$CLSD
Clearside Biomedical, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023042469 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $859.0K $1.018M $384.0K
YoY Change 222.93% 165.1% -50.77%
Cost Of Revenue $142.0K $213.0K $0.00
YoY Change
Gross Profit $717.0K $805.0K $384.0K
YoY Change 169.55% 109.64%
Gross Profit Margin 83.47% 79.08% 100.0%
Selling, General & Admin $2.640M $3.127M $2.791M
YoY Change 12.2% 12.04% -0.89%
% of Gross Profit 368.2% 388.45% 726.82%
Research & Development $5.134M $4.948M $5.430M
YoY Change 10.72% -8.88% 33.74%
% of Gross Profit 716.04% 614.66% 1414.06%
Depreciation & Amortization $20.00K $16.00K $38.00K
YoY Change -48.72% -57.89% -2.56%
% of Gross Profit 2.79% 1.99% 9.9%
Operating Expenses $7.913M $8.288M $8.221M
YoY Change 13.2% 0.81% 19.56%
Operating Profit -$7.054M -$7.270M -$7.837M
YoY Change 4.91% -7.23% 28.56%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.620M -$2.294M
YoY Change 102.0%
Pretax Income -$9.270M -$9.106M -$7.813M
YoY Change 18.44% 16.55% 28.19%
Income Tax
% Of Pretax Income
Net Earnings -$9.267M -$9.106M -$7.813M
YoY Change 18.4% 16.55% 28.19%
Net Earnings / Revenue -1078.81% -894.5% -2034.64%
Basic Earnings Per Share -$0.15 -$0.15 -$0.13
Diluted Earnings Per Share -$0.15 -$0.15 -$129.9K
COMMON SHARES
Basic Shares Outstanding 62.03M 61.67M 60.15M
Diluted Shares Outstanding 61.98M 61.65M 60.15M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.80M $35.01M $29.03M
YoY Change -46.05% 20.57% 9.92%
Cash & Equivalents $28.80M $35.00M $29.00M
Short-Term Investments
Other Short-Term Assets $14.00K $305.0K $394.0K
YoY Change -95.5% -22.59% -55.23%
Inventory
Prepaid Expenses $1.117M $542.0K $439.0K
Receivables $882.0K $255.0K $123.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.82M $36.11M $29.99M
YoY Change -43.83% 20.4% 8.45%
LONG-TERM ASSETS
Property, Plant & Equipment $2.642M $2.052M $321.0K
YoY Change 504.58% 539.25% -1.83%
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% 0.0%
Total Long-Term Assets $3.605M $3.078M $757.0K
YoY Change 338.03% 306.61% -19.38%
TOTAL ASSETS
Total Short-Term Assets $30.82M $36.11M $29.99M
Total Long-Term Assets $3.605M $3.078M $757.0K
Total Assets $34.42M $39.19M $30.75M
YoY Change -38.19% 27.45% 7.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.867M $1.886M $2.644M
YoY Change 7.36% -28.67% 116.72%
Accrued Expenses $3.606M $2.674M $2.354M
YoY Change 22.44% 13.59% 7.19%
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 $5.835M $5.274M $5.393M
YoY Change 12.13% -2.21% -38.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $41.40M $38.88M $105.0K
YoY Change 29.64% 36932.38% -77.07%
Total Long-Term Liabilities $41.40M $38.88M $105.0K
YoY Change 29.64% 36932.38% -77.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.835M $5.274M $5.393M
Total Long-Term Liabilities $41.40M $38.88M $105.0K
Total Liabilities $47.27M $44.16M $5.498M
YoY Change 27.28% 703.16% -40.59%
SHAREHOLDERS EQUITY
Retained Earnings -$316.1M -$306.8M -$270.9M
YoY Change 13.39% 13.24% 0.61%
Common Stock $62.00K $62.00K $60.00K
YoY Change 3.33% 3.33% 1.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.85M -$4.973M $25.25M
YoY Change
Total Liabilities & Shareholders Equity $34.42M $39.19M $30.75M
YoY Change -38.19% 27.45% 7.53%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$9.267M -$9.106M -$7.813M
YoY Change 18.4% 16.55% 28.19%
Depreciation, Depletion And Amortization $20.00K $16.00K $38.00K
YoY Change -48.72% -57.89% -2.56%
Cash From Operating Activities -$6.070M -$5.339M -$5.443M
YoY Change -1.88% -1.91% -21.67%
INVESTING ACTIVITIES
Capital Expenditures $450.0K $1.097M
YoY Change -390.32%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$450.0K -$1.097M $0.00
YoY Change 190.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 320.0K 22.00K 4.000K
YoY Change -98.96% 450.0% -99.94%
NET CHANGE
Cash From Operating Activities -6.070M -5.339M -5.443M
Cash From Investing Activities -450.0K -1.097M 0.000
Cash From Financing Activities 320.0K 22.00K 4.000K
Net Change In Cash -6.200M -6.414M -5.439M
YoY Change -125.46% 17.93% -3356.89%
FREE CASH FLOW
Cash From Operating Activities -$6.070M -$5.339M -$5.443M
Capital Expenditures $450.0K $1.097M
Free Cash Flow -$6.520M -$6.436M
YoY Change 8.11%

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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
62000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
354000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13413000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1503000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48418000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30696000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35005000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29193000
clsd Purchase Of Property And Equipment Included In Accrued Liabilities
PurchaseOfPropertyAndEquipmentIncludedInAccruedLiabilities
116000
clsd Purchase Of Property And Equipment Included In Accrued Liabilities
PurchaseOfPropertyAndEquipmentIncludedInAccruedLiabilities
0
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35005000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29033000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
0
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
160000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35005000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29193000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2011-05-26
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35000000
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>
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2936000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1608000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
884000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
853000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2052000
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>
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
755000
CY2023Q2 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1215000
CY2022Q4 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1817000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
970000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1837000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
167000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
49000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
322000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
476000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2674000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4179000
clsd Initial Proceeds From Royalty Purchase And Sales Agreement
InitialProceedsFromRoyaltyPurchaseAndSalesAgreement
32500000
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.
clsd Debt Related Commitment Fees And Debt Related Issuance Costs
DebtRelatedCommitmentFeesAndDebtRelatedIssuanceCosts
1900000
CY2022Q4 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
33977000
clsd Paymentstoroyaltypurchaseandsaleagreement
Paymentstoroyaltypurchaseandsaleagreement
350000
clsd Non Cash Interest Expense On Liability Related To The Sales Of Future Royalites
NonCashInterestExpenseOnLiabilityRelatedToTheSalesOfFutureRoyalites
4461000
CY2023Q2 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
38088000
CY2023Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.291
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q2 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
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
61717445
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60639827
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P3Y3M
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.
CY2023Q2 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
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10030996
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9091489

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