Clearside Biomedical, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting a continued trend of operating losses and strategic developments. The company recorded a net loss of $7.7 million for the third quarter of 2024, an improvement from a net loss of $9.3 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $27.0 million, compared to $27.7 million for the same period in 2023. The loss per share for the third quarter was $(0.10), down from $(0.15) in the prior year.

Total operating expenses for the third quarter of 2024 were $6.97 million, a decrease from $7.91 million in the third quarter of 2023. Research and development expenses also saw a decline, totaling $4.13 million for the third quarter of 2024, compared to $5.13 million in the same quarter of 2023. General and administrative expenses increased slightly to $2.80 million from $2.60 million year-over-year.

The company’s cash and cash equivalents stood at $13.89 million as of September 30, 2024, down from $28.80 million a year earlier. However, total current assets decreased to $25.11 million from $30.12 million as of December 31, 2023. The total liabilities increased to $63.95 million, up from $49.93 million at the end of 2023, with an accumulated deficit of $348.0 million reported.

Strategically, Clearside completed a Registered Direct Offering in February 2024, raising net proceeds of $13.9 million by issuing 11.11 million shares. The company also amended its Emory License Agreement, reducing the sublicense percentage, which is expected to impact future revenue streams. Additionally, Clearside entered into a license agreement with BioCryst Pharmaceuticals in November 2023, granting an exclusive license for the SCS Microinjector, which included an upfront payment of $5.0 million and potential milestone payments totaling up to $77.5 million.

Despite these developments, the company continues to face challenges, including recurring losses and negative cash flows since inception. It anticipates needing additional financing to support ongoing operations and product development, particularly for its CLS-AX candidate, which is in clinical trials. The company expects its current cash resources to sustain operations into the third quarter of 2025, but it has expressed substantial doubt regarding its ability to continue as a going concern without securing further financing.