Clearside Biomedical Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-13
Clearside Biomedical, Inc. Reports Second Quarter 2024 Financial Results
Clearside Biomedical, Inc. (NASDAQ: CLSD) has announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $90k | $1.0M | -91% | $150k |
| Earnings Per Share (EPS) | -$0.10 | -$0.15 | +$0.05 | -$0.13 |
| Net Loss | $7.6M | $9.1M | +$1.5M | - |
The company's total revenue significantly decreased by 91% year-over-year, primarily due to lower payments from license agreements, services, and sales of SCS Microinjector kits to licensees. Despite the dip in revenue, Clearside's EPS of -$0.10 beat the consensus estimate of -$0.13, showing an improvement from Q2 2023’s EPS of -$0.15. The net loss narrowed to $7.6 million from $9.1 million in Q2 2023.
Segment Revenue Performance:
| Segment | Q2 2024 Revenue |
|---|---|
| License and Other Revenue | $90k |
Clearside's license and other revenue was $90,000, a stark decrease from the $1.0 million recorded in the previous year’s quarter.
Key Operational Data:
| Operational Data | Q2 2024 | Q2 2023 |
|---|---|---|
| Research and Development Expenses | $4.6M | $4.9M |
| General and Administrative Expenses | $3.1M | $3.1M |
| Interest Income | $0.4M | $0.5M |
| Other Income | $1.9M | $0 |
| Non-Cash Interest Expense | $2.3M | $2.3M |
| Cash, Equivalents, and Short-term Investments (End of Period) | $29.4M | Not Provided |
Comments from Company Officers:
President and CEO George Lasezkay, PharmD, JD, highlighted the progress of the Phase 2b ODYSSEY clinical trial for CLS-AX in wet AMD, which remains on track with topline data expected in late Q3 2024. He emphasized that the Safety Review Committee recommended continuing the trial without modification due to no observed drug-related serious adverse events. Dr. Lasezkay also mentioned positive developments with the XIPERE® product and continued advancements in suprachoroidal drug delivery best practices.
Dividends or Share Repo Program:
No information available.
Forward Guidance:
Clearside did not provide specific forward guidance but noted that it expects to have sufficient resources to fund planned operations into the third quarter of 2025.
Stock Price Movement:
Following the earnings release, Clearside Biomedical's stock experienced a decrease of approximately 1.83%.
Clearside continues to progress in its clinical trials and partnerships, demonstrating the broad applicability of its SCS Microinjector® technology, while maintaining prudent financial management to advance its pipeline and existing product offerings.
This summary encapsulates Clearside Biomedical’s key financial and operational performance for Q2 2024, providing a clear and concise overview of the company's recent results and future expectations.
