The shares of Clearside Biomedical (NASDAQ:CLSD), a biopharmaceutical company focused on eye disease, have added ~22% in the post-market Thursday after the company’s Q4 2021 financials exceeded Street forecasts.
Beating the consensus by as much as ~$8.3M, the revenue for the quarter reached $25.7M thanks to milestone payments received from licensing partners Bausch + Lomb and Arctic Vision in Q4 2021 for the company’s eye therapy, XIPERE.
An injectable suspension of triamcinolone acetonide, XIPERE was cleared by the U.S. regulators for suprachoroidal use in October 2021. Subsequently, Bausch + Lomb launched the product this year targeting the patients with macular edema linked to uveitis.
Clearside (CLSD) recorded $18.7M of net income for Q4 2021 as higher license revenue swung the company to record quarterly profits for the first time.
Full year license and other revenue increased to $29.6M from $7.9M in 2020 and compared to a net loss of $18.2M in 2020, the company recorded $376K of net income in 2021.
Clearside’s (CLSD) cash and cash equivalents reached to $30.4M in 2021 year-end, about 76% higher than a year ago.
In mid-2022, the company expects to report Cohort 3 data from its Phase 1/2a OASIS trial for CLS-AX in Wet AMD.
“Based on this positive safety profile to date and input from our scientific and clinical advisors, we are planning to add a fourth cohort in this trial to explore a broad range of doses to take into a Phase 2b clinical trial,” Chief Executive George Lasezkay noted.
Read: Last June, Clearside (CLSD) posted safety data from the Cohort 1 of the OASIS study.