ALDX Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About ALDX Interactive Breakdown Better Bets vs. ALDX Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Aldeyra Therapeutics (ALDX)

    Market Price (10/8/2026): $0.9881 | Market Cap: $59.6 MilSector: Health Care | Industry: Biotechnology

    Aldeyra Therapeutics (ALDX)

    Market Price (10/8/2026): $0.9881
    Market Cap: $59.6 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -78%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.

    Weak multi-year price returns
    2Y Excs Rtn is -119%, 3Y Excs Rtn is -166%

    Penny stock
    Mkt Price is 1.0

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -24 Mil

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -45%

    High stock price volatility
    Vol 12M is 116%

    Key risks
    [ALDX] key risks include [1] the highly uncertain regulatory approval of its lead drug, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -78%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
    2 Weak multi-year price returns
    2Y Excs Rtn is -119%, 3Y Excs Rtn is -166%
    3 Penny stock
    Mkt Price is 1.0
    4 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -24 Mil
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -45%
    7 High stock price volatility
    Vol 12M is 116%
    8 Key risks
    [ALDX] key risks include [1] the highly uncertain regulatory approval of its lead drug, Show more.

    ALDX in ETFs

    Weight = ALDX's share of each fund

    VTI0.00%
    VHT0.00%
    DFAS0.00%

    Valuation & Metrics

    FYE: 12/31ALDX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$1.2 Mil—
    FY 2027 Sales$8.4 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth572.0%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-23.1 Mil—
    FY 2026 Net Income (Non-GAAP)$-20.5 Mil—
    FY 2027 Net Income (Non-GAAP)$-16.7 Mil—
    FY 2027 Net Income Growth—18.8%
    FY 2026 EPS (Non-GAAP)$-0.34—
    FY 2027 EPS (Non-GAAP)$-0.28—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S47.71.7
    FY 2027 P/S7.1—
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] ALDX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Late-Stage Product Candidates25052025Link
    Number of Drug Candidates in Development510282025Link
    Number of Recent US Patents Granted53042025Link
    Number of Active Clinical Trials34032025Link

    Price Chart

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    Upcoming
    11/04/2026Earnings ReleaseRev: $2.0 Mil (E)
    EPS: $-0.11 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/5/2026

    Aldeyra Therapeutics (ALDX) stock has lost about 55% since 6/30/2026 because of the following key factors:

    1. Continued Regulatory Uncertainty for Reproxalap and Prolonged Appeal Process. Aldeyra Therapeutics' stock continued its decline due to the ongoing regulatory uncertainty surrounding its lead drug candidate, reproxalap, for dry eye disease. The company received its third Complete Response Letter (CRL) from the FDA in March 2026, citing a "lack of substantial evidence" and "inconsistency of study results" in clinical trials. Since June 30, 2026, Aldeyra has been engaged in a protracted appeal process, including requesting clarification from the FDA, holding Type D meetings, and announcing its intent to submit a Formal Dispute Resolution Request (FDRR) to the FDA's Office of New Drugs (OND) in fiscal Q4 2026. This prolonged and uncertain path to approval for its central value driver has continuously weighed on investor confidence.

    2. Missed Fiscal Q2 2026 Earnings Expectations. Aldeyra Therapeutics reported its fiscal Q2 2026 earnings on August 5, 2026, posting an Earnings Per Share (EPS) of -$0.09. This figure missed analysts' consensus expectations of -$0.08 by 12.50%. The reported earnings miss, combined with the company's ongoing operational losses, contributed to the sustained negative investor sentiment during the specified period.

    Show more
    Updated on 10/5/2026

    Aldeyra Therapeutics (ALDX) stock has lost about 55% since 6/30/2026 because of the following key factors:

    1. Continued Regulatory Uncertainty for Reproxalap and Prolonged Appeal Process. Aldeyra Therapeutics' stock continued its decline due to the ongoing regulatory uncertainty surrounding its lead drug candidate, reproxalap, for dry eye disease. The company received its third Complete Response Letter (CRL) from the FDA in March 2026, citing a "lack of substantial evidence" and "inconsistency of study results" in clinical trials. Since June 30, 2026, Aldeyra has been engaged in a protracted appeal process, including requesting clarification from the FDA, holding Type D meetings, and announcing its intent to submit a Formal Dispute Resolution Request (FDRR) to the FDA's Office of New Drugs (OND) in fiscal Q4 2026. This prolonged and uncertain path to approval for its central value driver has continuously weighed on investor confidence.

    2. Missed Fiscal Q2 2026 Earnings Expectations. Aldeyra Therapeutics reported its fiscal Q2 2026 earnings on August 5, 2026, posting an Earnings Per Share (EPS) of -$0.09. This figure missed analysts' consensus expectations of -$0.08 by 12.50%. The reported earnings miss, combined with the company's ongoing operational losses, contributed to the sustained negative investor sentiment during the specified period.

    3. Lack of New Positive Catalysts. The period since June 30, 2026, has been characterized by a lack of significant positive clinical or commercial news for Aldeyra's pipeline. While the company pursues its appeal for reproxalap, the absence of new, compelling positive developments or catalysts has failed to offset the substantial regulatory hurdles and uncertainty, leading to a continued depreciation of the stock value.

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    Stock Movement Drivers

    Fundamental Drivers

    The -55.0% change in ALDX stock from 6/30/2026 to 10/7/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)630202610072026Change
    Stock Price ($)2.130.96-55.0%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)60600.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/7/2026
    ReturnCorrelation
    ALDX-55.0% 
    Market (SPY)4.1%0.6%
    Sector (XLV)6.4%-4.9%

    Fundamental Drivers

    The -43.3% change in ALDX stock from 3/31/2026 to 10/7/2026 was primarily driven by a -0.3% change in the company's Shares Outstanding (Mil).
    (LTM values as of)331202610072026Change
    Stock Price ($)1.690.96-43.3%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)6060-0.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/7/2026
    ReturnCorrelation
    ALDX-43.3% 
    Market (SPY)19.8%14.3%
    Sector (XLV)15.7%-8.4%

    Fundamental Drivers

    The -81.6% change in ALDX stock from 9/30/2025 to 10/7/2026 was primarily driven by a -0.5% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202510072026Change
    Stock Price ($)5.220.96-81.6%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)6060-0.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/7/2026
    ReturnCorrelation
    ALDX-81.6% 
    Market (SPY)17.6%13.1%
    Sector (XLV)22.9%2.1%

    Fundamental Drivers

    The -85.6% change in ALDX stock from 9/30/2023 to 10/7/2026 was primarily driven by a -2.5% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310072026Change
    Stock Price ($)6.680.96-85.6%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5960-2.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/7/2026
    ReturnCorrelation
    ALDX-85.6% 
    Market (SPY)88.1%16.8%
    Sector (XLV)37.3%7.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ALDX Return-42%74%-50%42%4%-82%-87%
    Peers Return-7%-12%18%23%17%4%46%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    ALDX Win Rate42%75%33%42%50%40% 
    Peers Win Rate50%47%50%55%53%50% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    ALDX Max Drawdown-76%-53%-88%-34%-80%-84% 
    Peers Max Drawdown-35%-39%-33%-34%-34%-25% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: BLCO, VTRS, OCUL, ABBV, REGN.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/7/2026 (YTD)

    How Low Can It Go

    EventALDXS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-43.1%-24.5%
      % Gain to Breakeven75.7%32.4%
      Time to Breakeven56 days427 days
    2020 COVID-19 Crash
      % Loss-68.7%-33.7%
      % Gain to Breakeven219.8%50.9%
      Time to Breakeven115 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-44.3%-19.2%
      % Gain to Breakeven79.6%23.8%
      Time to Breakeven756 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-47.3%-3.7%
      % Gain to Breakeven89.6%3.9%
      Time to Breakeven132 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-55.4%-12.2%
      % Gain to Breakeven124.1%13.9%
      Time to Breakeven568 days62 days

    Compare to BLCO, VTRS, OCUL, ABBV, REGN

    In The Past

    Aldeyra Therapeutics's stock fell -5.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventALDXS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-43.1%-24.5%
      % Gain to Breakeven75.7%32.4%
      Time to Breakeven56 days427 days
    2020 COVID-19 Crash
      % Loss-68.7%-33.7%
      % Gain to Breakeven219.8%50.9%
      Time to Breakeven115 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-44.3%-19.2%
      % Gain to Breakeven79.6%23.8%
      Time to Breakeven756 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-47.3%-3.7%
      % Gain to Breakeven89.6%3.9%
      Time to Breakeven132 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-55.4%-12.2%
      % Gain to Breakeven124.1%13.9%
      Time to Breakeven568 days62 days

    Compare to BLCO, VTRS, OCUL, ABBV, REGN

    In The Past

    Aldeyra Therapeutics's stock fell -5.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Aldeyra Therapeutics (ALDX)

    Aldeyra Therapeutics, Inc. is a biotechnology company focused on the discovery and development of innovative medicines for a range of immune-mediated diseases affecting both the eyes (ocular) and the entire body (systemic). The company's core strategy involves modulating reactive aldehyde species (RASP) and utilizing other novel mechanisms to address conditions with significant unmet medical needs.

    The company's pipeline includes several key product candidates. Its lead candidate, reproxalap, a RASP modulator, is currently in Phase III clinical trials for the treatment of common eye conditions such as dry eye disease and allergic conjunctivitis. For systemic applications, Aldeyra is developing ADX-629, an orally administered RASP modulator in Phase II trials for conditions including psoriasis, asthma, and COVID-19. Additionally, ADX-2191, a dihydrofolate reductase inhibitor, is in Phase 3 for preventing proliferative vitreoretinopathy and Phase II for treating retinitis pigmentosa and primary vitreoretinal lymphoma, targeting serious ocular diseases. These drug candidates aim to serve patients suffering from a variety of chronic and acute immune-driven disorders across both ocular and broader systemic health markets.

    AI Analysis | Feedback

    Here are 1-2 brief analogies to describe Aldeyra Therapeutics:

    • AbbVie for next-generation dry eye treatments.
    • Regeneron for novel inflammatory eye and systemic disease treatments.

    AI Analysis | Feedback

    • reproxalap: A RASP modulator in Phase III clinical trials for dry eye diseases and allergic conjunctivitis.
    • ADX-629: An orally administered RASP modulator in Phase II clinical trials for psoriasis, asthma, and COVID-19.
    • ADX-2191: A dihydrofolate reductase inhibitor in Phase III for proliferative vitreoretinopathy prevention and Phase II for retinitis pigmentosa and primary vitreoretinal lymphoma.
    • ADX-1612: A protein chaperome inhibitor being developed for the treatment of inflammatory diseases through a license agreement.

    AI Analysis | Feedback

    Based on the provided background information, Aldeyra Therapeutics (ALDX) is a biotechnology company primarily engaged in the research and development of drug candidates for immune-mediated ocular and systemic diseases. Its lead product candidate, reproxalap, is in Phase III clinical trials, and other candidates like ADX-629 and ADX-2191 are in Phase II or Phase III trials.

    As the company's product candidates are currently in various stages of clinical development and are not yet commercially approved for sale, Aldeyra Therapeutics does not currently have major customers in the traditional sense of companies or individuals purchasing its products to generate revenue from product sales.

    Once Aldeyra's drugs receive regulatory approval and are commercialized, its customers would typically include pharmaceutical wholesalers and distributors, hospitals, and pharmacies, which then make the medicines available to individual patients through prescriptions.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Aldeyra Therapeutics (ALDX) features a management team with extensive experience in the biotechnology and pharmaceutical sectors.

    Todd C. Brady, M.D., Ph.D.

    Chief Executive Officer, President & Director

    Dr. Todd C. Brady has served as the President and Chief Executive Officer of Aldeyra Therapeutics since 2012 and as a member of its board of directors since 2005. Prior to his tenure at Aldeyra, Dr. Brady was a Principal and Entrepreneur in Residence at Domain Associates, LLC, a healthcare venture capital firm, from 2004 to 2013, indicating a background in managing companies backed by private equity firms. He is also recognized as the founder of Phenome Sciences, Inc. Dr. Brady has held director positions on the boards of other publicly traded companies, including Evoke Pharma, Inc. and F-star Therapeutics, Inc.. He earned his M.D. and Ph.D. from Duke University and an A.B. from Dartmouth College.

    Michael Alfieri

    Principal Financial Officer and Principal Accounting Officer

    Michael Alfieri was appointed as Aldeyra Therapeutics' Principal Financial Officer and Principal Accounting Officer, effective August 31, 2024. He provides his services to the company under a consulting agreement with Danforth Global, Inc., and has been a consultant with Danforth since September 2019. His prior experience includes senior finance roles at several biopharmaceutical companies, where he served as Chief Accounting Officer at Genocea Biosciences, Inc., Vice President of Finance at Radius Health, Inc., and Corporate Controller at Merrimack Pharmaceuticals, Inc. Mr. Alfieri holds both a B.S. and an M.S. from Bentley University.

    Stephen G. Machatha, Ph.D.

    Chief Development Officer

    Dr. Stephen G. Machatha has served as Aldeyra Therapeutics' Chief Development Officer since January 2021, and is responsible for CMC Operations, Non-Clinical Development, Quality Assurance, Regulatory Affairs, Clinical Operations, and Intellectual Property Management. He has over 20 years of experience in the pharmaceutical industry across various functional and therapeutic areas. Dr. Machatha joined Aldeyra in January 2016 as Vice President of Chemistry Manufacturing and Controls and was promoted to Senior Vice President of Technical Operations in January 2019. Before joining Aldeyra, Dr. Machatha held scientific and product development roles of increasing responsibility at Synageva Biopharmaceuticals (acquired by Alexion Pharmaceuticals), Cubist Pharmaceuticals (acquired by Merck & Co.), and CyDex Pharmaceuticals (acquired by Ligand Pharmaceuticals). He was instrumental in the development and approval of several pharmaceutical products. He received his Ph.D. in Pharmaceutical Sciences, M.A. in Chemistry, and B.Sc. in Chemistry from the University of Arizona.

    AI Analysis | Feedback

    The key risks to Aldeyra Therapeutics (ALDX) primarily revolve around the challenging landscape of drug development and commercialization, particularly concerning its lead candidate, reproxalap.

    1. Regulatory Approval and Clinical Trial Success for Reproxalap: The most significant risk for Aldeyra Therapeutics is the successful regulatory approval and commercialization of its lead product candidate, reproxalap, for dry eye disease. The U.S. Food and Drug Administration (FDA) has repeatedly issued Complete Response Letters (CRLs) for reproxalap, citing that the New Drug Application (NDA) failed to demonstrate efficacy in adequate and well-controlled studies for ocular symptoms associated with dry eyes. Despite multiple resubmissions and PDUFA date extensions, with the current target action date set for March 16, 2026, concerns remain, especially after one field trial missed its primary symptom endpoint. A negative outcome could necessitate additional trials, significantly impact revenue generation, and lead to a substantial decline in share price.
    2. Financial Risks and Need for Additional Funding: Aldeyra Therapeutics currently reports zero revenue and has experienced ongoing operational losses since its inception, reflected in negative earnings per share. The company requires substantial additional financing to continue its development programs and commercialization efforts, with potential challenges in securing favorable terms. While the company has reported having cash, cash equivalents, and marketable securities, its reliance on external funding creates a risk of dilution for shareholders. The potential collaboration with AbbVie is considered critical for optimizing the commercial potential of reproxalap, and if AbbVie does not exercise its option, Aldeyra could face significant financial strain in funding further development independently.
    3. Intense Competition in the Dry Eye Disease Market: Aldeyra Therapeutics operates in a highly competitive dry eye disease market. The company faces substantial competition from existing established treatments and newly approved drugs. This competitive landscape could make it challenging for reproxalap, if approved, to gain significant market share and achieve commercial success, potentially impacting the company's profitability and long-term viability.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Aldeyra Therapeutics (ALDX) focuses on developing medicines for immune-mediated ocular and systemic diseases. The addressable markets for their main product candidates are as follows:

    Reproxalap (for dry eye diseases and allergic conjunctivitis)

    • Dry Eye Disease: The global dry eye disease market was valued at approximately USD 8.00 billion in 2025 and is projected to grow to USD 15.09 billion by 2034. In the U.S., the market size was approximately USD 2.739 billion in 2023 and is projected to reach USD 5.60 billion by 2032.
    • Allergic Conjunctivitis: The global allergic conjunctivitis market size was valued at USD 4.3 billion in 2024 and is projected to reach USD 6.39 billion by 2035. The U.S. allergic conjunctivitis market size was USD 1.35 billion in 2023 and is expected to grow to USD 2.32 billion by 2032.

    ADX-629 (for psoriasis and asthma)

    • Psoriasis: The global psoriasis market size was valued at USD 31.68 billion in 2024 and is projected to reach USD 64.06 billion by 2032. In the U.S., the psoriasis market was approximately USD 26.74 billion in 2024.
    • Asthma: The asthma market size across the 7 Major Markets (7MM), which includes the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was around USD 27 billion in 2024. The U.S. asthma therapeutics market size was estimated at USD 13.00 billion in 2024 and is projected to reach USD 19.20 billion by 2033.
    • COVID-19: Null

    ADX-2191 (for proliferative vitreoretinopathy and retinitis pigmentosa)

    • Proliferative Vitreoretinopathy (PVR): The market for proliferative vitreoretinopathy across the 7 Major Markets (7MM: United States, Germany, France, the United Kingdom, Italy, Spain, and Japan) reached a value of USD 1.7 billion in 2024 and is expected to reach USD 4.1 billion by 2035. The United States has the largest patient pool and represents the biggest market for its treatment.
    • Retinitis Pigmentosa: The global retinitis pigmentosa market size was valued at USD 14.9 billion in 2024 and is expected to reach USD 29.9 billion by 2034. The U.S. retinitis pigmentosa market was USD 4 billion in 2024.
    • Primary Vitreoretinal Lymphoma: Null

    AI Analysis | Feedback

    Aldeyra Therapeutics (ALDX) is anticipated to experience future revenue growth over the next two to three years through several key drivers, primarily centered around the advancement and potential commercialization of its lead product candidates and strategic partnerships.

    1. Launch and Commercialization of Reproxalap for Dry Eye Disease and Allergic Conjunctivitis: The most immediate driver of potential revenue growth for Aldeyra Therapeutics is the prospective approval and subsequent commercialization of reproxalap, its lead reactive aldehyde species (RASP) modulator, for the treatment of dry eye disease and allergic conjunctivitis. The U.S. Food and Drug Administration (FDA) has set a Prescription Drug User Fee Act (PDUFA) target action date of March 16, 2026, for reproxalap in dry eye disease. Reproxalap targets large markets, with dry eye disease affecting over 39 million adults in the U.S. and allergic conjunctivitis impacting over 1 billion people worldwide.
    2. Milestone Payments from AbbVie Collaboration: Aldeyra Therapeutics has an exclusive option agreement with AbbVie for the development and commercialization of reproxalap. This agreement includes potential milestone payments, with Aldeyra eligible to receive $100 million upon FDA approval of reproxalap for dry eye disease, in addition to an upfront payment and potential commercial milestone payments. These payments represent a significant near-term revenue opportunity independent of product sales. If AbbVie exercises its option, the companies would also share U.S. commercialization profits and losses.
    3. Advancement and Potential Commercialization of ADX-2191 for Rare Retinal Diseases: ADX-2191, a dihydrofolate reductase inhibitor, is in Phase III clinical trials for the prevention of proliferative vitreoretinopathy (PVR) and Phase II clinical trials for retinitis pigmentosa (RP) and primary vitreoretinal lymphoma (PVRL). ADX-2191 has received Orphan Drug Designation for retinal inflammatory indications, including RP and PVRL, and Fast Track designation for RP, which could accelerate its development and review process. A Phase 2/3 clinical trial for ADX-2191 in retinitis pigmentosa is expected to begin in 2025. Given the lack of approved therapies for most forms of retinitis pigmentosa, ADX-2191 addresses a significant unmet medical need.
    4. Progress of ADX-629 for Systemic Immune-Mediated Diseases: Aldeyra is also developing ADX-629, an orally administered RASP modulator, which is in Phase II clinical trials for psoriasis, asthma, and COVID-19. Successful progression through clinical development and potential commercialization of ADX-629 could open up new significant revenue streams in systemic immune-mediated diseases.

    AI Analysis | Feedback

    Share Issuance

    • Aldeyra Therapeutics had a sales agreement with Jefferies to offer and sell up to $75 million in common stock, although no sales had been made as of the end of 2025.
    • The number of shares outstanding for Aldeyra Therapeutics increased from 38.63 million in August 2020 to 60.16 million in October 2025.

    Inbound Investments

    • Aldeyra Therapeutics entered into an exclusive option agreement with AbbVie Inc., which grants AbbVie options to license and collaborate on the development and commercialization of reproxalap, including potential milestone payments and profit-sharing arrangements.
    • As of January 18, 2026, institutions collectively held a 48% stake in Aldeyra Therapeutics.
    • As of March 10, 2026, 164 institutional owners and shareholders held a total of 39,081,482 shares.

    Capital Expenditures

    • Research and Development expenses were $25.7 million, marking a 46.8% decrease from the previous year, primarily due to reduced external clinical development and drug manufacturing costs.
    • General and Administrative expenses were $9.6 million, a 19.3% reduction from the prior year.
    • Aldeyra Therapeutics reported $0 in capital expenditures in the fourth quarter of 2023.

    Peer Outperformance in Biotechnology

    ALDX has trailed 60% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that ALDX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    9%
    of 453 industry peers · -82.9% return
    3Y
    22%
    of 401 industry peers · -83.7% return
    5Y
    40%
    of 363 industry peers · -88.6% return
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    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ALDX's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 12.7%44.7%92.5% CAH 428% · MCK 366% · COR 180%
    Health Care Services 20 21.2%34.0%9.6% HIMS 300% · RDNT 143% · DGX 76%
    Health Care Facilities 24 -1.4%5.5%7.1% THC 320% · NHC 272% · ENSG 136%
    Managed Health Care 8 25.6%-6.5%0.9% OSCR 122% · HQY 42% · ELV 13%
    Health Care Equipment 50 -8.7%-3.6%-18.9% POCI 11200% · UFPT 356% · GKOS 281%
    Pharmaceuticals 62 -10.2%-6.6%-32.5% INDV 1112% · ETON 1000% · LQDA 877%
    Health Care Supplies 11 12.8%-12.6%-42.4% LNTH 322% · HAE 51% · MMSI 17%
    Life Sciences Tools & Services 109 -8.8%-16.9%-63.9% SNWV 2161% · NTRA 247% · MEDP 220%
    Biotechnology ← 364 -19.4%-25.4%-79.9% CELZ 1170% · DNTH 1128% · TRVI 995%
    Health Care Technology 20 -32.8%-54.6%-80.2% SPOK 79% · HSTM 15% · VEEV -1%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Aldeyra Therapeutics Earnings Notes12/16/2025
    Title
    0ARTICLES

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    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    ALDXBLCOVTRSOCULABBVREGNMedian
    NameAldeyra .Bausch &.Viatris Ocular T.AbbVie Regenero. 
    Mkt Price0.9917.3417.567.29272.21741.3917.45
    Mkt Cap0.16.220.41.6481.576.213.3
    Rev LTM05,32414,7375264,38615,53510,031
    Op Inc LTM-24405130-31421,8504,174268
    FCF LTM-221371,812-25518,2103,575975
    FCF 3Y Avg-31-551,797-17518,0763,439883
    CFO LTM-224582,331-23819,5074,6811,394
    CFO 3Y Avg-312542,264-16819,1434,4981,259

    Growth & Margins

    ALDXBLCOVTRSOCULABBVREGNMedian
    NameAldeyra .Bausch &.Viatris Ocular T.AbbVie Regenero. 
    Rev Chg LTM-8.9%4.4%-8.1%10.4%9.3%8.9%
    Rev Chg 3Y Avg-10.9%-1.8%-1.2%4.9%7.0%4.9%
    Rev Chg Q-9.1%4.9%0.1%10.2%16.7%9.1%
    QoQ Delta Rev Chg LTM-2.2%1.2%0.0%2.5%4.1%2.2%
    Op Inc Chg LTM54.9%301.0%-67.0%-37.6%59.5%6.1%30.5%
    Op Inc Chg 3Y Avg17.9%87.6%-41.5%-57.7%11.2%-1.7%4.7%
    Op Mgn LTM-7.6%0.9%-603.0%33.9%26.9%7.6%
    Op Mgn 3Y Avg-4.6%4.0%-397.7%27.5%28.2%4.6%
    QoQ Delta Op Mgn LTM-1.7%-0.8%-27.6%0.8%1.1%0.8%
    CFO/Rev LTM-8.6%15.8%-457.7%30.3%30.1%15.8%
    CFO/Rev 3Y Avg-5.0%15.4%-304.5%32.4%31.2%15.4%
    FCF/Rev LTM-2.6%12.3%-490.1%28.3%23.0%12.3%
    FCF/Rev 3Y Avg--1.3%12.2%-318.3%30.6%23.9%12.2%

    Valuation

    ALDXBLCOVTRSOCULABBVREGNMedian
    NameAldeyra .Bausch &.Viatris Ocular T.AbbVie Regenero. 
    Mkt Cap0.16.220.41.6481.576.213.3
    P/S-1.21.431.57.54.94.9
    P/Op Inc-2.515.3156.5-5.222.018.316.8
    P/EBIT-2.819.1-112.1-5.741.514.65.9
    P/E-2.6-36.2-49.7-5.476.317.6-4.0
    P/CFO-2.713.58.8-6.924.716.311.1
    Total Yield-39.8%-2.8%0.7%-18.5%3.8%6.2%-1.0%
    Dividend Yield0.0%0.0%2.7%0.0%2.5%0.5%0.2%
    FCF Yield 3Y Avg-17.5%-1.0%13.6%-10.2%4.5%4.9%1.8%
    D/E0.00.80.70.00.10.00.1
    Net D/E-0.80.80.6-0.30.1-0.10.0

    Returns

    ALDXBLCOVTRSOCULABBVREGNMedian
    NameAldeyra .Bausch &.Viatris Ocular T.AbbVie Regenero. 
    1M Rtn-33.2%-3.9%4.0%-31.5%6.1%-10.4%-7.2%
    3M Rtn-53.6%4.1%6.2%-29.0%8.5%12.0%5.1%
    6M Rtn-37.1%4.8%31.3%-13.4%30.6%-4.1%0.3%
    12M Rtn-82.4%18.3%79.3%-36.7%20.5%27.8%19.4%
    3Y Rtn-83.2%0.2%106.2%145.5%103.7%-10.5%52.0%
    1M Excs Rtn-37.6%-3.9%4.0%-37.6%7.7%-10.2%-7.0%
    3M Excs Rtn-60.6%0.2%4.8%-34.3%6.3%7.7%2.5%
    6M Excs Rtn-52.5%-10.2%16.2%-28.6%15.6%-19.2%-14.7%
    12M Excs Rtn-98.3%0.7%63.7%-49.4%6.1%11.5%3.4%
    3Y Excs Rtn-168.1%-75.9%15.9%64.5%21.5%-90.4%-30.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/7/20262/27/202611/5/20258/7/20255/14/20252/28/202511/7/20248/1/20245/2/20243/7/202411/3/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-5-3-6-7-9-9-15-15-16-8-4-8
    Operating Income-6-4-7-8-10-10-17-16-18-9-6-10
    Net Income-5-3-6-8-10-10-16-15-17-8-5-8
    EPS-0.09-0.06-0.10-0.13-0.16-0.17-0.27-0.25-0.28-0.14-0.08-0.14
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-21-25-32-41-48-56-54-43-36-28-35-43
    Operating Income TTM-24-28-35-45-53-61-60-50-43-35-43-50
    Net Income TTM-23-27-34-43-51-58-56-45-38-30-38-46
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth41.7%68.9%61.2%50.9%43.4%-24.8%-266.1%-92.1%-94.3%50.0%66.3%46.1%
    Operating Income Growth42.5%66.0%59.8%50.4%43.5%-11.0%-171.9%-69.0%-74.1%44.1%55.5%35.4%
    Net Income Growth44.2%65.2%59.1%49.1%42.0%-22.9%-232.6%-84.6%-87.5%48.2%63.2%43.7%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash456570758290101113120133143143
    Total Debt01616161616151616161616
    Net Debt / (Cash)-45-49-55-60-66-74-86-97-105-117-127-127
    Cash Flows Quarterly            
    FCF from Operations-5-5-5-7-9-12-12-8-13-101-8
    Cash Flows TTM            
    FCF from Operations TTM-22-26-33-40-41-46-43-31-31-31-30-42
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-4.8%-3.0%-5.6%-6.9%-8.9%-9.3%-15.2%-15.3%-17.4%-9.4%-6.3%-9.9%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-5.0%-5.9%-7.4%-9.7%-11.6%-13.6%-13.8%-11.8%-10.4%-8.9%-11.1%-13.1%

    Segment Financials

    Assets by Segment
    $ Mil20252024202320222021
    Discovery and development of innovative therapies designed to treat immune-mediated diseases72105148181233
    Total72105148181233


    Price Behavior

    Price Behavior
    Market Price$0.96 
    Market Cap ($ Bil)0.1 
    First Trading Date05/02/2014 
    Distance from 52W High-83.1% 
       50 Days200 Days
    DMA Price$1.42$2.63
    DMA Trenddowndown
    Distance from DMA-32.6%-63.6%
     3M1YR
    Volatility82.8%116.2%
    Downside Capture224.13148.34
    Upside Capture-227.10-81.46
    Correlation (SPY)0.8%13.3%
    ALDX Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta-0.58-0.180.691.191.301.30
    Up Beta0.86-0.65-0.181.392.980.96
    Down Beta2.003.443.521.611.481.55
    Up Capture-175%-94%-70%45%-26%62%
    Bmk +ve Days6162766132424
    Stock +ve Days6142150111349
    Down Capture129%100%218%162%125%111%
    Bmk -ve Days16263760120328
    Stock -ve Days13223665128372

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALDX
    ALDX-82.7%116.0%-0.75-
    Sector ETF (XLV)18.7%15.7%0.891.5%
    Equity (SPY)16.8%13.0%0.9213.3%
    Gold (GLD)3.2%29.5%0.114.9%
    Commodities (DBC)44.6%20.9%1.66-19.7%
    Real Estate (VNQ)1.6%13.7%-0.13-0.8%
    Bitcoin (BTCUSD)-31.7%44.2%-0.7312.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALDX
    ALDX-37.1%101.8%0.17-
    Sector ETF (XLV)7.2%15.2%0.2811.9%
    Equity (SPY)13.8%17.1%0.6220.1%
    Gold (GLD)18.4%18.9%0.793.6%
    Commodities (DBC)10.3%19.6%0.40-4.4%
    Real Estate (VNQ)0.8%18.8%-0.0715.4%
    Bitcoin (BTCUSD)15.5%52.2%0.4611.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALDX
    ALDX-19.5%94.4%0.28-
    Sector ETF (XLV)10.6%16.7%0.5221.9%
    Equity (SPY)15.5%17.9%0.7326.2%
    Gold (GLD)11.5%16.4%0.573.2%
    Commodities (DBC)8.4%18.1%0.384.6%
    Real Estate (VNQ)4.2%20.7%0.1620.2%
    Bitcoin (BTCUSD)64.0%66.2%1.046.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity3.6 Mil
    Short Interest: % Change Since 831202615.5%
    Average Daily Volume0.7 Mil
    Days-to-Cover Short Interest4.9 days
    Basic Shares Quantity60.3 Mil
    Short % of Basic Shares6.0%

    Earnings Returns History

    Updated 9/29/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/4/20232.1%0.5%4.6%
    3/9/20237.2%6.0%34.2%
    11/10/20226.2%3.9%18.5%
    8/5/202210.9%12.0%11.2%
    5/5/2022-5.1%-16.7%4.1%
    3/17/202216.3%13.4%9.1%
    10/28/20219.2%16.9%-6.8%
    8/5/20218.3%7.1%7.5%
    ...
    SUMMARY STATS   
    # Positive999
    # Negative222
    Median Positive7.2%6.0%7.5%
    Median Negative-2.6%-9.1%-3.6%
    Max Positive16.3%16.9%34.2%
    Max Negative-5.1%-16.7%-6.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/4/20232.1%0.5%4.6%
    3/9/20237.2%6.0%34.2%
    11/10/20226.2%3.9%18.5%
    8/5/202210.9%12.0%11.2%
    5/5/2022-5.1%-16.7%4.1%
    3/17/202216.3%13.4%9.1%
    10/28/20219.2%16.9%-6.8%
    8/5/20218.3%7.1%7.5%
    5/6/20210.7%4.3%5.6%
    3/11/2021-0.1%2.1%-0.3%
    11/5/20202.4%-1.5%5.7%
    SUMMARY STATS   
    # Positive999
    # Negative222
    Median Positive7.2%6.0%7.5%
    Median Negative-2.6%-9.1%-3.6%
    Max Positive16.3%16.9%34.2%
    Max Negative-5.1%-16.7%-6.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/14/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/14/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/01/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/05/202210-Q
    12/31/202103/17/202210-K
    09/30/202110/28/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/11/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/12/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 6/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Brady, Todd CPresident and CEODirectBuy60520261.67250,000418,4502,881,109Form
    2Douglas, Richard DirectBuy32020261.4070,00098,000273,000Form
    3Alfieri, MichaelPrincipal Financial OfficerDirectBuy31920261.425,0007,10010,650Form
    4Alfieri, MichaelPrincipal Financial OfficerDirectBuy81520255.302,50013,25013,250Form
    5MacHatha, StephenChief Development OfficerDirectSell81320255.1522,073113,7131,142,642Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Brady, Todd CPresident and CEODirectBuy60520261.67250,000418,4502,881,109Form
    2Douglas, Richard DirectBuy32020261.4070,00098,000273,000Form
    3Alfieri, MichaelPrincipal Financial OfficerDirectBuy31920261.425,0007,10010,650Form
    4Alfieri, MichaelPrincipal Financial OfficerDirectBuy81520255.302,50013,25013,250Form
    5MacHatha, StephenChief Development OfficerDirectSell81320255.1522,073113,7131,142,642Form

    Industry Resources

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