Análisis de la Matriz ANSOFF de Delcath Systems, Inc. (DCTH) [Actualizado en enero de 2025]

En el panorama en rápida evolución del tratamiento de oncología, Delcath Systems, Inc. (DCTH) se encuentra a la vanguardia de la tecnología médica innovadora, posicionándose estratégicamente para el crecimiento transformador a través de un enfoque integral de matriz Ansoff. Al explorar meticulosamente la penetración del mercado, el desarrollo, la mejora del producto y la diversificación potencial, la compañía está preparada para revolucionar las metodologías de tratamiento del cáncer con su innovadora tecnología de perfusión hepática percutánea (PHP). Esta hoja de ruta estratégica no solo subraya el compromiso de Delcath para avanzar en la atención oncológica, sino que también destaca su potencial para remodelar los paradigmas de tratamiento en múltiples dimensiones de la innovación médica.

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Penetración del mercado

Expandir el equipo de ventas centrado en los centros de oncología

Delcath Systems tiene actualmente 7 representantes de ventas dedicados dirigidos a centros de oncología. El mercado objetivo incluye 1,245 centros de tratamiento de oncología especializados en los Estados Unidos.

Métrica del equipo de ventas	Estado actual
Representantes de ventas totales	7
Centros de oncología dirigidos	1,245
Llamadas promedio de ventas por mes	312

Aumentar los esfuerzos de marketing con las redes médicas

Presupuesto de marketing asignado: $ 1.2 millones para la participación de la red de médicos en 2023.

• Presupuesto de participación del líder de la opinión clave: $ 350,000
• Gasto de marketing digital: $ 450,000
• Patrocinios de la conferencia médica: $ 400,000

Desarrollar programas educativos

Presupuesto del programa educativo planificado: $ 275,000 para 2023.

Tipo de programa	Asignación
Serie de seminarios web	$85,000
Talleres de capacitación clínica	$125,000
Módulos de aprendizaje en línea	$65,000

Mejora de la referencia del paciente

Red de socios de atención médica actual: 87 Centros de tratamiento de oncología.

• Inversión del sistema de seguimiento de referencias: $ 95,000
• Presupuesto del programa de incentivos de referencia: $ 150,000

Optimización de la estrategia de precios

Costo de tratamiento actual: $ 42,500 por procedimiento del paciente.

Componente de estrategia de precios	Valor
Costo de procedimiento promedio actual	$42,500
Rango de descuento propuesto	5-10%
Ajuste de precios de mercado competitivo	$3,500-$4,250

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Desarrollo del mercado

Oportunidades de expansión internacional en los mercados de oncología europeos y asiáticos

Delcath Systems informó el tamaño del mercado potencial en el mercado europeo de oncología en $ 24.3 mil millones en 2022. El potencial del mercado de oncología asiática se estima en $ 37.6 mil millones. Penetración actual del mercado internacional: 3.2%.

Región	Potencial de mercado	Penetración actual
Europa	$ 24.3 mil millones	2.7%
Asia	$ 37.6 mil millones	3.8%

Dirigir a los centros de tratamiento del cáncer adicionales

Red actual con sede en EE. UU.: 47 centros de tratamiento del cáncer. Expansión del objetivo: 85 centros adicionales para 2025.

• Cobertura de red actual: 47 centros
• Objetivo de expansión: 85 nuevos centros
• Tamaño de red proyectado: 132 centros

Asociaciones estratégicas con instituciones internacionales de salud

Negociaciones de asociación en curso con 6 redes internacionales de salud. Valor de asociación potencial: $ 12.4 millones anuales.

Aprobaciones regulatorias en nuevos mercados geográficos

Estado de aprobación regulatoria:

• Canadá: aprobación pendiente, Solicitud presentada el tercer trimestre 2022
• Países de la UE: 3 países en etapa de aprobación avanzada
• Línea de aprobación estimada: 18-24 meses

Investigación de mercado para segmentos de tratamiento de oncología desatendida

La investigación identificó 4 segmentos de tratamiento de oncología regional desatendidos. Valor de mercado potencial: $ 56.7 millones.

Segmento	Valor comercial	Pacientes potenciales
Tipos de cáncer raro	$ 18.2 millones	7.500 pacientes
Tratamientos de etapa avanzados	$ 22.5 millones	12,300 pacientes
Oncología pediátrica	$ 9.4 millones	3.200 pacientes
Oncología geriátrica	$ 6.6 millones	5.800 pacientes

Delcath Systems, Inc. (DCTH) - Ansoff Matrix: Desarrollo de productos

Investigue posibles aplicaciones de tecnología PHP para tipos de cáncer adicionales

La tecnología PHP (perfusión hepática percutánea) de Delcath Systems tiene la aprobación actual de la FDA para el melanoma metastásico en el hígado. La investigación indica una posible expansión para:

Tipo de cáncer	Potencial de mercado	Estado de investigación actual
Metástasis colorrectales de hígado	Tamaño del mercado de $ 3.2 mil millones	Ensayos clínicos en curso
Tumores neuroendocrinos	Mercado potencial de $ 1.8 mil millones	Fase de investigación preliminar

Mejorar el sistema PHP actual con mejoras tecnológicas avanzadas

Las áreas de mejora tecnológica incluyen:

• Mejora de precisión de la entrega de medicamentos de precisión del 82% al 92%
• Reducción del tiempo de procedimiento de 3 horas a 2.5 horas
• Minimizar la toxicidad sistémica en un 40%

Desarrollar herramientas de diagnóstico complementarias

Inversión de desarrollo de herramientas de diagnóstico: $ 1.2 millones en I + D para 2023-2024

Herramienta de diagnóstico	Costo de desarrollo	Finalización esperada
Kit de evaluación de marcadores moleculares	$450,000	P3 2024
Monitoreo de respuesta al tratamiento en tiempo real	$750,000	P4 2024

Modificaciones de investigación para aumentar la eficiencia del tratamiento

Métricas de eficiencia de tratamiento actual:

• Tasa de respuesta del paciente: 68%
• Supervivencia media libre de progresión: 6.3 meses
• Costo por tratamiento: $ 85,000

Explore posibles terapias combinadas

Terapia combinada	Mejora de eficacia potencial	Etapa de investigación
PHP + inmunoterapia	Aumento potencial del 35% de la tasa de respuesta	Pruebas de fase II
PHP + Terapia molecular dirigida	Extensión de supervivencia potencial del 28%	Investigación preclínica

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

Investigar la licencia potencial de la tecnología PHP a otros fabricantes de dispositivos médicos

La tecnología de perfusión hepática percutánea (PHP) de Delcath Systems tiene oportunidades de licencia potenciales en el mercado de dispositivos médicos. A partir del cuarto trimestre de 2022, el mercado global de licencias de dispositivos médicos estaba valorado en $ 15.3 mil millones.

Posibles objetivos de licencia	Potencial de mercado estimado
Fabricantes de dispositivos de oncología	$ 4.7 mil millones
Compañías de radiología intervencionistas	$ 2.9 mil millones
Especialistas en tratamiento hepático	$ 1.6 mil millones

Explore los sectores adyacentes de tecnología médica con sinergias potenciales

El mercado mundial de tecnología médica se estimó en $ 536.12 mil millones en 2022, con posibles áreas de sinergia para la tecnología PHP.

• Oncología intervencionista: segmento de mercado de $ 12.5 mil millones
• Terapias de cáncer dirigidas: mercado potencial de $ 23.4 mil millones
• Tecnologías avanzadas de tratamiento hepático: mercado de $ 8.7 mil millones

Considere las adquisiciones estratégicas de empresas de tecnología de oncología complementaria

Delcath Systems podría explorar adquisiciones estratégicas en el sector de tecnología de oncología.

Características del objetivo de adquisición	Rango de valor estimado
Pequeñas empresas de tecnología de oncología	$ 10-50 millones
Empresas de tratamiento hepático especializados	$ 25-75 millones
Desarrolladores de terapia dirigida	$ 30-100 millones

Desarrollar servicios de consultoría aprovechando la experiencia en tratamiento de PHP existente

El mercado global de consultoría médica para tecnologías especializadas se valoró en $ 4.2 mil millones en 2022.

• Consultoría de tratamiento oncológico: ingresos potenciales $ 1.5 millones anuales
• Capacitación en procedimientos intervencionistas: mercado estimado $ 2.3 millones
• Servicios de transferencia de tecnología: ingresos proyectados $ 900,000 anualmente

Investigación de aplicaciones potenciales de la tecnología PHP en tratamientos médicos que no son cancilleres

La expansión de la tecnología PHP más allá de la oncología presenta oportunidades de mercado significativas.

Aplicaciones potenciales que no son de canciller	Tamaño estimado del mercado
Tratamiento de la enfermedad hepática	$ 18.4 mil millones
Condiciones inflamatorias	$ 12.7 mil millones
Trastornos metabólicos	$ 9.6 mil millones

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.