Source: Financial Modeling Prep · peers by sector/industry
Insider activity (SEC Form 4)
No recent Form 4 filings on EDGAR — either no insider transactions reported recently or this isn't a SEC-registered issuer.
Valuation
Trading at 0.2× sales vs its 32.6× historical median P/S.
Fair value ≈ $60.36 · price $0.41 today
Undervalued · 99% below
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Fair-value line = the stock's median historical P/S × sales per share. Price below the orange line = cheap vs its own history; above = expensive. Not investment advice.
$CLSD well, voted my shares for the the restructuring plan as there appeared to be the best alternative…we’ll know the outcome by 7/1 or shortly after.
$RGNX $CLSD Quick look and it appears that Clearside is going to reorganize, here's AI take:
Key DetailsThe License Remains Intact: Regenxbio has an exclusive worldwide license (exercised in 2019) for the SCS Microinjector specifically for delivering AAV gene therapies (notably RGX-314 / ABBV-RGX-314) in wet AMD, diabetic retinopathy (DR), and related indications. This license includes supply obligations from Clearside. In a Chapter 11 reorganization (as opposed to a full liquidation), existing executory contracts like this license are typically assumed by the reorganized company.
Steel Partners Reorganization:Steel Partners is providing new capital and becoming a major owner of the reorganized Clearside.
The plan focuses on preserving and monetizing the SCS platform and licensing agreements (including Regenxbio’s).
This is far better for partners like Regenxbio than if a random low bidder had won the assets and potentially tried to renegotiate or disrupt supply.
$CLSD Federal corp tax rate is 21%. NOLs are worth $52M (250M NOLs), plus a $12M carried R&D tax credit, so the total value of the shell is $64M. Yet the CLSD team has negotiated a deal with Steele that lacks a guarantee for even a small portion of this money to be paid to CLSD shareholders. Steele can dilute class A shareholders 1000x, and then fold a profitable company into clsd and take the NOLs. You could own a worthless, infinitesimal portion of this new combined company. It will be trading on the pink sheets with no SEC reporting (that is a fact included in the docket). The proposed reverse split is in the docket too.
Trying to get more info. But for now, I'm holding my vote with an intent to vote no unless they come up with a better deal for shareholders where there is an assurance we get paid at least a portion of the NOL value.
I'm not the only large shareholder in this camp. They need yes votes from 2/3 of the votes cast for the proposal to pass. Voting deadline is 6/24.
$CLSD
It's gonna be super annoying when Xipere is 10-15% of steroid injections in the eye due to the IOP advantages.
https://eyesoneyecare.com/resources/unlocking-the-potential-of-suprachoroidal-space/
$CLSD the new bear case is Steel Partners merges in a portfolio company on unfavorable terms to Class A, and your 70% economic interest in a hollowed-out shell is worth pennies. The Steel Connect parallel plays out.
$CLSD
The plan language is explicit: Sale Proceeds fund Bankruptcy Expenses first, and then any remainder is retained by the Reorganized Debtor — not distributed to Class A shareholders. So if there's $2M left over after all the fees and settlements are paid, that money sits inside the reorganized company, on the balance sheet, under Steel Partners' effective control via their 80% voting power and board dominance.
The only cash that flows directly to existing shareholders is whatever scraps remain in the $1M Claims Reserve — and that's Steel Partners' own money being recycled, not proceeds from our assets being sold.
$CLSD What Steel Partners did at Steel Connect:
They issued themselves 16% of the company in convertible preferred stock in 2017, then later tried to take the company private with lowball offers while minority shareholders argued the company's $2.X billion in NOLs were being drastically undervalued. (Specialsituationinvestments) This led to a lawsuit — Reith v. Lichtenstein — alleging breach of fiduciary duty and unjust enrichment in connection with the issuance of $35 million in Series C Convertible Preferred Stock to Steel Partners affiliates. (sec) It ultimately settled for $6 million, with Steel Partners and its affiliates waiving their right to any portion of that distribution (Investing.com) — an implicit acknowledgment that minority shareholders had been harmed.
The NOL parallel is striking. The Steel Connect playbook was: get control of a company with massive NOLs, use them for your own benefit, and give minority shareholders as little as possible.
