Clearside Biomedical, Inc. 8-K

What Happened
Clearside Biomedical, Inc. (OTC: CLSDQ) disclosed that it previously filed a voluntary Chapter 11 petition (Case No. 25-12109) in the U.S. Bankruptcy Court for the District of Delaware (initially disclosed in an 8‑K on Nov. 25, 2025). On Dec. 10, 2025 the company moved to approve auction and bidding procedures for a sale of substantially all assets, designated Health Ocean Limited (or its assignee) as the stalking‑horse bidder on Dec. 17, 2025, and the Court approved those bidding procedures on Dec. 19, 2025. The company also filed a Monthly Operating Report with the Court on Dec. 23, 2025 for the period Nov. 23–30, 2025 (Exhibit 99.1).

Key Details

• Bankruptcy case: Chapter 11 voluntary petition, Case No. 25‑12109 (District of Delaware).
• Bidding process: Bidding Procedures Motion filed Dec. 10, 2025 (Docket No. 50); Stalking Horse Notice filed Dec. 17, 2025 (Docket No. 70); Bidding Procedures Order entered Dec. 19, 2025 (Docket No. 92).
• Stalking‑horse bidder: Health Ocean Limited (or its assignee); the stalking‑horse bid will serve as the minimum bid and is subject to higher and better offers at auction.
• Reporting: Monthly Operating Report filed Dec. 23, 2025 for Nov. 23–30, 2025 (attached as Exhibit 99.1). Report is not GAAP, was prepared for the Court, and is subject to adjustment.

Why It Matters
Chapter 11 and the court‑approved bidding procedures mean Clearside is pursuing a structured sale/restructuring process; the designation of a stalking‑horse bidder sets a baseline offer for an auction that could determine the company’s future ownership or asset disposition. The Monthly Operating Report provides short‑term operating details but is limited in scope, not GAAP‑compliant, and should not be relied on as the basis for investment decisions. Investors should note the ongoing legal process, possible impacts on liquidity and operations, and the many case‑related risks disclosed by the company (court approvals, objections, timing, and professional costs). For court documents and case updates see the claims agent site: https://dm.epiq11.com/ClearsideBiomedical.