenses increased to $43.0 million in 2025 from $29.6 million in 2024. Management expects SG&A to increase by almost 50% in 2026, primarily to expand the commercial footprint.
• The company aims to expand its active REMS-certified treatment centers from 28 to approximately 40 by the end of 2026.
• Research and Development (R&D) expenses more than doubled to $29.2 million in 2025 from $13.9 million in 2024. Management forecasts R&D expenses to increase by nearly 90% in 2026, driven by investments in clinical trials and the clinical team to support HEPZATO growth and label expansion, including into colorectal and breast cancer.