Delcath Systems, Inc. (DCTH): ANSOFF Matrix Analysis [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide du traitement en oncologie, Delcath Systems, Inc. (DCTH) est à l'avant-garde d'une technologie médicale innovante, se positionnant stratégiquement pour une croissance transformatrice grâce à une approche complète de la matrice d'Ansoff. En explorant méticuleusement la pénétration du marché, le développement, l'amélioration des produits et la diversification potentielle, l'entreprise est prête à révolutionner les méthodologies de traitement du cancer avec sa technologie révolutionnaire percutanée de perfusion hépatique (PHP). Cette feuille de route stratégique souligne non seulement l'engagement de Delcath à faire progresser les soins oncologiques, mais met également en évidence son potentiel de remodelage des paradigmes de traitement à travers de multiples dimensions de l'innovation médicale.

Delcath Systems, Inc. (DCTH) - Matrice Ansoff: pénétration du marché

Élargir l'équipe de vente axée sur les centres d'oncologie

Delcath Systems compte actuellement 7 représentants des ventes dédiés ciblant les centres d'oncologie. Le marché cible comprend 1 245 centres de traitement en oncologie spécialisés à travers les États-Unis.

Métrique de l'équipe de vente	État actuel
Représentants des ventes totales	7
Centres d'oncologie ciblés	1,245
Appels de vente moyens par mois	312

Augmenter les efforts de marketing avec les réseaux de médecins

Budget marketing alloué: 1,2 million de dollars pour l'engagement des réseaux de médecins en 2023.

• Budget d'engagement du leader d'opinion clé: 350 000 $
• Dépenses en marketing numérique: 450 000 $
• Parrainages de la conférence médicale: 400 000 $

Développer des programmes éducatifs

Budget du programme éducatif planifié: 275 000 $ pour 2023.

Type de programme	Allocation
Webinaire Series	$85,000
Ateliers de formation clinique	$125,000
Modules d'apprentissage en ligne	$65,000

Amélioration de la référence du patient

Réseau actuel des partenaires de soins de santé: 87 centres de traitement en oncologie.

• Investissement du système de suivi de référence: 95 000 $
• Budget du programme d'incitation de référence: 150 000 $

Optimisation de la stratégie de tarification

Coût du traitement actuel: 42 500 $ par procédure de patient.

Composant de la stratégie de tarification	Valeur
Coût de la procédure moyenne actuelle	$42,500
Gamme de réduction proposée	5-10%
Ajustement des prix du marché concurrentiel	$3,500-$4,250

Delcath Systems, Inc. (DCTH) - Matrice Ansoff: développement du marché

Opportunités internationales d'expansion sur les marchés européens et asiatiques

Delcath Systems a déclaré la taille potentielle du marché sur le marché européen en oncologie à 24,3 milliards de dollars en 2022. Marché en oncologie asiatique est estimé à 37,6 milliards de dollars. Pénétration actuelle du marché international: 3,2%.

Région	Potentiel de marché	Pénétration actuelle
Europe	24,3 milliards de dollars	2.7%
Asie	37,6 milliards de dollars	3.8%

Cibler des centres de traitement du cancer supplémentaires

Réseau actuel basé aux États-Unis: 47 centres de traitement du cancer. Expansion cible: 85 centres supplémentaires d'ici 2025.

• Couverture réseau actuelle: 47 centres
• Cible d'extension: 85 nouveaux centres
• Taille du réseau projeté: 132 centres

Partenariats stratégiques avec les institutions internationales de soins de santé

Les négociations de partenariat en cours avec 6 réseaux internationaux de soins de santé. Valeur du partenariat potentiel: 12,4 millions de dollars par an.

Approbations réglementaires sur les nouveaux marchés géographiques

Statut d'approbation réglementaire:

• Canada: Approbation en attente, demande soumise au troisième trimestre 2022
• Pays de l'UE: 3 pays en phase d'approbation avancée
• Chronologie de l'approbation estimée: 18-24 mois

Étude de marché pour les segments de traitement en oncologie mal desservis

La recherche a identifié 4 segments de traitement régional en oncologie mal desservis. Valeur marchande potentielle: 56,7 millions de dollars.

Segment	Valeur marchande	Patients potentiels
Types de cancer rares	18,2 millions de dollars	7 500 patients
Traitements de scène avancés	22,5 millions de dollars	12 300 patients
Oncologie pédiatrique	9,4 millions de dollars	3 200 patients
Oncologie gériatrique	6,6 millions de dollars	5 800 patients

Delcath Systems, Inc. (DCTH) - Matrice Ansoff: développement de produits

Étudier les applications de technologie PHP potentielle pour des types de cancer supplémentaires

La technologie PHP de Delcath Systems (percutanée de perfusion hépatique) a une approbation actuelle de la FDA pour le mélanome métastatique dans le foie. La recherche indique une expansion potentielle pour:

Type de cancer	Potentiel de marché	Statut de recherche actuel
Métastases hépatiques colorectales	Taille du marché de 3,2 milliards de dollars	Essais cliniques en cours
Tumeurs neuroendocrines	Marché potentiel de 1,8 milliard de dollars	Phase d'enquête préliminaire

Améliorer le système PHP actuel avec des améliorations technologiques avancées

Les domaines d'amélioration technologique comprennent:

• Amélioration de la précision de l'administration de médicaments de précision de 82% à 92%
• Réduction du temps de procédure de 3 heures à 2,5 heures
• Minimisation de la toxicité systémique de 40%

Développer des outils de diagnostic complémentaires

Investissement de développement d'outils de diagnostic: 1,2 million de dollars en R&D pour 2023-2024

Outil de diagnostic	Coût de développement	Achèvement attendu
Kit d'évaluation des marqueurs moléculaires	$450,000	Q3 2024
Surveillance de la réponse au traitement en temps réel	$750,000	Q4 2024

Modifications de recherche pour augmenter l'efficacité du traitement

Métriques d'efficacité du traitement actuelles:

• Taux de réponse du patient: 68%
• Survie sans progression médiane: 6,3 mois
• Coût par traitement: 85 000 $

Explorer les thérapies combinées potentielles

Thérapie combinée	Amélioration potentielle de l'efficacité	Étape de recherche
Immunothérapie PHP +	Augmentation potentielle de taux de réponse de 35%	Essais de phase II
PHP + thérapie moléculaire ciblée	Extension potentielle de survie de 28%	Recherche préclinique

Delcath Systems, Inc. (DCTH) - Matrice Ansoff: diversification

Enquêter sur les licences potentielles de la technologie PHP à d'autres fabricants d'appareils médicaux

La technologie percutanée de perfusion hépatique (PHP) de Delcath Systems a des opportunités de licence potentielles sur le marché des dispositifs médicaux. Au quatrième trimestre 2022, le marché mondial des licences de dispositifs médicaux était évalué à 15,3 milliards de dollars.

Cibles de licence potentielles	Potentiel de marché estimé
Fabricants d'appareils en oncologie	4,7 milliards de dollars
Sociétés de radiologie interventionnelle	2,9 milliards de dollars
Spécialistes du traitement hépatique	1,6 milliard de dollars

Explorez les secteurs de la technologie médicale adjacente avec des synergies potentielles

Le marché mondial de la technologie médicale était estimé à 536,12 milliards de dollars en 2022, avec des zones de synergie potentielles pour la technologie PHP.

• Oncologie interventionnelle: segment de marché de 12,5 milliards de dollars
• Thérapies contre le cancer ciblé: 23,4 milliards de dollars de marché potentiel
• Technologies de traitement hépatique avancées: marché de 8,7 milliards de dollars

Envisagez des acquisitions stratégiques d'entreprises de technologie complémentaire en oncologie

Delcath Systems pourrait explorer les acquisitions stratégiques dans le secteur des technologies en oncologie.

Caractéristiques cibles d'acquisition	Plage de valeur estimée
Petites entreprises technologiques en oncologie	10-50 millions de dollars
Sociétés de traitement hépatique spécialisées	25 à 75 millions de dollars
Développeurs de thérapie ciblés	30 à 100 millions de dollars

Développer des services de conseil en tirant parti de l'expertise existante du traitement PHP

Le marché mondial du conseil médical pour les technologies spécialisées était évaluée à 4,2 milliards de dollars en 2022.

• Conseil en oncologie: revenus potentiels de 1,5 million de dollars par an
• Formation de la procédure interventionnelle: marché estimé 2,3 millions de dollars
• Services de transfert de technologie: revenus prévus 900 000 $ par an

Recherche Applications potentielles de la technologie PHP dans les traitements médicaux non cancéreux

L'expansion de la technologie PHP au-delà de l'oncologie présente des opportunités de marché importantes.

Applications potentielles non cancéreuses	Taille du marché estimé
Traitement des maladies du foie	18,4 milliards de dollars
Conditions inflammatoires	12,7 milliards de dollars
Troubles métaboliques	9,6 milliards de dollars

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.