A weeping balloon catheter includes a catheter having an elongate tubular body defining a medical device lumen and a liquid delivery lumen. A dilation balloon is disposed at a distal end of the elongate tubular body and is in fluid communication with the liquid delivery lumen. The dilation balloon includes a fluid communication channel through an outer wall of the dilation balloon. A flow restriction member is positioned along the fluid communication channel and has an open position permitting fluid communication along the fluid communication channel and a closed position blocking fluid communication along the fluid communication channel. A drug delivery path of the weeping balloon catheter is defined by the liquid delivery lumen and the dilation balloon.