Delcath Systems - Encode Ideas

BIAS NOTICE

Encode may hold positions in covered names, may have current or past compensated relationships, and may be pursuing such relationships. Assume bias. See encodelp.com/disclosure for specifics.

We believe Delcath’s $50mm market cap today is a reflection of its colorful past, not its bright future. Read More.

IMPORTANT - ASSUME BIAS

Treat what you read here as biased. Encode Ideas, LP and its principals may hold positions in any company covered, may have current or past compensated relationships with covered companies, and may be pursuing such relationships. Our analysis is influenced by all of the above - actual positions, current relationships, past relationships, and prospective relationships. Assume errors. Nothing herein is investment advice. See encodelp.com/disclosure for current and past sponsor relationships.