Business Context and Reporting Period
Company: Delcath Systems, Inc. (DCTH)
Filing Type: Form 8-K (Current Report)
Report Date: January 9, 2026
Reporting Period: Preliminary unaudited results for the quarter and full year ended December 31, 2025.
Key Financial Metrics
| Metric | Q4 2025 (Preliminary) | Full Year 2025 (Preliminary) |
|---|---|---|
| Total Revenue | $20.7 million | $85.2 million |
| HEPZATO KIT Revenue | $19.0 million | $78.8 million |
| CHEMOSAT Revenue | $1.7 million | $6.4 million |
| Cash and Short-Term Investments (as of Dec 31, 2025) | $91.0 million | |
| Debt | None | |
| Operating Cash Flow (Q4) | Positive |
Material Changes and Operational Highlights
- Share Repurchases: The company repurchased 628,572 shares of common stock for $6.0 million through December 31, 2025, under its approved $25.0 million Share Buyback Program.
- Liquidity Position: Cash and short-term investments increased to approximately $91.0 million as of December 31, 2025, compared to $88.9 million as of September 30, 2025.
- Commercial Footprint: As of December 31, 2025, there were 25 active sites utilizing HEPZATO KIT.
- Capital Structure: Approximately 34.7 million shares of common stock were issued and outstanding as of December 31, 2025.
Guidance, Outlook, and Risks
Management Commentary: The company highlighted achieving positive operating cash flow for the quarter ended December 31, 2025.
Unusual Items and Contingencies:
- Preliminary Nature: The financial results presented are preliminary and unaudited. The company has not yet completed its financial close process.
- Variance Risk: Actual results may vary from these estimates due to audit adjustments and other developments prior to the finalization of the fourth quarter and fiscal year 2025 financial statements.
- Non-Filing Status: The press release and corporate presentation furnished with this filing are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Guidance: The filing text does not provide specific forward-looking guidance for future periods beyond the preliminary 2025 results.
Investor Verification Checklist
- Verify the final audited revenue figures for Q4 and full-year 2025 against these preliminary estimates once the financial close is complete.
- Confirm the exact amount of operating cash flow generated in Q4 2025 in the upcoming 10-Q or 10-K filing.
- Monitor the remaining balance of the $25.0 million Share Buyback Program following the $6.0 million utilized through year-end.
- Review the detailed breakdown of expenses and net income/loss, which are not explicitly detailed in this 8-K summary.