Delcath’s 2025 Revenue Reaches $85.2M as HEPZATO Procedure Volume Jumps 140%

HEPZATO KIT Drives Revenue Surge in Preliminary 2025 Results

Delcath Systems, an interventional oncology firm specializing in liver cancer treatments, has announced its preliminary, unaudited financials for Q4 and full year 2025. Notably, total revenue for 2025 is expected to reach approximately $85.2 million, with the company’s flagship HEPZATO KIT responsible for $78.8 million of that figure. The fourth quarter alone generated $20.7 million in revenue, cementing a strong close to the year. Similarly, CHEMOSAT, Delcath’s device-only system available in Europe, contributed $6.4 million for the full year.

Strong Cash Position Supports Expansion and R&D in 2026

Delcath ended 2025 with approximately $91.0 million in cash and short-term investments, up from $88.9 million at the end of Q3, and reported zero debt. The robust cash reserves position the company for further commercial roll-out, additional clinical trials, and investments in its pipeline in the coming year. Moreover, the company has already executed a share buyback, repurchasing 628,572 shares for $6.0 million as part of a $25.0 million authorized program.

HEPZATO Sees 140% Procedural Growth, Signaling Broader Adoption

The number of HEPZATO procedures advanced by a striking 140% in 2025 compared to 2024—a clear sign of increasing physician adoption and confidence in the platform. The company now partners with 25 active centers, reflecting broader clinical acceptance in treating metastatic uveal melanoma (mUM) and other liver-related cancers.

Clinical and Research Momentum Underpins Growth

2025 also brought notable clinical milestones, including independent validation in the large Phase 2 CHOPIN trial. Results, presented at the European Society of Medical Oncology’s Annual Congress, demonstrated that CHEMOSAT combined with immunotherapies (ipilimumab and nivolumab) delivered a significant improvement in one-year progression-free survival in metastatic uveal melanoma, compared to CHEMOSAT alone. Recent scientific publications continue to highlight the benefits and outcomes of Delcath’s liver-directed therapies in this patient population.

Management: Financial Strength to Drive Further Expansion

Looking ahead, CEO Gerard Michel underscored that Delcath’s substantial cash reserves will fuel investments in both commercial and clinical programs throughout 2026. The company plans to capitalize on heightened awareness in the medical community, particularly by disseminating CHOPIN study findings, which support broader adoption among treating physicians.

Final Thoughts: Key Risks and Next Steps

It’s worth noting these results are preliminary and unaudited, with final numbers pending completion of financial close and external audit. As the company readies its annual earnings call for more details, investors will be closely watching for updates on product performance, center growth, and any developments in reimbursement or regulatory pathways. For now, Delcath’s combination of surging revenue, robust cash, and clinical validation positions it as an interventional oncology player to watch in 2026.

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