Biomedical Clearside (NASDAQ: CLSD) Shares jumped more than 35% in the extended trading session on March 10, after the biopharmaceutical company known for revolutionizing the delivery of eye therapies, reported explosive fourth-quarter results that massively exceeded estimates.
The quarterly pace was fueled by higher licensing revenue from milestone payments received from the company’s eye therapy licensing partners, XIPERE.
Outperformance in Q4
Adjusted earnings of $0.31 per share doubled year over year and nearly doubled analysts’ expectations of $0.16 per share. This is notably a significant improvement from the loss of $0.39 per share the previous year.
During the fourth quarter, revenue totaled $25.7 million, up 2,335% year-over-year, and well above the average forecast of $17.8 million. In particular, the revenues included milestone payments received from XIPERE licensing partners, who acted as tailwinds.
XIPERE approved and launched
XIPERE is an injectable suspension of triamcinolone acetonide for suprachoroidal use in the treatment of macular edema associated with uveitis.
In October 2021, XIPERE obtained FDA (Food and Drug Administration) approval in the United States and was subsequently launched.
During the fourth quarter, the company received $20 million in non-dilutive funding related to the development, approval and pre-launch stages from XIPERE’s commercialization partners, Bausch + Lomb and Arctic Vision.
Clearside CEO George Lasezkay, Pharm.D., JD commented, “Following the approval and launch of XIPERE, the first product approved for suprachoroidal administration, there is a growing base of retina specialists trained in the use of our exclusive SCS Microinjector®. With over 1,200 clinical injections to date and six ongoing clinical trials using our technology, we have established our leadership in this area. »
Regarding Cohort 3 data from its Phase 1/2a OASIS trial, he added, “We remain on track to report Cohort 3 results mid-year and expect to report Cohort 4 results later this year. We have started planning our phase 2b clinical trial and aim to open recruitment for this trial by the end of this year. »
The Wall Street community is cautiously bullish on the stock, with a Moderate Buy consensus rating based on 4 buys and 2 takes. Clearside Biomedical’s stock average forecast of $11.50 implies upside potential of 751.85% from current levels, at the time of writing.
Data from TipRanks shows that financial bloggers’ views are 100% bullish on CLSD stocks, compared to an industry average of 69%.
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