Company Overview - Delcath Systems, Inc. (NASDAQ:DCTH) specializes in interventional oncology treatments for liver cancers, with main products including the HEPZATO KIT and CHEMOSAT Hepatic Delivery System [4] Financial Performance - For fiscal Q3 2025, Delcath reported revenue of $20.6 million, a significant increase from $11.2 million in the same quarter last year [2] - The company's EPS was $0.02, exceeding consensus estimates by $0.08 [2] - Revenue from the HEPZATO KIT grew to $19.3 million from $10 million year-over-year, while CHEMOSAT revenue increased from $1.2 million to $1.3 million [2] - Gross margins improved from 85% to 87% during the same period [2] Guidance and Outlook - Despite strong Q3 performance, management lowered full-year revenue guidance to a range of $83 million to $85 million, down from the previous range of $93 million to $96 million [3] - The reduction in guidance is attributed to a slowdown in new patient starts, partially due to seasonal factors [3] Analyst Rating - Analyst Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on Delcath but lowered the price target from $31 to $30 [1]

CHOPIN Trial Results - The CHOPIN trial demonstrated that adding ipilimumab and nivolumab to PHP is effective and tolerable [9] - The combination group showed a one-year progression-free survival rate of 54.7% (95% CI: 36.8 - 69.5) compared to 15.8% (95% CI: 5.8 - 30.1) in the PHP group [6] - Median progression-free survival was 12.8 months (95% CI: 9.2 - 15.4) in the combination group versus 8.3 months (95% CI: 6.0 - 9.6) in the PHP group [6] - The hazard ratio for progression-free survival was 0.34 (0.19 - 0.60), with P<0.001 [6] - One-year overall survival was 82.8% (95% CI: 65.6 - 91.9) in the combination group and 82.2% (95% CI: 64.5 - 91.6) in the PHP group [6, 7] - Two-year overall survival was 49.6% (95% CI: 29.3 - 67.0) in the combination group and 22.1% (95% CI: 7.9 - 40.6) in the PHP group [7] - Median overall survival was 23.1 months (95% CI: 20.2 - 38.5) in the combination group and 19.6 months (95% CI: 15.2 - 21.8) in the PHP group [7] - The hazard ratio for overall survival was 0.39 (0.20 - 0.77), with P = 0.006 [7] - The best overall response rate in the combination group was 76.3% (59.4 - 88.0) [7] - Grade 3 or higher treatment-related adverse events were more frequent in the combination group (81.6% vs 40.5%, P<0.001) [7] Company Statements - Delcath Systems is focused on the treatment of primary and metastatic liver cancers [2, 14]