Delcath Systems Reports Second Quarter 2023 Results and Provides Business Update
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Recent Business Highlights
During and since the second quarter, Delcath:
- Has continued to communicate with the United States Food and Drug Administration (FDA) as the agency continues its review of the HEPZATO KIT™ New Drug Application (NDA) resubmission with an anticipated PDUFA date of August 14, 2023;
- Received stockholders approval for the potential issuance in excess of
19.99% of Delcath's outstanding common stock upon the conversion of the preferred stock issued pursuant to a private placement that closed on March 29, 2023 and generated on closing with up to an additional$25 million expected upon the exercise of warrants into additional series of preferred stock upon the approval of the HEPZATO KIT NDA and up to an additional$35 million upon the achievement of$25 million in quarterly revenue;$10 million - Hired Vojislav Vukovic, MD, PhD as Chief Medical Officer; Sandra Pennell as Senior Vice President of Finance; and Zac MacLean as Director of Sales and Strategy; and
- Continued to treat patients at 3 Expanded Access Program sites.
"As we approach the August 14 PDUFA date, the Company has been preparing for the commercialization of HEPZATO KIT, if approved," said Gerard Michel, Chief Executive Officer of Delcath. Mr. Michel added, "As part of this preparation, we continue to add experienced personnel across the key functional areas involved in commercialization."
Delcath will schedule an update call shortly after the FDA's action on the HEPZATO KIT NDA resubmission, which the Company expects to occur on or around the anticipated PDUFA date of August 14, 2023.
Second Quarter 2023 Results
Financial Highlights.
Total revenue for the three months ended June 30, 2023, was approximately
Research and development expenses for the quarter were
About Delcath Systems, Inc.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The company's proprietary products, HEPZATO KIT (Hepzato (melphalan) for Injection/Hepatic Delivery System) and CHEMOSAT® Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP) are designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects during a PHP procedure.
In
Safe Harbor / Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described in particular, the statements regarding our private placement and expected gross proceeds and the expected uses of the proceeds from the private placement. Factors that may cause such differences include, but are not limited to, uncertainties relating to: anticipated use of proceeds from the private placement, achievement of milestones, the likelihood and timing, or any delays, of the potential approval of HEPZATO by the FDA by the PDUFA date of August 14, 2023, the Company's ability to commercialize HEPZATO, necessary financing to fund commercialization of HEPZATO in the
Investor Relations Contact:
Ben Shamsian
Lytham Partners
646-829-9701
shamsian@lythampartners.com
DELCATH SYSTEMS, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) | |||
June 30, | December 31, | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 14,540 | $ 7,671 | |
Restricted cash | 50 | 4,151 | |
Accounts receivable, net | 127 | 366 | |
Inventory | 2,480 | 1,998 | |
Prepaid expenses and other current assets | 2,275 | 1,969 | |
Total current assets | 19,472 | 16,155 | |
Property, plant and equipment, net | 1,403 | 1,422 | |
Right-of-use assets | 175 | 285 | |
Total assets | $ 21,050 | $ 17,862 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 966 | $ 2,018 | |
Accrued expenses | 5,546 | 4,685 | |
Lease liabilities, current | 92 | 186 | |
Loan payable, current | 4,510 | 7,846 | |
Total current liabilities | 11,114 | 14,735 | |
Warrant liability | 3,780 | — | |
Other liabilities, non-current | 1,146 | 1,144 | |
Loan payable, non-current | 411 | 3,070 | |
Convertible notes payable, non-current | 4,841 | 4,772 | |
Total liabilities | 21,292 | 23,721 | |
Commitments and contingencies | |||
Stockholders' equity (deficit) | |||
Preferred stock, | — | — | |
Common stock, | 153 | 100 | |
Additional paid-in capital | 473,355 | 451,608 | |
Accumulated deficit | (473,686) | (457,484) | |
Accumulated other comprehensive loss | (64) | (83) | |
Total stockholders' equity (deficit) | (242) | (5,859) | |
Total liabilities and stockholders' equity | $ 21,050 | $ 17,862 |
DELCATH SYSTEMS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share data) | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Product revenue | $ 495 | $ 797 | $ 1,092 | $ 1,003 | |||
Other revenue | — | — | — | 171 | |||
Total revenues | 495 | 797 | 1,092 | 1,174 | |||
Cost of goods sold | (150) | (180) | (331) | (214) | |||
Gross profit | 345 | 617 | 761 | 960 | |||
Operating expenses: | |||||||
Research and development expenses | 3,555 | 5,606 | 8,131 | 10,087 | |||
Selling, general and administrative expenses | 4,787 | 4,497 | 8,952 | 8,699 | |||
Total operating expenses | 8,342 | 10,103 | 17,083 | 18,786 | |||
Operating loss | (7,997) | (9,486) | (16,322) | (17,826) | |||
Change in fair value of warrant liability | 1,160 | — | 1,160 | — | |||
Interest expense, net | (371) | (665) | (1,059) | (1,309) | |||
Other income (expense) | 6 | (8) | 19 | (24) | |||
Net loss | (7,202) | (10,159) | (16,202) | (19,159) | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | — | (31) | 19 | (29) | |||
Total other comprehensive loss | $ (7,202) | $ (10,190) | $ (16,183) | $ (19,188) | |||
Common share data: | |||||||
Basic and diluted loss per common share | $ (0.58) | $ (1.24) | $ (1.35) | $ (2.34) | |||
Weighted average number of basic and | 12,463,665 | 8,190,483 | 12,035,738 | 8,190,483 |
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SOURCE Delcath Systems, Inc.
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