Clearside Biomedical (CLSD) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Entity Registrant Name	Clearside Biomedical, Inc.
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	CLSD
Document Type	10-Q
Entity Central Index Key	0001539029
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		62,030,494
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-37783
Entity Tax Identification Number	45-2437375
Entity Address, Address Line One	900 North Point Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Alpharetta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30005
City Area Code	678
Local Phone Number	270-3631

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,005	$ 48,258
Accounts receivable	255	0
Prepaid expenses	542	704
Other current assets	305	439
Total current assets	36,107	49,401
Property and equipment, net	2,052	755
Operating lease right-of-use asset	996	1,117
Other assets	30	30
Total assets	39,185	51,303
Current liabilities:
Accounts payable	1,886	1,050
Accrued liabilities	2,674	4,179
Current portion of operating lease liabilities	359	349
Deferred revenue	355	205
Total current liabilities	5,274	5,783
Liability related to the sales of future royalties, net	38,088	33,977
Operating lease liabilities	796	936
Total liabilities	44,158	40,696
Commitments and contingencies
Stockholders' (deficit) equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 61,717,445 and 60,639,827 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	62	61
Additional paid-in capital	301,789	298,984
Accumulated deficit	(306,824)	(288,438)
Total stockholders' (deficit) equity	(4,973)	10,607
Total liabilities and stockholders' (deficit) equity	$ 39,185	$ 51,303

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	61,717,445	60,639,827
Common stock, shares outstanding	61,717,445	60,639,827

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
License and other revenue	$ 1,018	$ 384	$ 1,022	$ 731
Type of Revenue [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 4,948	$ 5,430	$ 9,399	$ 9,966
General and administrative	3,127	2,791	6,285	6,248
Cost of goods sold	213	0	213	0
Total operating expenses	8,288	8,221	15,897	16,214
Loss from operations	(7,270)	(7,837)	(14,875)	(15,483)
Other income	458	24	950	26
Non-cash interest expense on liability related to the sales of future royalties	(2,294)	0	(4,461)	0
Net loss	$ (9,106)	$ (7,813)	$ (18,386)	$ (15,457)
Net loss per share of common stock - basic	$ (0.15)	$ (0.13)	$ (0.3)	$ (0.26)
Net loss per share of common stock - diluted	$ (0.15)	$ (0.13)	$ (0.3)	$ (0.26)
Weighted average shares outstanding - basic	61,654,520	60,150,348	61,413,343	60,107,517
Weighted average shares outstanding - diluted	61,654,520	60,150,348	61,413,343	60,107,517

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 37,975	$ 60	$ 293,406	$ (255,491)
Beginning balance, shares at Dec. 31, 2021		59,722,930
Exercise of stock options	3		3
Exercise of stock options, shares		22,727
Vesting and settlement of restricted stock units, shares		375,331
Issuance of common shares under employee stock purchase plan	62		62
Issuance of common shares under employee stock purchase plan, shares		26,630
Share-based compensation expense	1,307		1,307
Net loss	(7,644)			(7,644)
Ending balance at Mar. 31, 2022	31,703	$ 60	294,778	(263,135)
Ending balance, shares at Mar. 31, 2022		60,147,618
Beginning balance at Dec. 31, 2021	37,975	$ 60	293,406	(255,491)
Beginning balance, shares at Dec. 31, 2021		59,722,930
Net loss	(15,457)
Ending balance at Jun. 30, 2022	25,248	$ 60	296,136	(270,948)
Ending balance, shares at Jun. 30, 2022		60,150,442
Beginning balance at Mar. 31, 2022	31,703	$ 60	294,778	(263,135)
Beginning balance, shares at Mar. 31, 2022		60,147,618
Exercise of stock options	4		4
Exercise of stock options, shares		2,824
Share-based compensation expense	1,354		1,354
Net loss	(7,813)			(7,813)
Ending balance at Jun. 30, 2022	25,248	$ 60	296,136	(270,948)
Ending balance, shares at Jun. 30, 2022		60,150,442
Beginning balance at Dec. 31, 2022	10,607	$ 61	298,984	(288,438)
Beginning balance, shares at Dec. 31, 2022		60,639,827
Issuance of common shares under at-the-market sales agreement	295		295
Issuance of common shares under at-the-market sales agreement, shares		214,128
Vesting and settlement of restricted stock units, shares		471,390
Issuance of common shares under employee stock purchase plan	37		37
Issuance of common shares under employee stock purchase plan, shares		38,954
Share-based compensation expense	1,041		1,041
Net loss	(9,280)			(9,280)
Ending balance at Mar. 31, 2023	2,700	$ 61	300,357	(297,718)
Ending balance, shares at Mar. 31, 2023		61,364,299
Beginning balance at Dec. 31, 2022	10,607	$ 61	298,984	(288,438)
Beginning balance, shares at Dec. 31, 2022		60,639,827
Net loss	(18,386)
Ending balance at Jun. 30, 2023	(4,973)	$ 62	301,789	(306,824)
Ending balance, shares at Jun. 30, 2023		61,717,445
Beginning balance at Mar. 31, 2023	2,700	$ 61	300,357	(297,718)
Beginning balance, shares at Mar. 31, 2023		61,364,299
Issuance of common shares under at-the-market sales agreement	362	$ 1	361
Issuance of common shares under at-the-market sales agreement, shares		328,147
Exercise of stock options	0		10
Exercise of stock options, shares		24,999
Share-based compensation expense	1,061		1,061
Net loss	(9,106)			(9,106)
Ending balance at Jun. 30, 2023	$ (4,973)	$ 62	$ 301,789	$ (306,824)
Ending balance, shares at Jun. 30, 2023		61,717,445

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (18,386)	$ (15,457)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense on liability related to the sales of future royalties, net of issuance costs accretion	4,461	0
Depreciation	31	84
Share-based compensation expense	2,102	2,661
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(119)	10,477
Other assets and liabilities	(9)	(82)
Accounts payable and accrued liabilities	(785)	745
Deferred revenue	150	0
Net cash used in operating activities	(12,555)	(1,572)
Investing activities
Acquisition of property and equipment	(1,212)	0
Net cash used in investing activities	(1,212)	0
Financing activities
Proceeds from at-the-market sales agreement, net of issuance costs	657	0
Payments to royalty purchase and sale agreement	(350)	0
Proceeds from exercise of stock options	10	7
Proceeds from shares issued under employee stock purchase plan	37	62
Net cash provided by financing activities	354	69
Net decrease in cash, cash equivalents and restricted cash	(13,413)	(1,503)
Cash, cash equivalents and restricted cash, beginning of period	48,418	30,696
Cash, cash equivalents and restricted cash, end of period	35,005	29,193
Supplemental disclosure of noncash financing activities
Purchase of property and equipment included in accrued liabilities	116	0
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	35,005	29,033
Restricted cash	0	160
Cash, cash equivalents and restricted cash at end of period	$ 35,005	$ 29,193

The Company

The Company	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Clearside Biomedical, Inc. (the “Company”) is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS ® ). Incorporated in the State of Delaware on May 26, 2011 , the Company has its corporate headquarters in Alpharetta, Georgia. The Company’s activities since inception have primarily consisted of developing product and technology rights, raising capital and performing research and development activities. The Company is subject to a number of risks and uncertainties similar to those of other life science companies at a similar stage of development, including, among others, the need to obtain adequate additional financing, successful development efforts including regulatory approval of products, compliance with government regulations, successful commercialization of potential products, protection of proprietary technology and dependence on key individuals. Liquidity The Company had cash and cash equivalents of $ 35.0 million as of June 30, 2023. In May 2023, the Company terminated its at-the-market sales agreement with Cowen and Company, LLC (the" ATM Agreement"). The Company sold 515,959 shares of its common stock for net proceeds of $ 0.7 million under its ATM Agreement with Cowen and Company, LLC d uring the six months ended June 30, 2023, prior to the termination of the ATM Agreement. In May 2023, the Company entered into a Controlled Equity Offering SM Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor") under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $ 50.0 million through Cantor as its sales agent. During the six months ended June 30, 2023, the Company sold 26,316 shares of its common stock for net proceeds of $ 32,000 under the Sales Agreement. Subsequent to June 30, 2023, the Company sold an addition al 283,894 s hares of its common stock pursuant to the Sales Agreement for net proceeds of $ 0.3 million. On August 8, 2022, the Company through its wholly-owned subsidiary Clearside Royalty LLC, a Delaware limited liability company (“Royalty Sub”), entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with entities managed by HealthCare Royalty Management, LLC (“HCR”) pursuant to which it sold its rights to receive royalty and milestone payments due to the Company from XIPERE and certain SCS Microinjector license agreements subject to a cap which may be increased under certain circumstances. The Company received a payment of $ 32.1 million in September 2022, representing the $ 32.5 million to which the Company was entitled, net of certain of HCR's transaction-related expenses which the Company agreed to reimburse. There were additional issuance costs of $ 1.5 million related to the Purchase and Sale Agreement resulting in net proceeds of $ 30.6 million. The Company has suffered recurring losses and negative cash flows from operations since inception and anticipates incurring additional losses until such time, if ever, that it can generate significant revenue. The Company has no current source of revenue to sustain present activities. The Company does not expect to generate other meaningful revenue until and unless the Company's licensees successfully commercialize XIPERE and the Company has fulfilled its obligations under the Purchase and Sale Agreement, its other licensees receive regulatory approval and successfully commercialize its product candidates, or the Company commercializes its product candidates either on its own or with a third party. In the absence of product or other revenues, the amount, timing, nature or source of which cannot be predicted, the Company’s losses will continue as it conducts its research and development activities. The Company will continue to need to obtain additional financing to fund future operations, including completing the development, partnering and potential commercialization of its primary product candidates. The Company will need to obtain financing to complete the development and conduct clinical trials for the regulatory approval of its product candidates if requested by regulatory bodies. If such product candidates were to receive regulatory approval, the Company would need to obtain financing to prepare for the potential commercialization of its product candidates, if the Company decides to commercialize the products on its own. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Based on its current plans and forecasted expenses, the Company expects that its cash and cash equivalents as of the filing date, August 14, 2023, will enable it to fund its planned operating expenses and capital expenditure requirements into the third quarter of 2024. The Company has based this estimate on assumptions that may prove to be wrong, and it could exhaust its capital resources sooner than expected. Until the Company can generate sufficient revenue, the Company will need to finance future cash needs through public or private equity offerings, license agreements, debt financings or restructurings, collaborations, strategic alliances and marketing or distribution arrangements. The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company's consolidated financial statements include the results of the financial operations of Clearside Biomedical, Inc. and its wholly-owned subsidiary, Clearside Royalty, LLC. a Delaware limited liability company, which was formed for the purposes of the transactions contemplated by the Purchase and Sale Agreement describe in Note 5. All intercompany balances and transactions have been eliminated. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position and results of operations for the interim periods presented. The results for the three and six months ended June 30, 2023 are not indicative of results to be expected for the year ending December 31, 2023, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. Revenue Recognition The Company recognizes revenue from its contracts with customers under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The Company’s primary revenue arrangements are license agreements which typically include upfront payments, regulatory and commercial milestone payments and royalties based on future product sales. The arrangements may also include payments for the Company’s SCS Microinjector devices as well as payments for assistance and oversight of the customer’s use of the Company’s technology. In determining the amount of revenue to be recognized under these agreements, the Company performs the following steps: (i) identifies the promised goods and services to be transferred in the contract, (ii) identifies the performance obligations, (iii) determines the transaction price, (iv) allocates the transaction price to the performance obligations and (v) recognizes revenue as the performance obligations are satisfied. The Company receives payments from its customers based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Research and Development Costs Research and development costs are charged to expense as incurred and include: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct preclinical studies and clinical trials; • costs associated with preclinical and clinical development activities; • costs associated with submitting regulatory approval applications for the Company’s product candidates; • costs associated with training physicians on the suprachoroidal injection procedure and educating and providing them with appropriate product candidate information; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trial activities, are recognized based on an evaluation of the estimated total costs for the clinical trial, progress to completion of specific tasks using data such as patient enrollment, pass through expenses, clinical site activations, data from the clinical sites or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual contracts and any subsequent amendments, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense. Share-Based Compensation Compensation cost related to share-based awards granted to employees, directors and consultants is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. The fair value of restricted stock units granted is measured based on the market value of the Company’s common stock on the date of grant. Share-based compensation costs are expensed on a straight-line basis over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six-month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the recipient's underlying role within the Company. Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. Liability Related to the Sales of Future Royalties and Non-Cash Interest Expense The Company recognizes a liability related to the sales of future royalties under ASC 470-10 Debt and ASC 835-30 Interest - Imputation of Interest. The initial funds received by the Company pursuant to the terms of the Purchase and Sale Agreement were recorded as a liability and will be accreted under the effective interest method up to the estimated amount of future royalties and milestone payments to be made under the Purchase and Sale Agreement. The issuance costs were recorded as a direct deduction to the carrying amount of the liability and will be amortized under the effective interest method over the estimated period the liability will be repaid. The Company estimated the total amount of future royalty revenue and milestone payments to be generated over the life of the Purchase and Sale Agreement, and a significant increase or decrease in these estimates could materially impact the liability balance and the related interest expense. If the timing of the receipt of royalty payments or milestones is materially different from the original estimates, the Company will prospectively adjust the effective interest and the related amortization of the liability and related issuance costs.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	3. Property and Equipment, Net Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated June 30, December 31, Furniture and fixtures 5 $ 249 $ 249 Machinery and equipment 5 343 343 Computer equipment 3 20 13 Leasehold improvements Lesser of or 476 476 Work in process 1,848 527 Total property and equipment 2,936 1,608 Less: Accumulated depreciation ( 884 ) ( 853 ) Property and equipment, net $ 2,052 $ 755

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development $ 1,215 $ 1,817 Accrued employee costs 970 1,837 Accrued professional fees 167 49 Accrued expense 322 476 $ 2,674 $ 4,179

Royalty Purchase and Sale Agree

Royalty Purchase and Sale Agreement	6 Months Ended
	Jun. 30, 2023
Royalty Purchase and Sales Agreement [Abstract]
Royalty Purchase and Sale Agreement	5 . Royalty Purchase and Sale Agreement On August 8, 2022 (the “Closing Date”), the Company, through Royalty Sub, entered into the Purchase and Sale Agreement with HCR, pursuant to which Royalty Sub sold to HCR certain of its rights to receive royalty and milestone payments payable to Royalty Sub under the Arctic Vision License Agreement, the Bausch License Agreement, that certain License Agreement, effective as of July 3, 2019, by and between the Company and Aura Biosciences, Inc. (the “Aura License Agreement”), that certain Option and License Agreement, dated as of August 29, 2019, by and between REGENXBIO Inc. and the Company (the “REGENXBIO License Agreement”) and any and all out-license agreements following the Closing Date for, or related to XIPERE or the SCS Microinjector technology (to be used in connection with compounds or products of any third parties) delivered, in whole or in part, by means of the SCS Microinjector technology), excluding, for the avoidance of doubt, any in-licensed or internally developed therapies following the Closing Date (collectively, the “Royalties”), in exchange for up to $ 65 million. In connection with this transaction, the Company assigned the Arctic Vision License Agreement, Bausch License Agreement, Aura License Agreement, REGENXBIO License Agreement, the Company's license agreement with Emory University and The Georgia Tech Research Corporation and related intellectual property rights to Royalty Sub. Under the terms of the Purchase and Sale Agreement, Royalty Sub received an initial payment of $ 32.1 million, representing the $ 32.5 million to which the Company was entitled, net of certain of HCR's transaction-related expenses which the Company agreed to reimburse. There were additional issuance costs of $ 1.5 million related to the Purchase and Sale Agreement resulting in net proceeds of $ 30.6 million. An additional $ 12.5 million was deposited by HCR in an escrow account to be released to Royalty Sub upon attainment of a pre-specified XIPERE sales milestone achieved no later than March 31, 2024. The terms of the Purchase and Sale Agreement also provide for an additional $ 20 million milestone payment to Royalty Sub upon attainment of a second pre-specified sales milestone related to 2024 XIPERE sales (the "Second Milestone Event"). The Purchase and Sale Agreement will automatically expire, and the payment of Royalties from the Royalty Sub to HCR will cease, when HCR has received payments of the Royalties equal to 2.5 times the aggregate amount of payments made by HCR under the Agreement if the Second Milestone Event is achieved on or prior to December 31, 2024 (the “Initial Cap”). If the Second Milestone Event is not achieved on or prior to December 31, 2024, payment of Royalties from Royalty Sub to HCR will cease when HCR has received Royalties payments equal to 3.4 times the aggregate amount of payments under the Purchase and Sale Agreement (the “Alternative Cap”, and together with the Initial Cap, the “Cap Amount”). In the event of a change in control, acquiror will have the option to make a payment to HCR of the Cap Amount then in effect, less the aggregate amount of Royalty payments made by Royalty Sub to HCR under the Purchase and Sale Agreement as a one-time payment at which time, payment of Royalties to HCR will cease. Alternatively, in the event of a change in control, the acquiror will have the option to make an initial payment of 1.0 times the aggregate amount of payments made by HCR under the Purchase and Sale Agreement as of the date of such change in control, then in that event, payment of Royalties from Royalty Sub to HCR will cease when HCR has received total Royalties payments (including the initial payment) equal to the Alternative Cap. After the Purchase and Sale Agreement expires, all rights to receive the Royalties return to Royalty Sub. Issuance costs pursuant to the Purchase and Sale Agreement consisting primarily of advisory and legal fees, totaled $ 1.9 million including the amount of HCR's transaction-related expenses that the Company reimbursed. The effective interest rate includes cash flow projections for future royalty and milestone payments, which are sensitive to certain assumptions, including market size, market penetration and sales price, that are forward looking and could be affected by future market conditions. Th e following table summarizes the activity of the Purchase and Sale Agreement (in thousands): Royalty purchase and sale agreement balance at December 31, 2022 $ 33,977 Payments ( 350 ) Non-cash interest expense 4,461 Balance at June 30, 2023 $ 38,088 Effective interest rate 29.1 %

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Common Stock	6. Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue 200,000,000 shares of $ 0.001 par value common stock. As of June 30, 2023 and December 31, 2022, there were 61,717,445 and 60,639,827 shares of common stock outstanding, respectively.

Stock Purchase Warrants

Stock Purchase Warrants	6 Months Ended
	Jun. 30, 2023
Stock Purchase Warrants [Abstract]
Stock Purchase Warrants	7. Stock Purchase Warrants In September 2016, in connection with a loan agreement, the Company issued warrants to purchase up to 29,796 shares of common stock at a price per share of $ 10.74 . The warrants expire in September 2026 , or earlier upon the occurrence of specified mergers or acquisitions of the Company, and are immediately exercisable . The warrants were recorded in equity and had a weighted average remaining life of 3.25 years as of June 30, 2023.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	8. Share-Based Compensation Share-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation . Stock Options The Company has granted stock option awards to employees, directors and consultants from its 2011 Stock Incentive Plan (the “2011 Plan”) and its 2016 Equity Incentive Plan (the “2016 Plan”). The estimated fair value of options granted is determined as of the date of grant using the Black-Scholes option pricing model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the awards. Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 295 $ 413 $ 606 $ 814 General and administrative 437 540 833 1,054 Total $ 732 $ 953 $ 1,439 $ 1,868 The following table summarizes the activity related to stock options during the six months ended June 30, 2023: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2022 6,915,330 $ 3.58 Granted 2,550,750 1.47 Exercised ( 24,999 ) 0.40 Forfeited ( 335,547 ) 2.23 Options outstanding at June 30, 2023 9,105,534 3.05 Options exercisable at December 31, 2022 4,223,931 4.22 Options exercisable at June 30, 2023 5,204,602 3.88 As of June 30, 2023, the Company had $ 5.2 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 2.6 years. Restricted Stock Units The Company has granted restricted stock units (“RSUs”) to employees from the 2016 Plan. The shares underlying the RSU awards have vesting terms of four years from the date of grant subject to the employees’ continuous service and subject to accelerated vesting in specified circumstances. The fair value of the RSUs granted is measured based on the market value of the Company’s common stock on the date of grant and is recognized ratably over the requisite service period, which is generally the vesting period of the awards. The total share-based compensation expense related to RSUs is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 163 $ 197 $ 332 $ 304 General and administrative 163 186 324 348 Total $ 326 $ 383 $ 656 $ 652 The following table summarizes the activity related to RSUs during the six months ended June 30, 2023: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2022 1,462,932 $ 3.04 Vested ( 471,390 ) 3.09 Forfeited ( 95,876 ) 3.18 Non-vested RSUs outstanding at June 30, 2023 895,666 3.01 As of June 30, 2023, the Company had $ 2.1 million of unrecognized compensation expense related to the RSUs which is expected to be recognized over a weighted average period of 1.9 years. Employee Stock Purchase Plan The 2016 Employee Stock Purchase Plan (the “2016 ESPP”) became effective on June 1, 2016. The 2016 ESPP is considered a compensatory plan and the fair value of the discount and the look-back period are estimated using the Black-Scholes option pricing model and expense is recognized over the six-month withholding period prior to the purchase date. The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 2 $ 5 $ 5 $ 10 General and administrative 1 3 2 6 Total $ 3 $ 8 $ 7 $ 16 During the six months ended June 30, 2023, the Company issued 38,954 shares of common stock purchased under the 2016 ESPP.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Lease Commitment Summary In November 2022, the Company signed an amended office lease agreement to lease approximately 14,000 square feet of office space in Alpharetta, Georgia for its corporate headquarters. The amended office lease agreement is for a four year term with a renewal option for an additional 38 months. Rental payments are $ 30,747 per month subject to an increase of 3 % per year. Rent expense under this lease is recognized on a straight-line basis over the term of the lease. In addition, the office lease agreement requires payment of the pro-rata share of the annual operating expenses associated with the premises. The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed. Equipment leases with an initial term of 12 months or less are not recorded with operating lease liabilities. The Company recognizes expense for these leases on a straight-line basis over the lease term. The equipment leases were deemed to be immaterial. Contract Service Providers In the course of the Company’s normal business operations, it has agreements with contract service providers to assist in the performance of its research and development, clinical research and manufacturing. Substantially all of these contracts are on an as needed basis.

License and Other Agreements

License and Other Agreements	6 Months Ended
	Jun. 30, 2023
License And Other Agreement [Abstract]
License and Other Agreements	10. License and Other Agreements Bausch + Lomb On October 22, 2019, the Company entered into a License Agreement (as amended, the "Bausch License Agreement") with Bausch + Lomb (“Bausch”). Pursuant to the Bausch License Agreement, the Company has granted an exclusive license to Bausch to develop, manufacture, distribute, promote, market and commercialize XIPERE using the Company’s proprietary SCS Microinjector (the “Device”), as well as specified other steroids, corticosteroids and NSAIDs in combination with the Device (together with XIPERE, the “Products”), subject to specified exceptions, in the United States and Canada (the “Territory”) for the treatment of ophthalmology indications, including non-infectious uveitis. Pursuant to the Bausch License Agreement, Bausch paid the Company an aggregate of $ 20.0 million in upfront and milestone payments. In addition, Bausch has agreed to pay up to an aggregate of $ 55.0 million in additional milestone payments upon the achievement of (i) specified regulatory approvals for specifi ed additional indications of XIPERE and (ii) specified levels of annual net sales (as defined in the Bausch License Agreement). Further, during the applicable royalty term, the Company will also be entitled to receive tiered royalties at increasing percentages, from the high-teens to twenty percent, based on XIPERE achieving certain annual net sales thresholds in the Territory, in each case subject to reductions in specified circumstances; provided that the Company will not receive any royalties on the first $ 45.0 million of cumulative net sales of all products in the Territory. Bausch launched XIPERE in the United States in the first quarter of 2022. The Company's rights to these royalties and milestone payments have been sold pursuant to the terms and conditions of the Purchase and Sale Agreement described in Note 5 to the consolidated financial statements. Arctic Vision (Hong Kong) Limited On March 10, 2020, the Company entered into a License Agreement (the “Arctic License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”). Pursuant to the Arctic License Agreement, the Company has granted an exclusive license to Arctic Vision to develop, distribute, promote, market and commercialize XIPERE, subject to specified exceptions, in China, Hong Kong, Macau, Taiwan and South Korea (the “Arctic Territory”). Under the terms of the Arctic License Agreement, neither party may commercialize XIPERE in the other party’s territory. Arctic Vision has agreed to use commercially reasonably efforts to pursue development and commercialization of XIPERE for indications associated with uveitis in the Arctic Territory. In addition, upon receipt of the Company’s consent, Arctic Vision will have the right, but not the obligation, to develop and commercialize XIPERE for additional indications in the Arctic Territory. Pursuant to the Arctic License Agreement, Arctic Vision paid the Company an aggregate of $ 8.0 million in upfront and milestone payments. In addition, Arctic Vision has agreed to pay the Company up to $ 24.0 million in development and sales milestones. Further, during the applicable royalty term, the Company will also be entitled to receive tiered royalties of ten to twelve percent of net sales based on achieving certain annual net sales thresholds in the Territory, subject to customary reductions, payable on a product-by-product and country-by-country basis, commencing at launch in such country and lasting until the latest of (i) the date that all valid claims within the licensed patent rights covering XIPERE have expired, (ii) the date of the loss of marketing or regulatory exclusivity of XIPERE in a given country, or (iii) ten years from the first commercial sale of XIPERE in a given country. The Company's rights to these royalties and milestone payments have been sold pursuant to the terms and conditions of the Purchase and Sale Agreement described in Note 5 to the consolidated financial statements. In August 2021, the Company entered into an amendment to the Arctic License Agreement to expand the territories covered by the license to include India and the ASEAN Countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam). In September 2021, the Company entered into a second amendment to the Arctic Vision License Agreement to expand the Arctic Territory to include Australia and New Zealand. The Company received an aggregate of $ 3.0 million in consideration for the expansion of the Arctic Territory. Other The Company periodically enters into short-term agreements with other customers to evaluate the potential use of its proprietary SCS Microinjector with third-party product candidates for the treatment of various diseases. Funds received from these agreements are recognized as revenue over the term of the agreement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The Company’s material financial instruments at June 30, 2023 and December 31, 2022 consisted primarily of cash and cash equivalents. The fair values of cash and cash equivalents, other current assets and accounts payable approximate their respective carrying values due to the short term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The fair value of liability related to the sales of future royalties approximates the carrying value due to the short period of time that has elapsed from the origination date and the absence of any identifiable factors that would be reasonably expected to materially impact the fair value of the liability. There were no transfers between Levels 1, 2 and 3 during the six months ended June 30, 2023 and the year ended December 31, 2022.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	12. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration of the dilutive effect of potential common stock equivalents. Diluted net loss per share gives effect to all dilutive potential shares of common stock outstanding during this period. For all periods presented, the Company’s potential common stock equivalents, which included stock options, restricted stock units and stock purchase warrants, have been excluded from the computation of diluted net loss per share as their inclusion would have the effect of reducing the net loss per share. Therefore, the denominator used to calculate both basic and diluted net loss per share is the same in all periods presented. The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Six Months Ended 2023 2022 Outstanding stock options 9,105,534 7,471,217 Non-vested restricted stock units 895,666 1,590,476 Stock purchase warrants 29,796 29,796 10,030,996 9,091,489

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company's consolidated financial statements include the results of the financial operations of Clearside Biomedical, Inc. and its wholly-owned subsidiary, Clearside Royalty, LLC. a Delaware limited liability company, which was formed for the purposes of the transactions contemplated by the Purchase and Sale Agreement describe in Note 5. All intercompany balances and transactions have been eliminated. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position and results of operations for the interim periods presented. The results for the three and six months ended June 30, 2023 are not indicative of results to be expected for the year ending December 31, 2023, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from its contracts with customers under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The Company’s primary revenue arrangements are license agreements which typically include upfront payments, regulatory and commercial milestone payments and royalties based on future product sales. The arrangements may also include payments for the Company’s SCS Microinjector devices as well as payments for assistance and oversight of the customer’s use of the Company’s technology. In determining the amount of revenue to be recognized under these agreements, the Company performs the following steps: (i) identifies the promised goods and services to be transferred in the contract, (ii) identifies the performance obligations, (iii) determines the transaction price, (iv) allocates the transaction price to the performance obligations and (v) recognizes revenue as the performance obligations are satisfied. The Company receives payments from its customers based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred and include: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct preclinical studies and clinical trials; • costs associated with preclinical and clinical development activities; • costs associated with submitting regulatory approval applications for the Company’s product candidates; • costs associated with training physicians on the suprachoroidal injection procedure and educating and providing them with appropriate product candidate information; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trial activities, are recognized based on an evaluation of the estimated total costs for the clinical trial, progress to completion of specific tasks using data such as patient enrollment, pass through expenses, clinical site activations, data from the clinical sites or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual contracts and any subsequent amendments, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense.
Share-Based Compensation	Share-Based Compensation Compensation cost related to share-based awards granted to employees, directors and consultants is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. The fair value of restricted stock units granted is measured based on the market value of the Company’s common stock on the date of grant. Share-based compensation costs are expensed on a straight-line basis over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six-month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the recipient's underlying role within the Company.
Cash Equivalents	Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase.
Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits	Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances.
Liability Related to the Sales of Future Royalties and Non-Cash Interest Expense	Liability Related to the Sales of Future Royalties and Non-Cash Interest Expense The Company recognizes a liability related to the sales of future royalties under ASC 470-10 Debt and ASC 835-30 Interest - Imputation of Interest. The initial funds received by the Company pursuant to the terms of the Purchase and Sale Agreement were recorded as a liability and will be accreted under the effective interest method up to the estimated amount of future royalties and milestone payments to be made under the Purchase and Sale Agreement. The issuance costs were recorded as a direct deduction to the carrying amount of the liability and will be amortized under the effective interest method over the estimated period the liability will be repaid. The Company estimated the total amount of future royalty revenue and milestone payments to be generated over the life of the Purchase and Sale Agreement, and a significant increase or decrease in these estimates could materially impact the liability balance and the related interest expense. If the timing of the receipt of royalty payments or milestones is materially different from the original estimates, the Company will prospectively adjust the effective interest and the related amortization of the liability and related issuance costs.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated June 30, December 31, Furniture and fixtures 5 $ 249 $ 249 Machinery and equipment 5 343 343 Computer equipment 3 20 13 Leasehold improvements Lesser of or 476 476 Work in process 1,848 527 Total property and equipment 2,936 1,608 Less: Accumulated depreciation ( 884 ) ( 853 ) Property and equipment, net $ 2,052 $ 755

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development $ 1,215 $ 1,817 Accrued employee costs 970 1,837 Accrued professional fees 167 49 Accrued expense 322 476 $ 2,674 $ 4,179

Royalty Purchase and Sale Agr_2

Royalty Purchase and Sale Agreement (Tables)	6 Months Ended
	Jun. 30, 2023
Royalty Purchase and Sales Agreement [Abstract]
Schedule of Activity of Royalty Obligation	e following table summarizes the activity of the Purchase and Sale Agreement (in thousands): Royalty purchase and sale agreement balance at December 31, 2022 $ 33,977 Payments ( 350 ) Non-cash interest expense 4,461 Balance at June 30, 2023 $ 38,088 Effective interest rate 29.1 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Share-based Compensation Expense	Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 295 $ 413 $ 606 $ 814 General and administrative 437 540 833 1,054 Total $ 732 $ 953 $ 1,439 $ 1,868
Summary of Activity Related to Stock Options	The following table summarizes the activity related to stock options during the six months ended June 30, 2023: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2022 6,915,330 $ 3.58 Granted 2,550,750 1.47 Exercised ( 24,999 ) 0.40 Forfeited ( 335,547 ) 2.23 Options outstanding at June 30, 2023 9,105,534 3.05 Options exercisable at December 31, 2022 4,223,931 4.22 Options exercisable at June 30, 2023 5,204,602 3.88
Restricted Stock Units (RSUs)
Summary of Share-based Compensation Expense	The total share-based compensation expense related to RSUs is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 163 $ 197 $ 332 $ 304 General and administrative 163 186 324 348 Total $ 326 $ 383 $ 656 $ 652
Summary of the Activity Related to RSUs	The following table summarizes the activity related to RSUs during the six months ended June 30, 2023: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2022 1,462,932 $ 3.04 Vested ( 471,390 ) 3.09 Forfeited ( 95,876 ) 3.18 Non-vested RSUs outstanding at June 30, 2023 895,666 3.01
2016 Employee Stock Purchase Plan
Summary of Share-based Compensation Expense	The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 2 $ 5 $ 5 $ 10 General and administrative 1 3 2 6 Total $ 3 $ 8 $ 7 $ 16

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share	The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Six Months Ended 2023 2022 Outstanding stock options 9,105,534 7,471,217 Non-vested restricted stock units 895,666 1,590,476 Stock purchase warrants 29,796 29,796 10,030,996 9,091,489

The Company - Additional Inform

The Company - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 10, 2023	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity incorporation date		May 26, 2011
Cash and cash equivalents		$ 35,005		$ 48,258		$ 29,033
Cantor Fitzgerald & Co. | Common Stock | In May 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold under facility	283,894
Net proceeds from issuance of stock	$ 300
At-the-market Sales Agreement | Cowen and Company LLC | Common Stock | In May 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold under facility		515,959
Net proceeds from issuance of stock		$ 700
At-the-market Sales Agreement | Cantor Fitzgerald & Co. | Common Stock | In May 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold under facility		26,316
Net proceeds from issuance of stock		$ 32,000
Common stock shares aggregate offering price			$ 50,000
Royalty Purchase And Sale Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance costs		1,500
Royalty purchase and sale agreement effective August 8, 2022		32,500
Initial payment					$ 32,100
Proceeds from royalty purchase and sale agreement, net of issuance costs		$ 30,600

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,936	$ 1,608
Less: Accumulated depreciation	(884)	(853)
Property and equipment, net	2,052	755
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 249	249
Estimated Useful Lives (Years)	5 years
Machinery and Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 343	343
Estimated Useful Lives (Years)	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 20	13
Estimated Useful Lives (Years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 476	476
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Property and equipment, net
Work in process
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,848	$ 527

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development	$ 1,215	$ 1,817
Accrued employee costs	970	1,837
Accrued professional fees	167	49
Accrued expense	322	476
Accrued liabilities, current	$ 2,674	$ 4,179

Royalty Purchase and Sale Agr_3

Royalty Purchase and Sale Agreement (Additional Information) (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 08, 2022	Jun. 30, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Initial proceeds from royalty purchase and sales agreement		$ 32.5
Purchase and sale agreement description		The Purchase and Sale Agreement will automatically expire, and the payment of Royalties from the Royalty Sub to HCR will cease, when HCR has received payments of the Royalties equal to 2.5 times the aggregate amount of payments made by HCR under the Agreement if the Second Milestone Event is achieved on or prior to December 31, 2024 (the “Initial Cap”). If the Second Milestone Event is not achieved on or prior to December 31, 2024, payment of Royalties from Royalty Sub to HCR will cease when HCR has received Royalties payments equal to 3.4 times the aggregate amount of payments under the Purchase and Sale Agreement (the “Alternative Cap”, and together with the Initial Cap, the “Cap Amount”). In the event of a change in control, acquiror will have the option to make a payment to HCR of the Cap Amount then in effect, less the aggregate amount of Royalty payments made by Royalty Sub to HCR under the Purchase and Sale Agreement as a one-time payment at which time, payment of Royalties to HCR will cease. Alternatively, in the event of a change in control, the acquiror will have the option to make an initial payment of 1.0 times the aggregate amount of payments made by HCR under the Purchase and Sale Agreement as of the date of such change in control, then in that event, payment of Royalties from Royalty Sub to HCR will cease when HCR has received total Royalties payments (including the initial payment) equal to the Alternative Cap. After the Purchase and Sale Agreement expires, all rights to receive the Royalties return to Royalty Sub.
Debt related commitment fees and debt related issuance costs		$ 1.9
Royalty Purchase And Sale Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Issuance costs		1.5
Proceeds from royalty purchase and sale agreement, net of issuance costs		$ 30.6
Royalty Sub Member [Member] | Royalty Purchase And Sale Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Initial proceeds from royalty purchase and sales agreement net of certain expenses	$ 32.1
First milestone proceeds from royalty purchase and sale agreement	12.5
Second milestone proceeds from royalty purchase and sale agreement	20
Royalty Sub Member [Member] | Royalty Purchase And Sale Agreement [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Maximum proceeds from royalty purchase and sale agreement	$ 65

Royalty Purchase and Sale Agr_4

Royalty Purchase and Sale Agreement - Schedule of Activity of Royalty Obligation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Royalty Obligation [Abstract]
Royalty purchase and sale agreement balance at December 31, 2022	$ 33,977
Payments to royalty purchase and sale agreement	(350)	$ 0
Non-cash interest expense	4,461	$ 0
Balance at March 31, 2023	$ 38,088
Effective interest rate	29.10%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	61,717,445	60,639,827

Stock Purchase Warrants - Addit

Stock Purchase Warrants - Additional Information (Details) - $ / shares	1 Months Ended	6 Months Ended
	Sep. 30, 2016	Jun. 30, 2023
Class Of Warrant Or Right [Line Items]
Weighted average remaining life of warrants		3 years 3 months
Maximum
Class Of Warrant Or Right [Line Items]
Number of stock that can be purchased by each warrant	29,796
Convertible Stock Warrant
Class Of Warrant Or Right [Line Items]
Class of warrant Exercise	$ 10.74
Warrants expiration term	2026-09

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
2016 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common shares under employee stock purchase plan, shares | shares	38,954
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options	$ 5.2
Expected to be recognized over a weighted average period	2 years 7 months 6 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized over a weighted average period	1 year 10 months 24 days
Unrecognized compensation expense related to the RSUs	$ 2.1

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
2016 Employee Stock Purchase Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 3	$ 8	$ 7	$ 16
2016 Employee Stock Purchase Plan | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2	5	5	10
2016 Employee Stock Purchase Plan | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	1	3	2	6
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	732	953	1,439	1,868
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	295	413	606	814
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	437	540	833	1,054
Restricted Stock Units (RSUs)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	326	383	656	652
Restricted Stock Units (RSUs) | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	163	197	332	304
Restricted Stock Units (RSUs) | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 163	$ 186	$ 324	$ 348

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity Related to Stock Options (Details) - Stock Options - 2011 Stock Incentive Plan, 2016 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Options outstanding, Beginning balance | shares	6,915,330
Number of Shares, Granted | shares	2,550,750
Number of Shares, Exercised | shares	(24,999)
Number of Shares, Forfeited | shares	(335,547)
Number of Shares, Options outstanding, Ending balance | shares	9,105,534
Number of Shares, Options exercisable | shares	5,204,602	4,223,931
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ / shares	$ 3.58
Weighted Average Exercise Price, Granted | $ / shares	1.47
Weighted Average Exercise Price, Exercised | $ / shares	0.4
Weighted Average Exercise Price, Forfeited | $ / shares	2.23
Weighted Average Exercise Price, Options outstanding, Ending balance | $ / shares	3.05
Weighted Average Exercise Price, Options exercisable | $ / shares	$ 3.88	$ 4.22

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of the Activity Related to RSUs (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested units outstanding, Number of Shares, Beginning balance | shares	1,462,932
Number of Shares, Vested | shares	(471,390)
Number of Shares, Forfeited | shares	(95,876)
Non-vested units outstanding, Number of Shares, Ending balance | shares	895,666
Non-vested units outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares	$ 3.04
Weighted Average Exercise Price, Vested | $ / shares	3.09
Weighted Average Exercise Price, Forfeited | $ / shares	3.18
Non-vested units outstanding, Weighted Average Exercise Price, Ending balance | $ / shares	$ 3.01

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details)	1 Months Ended	6 Months Ended
	Nov. 30, 2022 USD ($) ft²	Jun. 30, 2023
Commitment And Contingencies [Line Items]
Lessee, operating lease, option to extend, description		The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed.
GEORGIA
Commitment And Contingencies [Line Items]
Area of office leased | ft²	14,000
Operating lease agreement term	4 years
Minimum monthly lease payments | $	$ 30,747
Percentage of increase per year	3%

Commitment and Contingencies _2

Commitment and Contingencies - Operating Leases Included on the Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 996	$ 1,117
Liabilities
Current portion of operating lease liabilities	359	349
Operating lease liabilities	$ 796	$ 936

License and Other Agreements -

License and Other Agreements - Additional Information (Detail) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 10, 2020	Oct. 22, 2019	Sep. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue				$ 355		$ 355		$ 205
License and other revenue				$ 1,018	$ 384	1,022	$ 731
Bausch Health Ireland Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront and Milestone Payments		$ 20,000
Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Threshold percentage of sales for tiered royalties	12%
Arctic Vision Limited | Minimum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Threshold percentage of sales for tiered royalties	10%
XIPERE [Member] | Bausch Health Ireland Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
First cumulative net sales of products						$ 45,000
XIPERE [Member] | Bausch Health Ireland Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional milestone payments		$ 55,000
License Arrangement | Arctic Vision Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Consideration for Territory Expansion Received			$ 3,000
License Arrangement | Arctic Vision Limited | Upfront Payment
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront and Milestone Payments	$ 8,000
License Arrangement | Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development milestone payments	$ 24,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Significant transfers between Levels 1, 2 and 3	$ 0	$ 0

Net Loss Per Share - Potential

Net Loss Per Share - Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	10,030,996	9,091,489
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	9,105,534	7,471,217
Non-vested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	895,666	1,590,476
Stock Purchase Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	29,796	29,796