Delcath Systems Reports Record 2025 Results, Outlines 2026 Growth Plan

Company aims to expand treatment centers, increase new patient starts, and strengthen referral networks to drive continued revenue growth.

Mar. 3, 2026 at 2:31am

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Delcath Systems (NASDAQ:DCTH) reported record revenue of $85.2 million in 2025, including $20.7 million in Q4, and outlined a commercial and clinical roadmap to support continued growth in 2026. The company plans to expand its U.S. commercial team, increase the number of active treatment centers, and strengthen referral networks to drive new patient starts for its liver-directed therapy products.

Why it matters

Delcath's proprietary Hepatic CHEMOSAT Delivery System enables the targeted delivery of high-dose chemotherapy directly to the liver, which is critical for treating primary and metastatic liver tumors. The company's ability to expand its commercial footprint and drive increased utilization of its products is key to its long-term success in this specialized oncology market.

The details

Delcath's CEO Gerard Michel highlighted three key priorities for the company's commercial efforts in 2026: expanding the number of active treatment centers from 28 to 40, growing the U.S. commercial team to cover nine regions, and strengthening referral networks to identify and engage oncologists treating metastatic liver cancer patients. The company also plans to invest significantly in R&D, with a nearly 90% increase in R&D expenses expected in 2026 to support clinical trials in metastatic colorectal and breast cancer.

  • Delcath reported Q4 2025 revenue of $20.7 million on March 1, 2026.
  • For the full year 2025, Delcath reported record revenue of $85.2 million.
  • Delcath is targeting 40 active treatment centers by the end of 2026, up from 28 at the end of 2025.

The players

Delcath Systems, Inc.

A specialty pharmaceutical and medical technology company focused on the development and commercialization of its proprietary Hepatic CHEMOSAT Delivery System, which enables the targeted delivery of high-dose chemotherapy directly to the liver.

Gerard Michel

Chief Executive Officer of Delcath Systems.

Sandra Pennell

Chief Financial Officer of Delcath Systems.

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What they’re saying

“2025 was a 'pivotal year,' citing 'over 40% volume growth' and record revenue of $85.2 million, including $20.7 million in the fourth quarter.”

— Gerard Michel, Chief Executive Officer

“Delcath expects R&D expenses to increase in 2026 by 'nearly 90%' and SG&A expenses to increase by 'nearly 50%' due to commercial expansion.”

— Sandra Pennell, Chief Financial Officer

What’s next

Delcath plans to publish results from the CHOPIN Phase 2 trial evaluating the sequencing of its percutaneous hepatic perfusion (PHP) therapy with checkpoint inhibitors, which the company says showed 'statistically significant and clinically meaningful' improvements in one-year progression-free survival, overall survival, and objective response rates versus PHP alone. The company is also engaging key opinion leaders to support potential updates to NCCN guidelines following the publication of the CHOPIN results.

The takeaway

Delcath's focus on expanding its commercial footprint, driving increased utilization of its liver-directed therapy products, and investing in clinical research to broaden the applications of its technology positions the company for continued growth in the specialized oncology market. The company's ability to execute on these strategic priorities will be key to its long-term success.