$CLSD
Clearside Biomedical, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021746 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.018M $4.000K $347.0K
YoY Change 165.1% -98.85% 920.59%
Cost Of Revenue $213.0K
YoY Change
Gross Profit $805.0K
YoY Change 109.64%
Gross Profit Margin 79.08%
Selling, General & Admin $3.127M $3.158M $3.457M
YoY Change 12.04% -8.65% 19.62%
% of Gross Profit 388.45%
Research & Development $4.948M $4.451M $4.536M
YoY Change -8.88% -1.87% -17.38%
% of Gross Profit 614.66%
Depreciation & Amortization $16.00K $15.00K $46.00K
YoY Change -57.89% -67.39% 2.22%
% of Gross Profit 1.99%
Operating Expenses $8.288M $7.609M $7.993M
YoY Change 0.81% -4.8% -4.65%
Operating Profit -$7.270M -$7.605M -$7.646M
YoY Change -7.23% -0.54% -8.42%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.294M -$2.167M
YoY Change
Pretax Income -$9.106M -$9.280M -$7.644M
YoY Change 16.55% 21.4% 4.0%
Income Tax
% Of Pretax Income
Net Earnings -$9.106M -$9.280M -$7.644M
YoY Change 16.55% 21.4% 3.99%
Net Earnings / Revenue -894.5% -232000.0% -2202.88%
Basic Earnings Per Share -$0.15 -$0.15 -$0.13
Diluted Earnings Per Share -$0.15 -$0.15 -$127.3K
COMMON SHARES
Basic Shares Outstanding 61.67M 61.36M 60.15M
Diluted Shares Outstanding 61.65M 61.17M 60.06M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.01M $41.42M $34.37M
YoY Change 20.57% 20.5% 31.69%
Cash & Equivalents $35.00M $41.40M $34.40M
Short-Term Investments
Other Short-Term Assets $305.0K $386.0K $339.0K
YoY Change -22.59% 13.86% 138.73%
Inventory
Prepaid Expenses $542.0K $762.0K $563.0K
Receivables $255.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $36.11M $42.57M $35.27M
YoY Change 20.4% 20.68% 32.12%
LONG-TERM ASSETS
Property, Plant & Equipment $2.052M $1.041M $301.0K
YoY Change 539.25% 245.85% -18.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K $160.0K
YoY Change -81.25% -81.25% -46.67%
Total Long-Term Assets $3.078M $2.128M $785.0K
YoY Change 306.61% 171.08% -30.04%
TOTAL ASSETS
Total Short-Term Assets $36.11M $42.57M $35.27M
Total Long-Term Assets $3.078M $2.128M $785.0K
Total Assets $39.19M $44.70M $36.06M
YoY Change 27.45% 23.95% 29.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.886M $1.594M $1.396M
YoY Change -28.67% 14.18% -40.42%
Accrued Expenses $2.674M $2.754M $2.171M
YoY Change 13.59% 26.85% -15.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.274M $4.984M $4.156M
YoY Change -2.21% 19.92% -59.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $38.88M $37.01M $200.0K
YoY Change 36932.38% 18405.5% -60.0%
Total Long-Term Liabilities $38.88M $37.01M $200.0K
YoY Change 36932.38% 18405.5% -60.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.274M $4.984M $4.156M
Total Long-Term Liabilities $38.88M $37.01M $200.0K
Total Liabilities $44.16M $42.00M $4.356M
YoY Change 703.16% 864.07% -59.8%
SHAREHOLDERS EQUITY
Retained Earnings -$306.8M -$297.7M -$263.1M
YoY Change 13.24% 13.14% -0.03%
Common Stock $62.00K $61.00K $60.00K
YoY Change 3.33% 1.67% 3.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.973M $2.700M $31.70M
YoY Change
Total Liabilities & Shareholders Equity $39.19M $44.70M $36.06M
YoY Change 27.45% 23.95% 29.61%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$9.106M -$9.280M -$7.644M
YoY Change 16.55% 21.4% 3.99%
Depreciation, Depletion And Amortization $16.00K $15.00K $46.00K
YoY Change -57.89% -67.39% 2.22%
Cash From Operating Activities -$5.339M -$7.216M $3.871M
YoY Change -1.91% -286.41% -169.63%
INVESTING ACTIVITIES
Capital Expenditures $1.097M $115.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.097M -$115.0K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.00K 332.0K 65.00K
YoY Change 450.0% 410.77% -99.55%
NET CHANGE
Cash From Operating Activities -5.339M -7.216M 3.871M
Cash From Investing Activities -1.097M -115.0K 0.000
Cash From Financing Activities 22.00K 332.0K 65.00K
Net Change In Cash -6.414M -6.999M 3.936M
YoY Change 17.93% -277.82% -55.58%
FREE CASH FLOW
Cash From Operating Activities -$5.339M -$7.216M $3.871M
Capital Expenditures $1.097M $115.0K $0.00
Free Cash Flow -$6.436M -$7.331M $3.871M
YoY Change -289.38% -169.63%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates.</span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances.</span></p>
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1909000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1608000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
868000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
853000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1041000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
755000
CY2023Q1 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1757000
CY2022Q4 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1817000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
571000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1837000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
233000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
49000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
193000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
476000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2754000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4179000
CY2023Q1 clsd Initial Proceeds From Royalty Purchase And Sales Agreement
InitialProceedsFromRoyaltyPurchaseAndSalesAgreement
32500000
CY2023Q1 clsd Purchase And Sale Agreement Description
PurchaseAndSaleAgreementDescription
The Purchase and Sale Agreement will automatically expire, and the payment of Royalties from the Royalty Sub to HCR will cease, when HCR has received payments of the Royalties equal to 2.5 times the aggregate amount of payments made by HCR under the Agreement if the Second Milestone Event is achieved on or prior to December 31, 2024 (the “Initial Cap”). If the Second Milestone Event is not achieved on or prior to December 31, 2024, payment of Royalties from Royalty Sub to HCR will cease when HCR has received Royalties payments equal to 3.4 times the aggregate amount of payments under the Purchase and Sale Agreement (the “Alternative Cap”, and together with the Initial Cap, the “Cap Amount”). In the event of a change in control, acquiror will have the option to make a payment to HCR of the Cap Amount then in effect, less the aggregate amount of Royalty payments made by Royalty Sub to HCR under the Purchase and Sale Agreement as a one-time payment at which time, payment of Royalties to HCR will cease. Alternatively, in the event of a change in control, the acquiror will have the option to make an initial payment of 1.0 times the aggregate amount of payments made by HCR under the Purchase and Sale Agreement as of the date of such change in control, then in that event, payment of Royalties from Royalty Sub to HCR will cease when HCR has received total Royalties payments (including the initial payment) equal to the Alternative Cap. After the Purchase and Sale Agreement expires, all rights to receive the Royalties return to Royalty Sub.
CY2023Q1 clsd Debt Related Commitment Fees And Debt Related Issuance Costs
DebtRelatedCommitmentFeesAndDebtRelatedIssuanceCosts
1900000
CY2022Q4 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
33977000
CY2023Q1 clsd Non Cash Interest Expense On Liability Related To The Sales Of Future Royalites
NonCashInterestExpenseOnLiabilityRelatedToTheSalesOfFutureRoyalites
2167000
CY2023Q1 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
36144000
CY2023Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.265
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
61364299
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60639827
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P0Y6M
CY2023Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed.
CY2023Q1 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2022Q4 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9860496
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8670813

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