$CLSD
Clearside Biomedical, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057834 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $90.00K $230.0K
YoY Change -91.16% 5650.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $90.00K
YoY Change -88.82%
Gross Profit Margin 100.0%
Selling, General & Admin $3.077M $2.824M
YoY Change -1.6% -10.58%
% of Gross Profit 3418.89%
Research & Development $4.603M $5.615M
YoY Change -6.97% 26.15%
% of Gross Profit 5114.44%
Depreciation & Amortization $44.00K $28.00K
YoY Change 175.0% 86.67%
% of Gross Profit 48.89%
Operating Expenses $4.603M $8.439M
YoY Change -44.46% 10.91%
Operating Profit -$7.590M -$8.209M
YoY Change 4.4% 7.94%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$423.0K -$3.902M
YoY Change -81.56% 80.06%
Pretax Income -$7.594M -$11.76M
YoY Change -16.6% 26.76%
Income Tax
% Of Pretax Income
Net Earnings -$7.594M -$11.76M
YoY Change -16.6% 26.76%
Net Earnings / Revenue -8437.78% -5114.35%
Basic Earnings Per Share -$0.10 -$0.17
Diluted Earnings Per Share -$0.10 -$0.17
COMMON SHARES
Basic Shares Outstanding 74.73M 74.72M
Diluted Shares Outstanding 74.73M 69.85M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.36M $35.36M
YoY Change -16.13% -14.64%
Cash & Equivalents $18.24M $35.40M
Short-Term Investments $11.12M
Other Short-Term Assets $44.00K $193.0K
YoY Change -85.57% -50.0%
Inventory
Prepaid Expenses $364.0K $567.0K
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.77M $36.12M
YoY Change -17.56% -15.16%
LONG-TERM ASSETS
Property, Plant & Equipment $3.400M $3.194M
YoY Change 65.69% 206.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $4.166M $4.027M
YoY Change 35.35% 89.24%
TOTAL ASSETS
Total Short-Term Assets $29.77M $36.12M
Total Long-Term Assets $4.166M $4.027M
Total Assets $33.93M $40.14M
YoY Change -13.4% -10.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.576M $1.363M
YoY Change -16.44% -14.49%
Accrued Expenses $3.703M $4.070M
YoY Change 38.48% 47.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.874M $5.950M
YoY Change 11.38% 19.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $56.35M $56.00M
YoY Change 44.91% 51.31%
Total Long-Term Liabilities $56.35M $56.00M
YoY Change 44.91% 51.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.874M $5.950M
Total Long-Term Liabilities $56.35M $56.00M
Total Liabilities $62.22M $61.95M
YoY Change 40.9% 47.52%
SHAREHOLDERS EQUITY
Retained Earnings -$340.3M -$332.7M
YoY Change 10.9% 11.75%
Common Stock $74.00K $74.00K
YoY Change 19.35% 21.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.29M -$21.81M
YoY Change
Total Liabilities & Shareholders Equity $33.93M $40.14M
YoY Change -13.4% -10.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$7.594M -$11.76M
YoY Change -16.6% 26.76%
Depreciation, Depletion And Amortization $44.00K $28.00K
YoY Change 175.0% 86.67%
Cash From Operating Activities -$5.680M -$7.851M
YoY Change 6.39% 8.8%
INVESTING ACTIVITIES
Capital Expenditures $423.0K $57.00K
YoY Change -61.44% -50.43%
Acquisitions
YoY Change
Other Investing Activities -$11.01M
YoY Change
Cash From Investing Activities -$11.44M -$57.00K
YoY Change 942.57% -50.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 14.34M
YoY Change -100.0% 4220.18%
NET CHANGE
Cash From Operating Activities -5.680M -7.851M
Cash From Investing Activities -11.44M -57.00K
Cash From Financing Activities 0.000 14.34M
Net Change In Cash -17.12M 6.435M
YoY Change 166.87% -191.94%
FREE CASH FLOW
Cash From Operating Activities -$5.680M -$7.851M
Capital Expenditures $423.0K $57.00K
Free Cash Flow -$6.103M -$7.908M
YoY Change -5.17% 7.87%

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CY2024Q1 clsd Proceeds From Registered Direct Offering
ProceedsFromRegisteredDirectOffering
13900000
CY2024Q1 clsd Maintenance Fee Operating License Liability Payments Due Year Two
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearTwo
250000
CY2024Q1 clsd Maintenance Fee Operating License Liability Payments Due Year Three
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearThree
350000
CY2024Q1 clsd Maintenance Fee Operating License Liability Payments Due Year Four
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearFour
400000
CY2024Q1 clsd Maintenance Fee Operating License Liability Payments Due Year Five
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearFive
500000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 consolidated financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the estimate of the total amount of future royalty revenue and milestone payments to be generated over the life of the Purchase and Sale Agreement, 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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4142000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3916000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
948000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
920000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3194000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2996000
CY2024Q1 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2220000
CY2023Q4 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2078000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
592000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1862000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
288000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
38000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
970000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
191000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4070000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4169000
CY2024Q1 clsd Initial Proceeds From Royalty Purchase And Sales Agreement
InitialProceedsFromRoyaltyPurchaseAndSalesAgreement
32500000
CY2024Q1 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 Purchase and Sale 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.On December 22, 2023, the Company, through its wholly owned subsidiary Royalty Sub, entered into the Letter Agreement with the Agent amending the Purchase and Sale Agreement. Pursuant to the terms of the Letter Agreement, Royalty Sub and Agent mutually agreed that Royalty Sub waived any and all rights to the First Milestone Payment in connection with the closing of the transactions contemplated by the Purchase and Sale Agreement and agreed to the release of the First Milestone Payment to Agent.
CY2024Q1 clsd Debt Related Commitment Fees And Debt Related Issuance Costs
DebtRelatedCommitmentFeesAndDebtRelatedIssuanceCosts
1900000
CY2023Q4 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
41988000
CY2024Q1 clsd Non Cash Interest Expense On Liability Related To The Sales Of Future Royalites
NonCashInterestExpenseOnLiabilityRelatedToTheSalesOfFutureRoyalites
2403000
CY2024Q1 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
44391000
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.22
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
74731139
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
62850841
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y6M
CY2024Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
10327000
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
712000
CY2024Q1 clsd Fair Value Of Warrants
FairValueOfWarrants
11039000
CY2024Q1 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.
CY2024Q1 clsd Maintenance Fee Payments Due Next Rolling Twelve Months
MaintenanceFeePaymentsDueNextRollingTwelveMonths
250000
CY2024Q1 clsd Maintenance Fee Payments Due In Rolling Year Two
MaintenanceFeePaymentsDueInRollingYearTwo
250000
CY2024Q1 clsd Maintenance Fee Payments Due In Rolling Year Three
MaintenanceFeePaymentsDueInRollingYearThree
350000
CY2024Q1 clsd Maintenance Fee Payments Due In Rolling Year Four
MaintenanceFeePaymentsDueInRollingYearFour
400000
CY2024Q1 clsd Maintenance Fee Payments Due In Rolling Year Five
MaintenanceFeePaymentsDueInRollingYearFive
500000
CY2024Q1 clsd Maintenance Fee Payments Due
MaintenanceFeePaymentsDue
1750000
CY2024Q1 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2023Q4 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23918042
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9860496
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 clsd Rule10 B51 Arrangement Modified Flag
Rule10B51ArrangementModifiedFlag
false
CY2024Q1 clsd Non Rule10 B51 Arrangement Modified Flag
NonRule10B51ArrangementModifiedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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