Clearside Biomedical, Inc. (NASDAQ: CLSD) filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on November 24, 2025. The filing includes a motion to pursue an auction and sale of the company’s assets under Section 363, with the intent to sell the assets free and clear of liens and interests.
The decision to seek bankruptcy protection follows a period of severe financial strain. Cash reserves that were projected to fund operations only through the fourth quarter of 2025 have been depleted, and the company’s balance sheet now shows assets between $1 million and $10 million against liabilities ranging from $50 million to $100 million. Net losses of $19.36 million in Q2 2025 and a negative Altman Z‑Score of –48.16 underscore the depth of the cash burn and the high risk of default.
Clearside’s asset sale will focus on its core suprachoroidal platform, including the proprietary SCS Microinjector and the Phase 3‑ready CLS‑AX program for wet age‑related macular degeneration and diabetic retinopathy. The company also plans to offer its approved product XIPERE, which treats macular edema associated with uveitis and has received regulatory approval in the U.S., Canada, Australia, and Singapore. In addition to the platform and product, the sale will include related intellectual property and licensing agreements with partners such as Aura Biosciences, Bausch + Lomb, BioCryst Pharmaceuticals, REGENXBIO, and Arctic Vision.
CEO George Lasezkay said the Chapter 11 process “represents the best possible option for Clearside and its stakeholders” after a thorough assessment of strategic alternatives. The filing follows a series of financial setbacks, including a Q3 2025 cash balance of only $6.8 million, a Nasdaq delisting notice for failing to meet the $1 million market‑capitalization requirement, and a royalty sale to HealthCare Royalty Partners that capped future royalty payments at $106.5 million.
The bankruptcy filing signals a significant shift in Clearside’s trajectory. While the company’s suprachoroidal technology remains a valuable asset, the asset sale process will likely result in the liquidation of the company’s operating business and the transfer of its intellectual property to a buyer. The outcome will determine whether the technology can continue to be developed and commercialized outside of Clearside’s corporate structure.
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