Rosalind funds cap Delcath Systems (DCTH) stake at 9.9% with blockers

Rhea-AI Filing Summary

Delcath Systems, Inc. received an amended Schedule 13D/A from the Rosalind group detailing their equity stake and governance role. Rosalind Advisors, Inc. reports beneficial ownership of 6,719,993 shares of common stock equivalents, representing 9.9% of the class after applying ownership blockers. These securities are primarily preferred stock and warrants that cannot be converted or exercised if ownership would exceed 9.99% for preferred shares or 4.99% for warrants. The percentages are based on 35,313,718 common shares outstanding as of October 27, 2025. Rosalind Master Fund L.P. reports 2,871,335 shares (4.4%), and Rosalind Opportunities Fund I L.P. reports 3,530,215 shares (4.9%). Steven Salamon and Gil Aharon, Canadian citizens and portfolio managers at Rosalind Advisors, also report 9.9% beneficial ownership each and serve as independent directors of Delcath, with board terms scheduled to run through the 2024 and 2025 annual meetings, respectively.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)

DELCATH SYSTEMS, INC.

(Name of Issuer)

DELCATH SYSTEMS, INC.

(Title of Class of Securities)

24661P807

(CUSIP Number)

Steven Salamon
15 Wellesley Street West, Suite 326
Toronto, A6, M5Y 0G7
4167910300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/31/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 24661P807

1

Name of reporting person

Rosalind Advisors, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,719,993.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,719,993.00

11

Aggregate amount beneficially owned by each reporting person

6,719,993.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

As more fully described in Item 5, the shares of Preferred Stock and Warrants are subject to a 9.99% blocker, and the percentage set forth in row (13) gives effect to such blockers. The securities reported in rows (8), (10) and (11) show the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11).

SCHEDULE 13D

CUSIP No. 24661P807

1

Name of reporting person

SALAMON STEVEN A J

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 184,879.00
8	Shared Voting Power 6,401,550.00
9	Sole Dispositive Power 184,879.00
10	Shared Dispositive Power 6,401,550.00

11

Aggregate amount beneficially owned by each reporting person

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 24661P807

1

Name of reporting person

Aharon Gil

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 133,564.00
8	Shared Voting Power 6,401,550.00
9	Sole Dispositive Power 133,564.00
10	Shared Dispositive Power 6,401,550.00

11

Aggregate amount beneficially owned by each reporting person

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 24661P807

1

Name of reporting person

Rosalind Master Fund L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,871,335.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,871,335.00

11

Aggregate amount beneficially owned by each reporting person

2,871,335.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 24661P807

1

Name of reporting person

Rosalind Opportunities Fund I L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,530,215.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,530,215.00

11

Aggregate amount beneficially owned by each reporting person

3,530,215.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: DELCATH SYSTEMS, INC.
(b)	Name of Issuer: DELCATH SYSTEMS, INC.
(c)	Address of Issuer's Principal Executive Offices: 566 QUEENSBURY AVENUE, 566 QUEENSBURY AVENUE, QUEENSBURY, ONTARIO, CANADA , 12804.
Item 2.	Identity and Background
(a)	(a) This statement is filed by: (i) Rosalind Advisors, Inc. ( Advisor to ROFI & RMF) (ii) Rosalind Master Fund L.P. ( RMF ) (iii) Rosalind Opportunities Fund I LP ( ROFI ) (iv) Steven Salamon ( President and portfolio manager of the Advisor) (v) Gil Aharon ( Secretary and portfolio manager of the Advisor) Each of the foregoing is referred to as a Reporting Person and collectively as the Reporting Persons. Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 7. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	Address of the Principal Office or, if none, residence Rosalind Advisors, Inc. and Rosalind Opportunities Fund I L.P. 15 Wellesley Street West Suite 326, Toronto, Ontario M4Y 0G7 Canada Rosalind Master Fund L.P. P.O. Box 309 Ugland House, Grand Cayman KY1-1104, Cayman Islands Steven Salamon 15 Wellesley Street West Suite 326, Toronto, Ontario M4Y 0G7 Canada Gil Aharon 15 Wellesley Street West Suite 326, Toronto, Ontario M4Y 0G7 Canada
(c)	The principal business of Rosalind Advisors, Inc. is to operate as an investment advisory firm and to make public equity investments. The principal occupation of Mr. Salamon is serving as the Portfolio Manager and President of Rosalind Advisors, Inc., which advises ROFI & RMF.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Mr. Salamon and Mr. Aharon are citizens of Canada, resident in Ontario
Item 3.	Source and Amount of Funds or Other Consideration
	NA
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On May 6, 2020, pursuant to the terms of the Board Appointment Agreement, the Board of Directors of the Issuer (the Board) increased the number of directors constituting the Board to eight members and elected Steven Salamon and Gilad Aharon as independent directors of the Issuer to fill the vacancies created by the increase in the number of directors. Mr. Salamon was elected to serve as a Class III director with a term scheduled to expire at the 2024 Annual Meeting of Stockholders and Dr. Aharon was elected to serve as a Class I director with a term scheduled to expire at the 2025 Annual Meeting of Stockholders.
Item 5.	Interest in Securities of the Issuer
(a)	Amount beneficially owned: The information as of the date of the event which requires filing of this statement required by Items 5(a) to (c) is set forth in Rows 7 to 13 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 13 of the cover page for each Reporting Person is based on 35,313,718 shares of Common Stock issued and outstanding as of October 27, 2025, per 10-Q filing, subject to the Blockers (as defined below). Pursuant to the terms of (i) the certificate of designations containing the terms of the Reported Preferred Stock, the Reporting Persons cannot convert the Reported Preferred Stock to the extent the Reporting Persons would beneficially own, after any such conversion, more than 9.99 percent of the outstanding shares of Common Stock (the Preferred Stock Blockers) and (ii) the Reported Warrants, the Reporting Persons cannot exercise the Reported Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 4.99 percent of the outstanding shares of Common Stock (the Warrant Blockers and collectively with the Preferred Stock Blockers, the Blockers), and the percentage set forth in Row 11 of the cover page for each Reporting Person gives effect to the Blockers. Consequently, as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise all of the Reported Preferred Stock or any of the Reported Warrants due to the Blockers. Rosalind Advisors, Inc. is the investment advisor to ROFI and RMF and may be deemed to be the beneficial owner of shares held by ROFI and RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares of Preferred Stock held, and underlying the Reported Warrants (subject to the Warrant Blockers) held by, RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of any such shares.amon disclaim beneficial ownership of any such shares.
(b)	NA
(c)	NA
(d)	NA
(e)	NA
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	NA

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.

Rosalind Advisors, Inc.

Signature:	Steven Salamon
Name/Title:	President
Date:	02/10/2026

SALAMON STEVEN A J

Signature:	Steven Salamon
Name/Title:	Steven Salamon
Date:	02/10/2026

Aharon Gil

Signature:	Gil Aharon
Name/Title:	Gil Aharon
Date:	02/10/2026

Rosalind Master Fund L.P.

Signature:	Mike McDonald
Name/Title:	Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund)
Date:	02/10/2026

Rosalind Opportunities Fund I L.P.

Signature:	Steven Salamon
Name/Title:	Director, Rosalind Opportunities Fund I GP. Inc. (as General Partners to Rosalind Opportunities Fund I)
Date:	02/10/2026

FAQ

What ownership stake does the Rosalind group report in Delcath Systems (DCTH)?

The Rosalind group reports beneficial ownership capped at 9.9% of Delcath’s common stock. This 9.9% figure is calculated against 35,313,718 shares outstanding as of October 27, 2025 and reflects contractual ownership blockers limiting further conversion or exercise.

How many Delcath Systems shares does Rosalind Advisors, Inc. beneficially own?

Rosalind Advisors, Inc. reports beneficial ownership of 6,719,993 shares of Delcath common stock equivalents. This amount reflects shares issuable upon full conversion and exercise of preferred stock and warrants, subject to ownership blockers that prevent the advisor from exceeding 9.99% of outstanding common shares.

What are the ownership blockers affecting Rosalind’s Delcath preferred stock and warrants?

Rosalind’s Delcath preferred stock cannot be converted if it would push ownership above 9.99% of outstanding common shares. Its warrants cannot be exercised if they would raise ownership above 4.99%. These blockers cap actual exercisable and convertible positions below theoretical maximums.

What stakes do Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P. hold in Delcath?

Rosalind Master Fund L.P. reports 2,871,335 shares, representing 4.4% of Delcath’s common stock. Rosalind Opportunities Fund I L.P. reports 3,530,215 shares, representing 4.9%. Both percentages are calculated using 35,313,718 outstanding shares as of October 27, 2025.

What roles do Steven Salamon and Gil Aharon have at Delcath Systems and Rosalind?

Steven Salamon is President and portfolio manager of Rosalind Advisors, Inc. and an independent Class III director of Delcath, with a term scheduled to expire at the 2024 annual meeting. Gil Aharon is Secretary, portfolio manager, and a Class I director with a term expiring at the 2025 meeting.

How is the 9.9% Delcath ownership percentage for the Rosalind group calculated?

The 9.9% ownership percentage is based on 35,313,718 Delcath common shares outstanding as of October 27, 2025. It reflects the effect of contractual blockers that limit how much preferred stock can be converted and how many warrants can be exercised at any time.