DELCATH SYSTEMS, INC. 8-K

What Happened
Delcath Systems, Inc. (DCTH) filed an 8-K on Jan 12, 2026 disclosing a Jan 9, 2026 press release and corporate presentation with preliminary, unaudited financial and operational results for the quarter and year ended Dec 31, 2025. The company reported preliminary total revenue of approximately $20.7 million for Q4 2025 and $85.2 million for full-year 2025, driven largely by HEPZATO KIT sales. Delcath also disclosed operational updates including active sites, shares outstanding, cash balances, and share repurchases.

Key Details

• Total preliminary revenue: Q4 ~ $20.7M; FY 2025 ~ $85.2M.
• Product breakdown: HEPZATO KIT — Q4 ~ $19.0M; FY ~ $78.8M. CHEMOSAT — Q4 ~ $1.7M; FY ~ $6.4M.
• Cash and liquidity: ~$91.0M in cash and short-term investments as of Dec 31, 2025; no debt. (Compared to $88.9M on Sept 30, 2025.)
• Share activity and structure: 628,572 shares repurchased for ~$6.0M under an approved $25.0M buyback program; ~34.7M shares issued and outstanding; 25 active sites using HEPZATO KIT.
• Operational note: Company reported positive operating cash for Q4 2025. Results are preliminary, unaudited, and subject to change pending final close and audit.

Why It Matters
These preliminary results give investors an early view of Delcath’s revenue mix and liquidity heading into 2026: most revenue came from HEPZATO KIT, the company had a healthy cash position with no debt, and it actively repurchased shares under an approved program. However, the numbers are unaudited estimates and could change after the final close and audit, so investors should treat these as provisional until the company releases audited financial statements.