Director Bridget A. Martell filed a Form 4 with the SEC on November 13, 2026, disclosing transactions in Delcath Systems, Inc. common stock dated November 12, 2026, including a stock option exercise and two open-market sales.

Key Highlights

  • Option exercised: Martell exercised a stock option for 22,500 shares of common stock at an exercise price of $7.85 per share on November 12, 2026.
  • First sale: 20,570 shares were sold at a weighted average price of $21.66, with individual transaction prices ranging from $21.20 to $22.19.
  • Second sale: The remaining 1,930 shares were sold at a weighted average price of $22.26, with prices ranging from $22.20 to $22.46.
  • Resulting ownership: Following all three transactions, Martell's direct beneficial ownership of common stock stands at 0 shares, according to the filing.
  • Option fully exhausted: The underlying stock option, which had an exercise price of $7.85, shows 0 derivative securities beneficially owned following the reported transactions.
  • Issuer: Delcath Systems, Inc., listed on NASDAQ:DCTH.

Martell's November 12 Option Exercise and Share Sales at Delcath Systems

According to the Form 4 filed on November 13, 2026, Bridget A. Martell, identified as a director of Delcath Systems, Inc., carried out three transactions on November 12, 2026. The filing reports a transaction coded "M," reflecting the exercise of a stock option covering 22,500 shares of common stock at $7.85 per share. Following that exercise, Martell's direct holdings stood at 22,500 shares before the subsequent sales.

The filing then reports two disposal transactions, both coded "S." The first involved the sale of 20,570 shares at a weighted average price of $21.66. As noted in the filing's footnotes, those shares were sold in multiple transactions at prices ranging from $21.20 to $22.19 inclusive. The second sale covered the remaining 1,930 shares at a weighted average price of $22.26, with prices ranging from $22.20 to $22.46 inclusive. The filing states that Martell will provide full information on the number of shares sold at each separate price upon request by the issuer, any security holder, or SEC staff.

The stock option exercised had a conversion price of $7.85 and was granted under the Delcath Systems, Inc. 2020 Omnibus Equity Incentive Plan, as amended. Per the filing's footnotes, the option vests at the rate of one-twelfth per month, with the first vesting on May 23, 2024, and monthly thereafter for so long as Martell remains a director. The option expires the earlier of 10 years from the grant date or, for vested options, two years from the last day of service. Following the exercise, the filing shows 0 derivative securities beneficially owned.

What Was Disclosed

Delcath Systems director Bridget A. Martell disclosed a stock option exercise of 22,500 shares at $7.85 and the subsequent sale of all resulting shares in two tranches on November 12, 2026, leaving her with zero direct beneficial ownership of common stock.