Delcath Systems, Inc. · NASDAQ:DCTH
Delcath Systems — Investor Presentation (January 2026)
41 slides from Delcath Systems's investor presentation, Jan 12, 2026
Slide 1: Corporate Presentation
Exhibit 99.2 Corporate Presentation NASDAQ: DCTH January 9, 2026
Slide 2: Forward-Looking Statement
Forward-Looking Statement alternative indications; the impact of the COVID-19 pandemic or other pandemics on the The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward- completion of our clinical trials; the impact of the presentations at major medical looking statem
Slide 3: Delcath Corporate Summary
Delcath Corporate Summary HEPZATO/CHEMOSAT Commercial Opportunity • 1Q 2024 HEPZATO (drug/device) US launch for mUM*, • Ultra orphan pricing with J-Code CHEMOSAT (device only) in EU • Focused call points • Included in NCCN Guidelines • US mUM TAM ~$500M • First and only FDA approved whole-liver dire
Slide 4: High Unmet Need: Primary/Metastatic Liver Cancers
HIGH UNMET NEED: Primary/Metastatic Liver Cancers 4
Slide 5: Approved Products and Pipeline
Approved Products and Pipeline Line of Pre-Clinical Phase 1 Phase 2 Phase 3 Approved Therapy/Indication mUM (metastatic uveal melanoma) -Liver dominant US FDA Approved August 2023 -Any line of therapy mCRC* (metastatic colorectal cancer) Patient Enrollment Q3/Q4 2025 -Liver-dominant -Third-Line Trea
Slide 6: Primary/Metastatic Liver Cancers: High Incidence with High Unmet Medical Need
Primary/Metastatic Liver Cancers: High Incidence with High Unmet Medical Need US Incidence of Primary/Metastatic Liver Involved Cancers Up to (partial set shown) of patients with liver metastases are 50,000 Delcath Opportunity not amenable to surgical resection % 1 80 40,000 largely due to extensive
Slide 7: Major Liver-Directed Therapies
Major Liver-Directed Therapies MAJORITY OF TREATMENT 3 SIRT (Y90) Trans Arterial Chemo 2 Embolization (TACE) • Beads obstruct blood flow to tumor and elute chemo • Radioactive beads delivered into a portion of the liver • 50-60k treatments and rising per year in US • 10-15k treatments and rising per
Slide 8: Diffuse Disease and Whole Liver Treatment
Diffuse Disease and Whole Liver Treatment Liver metastases in mUM and other Cancers are Often Multi-focal • Solitary liver lesions are often treated with surgery or ablation. • Radiographically, metastatic disease can initially present only as focal lesions. • Micro metastases are difficult to detec
Slide 9: HEPZATO KIT
HEPZAT@ KIT” (melphalan) for Injection/ Hepatic Delivery System (HDS) Deleath
Slide 10: Percutaneous Hepatic Perfusion (PHP)
Percutaneous Hepatic Perfusion (PHP) Effective, Safe & Repeatable Liver-focused Disease Control 1. Isolation Hepatic venous flow is isolated, enabling >6X greater local concentration of chemo Isolation Filtration 2. Saturation Melphalan (chemo) treats micro and macro lesions simultaneously regardles
Slide 11: Indication Statement
Indication Statement HEPZATO KIT (melphalan) for Injection/Hepatic Delivery System HEPZATO KIT is indicated as a liver-directed treatment for adult patients with uveal melanoma with unresectable hepatic metastases affecting less than 50% of the liver and no extrahepatic disease, or extrahepatic dise
Slide 12: Best Percent Change in Target Lesion Volume: FOCUS Pivotal Trial
Best Percent Change in Target Lesion Volume: FOCUS Pivotal Trial 225 a Best overall response (BOR) 200 PD PR 175 SD CR 150 125 100 75 50 25 0 −25 −50 −75 −100 1 10 20 30 40 50 60 70 80 90 b Melphalan/HDS patients (n = 91 ) CR, complete response; HDS, hepatic delivery system; NE, not evaluable; PD, p
Slide 13: Metastatic Uveal Melanoma (mUM)
Metastatic Uveal Melanoma (mUM) 13
Slide 14: Patient Journey
Patient Journey MILESTONE MILESTONE Initial Screening Surveillance Decision Metastases Detected • Ophthalmologist/ • Surgical Oncologist Ocular Oncologist Screening frequency Surgical Resection Initial diagnosis & treatment Treatment Decision Surveillance dependent on risk level • Enucleation • Radi
Slide 15: mUM: Beachhead Market Opportunity
mUM: Beachhead Market Opportunity • Liver involved in >90% of cases of metastatic disease 2,3 (1,000 mUM patients) • In 50% of mUM patients, the liver is the only site of 5,6 metastasis 6 • Most patients with mUM die from liver failure o 1-year OS rate of patients with metastatic disease in the live
Slide 16: Competitive Landscape
Competitive Landscape • 55% of patients have no approved systemic treatment option • Most patients treated with multiple lines of therapy Primary Systemic Competitors Primary LDT Competitors • Kimmtrak (tebentafusp) for HLA + (~45% of patients) • TACE (limited efficacy data, not suited for diffuse d
Slide 17: HEPZATO KIT: Commercialization
HEPZATO KIT: Commercialization 17
Slide 18: Active Commercial Centers
Active Commercial Centers As of 1/9/26 40 • Cleveland Clinic Main Campus - Cleveland, OH • Providence Saint John's Health Center - Santa Monica, CA • City of Hope - Duarte, CA • Regional One Health - Memphis, TN active centers targeted in 2026 • Duke Cancer Center - Durham, NC • Stanford Health Care
Slide 19: Delivering an Innovative Treatment with a Well-Trained Team
Delivering an Innovative Treatment with a Well-Trained Team Treatment with HEPZATO KIT involves training and a team approach. The team members below complete a preceptorship and proctorship as well as a risk evaluation and mitigation strategy (REMS) training. Interventional radiologist leads and per
Slide 20: Referring Centers and Sales Teams
Referring Centers HEPZATO Medical Medical Specialized, Targeted Treating Center Oncologist Oncologist Sales Teams Trained Treating Team Three Complementary Representatives: Perfusionist Interventional Radiologist Clinical Specialists Anesthesiologist Liver-Directed Therapy Representatives Medical Me
Slide 21: HEPZATO KIT: Reimbursement
HEPZATO KIT: Reimbursement 21
Slide 22: Reimbursement
Reimbursement Private Payer Patients Medicare and Medicaid Patients • Follow Medicare guidelines • J-Code assigned and active April 1, 2024 o For rare disease • NTAP Status Approval October 1, 2024 o Patients to be treated as outpatients • Majority of patients expected to be • Medical Prior-Authoriz
Slide 23: PHP is Part of Current NCCN Guidelines for mUM
PHP is Part of Current NCCN Guidelines for mUM Regional Isolation Perfusion Methods include isolated hepatic infusion (IHP), percutaneous hepatic perfusion (PHP), HAI, and embolization techniques. PHP is a simpler, less invasive alternative to IHP that can be repeated. It uses a double-balloon cathe
Slide 24: Components of Hospital Reimbursement
Components of Hospital Reimbursement Assuming Outpatient Pass Through Status with J-Code HEALTHCARE FACILITY FEE “PHYSICIAN” PAYMENT DRUG • The existing CPT codes should capture all • MDs primarily on salary but physician • ASP+6% (CMS) steps of the procedure payments and associated RVUs are still •
Slide 25: Next Steps: Future Indications
NEXT STEPS: Future Indications 25
Slide 26: Clinical Rationale for Broad Development Effort
Clinical Rationale for Broad Development Effort Melphalan has demonstrated clinical activity in multiple tumor types Promising ORR, DCR and PFS signals seen across multiple tumor types with CHEMOSAT in Europe and in earlier studies with IHP In many solid tumor patients, liver metastases are often li
Slide 27: Strong Correlation of IHP and PHP Efficacy in mUM Patients
Strong Correlation of IHP and PHP Efficacy in mUM Patients IHP activity in CRC and NET 15 IHP / Melphalan in mCRC Meta-analysis of 8 mUM clinical studies N=154 ORR 50% 16 Endpoint IHP (%) PHP (%) Van Iersel mPFS 7.4 months mOS 24.8 months mOS 17.1 17.3 N=120 ORR 61% 17 Alexander mOS 17.4 months mPFS
Slide 28: Resolving Hepatic Metastatic Burden with HEPZATO to Enable Synergy with Immunotherapy
Resolving Hepatic Metastatic Burden with HEPZATO to Enable Synergy with Immunotherapy
Slide 29: Synergy Between PHP and I/O: CHOPIN Trial Rationale and Design
Synergy Between PHP and I/O Drug Combination Phase 2 CHOPIN Trial: Rationale and Design Rationale: Limited results of ipilimumab and nivolumab in mUM can be improved by combining with liver-directed therapy (PHP) Treatment scheme: MTD was determined in phase 1b of CHOPIN: IPI 1mg/kg and NIVO 3mg/kg
Slide 30: CHOPIN Trial: Improved PFS and ORR with PHP and I/O Combination
Synergy Between PHP and I/O Drug Combination Phase 2 CHOPIN Trial: Improved PFS and ORR with PHP and I/O Combination Endpoint Combination (n = 38) Perfusion (n = 38) P-value Best Overall Response (ORR) Best overall response rate, % (95% CI) 76.3 (59.4–88.0) 39.5 (24.5–56.5) < 0.001 Complete response
Slide 31: Planned Market Expansion
Planned Market Expansion U.S. TAM Potential Significant Upside >$1B per year U.S. Incidence of Primary/Metastatic Liver Cancers 50,000 40,000 Approved Phase 2* Initiation in 2025; FDA IND Clearance Received 30,000 Potential future opportunity 20,000 10,000 0 mUM* mCCA mNET mBC** mNSCLC mPC mCRC** HC
Slide 32: Financials
Financials 32
Slide 33: Preliminary Financial Metrics
Preliminary Financial Metrics Preliminary Total Revenues: Quarterly Preliminary Financial Progression ($ In Millions) $25.0 Highlights (unaudited) HEPZATO CHEMOSAT $1.7 +22% 1% $20.0 $1.3 $1.7 • Revenue reduction due to -15% $1.8 340B pricing which began July 1, 2025 and seasonality of new $15.0 $22
Slide 34: Capital Structure and Share Information
Capital Structure and Share Information DCTH (NASDAQ) Capitalization a. December 31, 2025; includes 34.7M of Common plus; 1.8M Preferred E, E-1 and F a 37.8M Series & 1.3M Pre-funded Warrants as Shares Outstanding converted. Retired 0.6M shares in 2025 under the approved share buyback 7.8M Stock Opt
Slide 35: Multi-Disciplinary, Experienced Leadership Team
Multi-Disciplinary, Experienced Leadership Team David Hoffman Gerard Michel Martha S. Rook, PhD GENERAL COUNSEL, CORP SECRETARY & CHIEF EXECUTIVE OFFICER CHIEF OPERATING OFFICER CHIEF COMPLIANCE OFFICER • 30+ yrs. pharma/medtech • 25+ yrs. molecular bio., process dev., manufacturing, supply chain an
Slide 36: U.S. Registration Trial for the Treatment of Patients with mUM
U.S. Registration Trial for the Treatment of Patients with mUM 36
Slide 37: FOCUS Trial Summary of Efficacy Results
FOCUS TRIAL 9 Summary of Efficacy Results Endpoints HEPZATO KIT (N=91) ORR, n 33 (36.3%) DOR, Median in months 14.0 DCR, n 67 (73.6%) PFS, Median in months 9.0 OS, Median in months 20.53 • HEPZATO Tx every 6-8 weeks up to a maximum of 6 cycles • Prescribing Information includes ORR, DOR and response
Slide 38: FOCUS Trial: Published mUM Prospective and Retrospective Studies
FOCUS TRIAL * Published mUM Prospective and Retrospective Studies Median OS Median PFS Clinical Study/Publication Study Type Treatment N 1 year OS (months) (months) AL FOCUS Single-Arm HEPZATO 91 20.53 80% 9.03 systemic and liver- 10 Khoja et al 2019 Meta-Analysis 912 10.2 NA 3.3 directed therapies
Slide 39: FOCUS Trial Adverse Reactions Related to Study Treatment
FOCUS TRIAL Adverse Reactions Related to Study Treatment Occurring in ≥10% of Patients (N=95) Adverse Events ALL GRADES (%) GRADES 3 OR 4 (%) Thrombocytopenia* 64 55 Leukopenia* 44 34 Anemia* 61 33 Neutropenia* 35 29 International normalized ratio increased 29 8 Activated partial thromboplastin time
Slide 40: Thank You
Deleath: Thank You
Slide 41: References
References 1. Reddy S, et al. Isolated hepatic perfusion for patients with liver metastases, Ther Adv Med Oncol. 2014 Jul; 6(4): 180-194. 2. Xu L, T, Funchain P, F, Bena J, F, Li M, Tarhini A, Berber E, Singh A, D: Uveal Melanoma Metastatic to the Liver: Treatment Trends and Outcomes. Ocul Oncol Pat
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