Delcath Systems' CHOPIN Phase 2 Trial and Its Implications for Liver-Directed Cancer Therapies

The oncology landscape is witnessing a seismic shift in the treatment of liver metastases, and Delcath Systems (DCTH) is at the forefront of this revolution. With its CHOPIN Phase 2 trial set to debut at the 2025 European Society for Medical Oncology (ESMO) Annual Congress on October 18Delcath Systems Announces Investigator-Initiated CHOPIN Phase 2 Trial^[1], the company is poised to redefine the standard of care for metastatic uveal melanoma (mUM) patients with liver involvement. This trial, which combines Delcath's CHEMOSAT® Hepatic Delivery System with the immunotherapy duo ipilimumab and nivolumab, has already shown groundbreaking results in its Phase 1b portion, . These figures not only outperform existing systemic therapies but also underscore the growing clinical momentum behind liver-directed approaches in oncology.

Clinical Momentum: A New Paradigm for mUM Treatment

Uveal melanoma, a rare but aggressive form of eye cancer, has long been a therapeutic challenge due to its high propensity for liver metastases and limited response to systemic treatments. Traditional systemic therapies for mUM have yielded dismal outcomes, . Delcath's , approved in 2024 as the first liver-directed therapy for mUM, . However, the CHOPIN trial aims to push these boundaries further by integrating immunotherapy into the equation.

The Phase 1b data from CHOPIN is nothing short of transformative. , . More remarkably, three of four patients who experienced disease progression continued treatment with repeated PHP cycles, suggesting durable clinical benefits. , . These results position Delcath's combination approach as a potential game-changer, .

Market Opportunity: A $13.16 Billion Horizon by 2033

The liver-directed cancer therapies market is primed for explosive growth, driven by the rising incidence of (HCC) and advancements in targeted and immunotherapies. According to a report by Grand View Research, , . North America and the Asia-Pacific region are expected to dominate this expansion, fueled by aging populations, rising obesity rates, and improved healthcare infrastructureLiver Cancer Drug Market Size, Share | Industry Analysis^[6].

Within this broader market, the uveal melanoma niche is equally compelling. The uveal melanoma treatment market, , . While systemic therapies like tebentafusp (approved in 2024 for HLA-A*02:01-positive patients) have made strides, liver-directed therapies remain the cornerstone for patients with hepatic metastasesState-of-the-art in Metastatic Uveal Melanoma Treatment: A 2025 Report^[5]. Delcath's HEPZATO KIT currently holds a unique position as the only FDA-approved liver-directed therapy for mUM, . The CHOPIN trial's potential to further enhance these outcomes could solidify Delcath's leadership in this niche.

Competitive Landscape: Navigating a Crowded but Fragmented Field

Delcath faces competition from both systemic and locoregional therapies. On the systemic front, has emerged as a breakthrough, . However, its applicability is limited to a subset of patients, leaving a significant unmet need for broader solutions. Meanwhile, liver-directed competitors remain sparse. (PHP) and radioembolization are the primary alternatives, but neither has demonstrated the robust response rates seen in Delcath's trialsComparative Analysis From Randomized Cohort of Delcath’s Focus Study Published^[4].

The company's ability to combine PHP with immunotherapy could create a durable moat. As noted in a 2025 study, . This dual-action approach aligns with the industry's shift toward combination therapies, a trend exemplified by the success of Bristol-Myers Squibb's Opdivo and Merck's Keytruda in other oncology indicationsLiver Cancer Drug Market Size, Share | Industry Analysis^[6].

Investment Thesis: A High-Conviction Play in a High-Growth Niche

Delcath's CHOPIN trial represents more than a clinical milestone—it's a catalyst for redefining the value proposition of liver-directed therapies. With the ESMO presentation scheduled just weeks away, investors should closely monitor the Phase 2 data, particularly metrics like overall survival, durability of response, and safety profile. A positive readout could accelerate regulatory approvals and drive adoption in a market where treatment options remain scarce.

From a valuation perspective, . The company's proprietary CHEMOSAT platform, coupled with a robust pipeline of investigator-initiated trials, . For investors seeking exposure to the intersection of interventional oncology and immunotherapy, Delcath offers a compelling, high-conviction opportunity.