Delcath Systems Presents New Data Supporting HEPZATO KIT
Delcath Systems announced that new data from a retrospective analysis by independent investigators on percutaneous hepatic perfusion with melphalan using the CHEMOSAT Hepatic Delivery System was presented today at the ESMO Breast Cancer Congress 2026. Patient population: Fifteen patients were treated between September 2015 and May 2024 after a median of 4 prior systemic therapy lines (range 1-6). Treatment delivery: Patients received a median of 1 M-PHP cycle (range 1-7), typically followed by ICU admission of 1-2 days. Safety: 67% of patients required blood transfusions (primarily packed red blood cells). Intra-/peri-procedural adverse events occurred in 60% of patients (primarily hematologic or hemodynamic). Grade 3-4 post-procedure adverse events occurred in 80% of patients, predominantly bone marrow suppression with neutropenic-related infections; events typically onset early (median 1 day) and resolved in a median of 7 days. Liver response: Hepatic partial response was observed in 9 of 15 treated patients (60%); 3 patients were not evaluable for response. Overall survival: Median overall survival from first M-PHP was 6.0 months (95% CI, 2.9-NR; range 0.1-76.5); 33% (5/15) of patients were alive at last follow-up. Median follow-up was 55.6 months (95% CI, 53.7-NR). "These data from independent European investigators represent real-world evidence supporting the use of HEPZATO KIT and CHEMOSAT in liver-dominant metastatic breast cancer and underscore the need for further evaluation in this heavily pretreated population," said Gerard Michel, Chief Executive Officer of Delcath Systems.
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- Equity Award Program: Delcath Systems granted a total of 24,500 Restricted Stock Units (RSUs) to four new employees on May 1, 2026, aimed at attracting and retaining talent while enhancing the company's competitive edge in liver cancer treatment.
- Vesting Conditions: One-third of the RSUs will vest on the first anniversary of the grant date, with the remaining two-thirds vesting in equal annual installments over the next two years, ensuring employee retention on each vesting date.
- Compliance: The equity awards comply with Nasdaq Listing Rule 5635(c)(4), demonstrating Delcath's commitment to attracting high-quality talent with transparency, thereby boosting investor confidence.
- Product Background: Delcath's HEPZATO KIT and CHEMOSAT systems focus on high-dose chemotherapy for liver cancer, aiming to minimize systemic side effects and enhance tumor response rates, aligning with the company's long-term strategic goals to drive business growth.
- Patient Activation Innovation: Delcath Systems achieved record new patient starts in Q1 2026, with CEO Gerard Michel highlighting that activations at four centers and utilization rates are core growth drivers, indicating the company's proactive market expansion.
- Strong Financial Performance: The total revenue for Q1 reached $25 million, with HEPZATO KIT revenue at $23.3 million and a gross margin maintained at 85%, demonstrating the company's solid performance in revenue growth and cost control, with expectations of at least $100 million in total revenue for 2026.
- Increased R&D Investment: R&D expenses in Q1 were $9.8 million, significantly up from $5 million in the prior quarter, reflecting the company's commitment to new product development while indicating potential future spending pressures.
- Optimistic Market Outlook: Despite management lowering the center activation target, now expecting 40 active centers by Q1 2027, they maintain confidence in profitability for 2026, anticipating positive adjusted EBITDA, showcasing the company's ongoing commitment to future growth.
- Earnings Highlights: Delcath Systems reported a Q1 GAAP EPS of -$0.03, beating expectations by $0.07, indicating an improvement in profitability despite still being in the red.
- Revenue Growth: The company achieved $24.99 million in revenue for the first quarter, a 26.3% year-over-year increase that surpassed market expectations by $1.58 million, demonstrating strong demand for its products, particularly HEPZATO KIT.
- HEPZATO KIT Sales: Revenue from HEPZATO KIT™ reached $23.3 million, significantly up from $18.0 million in Q1 2025, reflecting the product's market acceptance and growth potential.
- Future Outlook: The company projects total revenue from CHEMOSAT and HEPZATO KIT to exceed $100 million in fiscal year 2026, with HEPZATO KIT volume expected to increase by at least 20%, while gross margins are anticipated to remain between 84% and 87%, indicating strong profitability and market expansion potential.
- Clinical Challenge: Liver-dominant metastatic breast cancer poses significant clinical challenges, and the M-PHP procedure aims to deliver high-dose melphalan directly to the liver while minimizing systemic exposure, thereby enhancing treatment efficacy.
- Patient Data: Independent investigators retrospectively analyzed 15 patients treated with M-PHP across three European centers, with a median of four prior systemic therapy lines, indicating the treatment's potential in heavily pretreated populations.
- Safety Analysis: 67% of patients required blood transfusions, with 60% experiencing procedure-related adverse events, and 80% suffering grade 3-4 adverse reactions, primarily bone marrow suppression, highlighting the need for careful monitoring of treatment risks.
- Survival Outcomes: The median overall survival post-treatment was 6.0 months, with 33% of patients alive at last follow-up, suggesting that despite high risks, M-PHP may offer new survival opportunities for patients with liver-dominant metastatic breast cancer.
- Earnings Announcement: Delcath Systems (DCTH) is set to announce its Q1 2023 earnings on May 7 before market open, with a consensus EPS estimate of -$0.09, reflecting a significant 400% year-over-year decline, indicating ongoing profitability challenges for the company.
- Revenue Growth Expectations: Despite the weak EPS outlook, the consensus revenue estimate stands at $23.41 million, representing an 18.4% year-over-year increase, suggesting potential improvement in product demand and revenue generation capabilities.
- Performance Beat History: Over the past year, Delcath has beaten EPS estimates 50% of the time and revenue estimates 75% of the time, demonstrating a degree of resilience in navigating market fluctuations and meeting investor expectations.
- Estimate Revision Trends: In the last three months, EPS estimates have seen no upward revisions and four downward adjustments, while revenue estimates experienced three upward revisions and two downward adjustments, indicating a cautious market sentiment regarding the company's future profitability.
- Earnings Call Announcement: Delcath Systems, Inc. will host an earnings call on May 7, 2026, at 8:30 AM Eastern Time to discuss its Q1 results ending March 31, 2026, which is expected to provide investors with insights into the latest financial performance and business developments.
- Participation Details: Participants are advised to dial in 5 to 10 minutes before the call, with toll-free number 1-800-717-1738 for U.S. and international number 1-646-307-1865, ensuring timely access to critical information for investors.
- Webcast and Replay: The event will be available via webcast, allowing investors to join through the provided link, and a replay will be accessible shortly after the call, enabling those unable to attend live to catch up on the discussion.
- Company Overview: Delcath Systems focuses on interventional oncology for liver cancer treatment, with its HEPZATO KIT and CHEMOSAT systems designed to deliver high-dose chemotherapy while minimizing systemic exposure and side effects, showcasing potential in treating metastatic liver cancers.








