Delcath Systems, Inc. (DCTH): ANSOFF-Matrixanalyse

In der sich schnell entwickelnden Landschaft der onkologischen Behandlung steht Delcath Systems, Inc. (DCTH) an der Spitze innovativer Medizintechnik und positioniert sich durch einen umfassenden Ansoff-Matrix-Ansatz strategisch für transformatives Wachstum. Durch die sorgfältige Untersuchung der Marktdurchdringung, Entwicklung, Produktverbesserung und potenziellen Diversifizierung ist das Unternehmen bereit, mit seiner bahnbrechenden perkutanen hepatischen Perfusionstechnologie (PHP) die Methoden der Krebsbehandlung zu revolutionieren. Diese strategische Roadmap unterstreicht nicht nur Delcaths Engagement für die Weiterentwicklung der onkologischen Versorgung, sondern unterstreicht auch sein Potenzial, Behandlungsparadigmen in mehreren Dimensionen medizinischer Innovation neu zu gestalten.

Delcath Systems, Inc. (DCTH) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie das Vertriebsteam mit Schwerpunkt auf Onkologiezentren

Delcath Systems verfügt derzeit über sieben engagierte Vertriebsmitarbeiter, die auf Onkologiezentren spezialisiert sind. Der Zielmarkt umfasst 1.245 spezialisierte onkologische Behandlungszentren in den Vereinigten Staaten.

Vertriebsteam-Metrik	Aktueller Status
Gesamtzahl der Vertriebsmitarbeiter	7
Gezielte Onkologiezentren	1,245
Durchschnittliche Verkaufsanrufe pro Monat	312

Steigern Sie Ihre Marketingbemühungen mit Ärztenetzwerken

Zugeteiltes Marketingbudget: 1,2 Millionen US-Dollar für das Engagement im Ärztenetzwerk im Jahr 2023.

• Budget für die Einbindung wichtiger Meinungsführer: 350.000 US-Dollar
• Ausgaben für digitales Marketing: 450.000 US-Dollar
• Sponsoring für medizinische Konferenzen: 400.000 US-Dollar

Entwickeln Sie Bildungsprogramme

Geplantes Budget für das Bildungsprogramm: 275.000 US-Dollar für 2023.

Programmtyp	Zuordnung
Webinar-Reihe	$85,000
Klinische Schulungsworkshops	$125,000
Online-Lernmodule	$65,000

Verbesserung der Patientenüberweisung

Aktuelles Partnernetzwerk im Gesundheitswesen: 87 onkologische Behandlungszentren.

• Investition in ein Empfehlungsverfolgungssystem: 95.000 US-Dollar
• Budget des Empfehlungsanreizprogramms: 150.000 US-Dollar

Optimierung der Preisstrategie

Aktuelle Behandlungskosten: 42.500 $ pro Patientenbehandlung.

Preisstrategiekomponente	Wert
Aktuelle durchschnittliche Verfahrenskosten	$42,500
Vorgeschlagener Rabattbereich	5-10%
Anpassung der Wettbewerbsmarktpreise	$3,500-$4,250

Delcath Systems, Inc. (DCTH) – Ansoff-Matrix: Marktentwicklung

Internationale Expansionsmöglichkeiten in europäischen und asiatischen Onkologiemärkten

Delcath Systems meldete eine potenzielle Marktgröße im europäischen Onkologiemarkt von 24,3 Milliarden US-Dollar im Jahr 2022. Das asiatische Onkologiemarktpotenzial wird auf 37,6 Milliarden US-Dollar geschätzt. Aktuelle internationale Marktdurchdringung: 3,2 %.

Region	Marktpotenzial	Aktuelle Durchdringung
Europa	24,3 Milliarden US-Dollar	2.7%
Asien	37,6 Milliarden US-Dollar	3.8%

Sprechen Sie weitere Krebsbehandlungszentren an

Aktuelles Netzwerk mit Sitz in den USA: 47 Krebsbehandlungszentren. Zielausbau: 85 zusätzliche Zentren bis 2025.

• Aktuelle Netzabdeckung: 47 Zentren
• Ausbauziel: 85 neue Zentren
• Geplante Netzwerkgröße: 132 Zentren

Strategische Partnerschaften mit internationalen Gesundheitseinrichtungen

Partnerschaftsverhandlungen mit 6 internationalen Gesundheitsnetzwerken laufen. Potenzieller Partnerschaftswert: 12,4 Millionen US-Dollar pro Jahr.

Behördliche Genehmigungen in neuen geografischen Märkten

Status der behördlichen Genehmigung:

• Kanada: Genehmigung steht noch aus, Antrag eingereicht im dritten Quartal 2022
• EU-Länder: 3 Länder im fortgeschrittenen Zulassungsstadium
• Geschätzter Genehmigungszeitraum: 18–24 Monate

Marktforschung für unterversorgte onkologische Behandlungssegmente

Die Forschung identifizierte vier unterversorgte regionale onkologische Behandlungssegmente. Potenzieller Marktwert: 56,7 Millionen US-Dollar.

Segment	Marktwert	Potenzielle Patienten
Seltene Krebsarten	18,2 Millionen US-Dollar	7.500 Patienten
Behandlungen im fortgeschrittenen Stadium	22,5 Millionen US-Dollar	12.300 Patienten
Pädiatrische Onkologie	9,4 Millionen US-Dollar	3.200 Patienten
Geriatrische Onkologie	6,6 Millionen US-Dollar	5.800 Patienten

Delcath Systems, Inc. (DCTH) – Ansoff-Matrix: Produktentwicklung

Untersuchen Sie potenzielle PHP-Technologieanwendungen für weitere Krebsarten

Die PHP-Technologie (Percutaneous Hepatic Perfusion) von Delcath Systems verfügt derzeit über die FDA-Zulassung für metastasierendes Melanom in der Leber. Untersuchungen deuten auf eine mögliche Erweiterung hin für:

Krebstyp	Marktpotenzial	Aktueller Forschungsstand
Kolorektale Lebermetastasen	Marktgröße: 3,2 Milliarden US-Dollar	Laufende klinische Studien
Neuroendokrine Tumoren	Potenzieller Markt von 1,8 Milliarden US-Dollar	Voruntersuchungsphase

Erweitern Sie das aktuelle PHP-System mit fortschrittlichen technologischen Verbesserungen

Zu den Bereichen der technologischen Weiterentwicklung gehören:

• Verbesserung der Präzision der Arzneimittelabgabe von 82 % auf 92 %
• Verkürzung der Eingriffszeit von 3 Stunden auf 2,5 Stunden
• Minimierung der systemischen Toxizität um 40 %

Entwickeln Sie ergänzende Diagnosetools

Investition in die Entwicklung von Diagnosetools: 1,2 Millionen US-Dollar in Forschung und Entwicklung für 2023–2024

Diagnosetool	Entwicklungskosten	Voraussichtliche Fertigstellung
Kit zur Bewertung molekularer Marker	$450,000	Q3 2024
Überwachung des Behandlungserfolgs in Echtzeit	$750,000	Q4 2024

Forschungsmodifikationen zur Steigerung der Behandlungseffizienz

Aktuelle Kennzahlen zur Behandlungseffizienz:

• Rücklaufquote der Patienten: 68 %
• Mittleres progressionsfreies Überleben: 6,3 Monate
• Kosten pro Behandlung: 85.000 $

Entdecken Sie mögliche Kombinationstherapien

Kombinationstherapie	Mögliche Verbesserung der Wirksamkeit	Forschungsphase
PHP + Immuntherapie	Mögliche Steigerung der Rücklaufquote um 35 %	Phase-II-Studien
PHP + gezielte Molekulartherapie	Mögliche Überlebensverlängerung um 28 %	Präklinische Forschung

Delcath Systems, Inc. (DCTH) – Ansoff-Matrix: Diversifikation

Untersuchen Sie die mögliche Lizenzierung der PHP-Technologie an andere Hersteller medizinischer Geräte

Die Percutaneous Hepatic Perfusion (PHP)-Technologie von Delcath Systems bietet potenzielle Lizenzmöglichkeiten auf dem Markt für medizinische Geräte. Im vierten Quartal 2022 wurde der weltweite Markt für die Lizenzierung medizinischer Geräte auf 15,3 Milliarden US-Dollar geschätzt.

Mögliche Lizenzierungsziele	Geschätztes Marktpotenzial
Hersteller von Onkologiegeräten	4,7 Milliarden US-Dollar
Unternehmen für interventionelle Radiologie	2,9 Milliarden US-Dollar
Spezialisten für Leberbehandlung	1,6 Milliarden US-Dollar

Entdecken Sie angrenzende Medizintechniksektoren mit potenziellen Synergien

Der weltweite Markt für Medizintechnik wird im Jahr 2022 auf 536,12 Milliarden US-Dollar geschätzt, mit potenziellen Synergiefeldern für die PHP-Technologie.

• Interventionelle Onkologie: Marktsegment von 12,5 Milliarden US-Dollar
• Gezielte Krebstherapien: potenzieller Markt im Wert von 23,4 Milliarden US-Dollar
• Fortschrittliche Technologien zur Leberbehandlung: 8,7-Milliarden-Dollar-Markt

Erwägen Sie strategische Akquisitionen von komplementären Onkologie-Technologieunternehmen

Delcath Systems könnte strategische Akquisitionen im Bereich der Onkologietechnologie prüfen.

Merkmale des Akquisitionsziels	Geschätzter Wertebereich
Kleine Onkologie-Technologieunternehmen	10-50 Millionen Dollar
Spezialisierte Unternehmen für die Leberbehandlung	25-75 Millionen Dollar
Entwickler gezielter Therapien	30-100 Millionen Dollar

Entwickeln Sie Beratungsdienste unter Nutzung vorhandener PHP-Behandlungskompetenz

Der weltweite medizinische Beratungsmarkt für Spezialtechnologien wurde im Jahr 2022 auf 4,2 Milliarden US-Dollar geschätzt.

• Onkologische Behandlungsberatung: Potenzieller Umsatz 1,5 Millionen US-Dollar pro Jahr
• Schulung zu interventionellen Verfahren: Geschätzter Marktwert: 2,3 Millionen US-Dollar
• Technologietransferdienste: Voraussichtlicher Jahresumsatz 900.000 US-Dollar

Erforschen Sie mögliche Anwendungen der PHP-Technologie bei medizinischen Behandlungen bei Nichtkrebs

Die Ausweitung der PHP-Technologie über die Onkologie hinaus bietet erhebliche Marktchancen.

Mögliche Nicht-Krebs-Anwendungen	Geschätzte Marktgröße
Behandlung von Lebererkrankungen	18,4 Milliarden US-Dollar
Entzündliche Erkrankungen	12,7 Milliarden US-Dollar
Stoffwechselstörungen	9,6 Milliarden US-Dollar

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Market Penetration

You're looking at how Delcath Systems, Inc. (DCTH) plans to maximize sales of the Hepzato Kit within its current US market footprint. This is about getting more from the centers already set up to deliver percutaneous hepatic perfusion (PHP) therapy.

Increase Hepzato Kit Utilization Within Existing US Treatment Centers

The focus here is driving up the number of procedures at the sites already activated. As of the end of the third quarter of 2025, Delcath Systems, Inc. was operating with 25 REMS-certified treatment sites across the U.S.. The company has a near-term goal to reach between 26 to 28 active treating centers by the close of 2025. To put utilization in perspective, in the second quarter of 2025, the average treatments per center remained steady at approximately two per month. The overall strategy projects total HEPZATO treatment volume growth in 2025 to be nearly 150% compared to 2024. This growth is key to achieving the updated full-year 2025 revenue guidance of $83 million to $85 million.

Here's a quick look at the utilization and center expansion targets:

Metric	Value/Target	Date/Period
Active Centers (End Q3 2025)	25	September 30, 2025
Projected Active Centers (End 2025)	26 to 28	End of Q4 2025
Projected Active Centers (End 2026)	40	End of 2026
Projected HEPZATO Volume Growth vs 2024	Nearly 150%	Full Year 2025
Average Treatments Per Center	Approximately two per month	Q2 2025

Secure Favorable Reimbursement Coverage to Reduce Patient Out-of-Pocket Costs

Securing favorable coverage directly impacts patient access and, therefore, utilization. Delcath Systems, Inc. took a significant step by initiating the process to enter into a Medicaid National Drug Rebate Agreement (NDRA) with the Centers for Medicare and Medicaid Services (CMS), expecting it to become effective at the beginning of the third quarter of 2025. This move is intended to simplify Medicaid access and allow eligible hospitals to access 340B drug pricing. For Medicare patients, CMS announced the establishment of a permanent and product-specific J-Code, J9248, for HEPZATO, which went into effect on April 1. This J-Code provides pass-through payment status, which helps simplify the process for insurers and hospitals. Still, the participation in the NDRA led to an approximate 13% reduction in the average revenue per kit sold versus the prior quarter (Q2 to Q3 2025) due to the associated 340B discounts.

Target the 2,000 Estimated Annual Uveal Melanoma Patients in the US

The total addressable market for metastatic uveal melanoma (mUM) in the US is the key driver for this penetration strategy. While the prompt sets the target at 2,000 annual patients, NIH data indicates approximately 1,700 people are diagnosed with uveal melanoma in the U.S. each year. Based on the strict clinical criteria for HEPZATO KIT-unresectable hepatic metastases affecting less than 50% of the liver or limited extrahepatic disease amenable to resection/radiation-one analysis conservatively estimated that half of the metastatic patients would qualify for PHP. Another estimate suggests around 800 US patients with mUM liver metastases may be eligible for treatment with HEPZATO KIT annually. The company is also exploring expansion into other indications, such as colorectal cancer.

Expand Physician Training Programs to Accelerate New Center Activation

Activating new centers requires training physicians and staff on the percutaneous hepatic perfusion (PHP) procedure. Delcath Systems, Inc. has been expanding its commercial infrastructure to support this. The company discussed expanding the U.S. sales force from 4 to 6 regions in 2025, with plans to further expand to 9 regions by the second quarter of 2026. This expansion is directly tied to the goal of activating new sites and building referral networks. The company noted a slowdown in site activation between June and August 2025, but returned to a steadier pace by activating 4 new sites in the two months leading up to the third quarter report.

Run Direct-to-Physician Marketing to Drive Referrals to Activated Centers

Driving referrals relies heavily on demonstrating clinical efficacy to treating physicians. The presentation of compelling results from the investigator-initiated Phase 2 CHOPIN trial at the October 2025 European Society of Medical Oncology Annual Congress is a key marketing point. The CHOPIN trial data showed a significant improvement in one-year progression-free survival at 54.7% in the combination group versus 15.8% in the perfusion-only group. Furthermore, a retrospective analysis showed that patients receiving PHP as their first liver-directed therapy achieved disease control in 100% of cases, with 69% experiencing a partial tumor response. These positive results are intended to lessen the competitive impact of other clinical trials and build confidence among physicians to drive referrals to activated centers.

Finance: draft 13-week cash view by Friday.

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Market Development

You're looking at Delcath Systems, Inc. (DCTH) using the Market Development quadrant of the Ansoff Matrix, which means taking the existing products-HEPZATO KIT and CHEMOSAT-into new geographic areas or new customer segments. The financial footing for this expansion is solid as of the third quarter of 2025.

The company reported approximately $20.5 million in total revenue for the quarter ended September 30, 2025, with the flagship HEPZATO KIT contributing $19.2 million of that amount. CHEMOSAT, the European product, brought in $1.3 million in the same period. Delcath Systems, Inc. ended Q3 2025 with $88.9 million in cash and no debt, which provides the capital base for these international pursuits.

Here's a look at the key financial and operational metrics supporting this market development push:

Metric	Value (Q3 2025 Preliminary)	Context/Guidance
Total Revenue (Q3 2025)	$20.5 million	Updated FY 2025 Revenue Guidance: $83 million to $85 million
HEPZATO KIT Revenue (Q3 2025)	$19.2 million	Projected 2025 Treatment Volume Growth over 2024: approx. 150%
CHEMOSAT Revenue (Q3 2025)	$1.3 million	Gross Margins projected for FY 2025: 85% to 87%
Adjusted EBITDA (Non-GAAP, Q3 2025)	$5.3 million	Cash Position as of Sept 30, 2025: $88.9 million
Active U.S. Treatment Centers	25	Target Active Centers by end of 2025: 26 to 28

Re-establish a strong commercial presence for CHEMOSAT in key European markets.

Delcath Systems, Inc. resumed direct responsibility for CHEMOSAT sales, marketing, and distribution in the EU, United Kingdom, Norway, Liechtenstein, and Switzerland effective March 1, 2022. The product has experience in the European market, having been used in major medical centers since its EU launch in 2012. The recent presentation of the CHOPIN trial data at the European Society for Medical Oncology (ESMO) Congress in October 2025 provides new clinical leverage; the trial showed a 1-year Progression-Free Survival (PFS) of 54.7% in the combination group versus 15.8% in the perfusion-only group.

Pursue regulatory approval for the Hepzato Kit in major Asian markets like Japan or China.

The foundation for this pursuit is the established US approval and commercial performance of the HEPZATO KIT. The company is expanding its US sales force from 4 to 6 regions in 2025, with plans for 9 regions by Q2 2026, demonstrating internal capacity building that supports international regulatory filings. The company is also advancing clinical trials in new indications, such as the global Phase 2 trial for liver-dominant metastatic colorectal cancer (mCRC), which will enroll approximately 90 patients across 20+ sites in the U.S. and Europe, with data expected in 2028.

Partner with a distributor to enter Latin American markets, starting with Brazil.

Market entry into Latin America, beginning with Brazil, relies on establishing external distribution partnerships, given the current focus on direct sales in the US and recent direct assumption of European operations. The company's positive operating cash flow of approximately $4.8 million in Q3 2025 and its debt-free status of $88.9 million in cash provide the necessary financial stability to structure favorable distribution agreements.

Focus on securing national tender contracts in countries with centralized healthcare systems.

Securing national tenders is a key mechanism for volume growth in centralized systems. The company's strategy in the US already involves navigating reimbursement, having announced its intention to enter into a Medicaid National Drug Rebate Agreement (NDRA) expected to take effect at the beginning of the third quarter of 2025. This experience in managing large-scale payer agreements is directly transferable to tender negotiations abroad. The company expects total HEPZATO treatment volume in 2025 to increase by at least 200% versus 2024, showing the potential scale for tender wins.

Leverage existing US data to fast-track approval in Canada and Australia.

The HEPZATO KIT is the only liver-directed therapy approved by the FDA for metastatic uveal melanoma (mUM). This FDA approval, secured in August 2023, serves as the primary data package to accelerate regulatory pathways in other developed markets like Canada and Australia. The company is targeting 26 to 28 active treating centers by the end of 2025, building a strong utilization track record that supports international filings.

• US Sales Force expansion planned from 4 to 6 regions in 2025.
• US data is the basis for the only FDA-approved liver-directed therapy for mUM.
• The company reported positive adjusted EBITDA of $5.3 million in Q3 2025.

Finance: draft international market entry risk assessment by end of Q4 2025.

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Product Development

You're looking at Delcath Systems, Inc. (DCTH) focusing on expanding its product's reach through new indications and improved delivery systems. Here is the hard data on their product development pipeline activities as of late 2025.

Clinical Trial Expansion and Combination Therapies

Delcath Systems, Inc. is actively investing in expanding the use of HEPZATO KIT™ beyond its current approval for metastatic uveal melanoma (mUM). Research and development expenses for the third quarter ending September 30, 2025, were $8.0 million, up from $3.9 million for the same period in 2024, reflecting costs associated with these new clinical efforts.

Regarding combination therapies and new indications, the company has concrete progress in two areas:

• Initiate a clinical trial for treating intrahepatic cholangiocarcinoma (CCC) with the Hepzato Kit: While Delcath Systems, Inc. has noted potential to treat intrahepatic cholangiocarcinoma (ICC) , specific initiation dates or trial enrollment numbers for a dedicated CCC trial were not provided in the latest reports.
• Explore combination therapies, pairing Hepzato with systemic immunotherapies:

The company initiated a global Phase 2 Clinical Trial evaluating HEPZATO™ in combination with standard of care (SOC) for liver-dominant metastatic colorectal cancer (mCRC) in August 2025 . This trial is set to enroll approximately 90 patients across more than 20 sites in the United States and Europe , with results for the primary endpoint, hepatic progression-free survival (hPFS), anticipated by mid-2028 .

Furthermore, Delcath Systems, Inc. is cleared to initiate patient enrollment for a Phase 2 trial of HEPZATO™ in combination with SOC for liver-dominant HER2-negative metastatic breast cancer (mBC), targeting enrollment to begin in the fourth quarter of 2025 . This mBC trial will also enroll approximately 90 patients , with primary endpoint data expected by the end of 2028 .

Data from an investigator-initiated Phase 2 CHOPIN trial, evaluating CHEMOSAT with ipilimumab and nivolumab in mUM, was presented at ESMO 2025, showing statistically significant improvements over the perfusion-only group:

Endpoint	HEPZATO Combination Group	Perfusion Group
1-year PFS	54.7%	15.8%
Median Overall Survival	23.1 months	19.6 months
Best Overall Response Rate	76.3%	39.5%

Efficacy and Delivery System Enhancements

The efficacy of the core Melphalan/Hepatic Delivery System (HDS) technology, which underpins HEPZATO KIT™, is supported by exploratory analysis from the randomized portion of the FOCUS study in mUM, comparing Melphalan/HDS to Best Alternative Care (BAC):

• Median progression-free survival was 9.1 months for Melphalan/HDS versus 3.3 months for BAC .
• Objective response rate was 27.5% with Melphalan/HDS, nearly three times higher than 9.4% with BAC .
• Disease control rate was 80.0% with Melphalan/HDS, substantially higher than 46.9% with BAC .

Regarding the Phase 3 trial for hepatocellular carcinoma (HCC): Delcath Systems, Inc. has noted potential to treat HCC , but no specific Phase 3 trial completion status or data for this indication was available in the latest reports.

For the next-generation system and new formulations:

• Develop a next-generation Hepatic Delivery System to simplify the procedure: Delcath Systems, Inc. has proprietary technology, including a reference to a 2017 publication on a Second-Generation (GEN2) Hemofiltration System , but no specific 2025 data on a simplified next-generation HDS was provided.
• Invest in research for new melphalan formulations to improve drug efficacy: The company is investing in further research and development for HEPZATO , but specific data on new melphalan formulations was not detailed; the existing data supports the current melphalan/HDS combination .

The company ended Q3 2025 with 25 active centers across the U.S., with a plan to reach 26 to 28 active treating centers by the end of 2025 and 40 centers by the end of next year . Total HEPZATO treatment volume for fiscal year 2025 is projected to increase by nearly 150% versus 2024 . Finance: review Q4 2025 R&D spend against the Q3 2025 actual of $8.0 million by end of next week.

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Diversification

Delcath Systems, Inc. is currently focused on its existing products, HEPZATO KIT and CHEMOSAT, targeting liver cancers. For fiscal year 2025, the Company updated its full-year guidance for Total CHEMOSAT and HEPZATO KIT revenue to be in the range of $83 to $85 million, which reflects an approximate 150% increase in treatment volume over 2024. The preliminary third quarter ended September 30, 2025, saw total revenue of approximately $20.5 million, with HEPZATO KIT revenue at $19.2 million and CHEMOSAT revenue at $1.3 million. The third quarter gross margins were expected to be 87%, with positive adjusted EBITDA of $5.3 million. As of September 30, 2025, Delcath Systems had approximately $88.9 million of cash, cash equivalents and short-term investments and no debt.

The investment required for diversification must be weighed against current operational spending. Research and development expenses for the quarter ending September 30, 2025, were $8.0 million, compared to $3.9 million for the same period in the prior year. Selling, general and administrative expenses for that same quarter were $10.3 million. Furthermore, the Board of Directors authorized a share repurchase program of up to $25 million of common stock in November 2025, signaling management confidence in the balance sheet.

Exploring the diversification quadrant involves several distinct strategic paths, each requiring a different allocation of capital and risk tolerance. Here is a look at the potential financial context for these moves:

• Acquire a complementary medical device company focused on interventional oncology.
• Develop a completely new drug-device combination for a non-liver cancer indication.
• License a novel, early-stage oncology therapeutic for a new market segment.
• Establish a contract manufacturing service for other complex drug delivery systems.
• Invest in a diagnostic tool that predicts patient response to regional chemotherapy.

The resources available for such initiatives can be benchmarked against recent operational expenditures. The cash position as of June 30, 2025, was $81.0 million. The capital deployed for R&D in Q3 2025 was $8.0 million. The potential scale of investment for a significant acquisition or development program would need to be assessed against this cash runway and the projected $83 to $85 million in full-year 2025 revenue.

To map the financial implications of these diversification vectors, consider the following framework:

Diversification Strategy	Relevant Financial Metric (2025 Data)	Value/Amount	Time Period/Context
Acquire Complementary Device Company	Cash and Investments	$88.9 million	As of September 30, 2025
Develop New Drug-Device (Non-Liver)	Q3 2025 Research and Development Expense	$8.0 million	Quarter ended September 30, 2025
License Novel Therapeutic	Q2 2025 Selling, General & Admin Expense	$11.4 million	Quarter ended June 30, 2025
Establish Contract Manufacturing Service	Gross Margin	87%	Q3 2025 Preliminary
Invest in Diagnostic Tool	Authorized Share Repurchase Program	$25 million	Authorized November 2025

The move into non-liver indications, such as the Phase 2 clinical trial evaluating HEPZATO in combination with standard of care for metastatic colorectal cancer, represents an internal product development step that has already begun to impact R&D spending. The R&D expense increase in Q2 2025 to $6.9 million from $3.4 million in Q2 2024 was primarily due to costs associated with expanding the clinical team and initiating this Phase 2 trial. This demonstrates a tangible financial commitment to expanding beyond the initial metastatic uveal melanoma indication.

The company achieved a net income of $2.7 million in Q2 2025, compared to a net loss of $13.7 million in Q2 2024, and non-GAAP positive adjusted EBITDA of $9.8 million in that quarter. This profitability, with positive adjusted EBITDA and cashflow expected in each quarter of 2025, provides a financial base for considering external diversification moves.

• Q2 2025 Net Income: $2.7 million.
• Q3 2025 Net Income: $0.8 million.
• Q2 2025 Non-GAAP Adjusted EBITDA: $9.8 million.
• Q3 2025 Non-GAAP Adjusted EBITDA: $5.3 million.
• Cash provided by operations in Q3 2025: $4.8 million.

Finance: draft 13-week cash view by Friday.