Clearside Biomedical, Inc.
CLSDQ Healthcare Biotechnology
Clearside Biomedical, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $1.7 million, down 79.8% from fiscal 2023. In the quarter to September 2025, revenue fell 80.6%, EPS grew 24.0% and free cash flow grew 8.15%, each against the same quarter a year earlier.
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Clearside Biomedical, Inc. (CLSDQ) Altman Z-score
Clearside Biomedical, Inc.'s Altman Z-score for fiscal 2024 is −22.08, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −22.08 | (8.39) |
| FY2023 | −13.68 | (5.91) |
| FY2022 | −7.78 | (20.72) |
| FY2021 | 12.95 | 26.39 |
| FY2020 | −13.44 | (2.26) |
| FY2019 | −11.18 | (0.26) |
| FY2018 | −10.92 | (8.21) |
| FY2017 | −2.71 | (7.12) |
| FY2016 | 4.41 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.66 | — | 0.79 | |
| Retained earnings / total assets | (14.14) | — | −19.80 | |
| EBIT / total assets | (1.15) | — | −3.79 | |
| Market value of equity / total liabilities | 1.10 | — | 0.66 | |
| Sales / total assets | 0.07 | — | 0.07 | |
| Altman Z-score | Distress zone | −22.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −50.16 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PPBT Purple Biotech Ltd. Sponsored ADR compare | 5.5× |
| VRAX Virax Biolabs Group Limited compare | −5.3× |
| WINT Windtree Therapeutics, Inc. compare | −7.0× |
| MTNB Matinas Biopharma Holdings, Inc. compare | −11.9× |
| CLSDQ Clearside Biomedical, Inc. | −22.1× |
| OGEN Oragenics, Inc. compare | −67.3× |
| BRTX Biorestorative Therapies, Inc. compare | −71.0× |
| KAPA Kairos Pharma, Ltd. compare | — |
| BPTSY Biophytis SA Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets