09:47 AM EDT, 10/17/2024 (MT Newswires) -- Delcath Systems ( DCTH ) reported Thursday preliminary Q3 revenue of $11.2 million that includes $10 million in US revenue from the commercialization of Hepzato Kit, which is indicated for treating metastatic uveal melanoma.

The oncology company reported $434,000 in Q3 revenue a year earlier.

Analysts polled by Capital IQ expect Q3 revenue of $9.5 million.

The company said the $10 million in US revenue triggers a $25 million financing tranche relating to warrants issued in March 2023. Warrant holders will have 21 days to exercise their warrants to acquire common shares at a price of $6 apiece for an aggregate exercise price of up to about $25 million, the company said.

Delcath ( DCTH ) Chief Executive Gerard Michel said the additional $25 million of financing will be used to support an ongoing commercial launch and invest in new clinical trials to expand indications that the company intends to start next year.

The company is scheduled to report Q3 financial results on Nov. 8.

Delcath ( DCTH ) shares were up almost 14% in early trading Thursday.

Price: 10.83, Change: +1.32, Percent Change: +13.83