NEW YORK–(BUSINESS WIRE)–Clearside Biomedical, Inc. (“Clearside” or the “Company”) today announced that it has completed its financial restructuring and emerged from Chapter 11. All conditions to the effectiveness of the Company’s plan of reorganization (the “Plan”), as confirmed by the United States Bankruptcy Court for the District of Delaware, have been satisfied or waived, and the Plan became effective on the closing date. The Plan was sponsored by Steel Partners, Ltd. (“Steel Partners”), which provided new equity capital and credit support to the reorganized Company. Clearside commenced its Chapter 11 case on November 23, 2025.
Under the Plan, an affiliate of Steel Partners purchased newly issued common shares of the reorganized Company representing approximately 30% of the Company’s aggregate economic interest and 80% of its total voting power, on an as-converted, fully diluted basis. Holders of the Company’s existing common stock retained approximately 70% of the economic interest in the reorganized Company, subject to dilution and customary reorganization adjustments. The proceeds were reserved to satisfy allowed claims. In addition, Steel Partners provided the Company with a $3 million senior secured revolving credit facility for working capital and general corporate purposes.
The reorganized Company emerges free of legacy liabilities and retains certain intellectual property including patents, trademarks and domain names. A central objective of the transaction is the rehabilitation or other use of that retained intellectual property, which the Company, with Steel Partners’ capital and operational support, intends to develop or otherwise utilize and monetize over time.
Additional information is available on Clearside’s website at clearsidebio.com.
About Clearside Biomedical, Inc.
Clearside Biomedical, Inc. is an intellectual property holding, investment, and commercialization company with a portfolio intellectual property covering its proprietary suprachoroidal space (SCS) ocular drug-delivery platform and microinjector technology. Following its emergence from Chapter 11 in 2026, the Company operates with a recapitalized balance sheet, free of legacy liabilities, and is focused on rehabilitating or otherwise utilizing and monetizing its retained intellectual property.
As of December 31, 2025, the Company had federal net operating loss (“NOL”) carryforwards of approximately $290.5 million available to reduce future federal taxes. After projected 2026 utilization and anticipated attribute reduction resulting from bankruptcy emergence, the Company expects approximately $275.9 million of federal NOL carryforwards to remain available, subject to final determination and adjustment. A portion of the Company’s federal NOLs was generated prior to 2018 and may expire if unused, while NOLs generated in 2018 and later years may be carried forward indefinitely, subject to an annual limitation equal to 80% of taxable income. The Company also has state net operating loss carryforwards available to offset future taxable income in various state jurisdictions. These state NOLs are subject to differing carryforward periods, utilization limitations, and apportionment rules depending on the applicable jurisdiction.
Based on management’s assessment, it is more likely than not that the deferred tax assets associated with the Company’s NOL carryforwards and other tax attributes will not be realized through future taxable income or available tax planning strategies. Accordingly, the Company has recorded a valuation allowance against substantially all of its net deferred tax assets as of December 31, 2025.
Note that the Company’s certificate of incorporation includes a provision intended to help preserve certain tax benefits primarily associated with our NOLs. This provision generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.90 percent stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.90 percent stockholder.
About Steel Partners, Ltd.
Steel Partners, Ltd. is a privately held holding company founded in 1990 by Warren Lichtenstein that owns and operates businesses and holds significant interests in a variety of companies, including Steel Partners Holdings L.P.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the reorganized Company’s plans and the anticipated benefits of the restructuring. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. The Company undertakes no obligation to update any forward-looking statement.
Contacts
Investor Contact:
Jennifer Golembeske
212-520-2300
[email protected]
