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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	May 06, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	DELCATH SYSTEMS, INC.
Entity Central Index Key	0000872912
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		12,169,706
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 18,462	$ 20,469
Accounts receivables, net	312	174
Inventories	274	349
Prepaid expenses and other current assets	982	974
Total current assets	20,030	21,966
Property, plant and equipment, net	1,620	1,798
Total assets	21,650	23,764
Current liabilities
Accounts payable	268	748
Accrued expenses	3,135	3,603
Warrant liability	836	225
Total current liabilities	4,239	4,576
Other non-current liabilities	987	1,043
Total liabilities	5,226	5,619
Commitments and contingencies
Stockholders' equity
Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	0	0
Common stock, $.01 par value; 170,000,000 shares authorized; 12,200,397 and 9,740,397 shares issued and 12,169,706 and 9,708,841 shares outstanding at March 31, 2015 and December 31, 2014, respectively	122	97
Additional paid-in capital	266,349	264,592
Accumulated deficit	(250,002)	(246,513)
Treasury stock, at cost; 1,757 shares at March 31, 2015 and December 31, 2014, respectively	(51)	(51)
Accumulated other comprehensive income	6	20
Total stockholders' equity	16,424	18,145
Total liabilities and stockholders' equity	$ 21,650	$ 23,764

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	170,000,000	170,000,000
Common stock, shares issued (in shares)	12,200,397	9,740,397
Common stock, shares outstanding (in shares)	12,169,706	9,708,841
Treasury stock, at cost (in shares)	1,757	1,757

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenue	$ 444	$ 310
Cost of goods sold	133	93
Gross profit	311	217
Operating expenses:
Selling, general and administrative	3,040	3,819
Research and development	979	1,457
Total operating expenses	4,019	5,276
Operating loss	(3,708)	(5,059)
Change in fair value of the warrant liability, net	209	(205)
Interest income	2	1
Other income (expense) and interest income (expense)	9	(15)
Net loss	(3,488)	(5,278)
Other comprehensive income (loss):
Foreign currency translation adjustments	(14)	(2)
Comprehensive loss	$ (3,502)	$ (5,280)
Common share data:
Basic and diluted loss per share	$ (0.32)	$ (0.57)
Weighted average number of basic and diluted common shares outstanding	10,857,142	9,300,078

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (3,488)	$ (5,278)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock option compensation expense	102	178
Restricted stock compensation expense	22	42
Depreciation expense	196	249
Loss on disposal of equipment		82
Warrant liability fair value adjustment	(209)	205
Non-cash interest income	(1)	0
Changes in assets and liabilities:
Decrease (increase) in prepaid expenses and other assets	(14)	419
Decrease (increase) in accounts receivable	(156)	169
Decrease (increase) in inventories	65	99
Increase (decrease) in accounts payable and accrued expenses	(877)	(512)
Increase (decrease) in other non-current liabilities	(54)	(140)
Net cash used in operating activities	(4,414)	(4,487)
Cash flows from investing activities:
Purchase of property, plant and equipment	(45)
Net cash (used in) provided by investing activities	(45)
Cash flows from financing activities:
Net proceeds from sale of stock	2,479	4,495
Net cash provided by financing activities	2,479	4,495
Foreign currency effects on cash and cash equivalents	(27)	(3)
Net (decrease) increase in cash and cash equivalents	(2,007)	5
Cash and cash equivalents:
Beginning of period	20,469	31,249
End of period	18,462	31,254
Supplemental non-cash activities:
Fair value of warrants issued	$ 820
Fair value of warrants exercised		$ 116

General

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

General

(1)

General

The interim condensed consolidated financial statements of Delcath Systems, Inc. (“Delcath” or the “Company”) for the three months ended March 31, 2015 and 2014 should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Annual Report”), which has been filed with the Securities Exchange Commission (“SEC”) and can also be found on the Company’s website (www.delcath.com). In these notes the terms “us”, “we” or “our” refer to Delcath and its consolidated subsidiaries.

On April 8, 2014, the Company effected a one-for-sixteen (1:16) reverse stock split. Refer to Note 7 Stockholders’ Equity of these condensed consolidated financial statements for further information. All current and prior period amounts related to shares, share prices and earnings per share, presented in these Condensed Consolidated Financial Statements and the accompanying Notes, have been restated to give retrospective presentation for the reverse stock split.

Description of Business

Delcath Systems, Inc. is a late-stage clinical development company with early commercial activity in Europe focused on cancers of the liver. We are a specialty pharmaceutical and medical device company developing our proprietary product—Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS). In Europe, our proprietary system to deliver and filter melphalan hydrochloride is marketed as a device under the trade name Delcath Hepatic CHEMOSAT® Delivery System for Melphalan (CHEMOSAT).

Our primary focus is on the execution of our clinical development program (CDP) in ocular melanoma liver metastases (mOM), intrahepatic cholangiocarncinoma (ICC), hepatocellular carcinoma (HCC or primary liver), and certain other cancers that are metastatic to the liver. We believe the disease states we are investigating represent a multi-billion dollar global market opportunity and a clear unmet medical need.

Our clinical development program for CHEMOSAT/Melphalan/HDS is comprised of: a planned Global Phase 3 clinical trial investigating overall survival in ocular melanoma liver metastases, and a Global Phase 2 clinical trial investigating Melphalan/HDS with and without sorafenib in HCC, opened for enrollment in the fall of 2014. We expect to expand the Global Phase 2 HCC trial to include a cohort of patients with ICC. Our CDP also includes sponsorship of select investigator initiated trials (IITs) in HCC and colorectal cancer liver metastases (mCRC) and the establishment of a commercial registry for CHEMOSAT non-clinical commercial cases performed in Europe.

The Company has incurred losses since inception. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales. Management believes that its capital resources are adequate to fund operations through the next twelve months, but anticipates that additional working capital will be required to continue operations. To the extent additional capital is not available when needed, the Company may be forced to abandon some or all of its development and commercialization efforts, which would have a material adverse effect on the prospects of the business. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainties and risks related to clinical research, product development; regulatory approvals; technology; patents and proprietary rights; comprehensive government regulations; limited commercial manufacturing; marketing and sales experience; and dependence on key personnel.

Basis of Presentation

These interim condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (GAAP) and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. They include the accounts of all entities controlled by Delcath and all significant inter-company accounts and transactions have been eliminated in consolidation.

The preparation of interim financial statements requires management to make assumptions and estimates that impact the amounts reported. These interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended March 31, 2015 and 2014; however, certain information and footnote disclosures normally included in our Annual Report have been condensed or omitted as permitted by GAAP. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any interim period.

Significant Accounting Policies

A description of our significant accounting policies has been provided in Note 3 Summary of Significant Accounting Policies to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed for the period ended December 31, 2014. There were no newly adopted policies or significant change in existing policies that occurred during the quarter ended March 31, 2015.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) that updates the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company expects to adopt this guidance when effective, and does not anticipate that this guidance will materially impact its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company expects to adopt this guidance when effective, and does not anticipate that this guidance will materially impact its consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the ASU (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). This standard is effective for the fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the accounting transition and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.

Inventories

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories

(2)	Inventories

Inventories consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Raw materials	$	166	$	203
Work-in-process		72		63
Finished goods		36		83
Total inventory	$	274	$	349

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2015

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

(3)	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Insurance premiums	$	394	$	591
Kits for clinical use		145		161
Taxes		143		5
Other		300		217
Total prepaid expenses and other current assets	$	982	$	974

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2015

Property Plant And Equipment [Abstract]

Property, Plant, and Equipment

(4)	Property, Plant, and Equipment

Property, plant, and equipment consist of the following:

(in thousands)	March 31, 2015			December 31, 2014
Leaseholds	$	1,633		$	1,629
Enterprise hardware and software		1,569			1,573
Furniture		355			361
Equipment		1,387			1,380
Buildings and land		603			603
Property, plant and equipment, gross		5,547			5,546
Accumulated depreciation		(3,927	)		(3,748	)
Property, plant and equipment, net	$	1,620		$	1,798

Depreciation expense for both the three months ended March 31, 2015 and 2014 was approximately $0.2 million.

Accrued Expenses

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Accrued Expenses

(5)	Accrued Expenses

Accrued expenses consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Compensation, excluding taxes	$	1,937	$	2,187
Professional fees		249		341
Short-term portion of lease restructuring		209		239
Deferred rent		43		58
Other		697		778
Total accrued expenses	$	3,135	$	3,603

Restructuring Expenses

3 Months Ended

Mar. 31, 2015

Restructuring And Related Activities [Abstract]

Restructuring Expenses

(6)	Restructuring Expenses

Beginning in 2013, the Company has implemented several workforce restructurings to reduce operating costs, better focus its organizational structure, increase efficiency and concentrate financial resources on its clinical development program and European commercialization activity. This resulted in a total reduction in the Company’s workforce by 59 employees. As a result of termination benefits provided to these employees the Company has incurred a total restructuring charge of approximately $5.5 million for employee related expenses. At March 31, 2015, the remaining restructuring reserve of approximately $0.9 million is included in Accrued expenses on the condensed consolidated balance sheets.

In order to help reduce operating costs and more appropriately align its office space with the reduced size of its workforce, the Company has entered into two sub-leases for office space at its 810 Seventh Avenue office. On May 22, 2014, the Company entered into a sub-lease agreement (“Sub-lease #1”) for approximately one-half of the office space at this location (“Suite 3500”), resulting in a lease restructuring reserve of approximately $0.9 million. On August 18, 2014, the Company entered into a sub-lease agreement (“Sub-lease #2”) with a third party for the remaining one-half of office space at its 810 Seventh Avenue office (“Suite 3505”), resulting in a lease restructuring reserve of approximately $0.7 million. As of March 31, 2015, the total remaining lease restructuring liability for its leased office space was approximately $1.2 million, of which approximately $0.2 million and $1.0 million were included in Accrued expenses and Other non-current liabilities on the condensed consolidated balance sheets, respectively.

The following table provides the year-to-date activity of the Company’s restructuring reserves as of March 31, 2015:

(in thousands)	Employee Costs			Lease Liability
Reserve balance at December 31, 2014	$	824		$	1,282
Charges		403			—
Payments/Utilizations		(358	)		(87	)
Reserve balance at March 31, 2015	$	869		$	1,195

Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders Equity Note [Abstract]

Stockholders' Equity

(7)	Stockholders’ Equity

Stock Issuances

Reverse Stock Split

On February 24, 2014, shareholders of the Company approved, through a shareholder vote, an amendment to the Company’s Amended and Restated Certificate of Incorporation authorizing the Board of Directors to effect a reverse stock split of Delcath’s common stock. The reverse stock split became effective on April 8, 2014 at which time Delcath’s common stock began trading on the NASDAQ Stock Exchange on a one-for-sixteen (1:16) split-adjusted basis. All owners of record as of the close of the NASDAQ market on April 8, 2014 received one issued and outstanding share of Delcath common stock in exchange for sixteen issued and outstanding shares of Delcath common stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the one-for-sixteen exchange were rounded up to the next whole share. The reverse stock split had no impact on the number of common shares authorized or the par value per share of Delcath common stock, which remain 170,000,000 and $0.01, respectively. All current and prior period amounts related to shares, share prices and earnings per share, presented in these Condensed Consolidated Financial Statements and the accompanying Notes, have been restated to give retrospective presentation for the reverse stock split.

At-the-Market (“ATM”) Programs

In March 2013, the Company entered into an agreement with Cowen and Company LLC (“Cowen”) to sell shares of the Company’s common stock, par value $.01 per share, from time to time, through an ATM equity offering program having aggregate sales proceeds of $50.0 million, under which Cowen will act as sales agent. During the year ended December 31, 2013, the Company sold approximately 1.0 million shares of its common stock under this ATM program for proceeds of approximately $5.0 million, with net cash proceeds after related expenses of approximately $4.8 million. During the year ended December 31, 2014 the Company sold an additional 1.0 million shares of its common stock under this ATM program for proceeds of approximately $4.8 million, with net cash proceeds after related expenses of approximately $4.7 million. The shares were issued pursuant to an effective registration statement on Form S-3 (333-187230). The net proceeds will be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, capital expenditures and working capital. As of March 31, 2015, the Company has approximately $39.9 million remaining under the program subject to market conditions and certain limitations.

The Company currently has two active registration statements on Forms S-3. Form S-3 limits the aggregate market value of securities that Delcath is permitted to offer in any 12 month-period under Form S-3 to one-third of its public float. Given the Company’s offering in February 2015, other sales under the market equity offering program during the relevant 12 month-period, and Delcath’s current aggregate market value of securities, the Company is at the applicable limit under Form S-3. As a result, unless the market value of Delcath’s securities increases the Company’s ability to raise capital may be impaired and Delcath is currently unable to utilize the Form S-3 or access its at the market equity offering program.

Warrants

In May 2012, the Company completed the sale of 1.0 million shares of its common stock and the issuance of warrants to purchase 0.3 million common shares (the “2012 Warrants”) pursuant to an underwriting agreement. The Company received proceeds of $21.5 million, with net cash proceeds after related expenses from this transaction of approximately $21.1 million. Of those proceeds, the Company allocated an estimated fair value of $3.4 million to the 2012 Warrants. As required by the 2012 Warrant agreement, the exercise price of the warrants was adjusted following the Company’s February 2015 sale of common stock and warrants. At March 31, 2015, the 2012 Warrants were exercisable at $0.82 per share with approximately 260,000 warrants outstanding. The 2012 Warrants have a three-year term.

In October 2013, the Company completed the sale of 1.3 million shares of its common stock and the issuance of warrants to purchase approximately 0.6 million common shares (the “2013 Warrants”) pursuant to a placement agency agreement. The Company received proceeds of $7.5 million, with net cash proceeds after related expenses from this transaction of approximately $6.9 million. Of those proceeds, the Company allocated an estimated fair value of $1.9 million to the 2013 Warrants. The 2013 Warrants became exercisable on April 30, 2014 and at March 31, 2015, the 2013 Warrants were exercisable at $7.04 per share with approximately 0.6 million warrants outstanding. The 2013 Warrants have a five-year term.

In February 2015, the Company completed the sale of 2.5 million shares of its common stock and the issuance of warrants to purchase 1.1 million common shares (the “2015 Warrants”) pursuant to an underwriting agreement. The Company received proceeds of $2.6 million, with net cash proceeds after related expenses from this transaction of $2.5 million. Of those proceeds, the Company allocated an estimated fair value of $0.8 million to the 2015 Warrants. At March 31, 2015, the 2015 Warrants were exercisable at $1.38 per share with approximately 1.1 million warrants outstanding. The 2015 Warrants have a five-year term.

Stock Incentive Plans

The Company established the 2004 Stock Incentive Plan and the 2009 Stock Incentive Plan (collectively, the “Plans”) under which 187,500, and 406,250 shares, respectively, have been reserved for the issuance of stock options, stock appreciation rights, restricted stock, stock grants and other equity awards. The Plans are administered by the Compensation and Stock Option Committee of the Board of Directors which determines the individuals to whom awards shall be granted as well as the type, terms, conditions, option price and the duration of each award.

A stock option grant allows the holder of the option to purchase a share of the Company’s common stock in the future at a stated price. Options granted under the Plans vest as determined by the Company’s Compensation and Stock Option Committee and expire over varying terms, but not more than ten years from the date of grant.

For the three months ended March 31, 2015, the Company recognized compensation expense of approximately $0.1 million relating to stock options granted to employees. For the three months ended March 31, 2014, the Company recognized compensation expense of approximately $0.2 million.

For the three months ended March 31, 2015, the Company recognized compensation expense of approximately $0.02 million related to restricted stock granted to employees. For the three months ended March 31, 2014, the Company recognized compensation expense of approximately $0.04 million.

There were no stock options or restricted stock awards granted during the three months ended March 31, 2015 or 2014.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

(8)	Fair Value Measurements

Derivative Warrant Liability

As disclosed in Note 7 Stockholders’ Equity of these condensed consolidated financial statements, the Company allocated part of the proceeds of public offerings in 2012, 2013 and 2015 of the Company’s common stock to warrants (“the Warrants”) issued in connection with those transactions. The valuation of the warrants was determined using an option pricing model. This model uses inputs such as the underlying price of the shares issued at the measurement date, volatility, risk free interest rate and expected life of the instrument. The Company has classified the Warrants as a current liability due to the holders ability to exercise the warrants at any time before the expiration date and has accounted for them as derivative instruments in accordance with ASC 815, adjusting the fair value at the end of each reporting period. Additionally, the Company has determined that the warrant derivative liability should be classified within Level 3 of the fair-value hierarchy by evaluating each input for the option pricing model against the fair-value hierarchy criteria and using the lowest level of input as the basis for the fair-value classification as called for in ASC 820. There are six inputs: closing price of Delcath stock on the day of evaluation; the exercise price of the warrants; the remaining term of the warrants; the volatility of Delcath’s stock over that term; annual rate of dividends; and the riskless rate of return. Of those inputs, the exercise price of the warrants and the remaining term are readily observable in the warrant agreements. The annual rate of dividends is based on the Company’s historical practice of not granting dividends. The closing price of Delcath stock would fall under Level 1 of the fair-value hierarchy as it is a quoted price in an active market (ASC 820-10). The riskless rate of return is a Level 2 input as defined in ASC 820-10, while the historical volatility is a Level 3 input as defined in ASC 820. Since the lowest level input is a Level 3, Delcath determined the warrant derivative liability is most appropriately classified within Level 3 of the fair value hierarchy.

For the three months ended March 31, 2015, the Company recorded pre-tax derivative warrant income of $0.2 million. The resulting derivative warrant liabilities totaled $0.8 million at March 31, 2015. In the event of a hypothetical 10% increase in the market price of our common shares on which the March 31, 2015 valuation was based, the value of the derivative liability would have increased by approximately $0.1 million. Management expects that the Warrants will either be exercised or expire worthless. The fair value of the Warrants at March 31, 2015 was determined by using an option pricing model with the following assumptions:

	2015 Warrants		2013 Warrants		2012 Warrants
Expected volatility		89.08%		90.64%		76.58%
Risk-free interest rates		1.31%		1.01%		0.03%
Expected life (in years)		4.88		3.58		0.17

Money Market Funds

The Company has determined that the inputs associated with the fair value determination of its money market funds are based on quoted prices (unadjusted) and, as a result, the investments have been classified within Level 1 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall in accordance with ASC 820.

	Assets and Liabilities Measured at Fair Value on a Recurring Basis
(in thousands)	Level 1		Level 2		Level 3		Balance at March 31, 2015
Assets
Money market funds	$	1,943	$	—	$	—	$	1,943
Liabilities
Derivative instrument liabilities	$	—	$	—	$	836	$	836

The table below presents the activity within Level 3 of the fair value hierarchy for the three months ended March 31, 2015:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in thousands)	Warrant Liability
Balance at December 31, 2014	$	225
Total change in the liability included in earnings		(209	)
Fair value of warrants issued		820
Balance at March 31, 2015	$	836

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net Loss per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Net Loss per Common Share

(9)	Net Loss per Common Share

Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. However, in certain periods in which the exercise price of the warrants was less than the last reported sales price of Delcath’s common stock on the final trading day of the period and there is a gain recorded pursuant to the change in fair value of the warrant derivative liability, the impact of gains related to the mark-to-market adjustment of the warrants outstanding at the end of the period is reversed and the treasury stock method is used to determine diluted earnings per share.

For the three months ended March 31, 2015 and 2014, basic and diluted net loss per common share are equal.

The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2015 and 2014 because their effects would be anti-dilutive:

	March 31,
	2015		2014
Stock options		274,229		237,829
Unvested restricted shares		28,934		18,663
Warrants		1,957,157		891,368
Total		2,260,320		1,147,860

Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Taxes

(10)

Taxes

As discussed in Note 13 Income Taxes of the Company’s Annual Report, the Company has a valuation allowance against the full amount of its net deferred tax assets. The Company currently provides a valuation allowance against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. The Company has not recognized any unrecognized tax benefits in its balance sheet.

The Company is subject to income tax in the U.S., as well as various state and international jurisdictions. The Company has not been audited by the U.S. Internal Revenue Service, international tax authorities, or any states in connection with income taxes. The Company’s New York State tax returns have been subject to annual desk reviews which have resulted in insignificant adjustments to the related franchise tax liabilities and credits. The Company’s tax years generally remain open to examination for all federal, state and foreign tax matters until its net operating loss carryforwards are utilized and the applicable statutes of limitation have expired. The federal and state tax authorities can generally reduce a net operating loss (but not create taxable income) for a period outside the statute of limitations in order to determine the correct amount of net operating loss which may be allowed as a deduction against income for a period within the statute of limitations.

Commitment and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitment and Contingencies

(11)	Commitment and Contingencies

The Company is a party to several legal proceedings. Refer to Part II, Item 1 Legal Proceedings in this Quarterly Report on Form 10-Q for more information.

Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

(12)	Subsequent Events

The Company completed an evaluation of the impact of any subsequent events through the date financial statements were issued and determined there were no subsequent events requiring disclosure in or adjustment to these financial statements.

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These interim condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (GAAP) and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. They include the accounts of all entities controlled by Delcath and all significant inter-company accounts and transactions have been eliminated in consolidation. The preparation of interim financial statements requires management to make assumptions and estimates that impact the amounts reported. These interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended March 31, 2015 and 2014; however, certain information and footnote disclosures normally included in our Annual Report have been condensed or omitted as permitted by GAAP. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any interim period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) that updates the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company expects to adopt this guidance when effective, and does not anticipate that this guidance will materially impact its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company expects to adopt this guidance when effective, and does not anticipate that this guidance will materially impact its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the ASU (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). This standard is effective for the fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the accounting transition and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.

Inventories (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Raw materials	$	166	$	203
Work-in-process		72		63
Finished goods		36		83
Total inventory	$	274	$	349

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2015

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Insurance premiums	$	394	$	591
Kits for clinical use		145		161
Taxes		143		5
Other		300		217
Total prepaid expenses and other current assets	$	982	$	974

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property Plant And Equipment [Abstract]

Components of property, plant and equipment

Property, plant, and equipment consist of the following:

(in thousands)	March 31, 2015			December 31, 2014
Leaseholds	$	1,633		$	1,629
Enterprise hardware and software		1,569			1,573
Furniture		355			361
Equipment		1,387			1,380
Buildings and land		603			603
Property, plant and equipment, gross		5,547			5,546
Accumulated depreciation		(3,927	)		(3,748	)
Property, plant and equipment, net	$	1,620		$	1,798

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consist of the following:

(in thousands)	March 31, 2015		December 31, 2014
Compensation, excluding taxes	$	1,937	$	2,187
Professional fees		249		341
Short-term portion of lease restructuring		209		239
Deferred rent		43		58
Other		697		778
Total accrued expenses	$	3,135	$	3,603

Restructuring Expenses (Tables)

3 Months Ended

Mar. 31, 2015

Restructuring And Related Activities [Abstract]

Schedule of restructuring and related costs

The following table provides the year-to-date activity of the Company’s restructuring reserves as of March 31, 2015:

(in thousands)	Employee Costs			Lease Liability
Reserve balance at December 31, 2014	$	824		$	1,282
Charges		403			—
Payments/Utilizations		(358	)		(87	)
Reserve balance at March 31, 2015	$	869		$	1,195

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of fair value of the warrants

The fair value of the Warrants at March 31, 2015 was determined by using an option pricing model with the following assumptions:

	2015 Warrants		2013 Warrants		2012 Warrants
Expected volatility		89.08%		90.64%		76.58%
Risk-free interest rates		1.31%		1.01%		0.03%
Expected life (in years)		4.88		3.58		0.17

Assets and liabilities measured at fair value on a recurring basis

	Assets and Liabilities Measured at Fair Value on a Recurring Basis
(in thousands)	Level 1		Level 2		Level 3		Balance at March 31, 2015
Assets
Money market funds	$	1,943	$	—	$	—	$	1,943
Liabilities
Derivative instrument liabilities	$	—	$	—	$	836	$	836

Fair value measurements using significant unobservable inputs

The table below presents the activity within Level 3 of the fair value hierarchy for the three months ended March 31, 2015:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in thousands)	Warrant Liability
Balance at December 31, 2014	$	225
Total change in the liability included in earnings		(209	)
Fair value of warrants issued		820
Balance at March 31, 2015	$	836

Net Loss per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Anti-dilutive securities excluded from the computation of earnings per share

The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2015 and 2014 because their effects would be anti-dilutive:

	March 31,
	2015		2014
Stock options		274,229		237,829
Unvested restricted shares		28,934		18,663
Warrants		1,957,157		891,368
Total		2,260,320		1,147,860

General - Additional Information (Details)	3 Months Ended
General - Additional Information (Details)	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Stockholders' Equity, Reverse Stock Split	0.0625

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 166	$ 203
Work-in-process	72	63
Finished goods	36	83
Total inventory	$ 274	$ 349

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Prepaid expenses and other current assets [Abstract]
Insurance premiums	$ 394	$ 591
Kits for clinical use	145	161
Taxes	143	5
Other	300	217
Total prepaid expenses and other current assets	$ 982	$ 974

Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 5,547	$ 5,546
Accumulated depreciation	(3,927)	(3,748)
Property, plant and equipment, net	1,620	1,798
Leaseholds [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,633	1,629
Enterprise Hardware and Software [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,569	1,573
Furniture [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	355	361
Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,387	1,380
Buildings and Land [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 603	$ 603

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property Plant And Equipment [Abstract]
Depreciation expense	$ 196	$ 249

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Compensation, excluding taxes	$ 1,937	$ 2,187
Professional fees	249	341
Short-term portion of lease restructuring	209	239
Deferred rent	43	58
Other	697	778
Total accrued expenses	$ 3,135	$ 3,603

Restructuring Expenses - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended	27 Months Ended
	Mar. 31, 2015 USD ($) Lease	Dec. 31, 2013 Employee	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Aug. 18, 2014 USD ($)	May 22, 2014 USD ($)
Sub-lease 1 \| Facility Closing
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance						$ 900
Sub Lease 2 \| Facility Closing
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance					$ 700
Property Subject to Operating Lease
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	$ 1,195		$ 1,195	$ 1,282
Number of sub leases \| Lease	2
Operating Expense [Member]
Restructuring Cost And Reserve [Line Items]
Number of positions eliminated \| Employee		59
Severance costs			5,500
Accrued Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	$ 900		900
Accrued Expenses [Member] \| Sub Lease 2
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	200		200
Other Noncurrent Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	$ 1,000		$ 1,000

Restructuring Expenses - Schedule of Restructuring and Related Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Property Subject to Operating Lease
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	$ 1,282
Payments/Utilizations	(87)
Restructuring reserve balance	1,195
Employee Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve balance	824
Charges	403
Payments/Utilizations	(358)
Restructuring reserve balance	$ 869

Stockholders Equity - Stock Issuances - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended	12 Months Ended
	Feb. 28, 2015 shares	Oct. 31, 2013 shares	May 31, 2012 shares	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) shares	Mar. 31, 2013 USD ($) $ / shares
Stockholders Equity Note [Line Items]
Reverse stock split ratio				0.0625
Common stock, shares authorized (in shares) \| shares				170,000,000	170,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Number of fractional shares were issued in connection with the reverse stock split \| shares				0
Common stock sold through the program (in shares) \| shares	2,500,000	1,300,000	1,000,000
ATM Programs [Member] \| Cowen and Company, LLC [Member]
Stockholders Equity Note [Line Items]
Common stock, par value under sales agreement (in dollars per share) \| $ / shares							$ 0.01
Aggregate proceeds from sale of common stock under equity offering program, maximum \| $							$ 50.0
Common stock sold through the program (in shares) \| shares					1,000,000	1,000,000
Proceeds from issuance of common stock \| $					$ 4.8	$ 5.0
Proceeds of common stock issued, net of related expenses \| $					$ 4.7	$ 4.8
Aggregate proceeds from sale of common stock under equity offering program, remaining \| $				$ 39.9

Stockholders Equity - Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended
	Feb. 28, 2015	Oct. 31, 2013	May 31, 2012	Mar. 31, 2015
Stockholders Equity Note [Line Items]
Common stock sold through the program (in shares)	2,500,000	1,300,000	1,000,000
Proceeds from issuance of private placement	$ 2.6	$ 7.5	$ 21.5
Net proceeds from issuance of private placement	$ 2.5	$ 6.9	$ 21.1
2012 Warrants [Member]
Stockholders Equity Note [Line Items]
Warrants issued (in shares)			300,000
Estimated fair value allocated to warrants issued			$ 3.4
Warrants exercisable per share price (in dollars per share)				$ 0.82
Number of warrants outstanding (in shares)				260,000
Term period for warrants				3 years
2015 Warrants [Member]
Stockholders Equity Note [Line Items]
Warrants issued (in shares)	1,100,000
Estimated fair value allocated to warrants issued	$ 0.8
Warrants exercisable per share price (in dollars per share)				$ 1.38
Number of warrants outstanding (in shares)				1,100,000
Term period for warrants				5 years
2013 Warrants [Member]
Stockholders Equity Note [Line Items]
Warrants issued (in shares)		600,000
Estimated fair value allocated to warrants issued		$ 1.9
Warrants exercisable per share price (in dollars per share)				$ 7.04
Number of warrants outstanding (in shares)				600,000
Term period for warrants				5 years

Stockholders Equity - Stock Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stockholders Equity Note [Line Items]
Stock option compensation expense	$ 102	$ 178
Restricted stock compensation expense	$ 22	42
Recognized compensation expense		40
Stock Options [Member]
Stockholders Equity Note [Line Items]
Maximum term of options	10 years
Stock option compensation expense	$ 100	$ 200
Stock options granted	0	0
2004 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Shares reserved for the issuance (in shares)	187,500
2009 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Shares reserved for the issuance (in shares)	406,250

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) Input	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)
Fair Value Disclosures [Abstract]
Number of inputs used for valuation of warrants \| Input	6
Derivative warrant liability [Abstract]
Change in fair value of the warrant liability, net	$ 209	$ (205)
Derivative warrant liabilities	$ 836		$ 225
Hypothetical change in market price of common shares (in hundredths)	10.00%
Impact of the hypothetical change in market price of common shares on derivative liability	$ 100

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References + Details

Fair Value Measurements - Schedule of Fair Value of Warrants (Details)	3 Months Ended
	Mar. 31, 2015
2015 Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected volatility (in hundredths)	89.08%
Risk-free interest rates (in hundredths)	1.31%
Expected life (in years)	4 years 10 months 17 days
2013 Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected volatility (in hundredths)	90.64%
Risk-free interest rates (in hundredths)	1.01%
Expected life (in years)	3 years 6 months 29 days
2012 Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected volatility (in hundredths)	76.58%
Risk-free interest rates (in hundredths)	0.03%
Expected life (in years)	2 months 1 day

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] $ in Thousands	Mar. 31, 2015 USD ($)
Derivative Instruments Liabilities [Member]
Liabilities [Abstract]
Total Liabilities	$ 836
Level 3 [Member] \| Derivative Instruments Liabilities [Member]
Liabilities [Abstract]
Total Liabilities	836
Money Market Funds [Member]
Assets [Abstract]
Total Assets	1,943
Money Market Funds [Member] \| Level 1 [Member]
Assets [Abstract]
Total Assets	$ 1,943

Fair Value Measurements - Fair Value Measurements Using Significant Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward]
Balance at December 31, 2014	$ 225
Total change in the liability included in earnings	(209)
Fair value of warrants issued	820
Balance at March 31, 2015	$ 836

Net Loss per Common Share - Anti-Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,260,320	1,147,860
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	274,229	237,829
Unvested Restricted Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,934	18,663
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,957,157	891,368