Clearside Biomedical Announces Second Quarter 2024 Financial Results and Provides Outlook
Financial Highlights
Clearside Biomedical Inc. (NASDAQ: CLSD) today announced financial results for the second quarter ended June 30, 2024. License and other revenue for the second quarter of 2024 was $900,000, compared to $0 in the second quarter of 2023.
Research and development expenses for the second quarter of 2024 were $15.2 million, compared to $14.8 million in the second quarter of 2023. The increase in research and development expenses was primarily due to increased clinical trial costs.
General and administrative expenses for the second quarter of 2024 were $8.5 million, compared to $7.9 million in the second quarter of 2023. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense.
Net loss for the second quarter of 2024 was $23.8 million, or $0.60 per share, compared to a net loss of $22.7 million, or $0.58 per share, in the second quarter of 2023.
Corporate Update
Clearside Biomedical also provided an update on its corporate developments.
The company's Phase 2b clinical trial of CLS-AX, a gene therapy for the treatment of wet age-related macular degeneration (wet AMD), is fully enrolled and dosing is ongoing. Top-line data from the trial is expected in the second half of 2025.
The company is also continuing to develop CLS-TA, a gene therapy for the treatment of retinitis pigmentosa (RP). The company expects to initiate a Phase 1/2 clinical trial of CLS-TA in the second half of 2024.
Outlook
Clearside Biomedical believes that it is well-positioned for continued growth in 2024 and beyond. The company expects to continue to invest in its clinical development programs and to expand its commercial operations.
The company is reaffirming its financial guidance for 2024. The company expects revenue to be in the range of $4 million to $6 million and net loss to be in the range of $90 million to $100 million.
Conference Call Information
Clearside Biomedical will host a conference call to discuss its second quarter 2024 financial results on Monday, August 12, 2024 at 8:30 AM ET. The conference call can be accessed by dialing (877) 407-0784 (domestic) or (201) 689-8470 (international) and using the conference ID: 13730990.
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