Stonepine Capital Exits Significant Delcath Systems Stake

TL;DR

**Stonepine Capital Management is no longer a major holder of Delcath Systems stock.**

AI Summary

Stonepine Capital Management, LLC filed an amended SC 13G/A on February 13, 2024, indicating a change in their beneficial ownership of Delcath Systems, Inc. (DCTH) Common Stock as of December 31, 2023. This filing, an amendment to a previous Schedule 13G, signals that Stonepine Capital Management, LLC is no longer reporting as a beneficial owner of 5% or more of Delcath Systems, Inc. stock. This matters to investors because it suggests a reduction in a significant institutional holder's stake, which could be interpreted as a loss of confidence or a strategic portfolio adjustment, potentially impacting the stock's perceived stability or future price action.

Why It Matters

A major institutional investor, Stonepine Capital Management, LLC, has reduced its stake in Delcath Systems, Inc., which could signal a shift in institutional confidence or investment strategy for the company.

Risk Assessment

Risk Level: medium — The reduction in a significant institutional stake could lead to increased selling pressure or a negative perception among other investors, posing a moderate risk to the stock price.

Analyst Insight

Investors should monitor Delcath Systems, Inc. for further institutional ownership changes and consider the implications of Stonepine Capital Management's reduced stake on market sentiment and stock performance.

Key Players & Entities

• Stonepine Capital Management, LLC (company) — the reporting person who filed the SC 13G/A
• Delcath Systems, Inc. (company) — the subject company whose securities are being reported
• December 31, 2023 (date) — the date of the event requiring the filing
• February 13, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Delcath Systems, Inc. stock may experience increased volatility due to the reduction in institutional ownership. (Delcath Systems, Inc.) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — Inc. (Name of Issuer) Common Stock, $0.01 par value per share (Title of Class o

Filing Documents

• dcth13ga.htm (SC 13G/A) — 57KB
• 0000935836-24-000135.txt ( ) — 59KB

Ownership

Item 4. Ownership. See Items 5-9 and 11 of the cover page for each Filer. The shares of the Stock beneficially owned by the Filers reported in this Schedule 13G consist of Tranche B Warrants to acquire 1,250 shares of Series F-4 Convertible Preferred Stock, convertible into 208,333 shares of the Stock. The percentages reported in this Schedule 13G are based on 22,046,101 shares of the Stock outstanding as of November 8, 2023, as reported in the Form S-3 filed by the Issuer on November 13, 2023.

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ X ].

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person. The Partnership holds the Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Stock. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group Not applicable.

Material to Be Filed as Exhibits

Item 10. Material to Be Filed as Exhibits Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.

Certification of the General Partner, Mr. Plexico and Mr. Lynch

Item 11. Certification of the General Partner, Mr. Plexico and Mr. Lynch By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Certification of the Partnership By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. 7 CUSIP No. 24661P807 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated:February 13, 2024 STONEPINE CAPITAL MANAGEMENT, LLC By: /s/ Timothy P. Lynch Timothy P. Lynch Managing Member STONEPINE CAPITAL, L.P. By:Stonepine Capital Management, LLC, General Partner By: /s/ Timothy P. Lynch Timothy P. Lynch Managing Member /s/ Jon M. Plexico Jon M. Plexico /s/ Timothy P. Lynch Timothy P. Lynch 8 CUSIP No. 24661P807 EXHIBIT A AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G The undersigned agree to file jointly with the Securities and Exchange Commission (the “SEC”) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments or supplements thereto) required under section

View Full Filing

View this SC 13G/A filing on SEC EDGAR