# Delcath Systems, Inc. (DCTH)

> Source: Nexqual · https://nexqual.com/DCTH · data as of 2026-11-10 16:39 UTC · cite as "Nexqual, Delcath Systems, Inc. (DCTH), nexqual.com/DCTH" · informational, not investment advice.

## DCTH major shareholder filing: Schedule 13D/A, Oct 19, 2026
Rosalind Advisors, Inc., SALAMON STEVEN A J, Aharon Gil filed a Schedule 13D/A on Oct 19, 2026, reporting up to 9.90% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> On May 6, 2020, pursuant to the terms of the Board Appointment Agreement, the Board of Directors of the Issuer (the Board) increased the number of directors constituting the Board to eight members and elected Steven Salamon and Gilad Aharon as independent directors of the Issuer to fill the vacancies created by the increase in the number of directors. Mr. Salamon was elected to serve as a Class III director with a term scheduled to expire at the 2024 Annual Meeting of Stockholders and Dr. Aharon was elected to serve as a Class I director with a term scheduled to expire at the 2025 Annual Meeting of Stockholders.

Source: https://www.sec.gov/Archives/edgar/data/872912/000162262726000027/0001622627-26-000027-index.htm

## What changed for DCTH since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 10, 2026).

- Delcath Systems, Inc. (DCTH) stock went from USD 11.02 (close of the week of Aug 25, 2025, split-adjusted) to USD 21.58, a +95.8% price change; the S&P 500 (SPY) moved +17.4% over the same period.
- DCTH revenue over the last four reported quarters (through Sep 30, 2026) was $110M, +195.5% vs $37.2M in fiscal year 2024 (ended Dec 31, 2024), the last full year filed before September 2025; net income -$26.4M → $6.7M (SEC 10-K / 10-Q).
- Analyst actions on DCTH in the last 120 days: 4 (4 upgrades or target raises, 0 downgrades or target cuts); most recent HC Wainwright & Co., Nov 10, 2026.

**Price:** USD 21.58 (+6.46% today) · US market open, as of November 10, 2026 at 16:39 UTC; quotes may be delayed. Prev close 20.27 · day 19.51–21.79 · 52w 8.12–21.79 · market cap $749M · NCM

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $110M, net income $6.7M (6.1% margin), free cash flow $20.1M (SEC filings).
- Valuation: P/E 113.0x (avg 149.3x at the last 1 fiscal year-ends).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 26.6 (range 21–32).
- Total return with dividends: 1Y +152.6% vs S&P 500 +10.9%; 5Y +104.6% vs S&P 500 +71.1%.
- Latest earnings report: 2026-11-09 (next date not yet announced).
- Dividend: DCTH paid no cash dividend in the last five years.
- Short interest: 5.91% of float (as of 2026-10-15), 5.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.6M | $2.7M | $2.1M | $37.2M | $85.2M | $110M |
| Gross profit | $2.9M | $2.0M | $1.4M | $31.0M | $73.4M | — |
| Operating income | -$24.5M | -$33.9M | -$38.2M | -$12.4M | $660K | $5.7M |
| Net income | -$25.6M | -$36.5M | -$47.7M | -$26.4M | $2.7M | $6.7M |
| EPS (diluted) | -$3.59 | -$4.12 | -$2.94 | -$0.93 | $0.07 | — |
| Free cash flow | -$22.7M | -$25.2M | -$31.3M | -$19.2M | $21.0M | $20.1M |
| Gross margin | 81.1% | 74.8% | 69.2% | 83.4% | 86.2% | — |
| Operating margin | -690.0% | -1245.1% | -1849.0% | -33.4% | 0.8% | 5.2% |
| Net margin | -721.5% | -1342.7% | -2308.9% | -70.9% | 3.2% | 6.1% |
| Revenue growth | — | -23.5% | -24.1% | +1701.7% | +129.1% | — |
| Cash + short-term investments | $22.8M | $7.7M | $32.5M | $53.2M | $91.0M | — |
| Total debt | $4.6M | $15.7M | $10.2M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 113.0x · P/S 6.8x · P/FCF 37.4x · P/B 5.6x · FCF yield 2.67% · Earnings yield 0.88% · Buyback yield (TTM) 1.20%
P/E at fiscal year-ends: Dec 2025 149.3x.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 26.6 (low 21, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-11-10 | HC Wainwright & Co. | Target raised | Buy | $32 → $36 |
| 2026-11-09 | BTIG | Target raised | Buy | $21 → $25 |
| 2026-08-07 | HC Wainwright & Co. | Target raised | Buy | $30 → $32 |
| 2026-08-06 | BTIG | Target raised | Buy | $17 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | +152.6% | +104.6% |
| S&P 500 (SPY) | +10.9% | +71.1% |
| Per year | +152.7% | +15.4% |
| Volatility (annualized) | 57.5% | 66.0% |
| Max drawdown | -21.7% (Jan 2026→Mar 2026) | -76.9% (Nov 2021→Nov 2023) |

## Dividends
DCTH paid no cash dividend in the last five years.

## Short interest
1,883,018 shares sold short, 5.91% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,311,774 shares (-18.5%). Days to cover: 5.6 (short shares ÷ average daily volume).

## Peers (Medical Devices)
BFLY (Butterfly Network, Inc.) USD 6.52 -2.32% · INSP (Inspire Medical Systems, Inc.) USD 62.15 -3.39% · ESTA (Establishment Labs Holdings Inc) USD 67.39 -1.65% · ALMR (Alamar Biosciences, Inc.) USD 31.66 -0.57% · UFPT (UFP Technologies, Inc.) USD 313.55 -1.67% · NEOG (Neogen Corporation) USD 11.7 -3.15%

## More
Full page: https://nexqual.com/DCTH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| HEPZATO KIT | $32.7M | 93.1% | +69.7% |
| CHEMOSAT | $2.4M | 6.9% | +85.2% |
| Total revenue | $35.1M | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $32.7M | 93.1% | +69.7% |
| Foreign | $2.4M | 6.9% | +85.2% |
| Total revenue | $35.1M | 100% | — |

## Customer concentration

In the nine months ended Sep 30, 2026, 2 direct customers each accounted for at least 10% of DCTH's revenue (17.8%, 13.5%; 31.3% combined). The company does not name these customers in the filing. (10-Q, filed 2026-11-09)

## Company outlook (8-K filed 2026-11-09)

- "Guidance to a Range of $115 million to $117 million Conference Call Today at 8:30 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.13 | $-0.12 | −$0.01 | $27.5M | 1 |
| Next quarter (ends 2027-03-31) | $-0.05 | $-0.01 | −$0.05 | $31.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.18 | $-0.14 | −$0.04 | $116.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.12 | $0.04 | +166.7% | $138.7M | 1 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 10 | 75.8% | ±10.2% |
| 2026-12-18 | 38 | 84.9% | ±21.6% |
| 2027-02-19 | 101 | 64.7% | ±26.5% |
| 2027-05-21 | 192 | 71.2% | ±39.5% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Nov 9, 2026 | Quarter ended Sep 30, 2026 | $0.17 | −$0.08 | Beat +$0.25 | +44.5% |
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.07 | −$0.09 | Beat +$0.16 | +19.6% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.03 | −$0.09 | Beat +66.7% | +2.0% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | −$0.05 | −$0.03 | Miss −$0.02 | -12.8% |
| Jan 12, 2026 | Quarter ended Dec 31, 2025 | −$0.05 | −$0.03 | Miss −$0.02 | +0.8% |
| Nov 4, 2025 | — | — | — | — | -8.8% |
| Oct 20, 2025 | — | — | — | — | -4.9% |
| Aug 6, 2025 | — | — | — | — | -3.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-09 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/872912/000162828026071915/0001628280-26-071915-index.htm |
| 2026-11-09 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/872912/000162828026071894/0001628280-26-071894-index.htm |
| 2026-10-27 | Schedule 13G | BlackRock Portfolio Management LLC: 6.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/872912/000205211326001072/0002052113-26-001072-index.htm |
| 2026-10-19 | Schedule 13D/A | Rosalind Advisors, Inc., SALAMON STEVEN A J: 9.9% of shares, 5%+ holder that may seek to influence the company (amended) — “On May 6, 2020, pursuant to the terms of the Board Appointment Agreement, the Board of Directors of the Issuer (the Board) increased the number of directors constituting the Board to eight members and elected Steven Salamon and Gilad Aharon as independent directors of the Issuer…” | https://www.sec.gov/Archives/edgar/data/872912/000162262726000027/0001622627-26-000027-index.htm |
| 2026-08-14 | 8-K | Bylaws or fiscal-year change | https://www.sec.gov/Archives/edgar/data/872912/000119312526350536/0001193125-26-350536-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/872912/000162828026053956/0001628280-26-053956-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/872912/000162828026053902/0001628280-26-053902-index.htm |
| 2026-07-28 | Schedule 13G | BlackRock, Inc.: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/872912/000201238326002470/0002012383-26-002470-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.