Delcath Systems Inc (DCTH)

[No-dough-go]

Seeing some of these names, I'm almost confused about what board it is. Anyway, the cash need is more understandable when you look at it like this.

As of June 30, 2016, they had $7.484m in unrestricted cash. Their quarterly cash decrease per the cash flow sheet was $5.123m. Assuming no change in expenses, this should leave them with only about $2.361m in unrestricted cash by the end of September with the next $3m tranche not available until 12/31/2016. In my opinion, this is why they did the offering after which, they should have about $3.5m in unrestricted cash.

I'm sure they would have preferred to bring the unrestricted cash total to about $5m with this last offering which would have covered the entire quarter but here is why I believe they didn't.

As of June 30, 2016, the Company had one active registration statements. Pursuant to SEC regulations, so long as the Company’s public float remains below $75 million, we cannot sell securities from the shelf registration statement which represent more than one third of the market value of our non-affiliated public float during any 12-month period.

On 9/30, the public float was approximately $3.705m (1.5m x $2.475, closing price on 9/30), 1/3rd of which is $1.2375m.