Delcath's CHOPIN tailwind turns per-site momentum into a growth engine
Q1 revenue jumps 26% to $25M as CHOPIN-driven referrals lift new patient starts per site, even as year-end center target slips from 40 to 37.
DCTH · Earnings Call · 2026-05-07
CHOPIN converts into per-site momentum
The first-quarter call was dominated by one story: Dr. Padia and the CHOPIN results are moving from data to real-world practice. CEO Gerard Michel said the publication in The Lancet Oncology is already shifting treatment patterns, and the company is leveraging it across every growth lever. The market is listening: DCTH shares have risen ~71% over the past 90 days.One of the strongest pieces of external validation came from a Kurinsight webinar where Dr. Sid Padia of UCLA described outcomes in metastatic uveal melanoma patients treated with HEPZATO plus immunotherapy. Gerard noted that CHOPIN's response rates improved from ~40% with HEPZATO alone to ~76% when combined with immunotherapy, and that Dr. Padia “characterized these study results as extremely encouraging and consistent with his clinical experience.” — Gerard Michel, Chief Executive Officer · 2026-05-07 That kind of peer-to-peer testimony is exactly what the company needs to convert tentative centers into active ones.We know that the publication of the CHOPIN results in Lancet Oncology is already changing treatment patterns at certain centers.
Site activation recalibration, offset by productivity
The other headline was a modest guidance adjustment: year-end activated centers were reduced to 37, with 40 now targeted for Q1 2027. As Gerard put it, “given where we are at this point in the year, we are modifying our year-end activated center build to 37 active centers with 40 active center treatment centers sometime in the first quarter of 2027.” — Gerard Michel, Chief Executive Officer · 2026-05-07 The reasoning is not demand weakness—it's the unpredictable, complex onboarding process at academic centers, a theme that has repeated across quarters. In the May 2025 call, Gerard had said, “I think 30 is about the right number to expect by the end of the year.” — Gerard Michel, Chief Executive Officer · 2025-05-08 As a reminder of the persistent seasonality he noted in February, “we do expect seasonality in the third quarter.” — Gerard Michel, Chief Executive Officer · 2026-02-26 The offset is per-site productivity. New patient starts per site hit ~0.7 per month in Q1, a record, and Gerard attributed this primarily to CHOPIN: “I think it's primarily CHOPIN as well as new sites come on board... when they see the results, they start increasing their volume.” — Gerard Michel, Chief Executive Officer · 2026-05-07 The company believes these stronger starts will more than make up for the slower site cadence, keeping the overall volume trajectory intact. Active centers now include 29 REMS-certified sites with over 50 in active discussions.Financials: scaling through investment
The numbers confirm the momentum. Total revenue reached $25M, up 26% year over year, with HEPZATO KIT contributing $23.3M. Gross margin held at 85%, consistent with the prior year. Although the company swung to a small GAAP net loss of $1.1M (versus $1.1M income a year ago), adjusted EBITDA stayed positive at $3.4M. Net cash and investments stood at $89.3M, and the company continued its buyback program, deploying $9M. Management reiterated its 2026 guidance of at least $100M in revenue (20% volume growth) and expects positive adjusted EBITDA for the remainder of the year. CFO Sandra Pennell guided to a 70-75% increase in R&D and ~60% increase in SG&A, reflecting the sales force expansion and investment in clinical trials.Pipeline: slow but moving
In metastatic colorectal cancer, the company has 13 sites screening and expects interim results in late 2027. Enrollment has been slow—only 7 patients—but the team sees momentum building. Vojislav Vukovic noted on the call, “we feel confident that the momentum, both in terms of site openings and patient screening and enrollment is picking up.” — Vojislav Vukovic, Chief Medical Officer · 2026-05-07 In metastatic breast cancer, 4 sites are open, with a target of 15 by late 2026. The company is also exploring a CHOPIN-like combination regimen for other solid tumors, suggesting the clinical pipeline could broaden beyond the established uveal melanoma franchise.That candid uncertainty is the flip side of the strong per-site metrics. The market's recent rally reflects a growing belief that CHOPIN is not just a single data point but a durable practice change. With a clean balance sheet and a fully funded commercial expansion, Delcath looks positioned to convert that enthusiasm into sustained revenue growth.Really, the visibility we have in terms of -- there's always about half a dozen or more sites roughly that look like they could go any week.