You’ve probably seen the tickers. You’ve definitely heard the chatter in the small-cap biotech forums. Delcath Systems Inc stock (DCTH) is one of those names that either makes people a lot of money or leaves them scratching their heads in frustration. It’s a polarizing company.
Honestly, the biotech world is littered with "miracle" drugs that never make it past a Phase 2 trial. But Delcath is different because they actually have something on the market. They have a product that’s being used in hospitals right now. As of mid-January 2026, the stock is hovering around $10.37. If you look at the 52-week range—from a low of $8.12 to a high of $18.23—it’s clear that volatility is the only constant here.
Why the Hepzato Kit actually matters
The core of the Delcath story isn't just a ticker symbol. It’s the HEPZATO KIT. This thing is basically a "liver-wash" system. It allows doctors to pump high doses of chemotherapy (melphalan) directly into the liver while using a series of balloons and filters to stop that chemo from leaking into the rest of the body.
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Imagine trying to clean a single room in a house with toxic chemicals without the fumes killing everyone in the other rooms. That’s what this does for cancer.
Specifically, it’s FDA-approved for metastatic uveal melanoma (mUM). This is a rare, nasty eye cancer that almost always spreads to the liver. Historically, if you had this, your options were... well, they weren't great.
The numbers nobody is looking at
People get obsessed with the daily price fluctuations of Delcath Systems Inc stock, but the preliminary Q4 2025 numbers tell a much bigger story. The company just reported expected full-year 2025 revenue of about $85.2 million.
Compare that to 2024. That is an insane jump. We're talking about roughly 140% growth in procedure volume for Hepzato.
- Q4 2025 Revenue: Approximately $20.7 million.
- Hepzato contribution: $19 million of that came from the U.S. market alone.
- Cash on hand: They’ve got about $89 million in the bank and, crucially, zero debt.
Wait. No debt? In biotech? That is almost unheard of for a company at this stage. It gives them a massive "runway" to actually build a sales force instead of constantly begging Wall Street for more cash through dilutive share offerings.
What's driving the Delcath Systems Inc stock volatility?
If the revenue is growing and the tech works, why isn't the stock at $50?
First, there’s the 340B pricing issue. Basically, because Delcath participates in certain government-mandated discount programs (NDRA), their average revenue per kit took a 13% hit recently. Investors hate seeing "average selling price" go down. It scares them.
Second, the rollout is slow. This isn't a pill you pick up at CVS. It’s a complex surgical procedure. You need a specialized team of interventional radiologists, anesthesiologists, and perfusionists. As of now, there are only about 25 active treatment centers in the U.S. (like UT Southwestern, which just performed its first procedure in Texas this January).
Scaling a surgery is much harder than scaling a pharmacy script.
The "CHOPIN" effect
There is a massive catalyst lurking in the background called the CHOPIN trial. This study looked at combining Delcath’s liver perfusion with standard immunotherapy (ipilimumab and nivolumab).
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The results were, frankly, kind of shocking.
The combination showed a one-year progression-free survival (PFS) of 54.7%. Compare that to just 15.8% for perfusion alone. When a trial triples the survival timeframe, doctors notice. CEO Gerard Michel has been vocal about using these results to drive 2026 adoption. If they can convince oncologists that Hepzato isn't just a "last resort" but a foundational part of a combination therapy, the market cap could look very different by next year.
Analyst targets vs. reality
If you check the analyst ratings, it’s a sea of "Buy" recommendations. BTIG has a $23 target. HC Wainwright is even more bullish at $31.
Average them out and you get a target of roughly $22.33. That implies a potential upside of over 115% from today’s prices.
But let’s be real. Analysts are paid to be optimistic. The risk for Delcath Systems Inc stock remains the pace of hospital activations. If they can't get more centers online, the revenue growth will plateau. Also, keep an eye on competitors like Replimune. They are also working in the uveal melanoma space, and while their tech is different, any "win" for a competitor is usually a "loss" for DCTH in the eyes of momentum traders.
Practical steps for investors
If you're looking at this stock, don't just watch the chart. Watch the hospital list.
- Monitor Site Activations: If the number of REMS-certified centers stays stuck at 25, the stock will likely trade sideways. If they hit 35 or 40 by mid-year, that’s a signal of operational success.
- Watch the Colorectal Data: Delcath is currently running Phase 2 trials for colorectal cancer that has spread to the liver. This is a much larger market than uveal melanoma. Any positive "first-patient dosing" or interim updates here are major moving parts.
- Check the Burn Rate: They have $89 million. They are spending roughly $8 million a quarter on R&D and $10 million on SG&A. They are currently cash-flow positive or close to it, which means the "risk of dilution" (the thing that kills biotech stocks) is relatively low for now.
The move into 2026 is about execution. The "science risk" is mostly gone—the FDA said yes. Now, it's just a boring, difficult "sales risk." And in the world of stock picking, boring execution is often where the real money is made.
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Stay focused on the quarterly procedure volume rather than the daily noise. If the doctors keep using the kit, the stock eventually has to follow the earnings.
Actionable Insight: Focus on the Q1 2026 earnings report (expected in March) to see if the 340B pricing discounts have stabilized or if they are continuing to eat into the margins. Keep a specific eye on the "Average Revenue per Kit" metric, as this will dictate whether the 140% volume growth actually translates into a bottom-line profit.