Clearside Biomedical is a clinical-stage biopharmaceutical company built around a single platform: delivering drugs to the back of the eye via the suprachoroidal space (SCS). Clearside's proprietary SCS Microinjector uses a short microneedle to inject drug into the thin space between the choroid and sclera, targeting diseased retinal tissue directly rather than relying on diffusion from a vitreous injection. Clearside's one approved product, XIPERE (a corticosteroid for uveitic macular edema), is commercialized by Bausch + Lomb — Clearside has no internal sales force. The company earns revenue through licensing its SCS Microinjector platform to pharma partners, collecting upfront fees, development milestones, and royalties. Partners include REGENXBIO (gene therapy for wet AMD and diabetic retinopathy), Aura Biosciences (ocular oncology), and BioCryst (diabetic macular edema). Clearside sold its near-term XIPERE royalty rights to HealthCare Royalty in 2022, so those cash flows are largely pledged until HCR recoups its investment. Clearside's lead internal asset is CLS-AX, a suprachoroidal axitinib suspension for wet AMD designed to reduce injection frequency with flexible re-dosing every 3-6 months. Phase 2b results showed stable visual acuity and an 84% reduction in injection frequency. Clearside plans two Phase 3 trials, but its ~$20M cash position funds operations only into Q4 2025, making a CLS-AX partnership the company's immediate priority.