Aldeyra Therapeutics, Inc.
ALDX evidence brief
What we can confirm
- BioSniper Score:
- 8.0 / 10
- Market Cap:
- $74.2M
- Lead Asset:
- ADX-2191 (Phase 2)
What it means
What to watch
Prepared research question
What matters most for ALDX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ALDX
Aldeyra Therapeutics, Inc. is a clinical-stage biotechnology company developing RASP modulator product candidates for inflammatory and immune-mediated diseases, with a lead program in allergic conjunctivitis and a Phase 2 trial in alcohol-associated hepatitis.
Key risk: Regulatory uncertainty for reproxalap
BioSniper Score
Based on 4 of 6 signals
Market Cap
$74.2M
Cash Runway
—
Lead Asset
ADX-2191 (Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates for Aldeyra Therapeutics, Inc..
Aldeyra Therapeutics, Inc. is a clinical-stage biotechnology company developing RASP modulator product candidates for inflammatory and immune-mediated diseases, with a lead program in allergic conjunctivitis and a Phase 2 trial in alcohol-associated hepatitis.
- Announced positive Phase 2 results in alcohol-associated hepatitis and extended cash runway into second half of 2027 [sec · filed 2025-10-28].
- Lead candidate reproxalap (RASP modulator) is in Phase 3 for allergic conjunctivitis with a prior PDUFA date of April 2, 2025 [catalyst].
- Pipeline includes ADX-248 (Phase 2 for atopic dermatitis) and ADX-246 (Phase 2 for dry AMD) [pipeline].
- Reported net income of -$5.5M and shareholders' equity of $37.9M as of 2026-06-30 [sec].
- Collaboration with AbbVie includes a right of first negotiation under an Option Agreement [pipeline].
What works
- Positive Phase 2 data in alcohol-associated hepatitis supports prioritization of RASP modulator pipeline [sec · filed 2025-10-28].
- Cash runway extended into second half of 2027, providing financial flexibility for ongoing trials [sec · filed 2025-10-28].
- Reproxalap is in Phase 3 for allergic conjunctivitis, a large market with multiple competitors but a differentiated mechanism [pipeline].
What to weigh
- Reproxalap's PDUFA date of April 2, 2025 has passed without a clear outcome, indicating potential regulatory delays or non-approval [catalyst].
- All development timelines are subject to adjustment based on recruitment, regulatory review, and funding [sec · filed 2025-12-16].
- The company has no approved products and relies on successful clinical and regulatory outcomes for future revenue [sec_mda · as of 2026-02-27].
From the filings
Quoted directly from source documents.
Positive Phase 2 results in alcohol-associated hepatitis and cash runway extension
“announce positive results from a Phase 2 clinical trial in alcohol-associated hepatitis, the prioritization of the Company's RASP modulator product candidates, an updated pipeline, and the extension of the Company's projected operational cash runway into the second half of 2027”
SEC filings · October 28, 2025
Reproxalap is in Phase 3 for allergic conjunctivitis
“Pipeline Candidate: reproxalap Generic Name: Reproxalap Indication: allergic conjunctivitis Phase: Phase 3”
AbbVie collaboration with right of first negotiation
“Partner: AbbVie Inc. Collaboration Terms: Subject to right of first negotiation under AbbVie Option Agreement.”
Catalyst timeline
- 2022-01-21 · Phase 3 start for reproxalap (INVIGORATE 2 Trial) — A Phase 3 trial assessing reproxalap in seasonal allergic conjunctivitis using an environmental exposure chamber.
- 2022-07-14 · Phase 2 start for ADX-2191 in retinitis pigmentosa — An open-label Phase 2 study of ADX-2191 in subjects with retinitis pigmentosa.
- 2024-11-04 · Phase 2 start for ADX-629 in alcohol-associated hepatitis — A Phase 2 trial investigating safety and efficacy of ADX-629 in moderate alcohol-associated hepatitis.
- 2025-04-02 · PDUFA date for reproxalap — The FDA action date for reproxalap; outcome is not specified in available data.
- 2025-12-16 · PDUFA date for reproxalap (second entry) — Another PDUFA date listed for reproxalap, possibly a resubmission or extension.
Risks & what to watch (3)›
Key risks
- Regulatory uncertainty for reproxalap — Reproxalap's PDUFA date of April 2, 2025 has passed without a clear outcome, suggesting possible non-approval or delay [catalyst].
- Clinical trial delays — All development timelines may be adjusted due to recruitment, regulatory review, and funding [sec · filed 2025-12-16].
- No approved products — Aldeyra has no marketed products and depends entirely on clinical and regulatory success for future revenue [sec_mda · as of 2026-02-27].
What to watch
- Regulatory status of reproxalap for allergic conjunctivitis following the missed PDUFA date [catalyst].
- Initiation and enrollment of Phase 2 trials for ADX-248 (atopic dermatitis) and ADX-246 (dry AMD) [pipeline].
- Any updates on the AbbVie option agreement and potential partnership expansion [pipeline].
- Cash burn rate and any changes to the projected runway into second half of 2027 [sec · filed 2025-10-28].
Sources: Catalysts · News · Pipeline · SEC filings · SEC MD&A · Generated October 1, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.25 · 0% dilution
Lead: Phase 3
4 candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
124
Total value held
$60.7M
| Holder | Shares | Value |
|---|---|---|
| knoll capital management, llc | 5,475,516 | $9.3M |
| blackrock, inc. | 3,763,887 | $6.4M |
| aqr capital management llc | 2,829,875 | $4.8M |
| vanguard capital management llc | 2,363,742 | $4.0M |
| kingdon capital management, l.l.c. | 2,152,315 | $3.6M |
| 683 capital management, llc | 1,500,000 | $2.5M |
| d. e. shaw & co., inc. | 1,403,990 | $2.4M |
| geode capital management, llc | 1,251,652 | $2.1M |
| state street corp | 1,124,710 | $1.9M |
| millennium management llc | 995,243 | $1.7M |
Showing top 10 of 124 institutional holders of Aldeyra Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 12.6%
- Days to cover
- 4.4
- Shares short
- 7,364,319
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ALDX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Aldeyra Therapeutics, Inc.?
Aldeyra Therapeutics, Inc. is a clinical-stage biotechnology company developing RASP modulator product candidates for inflammatory and immune-mediated diseases, with a lead program in allergic conjunctivitis and a Phase 2 trial in alcohol-associated hepatitis.
What is Aldeyra Therapeutics, Inc.'s lead drug candidate?
Aldeyra Therapeutics, Inc.'s most advanced tracked candidate is ADX-2191 (Phase 2) for primary vitreoretinal lymphoma and retinitis pigmentosa.
Who is the CEO of Aldeyra Therapeutics, Inc.?
Dr. Todd C. Brady M.D., Ph.D. is the chief executive officer of Aldeyra Therapeutics, Inc. (ALDX).
Where is Aldeyra Therapeutics, Inc. headquartered?
Aldeyra Therapeutics, Inc. (ALDX) is headquartered in Lexington, MA, United States.
What therapeutic areas does Aldeyra Therapeutics, Inc. focus on?
Aldeyra Therapeutics, Inc. develops therapies across Oncology, Immunology, Ophthalmology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.