Clearside Biomedical’s Final Chapter: Asset Sale Nears Completion

Clearside Biomedical US1850631045

Clearside Biomedical is now in the final stages of winding down its operations. Following its transition to the over-the-counter (OTC) market at the end of 2025, the company's primary focus is the sale of its business and underlying technology platform. This process is being conducted under the Chapter 11 bankruptcy proceedings initiated in November, which provide the legal framework for the ongoing restructuring. A central question remains: can the company's proprietary ophthalmology injection technology attract a strategic buyer under these circumstances?

Guided by investment bank Piper Sandler, Clearside is evaluating strategic alternatives with its key intellectual property at the forefront. The most significant assets are the SCS Microinjector—a device designed for targeted drug delivery to the back of the eye, which is already used with the approved treatment XIPERE—and the CLS-AX program for wet age-related macular degeneration. The court established the bidding procedures for the sale or licensing of these core assets on December 19, 2025.

Key developments to watch:
* Pending Auction Results: The market awaits the final selection of a buyer following auction dates set for January 2026.
* Clinical Progress: The CLS-AX drug candidate has completed its Phase 2b trial; plans for the pivotal Phase 3 study are being finalized following discussions with the U.S. FDA.
* High Market Need: Demand for long-acting drug delivery systems in ophthalmology continues to be significant, which underpins the value of Clearside's suprachoroidal technology.

With CLS-AX positioned to enter Phase 3 clinical trials, external partner interest is a crucial factor in determining the ultimate valuation of the company's intellectual property. The entire restructuring effort is designed to preserve the value of this technology and prepare it for integration into a larger pharmaceutical portfolio.

Path Forward and Timelines

Confirmation of the asset sale is anticipated shortly after the auction rounds conclude in January. In parallel, new partnership or licensing agreements for CLS-AX could emerge to facilitate the next stage of clinical development. Looking ahead, Clearside is expected to provide its next financial update on March 26, 2026, which should offer further details on the resolution of the restructuring process.