Here are 1-3 brief analogies for Clearside Biomedical (CLSD):

• A niche Regeneron, focused on unique drug delivery for eye diseases.
• Like a 'Moderna for eye diseases,' focused on a unique delivery platform to treat vision-threatening conditions.

• CLS-AX (axitinib injectable suspension): An investigational drug candidate for the treatment of neovascular age-related macular degeneration (nAMD), delivered via suprachoroidal injection.

Clearside Biomedical (CLSD) is a biopharmaceutical company focused on developing and commercializing treatments for serious eye diseases. The company does not directly sell its products to individuals. Instead, it primarily partners with other pharmaceutical companies for the commercialization and distribution of its approved product.

Its major customer for the commercialization and distribution of XIPERE™ (triamcinolone acetonide injectable suspension) in the United States and Canada is:

• Bausch + Lomb (a division of Bausch Health Companies Inc., symbol: BHC)

Under the terms of their agreement, Bausch + Lomb is responsible for the sales, marketing, and distribution of XIPERE™ to healthcare providers and pharmacies, who then administer or dispense the product to individuals suffering from macular edema associated with uveitis. Clearside Biomedical receives royalties on net sales and potential milestone payments from Bausch + Lomb.

• Curia

George Lasezkay, Pharm.D., J.D., President and Chief Executive Officer

Dr. Lasezkay has served as President and Chief Executive Officer of Clearside Biomedical since March 2020, following an interim CEO period from April 2019. He has also been a member of the board of directors since August 2018. Prior to Clearside, he served as Executive Vice President and General Counsel at Acucela Inc., a development-stage ophthalmic therapeutics company. For 12 years, he was President of Horizon Pharma Group, a private life sciences consultancy practice. Before that, Dr. Lasezkay was Corporate Vice President for Corporate Development at Allergan, Inc. for 13 years, where he held various executive leadership positions, including being a member of the company's Executive Committee and General Counsel for the Asia-Pacific Region. In this role, he was responsible for numerous licensing, R&D collaboration, and acquisition transactions. He has also served as an independent director on the boards of several domestic and foreign emerging biopharmaceutical companies, both public and private, for the past 15 years. He currently serves on the board of directors of TheraVida, Inc.

Charles A. Deignan, Chief Financial Officer

Mr. Deignan has been Executive Vice President and Chief Financial Officer of Clearside Biomedical since 2012. He is responsible for all financial and administrative aspects of the company, including financing, business planning and analysis, investor relations, tax, accounting, treasury, human resources, and information technology. Mr. Deignan has overseen multiple partnering agreements, private financings, and public equity fundraising, including Clearside's initial public offering and subsequent equity transactions and debt facilities. From 2009 to 2011, he served as Vice President of Finance and Administration for Salutria Pharmaceuticals. Before that, from 1999 to 2009, he held various roles at AtheroGenics, Inc., a publicly held biopharmaceutical company, including Vice President of Finance and Administration. His career also includes management positions at AAIPharma, Inc. and Schering-Plough.

Victor Chong, M.D., M.B.A., Chief Medical Officer and EVP, Head of Research & Development

Dr. Chong currently serves as the Chief Medical Officer and Executive Vice President, Head of Research & Development at Clearside Biomedical. He is a highly experienced ophthalmologist and researcher, bringing extensive expertise in clinical development and medical affairs to the company. His role is critical in guiding the strategic direction of Clearside's clinical programs and pipeline development.

Rafael V. Andino, Senior Vice President, Engineering & Manufacturing

Mr. Andino is the Senior Vice President of Engineering & Manufacturing at Clearside Biomedical. He is responsible for overseeing the company's manufacturing operations and engineering initiatives, which are crucial for the development and production of Clearside's innovative drug delivery systems.

Rick McElheny, Senior Vice President, Corporate Development and Alliance Management

Mr. McElheny serves as the Senior Vice President of Corporate Development and Alliance Management for Clearside Biomedical. His responsibilities include identifying and fostering strategic partnerships and collaborations to advance Clearside's pipeline and technology platform.

The increasing market adoption and efficacy of competing highly durable non-suprachoroidal space (SCS) ocular therapies and gene therapies for retinal diseases. This includes therapies like Vabysmo (faricimab) and Susvimo (ranibizumab port delivery system), which offer extended treatment intervals, as well as emerging gene therapies from competitors that could achieve long-term benefits with alternative delivery methods, potentially diminishing the unique advantage and market need for Clearside's SCS platform for its pipeline indications (e.g., diabetic macular edema, retinal vein occlusion, wet age-related macular degeneration).

Clearside Biomedical (CLSD) focuses on developing and commercializing therapies for ocular diseases, primarily through its proprietary suprachoroidal space (SCS) drug delivery platform.

Addressable Markets for Main Products and Services:

• CLS-AX (axitinib injectable suspension) for Wet Age-Related Macular Degeneration (AMD): The addressable market for non-invasive, long-acting ophthalmic therapies, including treatments for wet AMD, is projected to exceed $30 billion by 2030 globally.
• Geographic Atrophy (GA) Programs: Clearside Biomedical is evaluating small molecules for the long-acting treatment of geographic atrophy, a market valued at over $20 billion in sales. The region for this market size is not specified, but it is implied to be global in context of general market reporting.
• Suprachoroidal Drug Delivery Devices Market: The global market for suprachoroidal drug delivery devices was valued at $185 million in 2024 and is projected to reach $674 million by 2033. This market size refers to the devices themselves rather than the drugs delivered.

Expected Drivers of Future Revenue Growth for Clearside Biomedical (CLSD)

Over the next 2-3 years, Clearside Biomedical (CLSD) anticipates revenue growth driven by several key factors:

1. Expansion of Licensing Agreements and Milestone Payments: A significant portion of Clearside's revenue is generated through licensing agreements and milestone payments from its collaboration partners. The company has established five commercial and late-stage development licensing collaborations. Recent examples include $1.5 million in milestones from Arctic Vision and $0.8 million from other revenue streams, such as training, services, and sales of SCS Microinjector kits, in Q1 2025.
2. Advancement of CLS-AX in Wet AMD: Clearside's lead internal program, CLS-AX (axitinib injectable suspension), is in development for neovascular age-related macular degeneration (wet AMD), with planning for a Phase 3 program underway. Positive results from clinical trials, such as the successful Phase 2b trial for CLS-AX and alignment with the FDA on Phase 3, are expected to trigger future milestone payments and increase the likelihood of product approvals and sales.
3. Leveraging the SCS Microinjector Platform through Strategic Partnerships: Clearside's proprietary Suprachoroidal Space (SCS®) delivery platform and SCS Microinjector® are pivotal assets. The company strategically partners this platform with other ophthalmic therapeutic innovations. For instance, REGENXBIO, in partnership with AbbVie, is utilizing the SCS Microinjector for their gene therapy, ABBV-RGX-314, targeting wet AMD, diabetic retinopathy, and diabetic macular edema, with the first global pivotal trial in diabetic retinopathy expected to commence in the first half of 2025.
4. Development of New Product Candidates for Geographic Atrophy (GA): Clearside is actively evaluating various small molecules for the potential long-acting treatment of geographic atrophy (GA), a market estimated to be over $20 billion in sales. Product innovations that utilize their SCS Microinjector are identified as significant revenue drivers.
5. Commercialization and Market Expansion of XIPERE®: XIPERE® (triamcinolone acetonide injectable suspension), Clearside's approved product for macular edema associated with uveitis, is available in the U.S. through a commercial partner. Recent approval of XIPERE by Health Canada provides an opportunity for market expansion, which can unlock additional revenue streams.

Share Issuance

• In January 2021, Clearside Biomedical completed a registered direct offering, generating approximately $12.0 million in gross proceeds from the sale of 4,209,050 shares of common stock.
• In February 2024, the company announced a registered direct offering with institutional investors and an existing stockholder, expecting gross proceeds of approximately $15.0 million from the sale of 11,111,111 shares of common stock and accompanying warrants.
• Effective September 12, 2025, Clearside Biomedical executed a 1-for-15 reverse stock split, which also reduced the total number of authorized shares of common stock from 400,000,000 to approximately 26,666,666.

Inbound Investments

• As of July 2025, Clearside Biomedical is actively exploring a range of strategic alternatives, including the potential sale or license of assets, partnerships, mergers, acquisitions, or joint ventures, to enhance shareholder value and advance its proprietary suprachoroidal space (SCS®) delivery platform and pipeline.
• The company maintains strategic partnerships for its SCS injection platform with several third parties, including Aura Biosciences, Bausch + Lomb, BioCryst Pharmaceuticals, REGENXBIO, AbbVie, Arctic Vision, and Santen, for use in commercial ophthalmic products and clinical development programs.

Capital Expenditures

• Clearside Biomedical reported capital expenditures of approximately -$506,000 in the last 12 months as of October 31, 2025.
• Following a $15 million registered direct offering in February 2024, the company anticipated that the net proceeds, along with existing cash, would be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of 2025.
• As of an August 8, 2025 filing, the company does not expect its cash and cash equivalents to fund planned operating expenses and capital expenditure requirements for the subsequent 12 months, leading to substantial doubt about its ability to continue as a going concern.