Delcath Systems sells HEPZATO KIT in the U.S. and CHEMOSAT in Europe, systems that deliver high-dose chemotherapy to the liver, approved for uveal melanoma that has spread to the liver.
Delcath's case rests on HEPZATO KIT, which delivers melphalan directly to the liver and is FDA-approved for uveal melanoma that has spread mainly to the liver. Q2 2026 HEPZATO revenue rose to $27.1 million from $22.5 million, with net income of $2.7 million, and 2026 revenue guidance was raised to $104 to $108 million. The expansion bets are two Phase 2 trials in liver-dominant colorectal and breast cancer, and cash was $95.9 million at June 30, with no debt.
Thesis checklist
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Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: HEPZATO sales keep growing
Does HEPZATO keep growing in line with Delcath's raised guidance?
Strong, inconclusive and weak outcomes
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Delcath raised 2026 revenue guidance to $104-108 million on ~30% HEPZATO volume growth; randomized Phase 2 trials test it in colorectal and breast cancer
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Disease areas: Breast and gynecologic cancers, Gastrointestinal cancers, Other cancers
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
10 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.