DELCATH SYSTEMS, INC. (DCTH) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 07, 2026

Risk Assessment Details

Potential Dilution: 105.36% of current shares
Recent Dilution: 29.55% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
36M
Potential Supply
38M
Additional shares possible
Splits
None
Past 2 years

Summary

DCTH currently has 36M outstanding shares. with significant dilution risk as 38M authorized shares could dilute existing holders by 105.4%. The company has significantly diluted shareholders by 29.55% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 07, 2026

10-Q filing | 36.0M shares outstanding

36M 38M
Nov 04, 2025

10-Q filing | 36.4M shares outstanding

36M 38M
Aug 06, 2025

10-Q filing | 35.8M shares outstanding

36M 38M
May 08, 2025

10-Q filing | 34.6M shares outstanding

35M 38M
Mar 06, 2025

10-K filing | 33.4M shares outstanding

33M 38M
Nov 08, 2024

10-Q filing | 32.3M shares outstanding

32M 38M
Sep 18, 2024

POS AM filing: This prospectus relates to the re-sale by the selling stockholders of up to an aggregate of 2,762,657 shares of common stock issuable upon conversion of preferred stock and exercise of warrants.

28M 38M
Sep 18, 2024

POS AM filing: This prospectus relates to the offer and sale by us of an aggregate 1,851,900 of our shares of common stock that are issuable at an exercise price of $10.00 per share upon exercise of the currently outstanding series F warrants and 17,456 shares of Common Stock that are issuable at an exercise price of $0.01 per share upon exercise of the currently outstandingpre-funded warrants.

28M 38M
Aug 05, 2024

10-Q filing | 28.4M shares outstanding

28M 44M
Jun 28, 2024

S-3 filing: The company is filing an S-3 to offer shares of its common stock, preferred stock, debt securities, and warrants and units to purchase any of such securities, up to a total aggregate offering price of $150,000,000.

28M 44M
May 14, 2024

10-Q filing | 27.8M shares outstanding

28M 44M
May 08, 2024

S-3/A filing: This is an S-3/A amendment filing for Delcath Systems, Inc., indicating a delayed or continuous offering pursuant to Rule 415 under the Securities Act of 1933.

28M 44M
Apr 29, 2024

S-3 filing: This prospectus relates to the offer and resale of 1,918,140 shares of the Company’s common stock by the selling stockholders.

28M 44M
Mar 26, 2024

10-K filing | 24.6M shares outstanding

25M 43M
Nov 13, 2023

10-Q filing | 22.0M shares outstanding

22M 43M
Aug 09, 2023

10-Q filing | 15.3M shares outstanding

15M 43M
Jun 15, 2023

S-3 filing: This S-3 filing relates to the offer and resale of up to 19,509,749 shares of the Company’s Common Stock by the selling stockholders.

12M 43M
May 22, 2023

10-Q filing | 11.6M shares outstanding

12M 23M
Mar 27, 2023

10-K filing | 10.1M shares outstanding

10M 23M
Jan 10, 2023

S-3 filing: This prospectus relates to the resale from time to time by the Selling Stockholders identified in this prospectus of up to 2,140,931 shares of the Company 92s Common Stock, which consist of (i) 1,448,889 shares of Common Stock held by the Selling Stockholders and (ii) 692,042 shares of Common Stock (the 93Warrant Shares 94 and together with the Shares, the 93Securities 94) issuable upon the exercise of pre-funded warrants held by the Selling Stockholders.

10M 23M
Nov 08, 2022

10-Q filing | 9.2M shares outstanding

9.2M 21M
Sep 07, 2022

S-3 filing: This S-3 filing relates to the resale from time to time by the Selling Stockholders of up to 1,257,705 shares of the Company’s Common Stock, which consist of (i) 690,954 shares of Common Stock held by the Selling Stockholders and (ii) 566,751 shares of Common Stock issuable upon the exercise of pre-funded warrants held by the Selling Stockholders.

8.6M 21M
Aug 08, 2022

10-Q filing | 8.2M shares outstanding

8.2M 20M
May 11, 2022

10-Q filing | 7.9M shares outstanding

7.9M 20M
Mar 31, 2022

10-K filing | 7.9M shares outstanding

7.9M 20M
Nov 09, 2021

10-Q filing | 7.6M shares outstanding

7.6M 20M
Oct 06, 2021

S-3 filing: This is an S-3 filing for the offering of common stock by selling stockholders, including shares issuable upon conversion of preferred stock and warrants.

6.7M 20M
Aug 10, 2021

10-Q filing | 6.7M shares outstanding

6.7M 19M
Jun 29, 2021

8-K filing: Delcath Systems, Inc. reports an increase in outstanding shares of common stock due to the conversion of Series E and E-1 Convertible Preferred Stock, the exercise of Series F, E, and E-1 warrants, and the exercise of pre-funded warrants as of June 28, 2021.

7.3M 19M
Jun 25, 2021

S-3 filing: The company is filing an S-3 to register up to $100 million in aggregate principal amount of our common stock, preferred stock, debt securities, warrants and/or units in one or more offerings.

6.5M 19M
May 11, 2021

10-Q filing | 6.5M shares outstanding

6.5M 10M
Mar 31, 2021

10-K filing | 6.3M shares outstanding

6.3M 10M
Mar 01, 2021

8-K filing: As of February 23, 2021, Delcath Systems, Inc. had 6,249,307 shares of common stock issued and outstanding. The increase in outstanding shares is due to the conversion of preferred stock, exercise of warrants, and issuance of common stock in lieu of cash payment of director fees.

6.2M 10M
Nov 12, 2020

10-Q filing | 4.3M shares outstanding

4.3M 10M
Oct 16, 2020

8-K filing: Delcath Systems, Inc. reports an increase of more than 5% in outstanding shares of common stock as of October 15, 2020, reaching 4,090,249 shares due to conversions of Series E preferred stock, exercise of Series F warrants, and purchases in an at-the-market offering.

4.1M 10M
Aug 13, 2020

10-Q filing | 3.9M shares outstanding

3.9M 10M
Jul 21, 2020

8-K filing: Delcath Systems, Inc. reports an increase in outstanding common stock by more than 5% due to the conversion of Series E and E-1 Convertible Preferred Stock into 372,500 shares of Common Stock and the conversion of a pre-funded warrant to purchase 6,000 shares of Common Stock.

3.9M 10M
May 14, 2020

10-Q filing | 2.8M shares outstanding

2.8M 10M
May 08, 2020

8-K filing: The Company consummated an underwritten public offering of 1,823,000 shares of common stock, pre-funded warrants to purchase up to 377,000 shares of common stock, and Series F warrants to purchase 2,224,900 shares of common stock.

2.6M 10M
May 01, 2020

S-1/A filing: This S-1/A filing relates to the re-sale by selling stockholders of 1,455,775 shares of common stock of Delcath Systems, Inc.

73K 10M
Apr 23, 2020

S-1/A filing: This S-1/A filing relates to the re-sale of 569,100 shares of common stock by selling stockholders and a proposed public offering for listing on the NASDAQ Capital Market.

73K 9.1M
Apr 20, 2020

S-1/A filing: This is an S-1/A filing for an offering of common stock, Series F warrants, and pre-funded warrants with Roth Capital Partners, Aegis Capital Corp., and Laidlaw & Company (UK) Ltd. as underwriters. The company intends to use the net proceeds of this offering for working capital and general corporate purposes, including the continued development of Melphalan/HDS.

73K 10M
Mar 25, 2020

10-K filing | 0.1M shares outstanding

73K 8.3M
Feb 07, 2020

S-1/A filing: This S-1/A filing relates to an offering of common stock and pre-funded warrants with Roth Capital Partners and Aegis Capital Corp. acting as book-running managers. The company intends to use the net proceeds for working capital and general corporate purposes, including the continued development of Melphalan/HDS.

70K 8.3M
Jan 27, 2020

S-1 filing: This S-1 filing relates to the resale of 1,882,723 shares of common stock by selling stockholders.

70K 6.8M
Jan 13, 2020

S-1 filing: The company is offering $25,000,000 of shares of common stock in this offering and intends to use the net proceeds of this offering for working capital and general corporate purposes, including the continued development of Melphalan/HDS.

69K 4.9M
Jan 06, 2020

S-1/A filing: This prospectus relates to the re-sale by the selling stockholders of up to an aggregate of 3,429,680 shares of common stock of Delcath Systems, Inc.

40K 3.4M
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