Alpharetta-based Clearside Biomedical, Inc., a biopharmaceutical company specializing in eye therapies, has filed for Chapter 11 bankruptcy. The filing comes as the company faces a widening gap between assets and liabilities and owes money to an increasing number of creditors.
Clearside Biomedical, Inc. Files for Bankruptcy
The Alpharetta-based company has moved to the U.S. Bankruptcy Court for the District of Delaware. Clearside Biomedical, Inc. submitted the Chapter 11 request this Sunday.
For more than a decade, Clearside Biomedical has developed biopharmaceutical therapies for eye conditions using its suprachoroidal space delivery platform.
The U.S. Food and Drug Administration approved the first product of Clearside Biomedical, Inc., XIPERE in 2021.
The official filing requires Clearside Biomedical to submit regular reports to the Securities and Exchange Commission under §13 or 15(d) of the Securities Exchange Act of 1934.
Alexander R. Steiger, Daniel J. DeFranceschi, Michael Joseph Merchant, and Matthew P. Milana from Richards, Layton & Finger, P.A. are legally representing Clearside Biomedical, Inc. in the court.
Proceedings So Far
The Pacer data states that the Alpharetta-based company initiated the proceedings on November 23 through a voluntary filing at a $1,738 fee.
Here’s a closer look at the case details:
- Filing Date: November 23, 2025
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 1:25-bk-12109
- Estimated Assets: $1,000,001-$10 million
- Estimated Liabilities: $50,000,001-$100 million
- Reason for Filing: Increasing gap between assets and liabilities
Further details given in the official filing show that Clearside Biomedical, Inc. currently owes around 49 creditors. The filing adds that through the latest bankruptcy filing in Delaware court, the biopharmaceutical company could repay its unsecured lenders.
On November 23, Michael Joseph Merchant submitted the first Affidavit/Declaration of the company’s President and CEO, George Lasezkay, in support of the Chapter 11 petition and first day motions.
After this, Matthew P. Milana submitted a motion requesting the Delaware bankruptcy court to allow the company to pay its employees and prepetition contractor obligations. The representative further requested that Clearside Biomedical, Inc.’s banks continue normal business with it.
Alexander R. Steiger, while representing the Alpharetta-based company, requested the court to allow it to continue using the cash management system and maintain prepetition bank accounts. Clearside Biomedical, Inc. also intends to perform transactions on behalf of a non-debtor subsidiary. To do the same, the company requested the Delaware court to extend the time to fulfill the requirements of Section 345(B) of the Bankruptcy Code.
On the same day, Clearside Biomedical, Inc. filed different motions focusing on maintenance of bank accounts and cash management, continuance of utility services, payment of prepetition and other taxes, and more.
The proceedings on November 23 also involved the biopharmaceutical company submitting an application to appoint Epiq Corporate Restructuring LLC as the Claims/Noticing Agent.
The petition underscores Clearside Biomedical’s financial challenges and sets the stage for a court-approved reorganization plan.
