On May 8, 2025 Delcath Systems, Inc. (Nasdaq: DCTH) ("Delcath" or the "Company"), an interventional oncology company focused on the treatment of primary and metastatic liver cancers, reported financial results and business highlights for the first quarter ended March 31, 2025 (Press release, Delcath Systems, MAY 8, 2025, View Source [SID1234652742]).
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First Quarter 2025 Financial Results
Total revenue of $19.8 million, compared with $3.1 million in the first quarter of 2024
HEPZATO KIT revenue of $18.0 million, compared to $2.0 million in the first quarter of 2024
CHEMOSAT revenue of $1.8 million, compared to $1.1 million in the first quarter of 2024
Gross margins of 86%, compared to 71% in the first quarter of 2024
Net income of $1.1 million, compared to a net loss of $11.1 million in the same quarter of 2024
Non-GAAP positive adjusted EBITDA in the first quarter of $7.6 million, compared to a loss of $7.3 million in the first quarter of 2024
Cash and investments of $58.9 million as of March 31, 2025
Cash provided by operations of $2.2 million in the quarter
Business Highlights and Updates
Activated three new U.S. centers in the first quarter and two more so far in the second quarter of 2025, bringing the current total to 19 active centers, with 10 additional centers accepting referrals
Received FDA clearance of an IND application for a phase 2 clinical trial of HEPZATO in liver-dominant metastatic breast cancer
Announced publication of comparative analysis from randomized portion of FOCUS Study in metastatic uveal melanoma
The exercise of 1.62 million Series F warrants resulted in $16.2 million of funding in 2025. The warrants were issued in 2020 as a component of a private placement and had an exercise price of $10.00 per share and expired on May 5, 2025
"Consistent revenue growth and the continued expansion of active treatment centers represent a strong start to 2025," said Gerard Michel, Chief Executive Officer of Delcath. "We achieved our first quarter of net income and positive operating cash flow, underscoring the accelerating clinical adoption of HEPZATO for patients with metastatic uveal melanoma. Ongoing dialogue with oncologists and interventional radiologists reinforces the importance of whole-liver treatment for patients with liver-dominant disease. These insights continue to shape our development strategy as we pursue additional indications for HEPZATO."
First Quarter 2025 Results
Total revenue for the quarter ending March 31, 2025 was $19.8 million compared to $3.1 million for the same period in the prior year. Revenue in the quarter includes sales of $18.0 million of HEPZATO in the U.S. and $1.8 million of CHEMOSAT in Europe.
Research and development expenses for the quarter ended March 31, 2025, were $5.0 million compared to $3.7 million for the same period in the prior year. The increase is primarily due to costs associated with expanding the clinical team and initiation of the Phase 2 clinical trial evaluating HEPZATO in combination with standard of care for mCRC. In 2024, these costs primarily related to medical affairs and regulatory costs associated with the approved products.
Selling, general and administrative expenses for the quarter ending March 31, 2025, were $11.3 million compared to $8.8 million for the same period in the prior year. The increase is primarily due to continued commercial expansion activities including marketing-related expenses and additional personnel in the commercial team.
Net income for the quarter ended March 31, 2025 was $1.1 million compared to net loss of $11.1 million for the same period in the prior year.
Non-GAAP adjusted EBITDA for the quarter ended March 31, 2025 was $7.6 million compared to adjusted EBITDA loss of $7.3 million for the same period in the prior year. A table reconciling non-GAAP measures is included in this press release for reference.
As of March 31, 2025, the Company had $58.9 million in cash and investments, and no debt.
Conference Call Information
To participate in this event, dial in approximately 5 to 10 minutes before the beginning of the call.
Event Date: Thursday, May 8, 2025
Time: 8:30 AM Eastern Time
Participant Numbers:
Toll Free: 1-877-407-3982
International: 1-201-493-6780
Webcast: View Source;tp_key=6de250d858
A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company’s website View Source