Revenue volatility remains a primary concern, evidenced by a sharp 80.6% year-over-year decline in 2025Q3 and persistent operating margins of -35.0%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 3.33M | 1.66M | 8.23M | 1.33M | 29.57M | 7.89M | 2.17M | 30K | 345K | 520K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -56.78% | -79.77% | 519.89% | -95.51% | 274.65% | 263.28% | 7143.33% | -91.3% | -33.65% | - | - | - | - | - |
| Cost of Goods Sold | 481K | 149K | 355K | 204K | 0 | 0 | 0 | 0 | 0 | 0 | 33K | 0 | 0 | 0 |
| COGS % of Revenue | - | 8.95% | 4.32% | 15.37% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.85M | 1.51M | 7.87M | 1.12M | 29.57M | 7.89M | 2.17M | 30K | 345K | 520K | -33K | 0 | 0 | 0 |
| Gross Margin % | 85.55% | 91.05% | 95.68% | 84.63% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | -80.75% | 600.89% | -96.2% | 274.65% | 263.28% | 7143.33% | -91.3% | -33.65% | 1675.76% | - | - | - | - |
| Operating Expenses | 25.81M | 30.4M | 32.72M | 31.4M | 30.2M | 25.83M | 32.48M | 82.97M | 58.75M | 25.72M | 17.32M | 9.82M | 7.24M | 3.93M |
| OpEx % of Revenue | - | 1826.74% | 397.7% | 2366.24% | 102.12% | 327.2% | 1494.57% | 276583.33% | 17029.86% | 4945.77% | - | - | - | - |
| Selling, General & Admin | 12.67M | 11.81M | 11.87M | 11.77M | 11.66M | 10.76M | 16.82M | 14.68M | 9.7M | 6.26M | 6.55M | 3.13M | 2.19M | 1.57M |
| SG&A % of Revenue | - | 709.56% | 144.29% | 886.96% | 39.44% | 136.26% | 774% | 48946.67% | 2811.59% | 1204.42% | - | - | - | - |
| Research & Development | 13.22M | 18.59M | 20.85M | 19.63M | 18.54M | 15.07M | 15.66M | 68.29M | 49.05M | 19.45M | 10.76M | 6.69M | 5.04M | 2.35M |
| R&D % of Revenue | - | 1117.19% | 253.42% | 1479.28% | 62.68% | 190.94% | 720.57% | 227636.67% | 14218.26% | 3741.35% | - | - | - | - |
| Other Operating Expenses | -84K | 0 | 0 | 0 | 0 | 0 | 0 | 127K | -567K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -22.96M | -28.88M | -24.84M | -30.28M | -627K | -17.93M | -30.3M | -82.94M | -58.41M | -25.2M | -17.32M | -9.82M | -7.24M | -3.93M |
| Operating Margin % | -689.76% | -1735.7% | -302.02% | -2281.61% | -2.12% | -227.2% | -1394.57% | -276483.33% | -16929.86% | -4845.77% | - | - | - | - |
| Operating Income Growth % | - | -16.25% | 17.94% | -4728.87% | 96.5% | 40.82% | 63.46% | -42.01% | -131.8% | -45.51% | -76.29% | -35.71% | -84.22% | - |
| EBITDA | -22.63M | -28.66M | -24.78M | -30.13M | -449K | -17.75M | -30.09M | -82.76M | -58.23M | -25.13M | -17.26M | -9.79M | -7.22M | -3.92M |
| EBITDA Margin % | -679.78% | -1722.12% | -301.2% | -2270.69% | -1.52% | -224.92% | -1384.86% | -275853.33% | -16877.1% | -4833.27% | - | - | - | - |
| EBITDA Growth % | 7.56% | -15.66% | 17.77% | -6610.91% | 97.47% | 41% | 63.64% | -42.13% | -131.67% | -45.64% | -76.27% | -35.54% | -84.17% | - |
| D&A (Non-Cash Add-back) | 332K | 226K | 67K | 145K | 178K | 180K | 211K | 189K | 182K | 65K | 60K | 33K | 15K | 7K |
| EBIT | -14.7M | -24.57M | -23.13M | -29.61M | 376K | -17.88M | -30.3M | -82.94M | -58.41M | -25.2M | -17.32M | -9.82M | -7.23M | -3.93M |
| Net Interest Income | -9.88M | -8.32M | -7.64M | -2.67M | 0 | 0 | 0 | 0 | 0 | 0 | -322K | -366K | -16K | 0 |
| Interest Income | 701K | 1.46M | 1.72M | 669K | 0 | 335K | 1.03M | 0 | 0 | 0 | 8K | 5K | 7K | 2K |
| Interest Expense | 10.58M | 9.78M | 9.36M | 3.34M | 0 | 335K | 1.03M | 0 | 0 | 0 | 330K | 371K | 23K | 0 |
| Other Income/Expense | -2.32M | -5.47M | -7.64M | -2.67M | 1M | -275K | -466K | 127K | -567K | -684K | -322K | -366K | -16K | -2K |
| Pretax Income | -25.28M | -34.35M | -32.48M | -32.95M | 376K | -18.21M | -30.77M | -82.82M | -58.98M | -25.88M | -17.64M | -10.19M | -7.25M | -3.93M |
| Pretax Margin % | -759.42% | -2064.42% | -394.91% | -2482.82% | 1.27% | -230.68% | -1416.01% | -276060% | -17094.2% | -4977.31% | - | - | - | - |
| Income Tax | 715K | 0 | 0 | 0 | 0 | 0 | 0 | 127K | -182K | -65K | 8K | 5K | 7K | 0 |
| Effective Tax Rate % | -2.83% | 0% | 0% | 0% | 0% | 0% | 0% | -0.15% | 0.31% | 0.25% | -0.05% | -0.05% | -0.1% | 0% |
| Net Income | -26M | -34.35M | -32.48M | -32.95M | 376K | -18.21M | -30.77M | -82.82M | -58.98M | -25.88M | -17.64M | -10.19M | -7.25M | -3.93M |
| Net Margin % | -780.9% | -2064.42% | -394.91% | -2482.82% | 1.27% | -230.68% | -1416.01% | -276060% | -17094.2% | -4977.31% | - | - | - | - |
| Net Income Growth % | 18.45% | -5.75% | 1.4% | -8862.5% | 102.06% | 40.82% | 62.85% | -40.43% | -127.86% | -46.73% | -73.12% | -40.46% | -84.53% | - |
| Net Income (Continuing) | -26M | -34.35M | -32.48M | -32.95M | 376K | -18.21M | -30.77M | -82.82M | -58.98M | -25.88M | -17.64M | -10.19M | -7.25M | -3.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.97 | -7.05 | -7.95 | -8.25 | 0.09 | -5.85 | -12.00 | -40.35 | -34.95 | -29.55 | -21.60 | -12.45 | -72.45 | -0.70 |
| EPS Growth % | 23.94% | 11.32% | 3.64% | -8830.16% | 101.62% | 51.25% | 70.26% | -15.45% | -18.27% | -36.81% | -73.49% | 82.82% | -10242.61% | - |
| EPS (Basic) | - | -7.05 | -7.95 | -8.25 | 0.10 | -5.85 | -12.00 | -40.35 | -34.95 | -29.55 | -21.60 | -12.45 | -72.45 | -0.70 |
| Diluted Shares Outstanding | 5.23M | 4.92M | 4.12M | 4.01M | 3.99M | 3.1M | 2.54M | 2.05M | 1.69M | 874.07K | 818.3K | 818.3K | 100.16K | 5.62M |
| Basic Shares Outstanding | 5.23M | 4.92M | 4.12M | 4.01M | 3.9M | 3.1M | 2.54M | 2.05M | 1.69M | 874.07K | 818.3K | 818.3K | 100.16K | 5.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in recent financial filings, Clearside Biomedical experienced a sharp -80.6% year-over-year revenue decline in 2025Q3, highlighting the company's heavy reliance on non-recurring milestone payments rather than consistent, organic royalty growth from its XIPERE product line, which remains at a nascent commercial stage.
The revenue profile appears highly erratic, driven by the timing of partnership-related payments rather than steady-state product adoption. This lack of predictable top-line growth suggests that the company has yet to achieve a sustainable commercial inflection point, leaving its revenue trajectory vulnerable to the lumpy nature of biotech licensing agreements.
Based on the company's income statement data, R&D expenses remain the primary cost driver, consistently consuming millions per quarter and significantly exceeding total revenue, which indicates that management is prioritizing clinical pipeline advancement over near-term operational profitability or expense discipline in the current fiscal environment.
The cost structure is heavily skewed toward clinical development, particularly for the CLS-AX program, which creates a persistent drag on the bottom line. Without a significant increase in royalty-bearing revenue, the current level of R&D spending appears to be a structural necessity that keeps the company in a perpetual state of operating loss.
According to the provided quarterly figures, Clearside Biomedical continues to report deep operating losses, with 2025Q3 operating margins at -35.0%, demonstrating that the company lacks the necessary scale to achieve operating leverage as fixed overhead and clinical costs continue to dwarf gross profit contributions.
The inability to scale operating income alongside gross profit suggests that the business model is currently optimized for development rather than commercial efficiency. Investors should monitor whether future partnership milestones can provide the necessary revenue surge to offset these fixed operating costs, as current trends indicate a widening gap between expenses and income.
As indicated by the company's financial statements, the combination of high quarterly cash burn and a limited cash position of approximately $20 million warrants significant caution, as the firm may face imminent financing requirements to sustain its ongoing clinical trial obligations and general corporate operations.
Short-term liquidity concerns appear to be the most material risk, as the company's reliance on external capital markets is heightened by its inability to generate positive cash flow from operations. The market may be underestimating the potential for shareholder dilution if management is forced to raise capital under unfavorable terms to bridge the funding gap for the ODYSSEY trial.
Quick answers to the most common questions about buying CLSD stock.
For fiscal year 2024, Clearside Biomedical, Inc. (CLSD) reported total revenue of $1.7M.
Clearside Biomedical, Inc. (CLSD) reported a net loss of $34.4M for the fiscal year ending 2024.
Clearside Biomedical, Inc. (CLSD) reported an operating income of $-28.9M, resulting in an operating profit margin of -1735.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Clearside Biomedical, Inc. (CLSD) generated $1.5M in gross profit for the year, representing a gross profit margin of 91.0%. This demonstrates the company's core pricing power and production efficiency.