Aldeyra Therapeutics, Inc.
ALDX evidence brief
What we can confirm
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 focused on developing treatments for ocular and systemic immune-mediated diseases, with its lead candidate reproxalap targeting dry eye disease and allergic conjunctivitis.
Key risk: Need for additional capital
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 3 clinical trials for Aldeyra Therapeutics, Inc..
Aldeyra Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing treatments for ocular and systemic immune-mediated diseases, with its lead candidate reproxalap targeting dry eye disease and allergic conjunctivitis.
- Aldeyra is a clinical-stage biotechnology company developing product candidates for ocular and systemic immune-mediated diseases [sec_mda · as of 2026-02-27].
- The company has devoted substantially all resources to preclinical and clinical development of product candidates [sec_mda · as of 2026-02-27].
- As of June 30, 2026, Aldeyra reported cash and equivalents of $45.1 million, net income of -$5.5 million, and no debt [sec].
- Aldeyra will need to secure additional funding in the future to carry out planned research, development, and commercialization activities [sec_mda · as of 2026-02-27].
- Development timelines are subject to adjustment depending on recruitment rate, regulatory review, preclinical and clinical results, and funding [sec · filed 2025-12-16].
What works
- Aldeyra has a pipeline targeting ocular and systemic immune-mediated diseases, with lead candidate reproxalap for dry eye disease and allergic conjunctivitis [sec_mda · as of 2026-02-27].
- The company has no debt as of June 30, 2026, which may provide financial flexibility [sec].
What to weigh
- Aldeyra has not yet generated revenue from product sales and depends on completing development and obtaining regulatory approvals to generate revenue [sec_mda · as of 2026-02-27].
- The company will need to secure additional funding in the future to continue operations, as current capital may not be sufficient for all planned activities [sec_mda · as of 2026-02-27].
- Development timelines are subject to significant risks and uncertainties, including regulatory review and clinical trial results [sec · filed 2025-12-16].
From the filings
Quoted directly from source documents.
Aldeyra focuses on ocular and systemic immune-mediated diseases
“in ocular and systemic immune-mediated diseases.”
SEC MD&A · February 27, 2026
Aldeyra has devoted substantially all resources to preclinical and clinical development
“Since our incorporation, we have devoted substantially all of our resources to the preclinical and clinical development of our product candidates.”
SEC MD&A · February 27, 2026
Aldeyra will need additional funding
“We will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of our planned research and development activities and regulatory activities, commence or continue ongoing commercialization, inc”
SEC MD&A · February 27, 2026
Development timelines may be adjusted
“All of Aldeyra's development timelines may be subject to adjustment depending on recruitment rate, regulatory review, preclinical and clinical results, funding, and other factors that could delay the initiation, enrollment, or completion of clinical trials.”
SEC filings · December 16, 2025
Risks & what to watch (3)›
Key risks
- Need for additional capital — Aldeyra will need to secure additional funding to carry out all planned research, development, and commercialization activities [sec_mda · as of 2026-02-27].
- Regulatory approval uncertainty — Aldeyra's ability to generate revenue depends on obtaining regulatory approvals for product candidates, which is uncertain [sec_mda · as of 2026-02-27].
- Clinical trial delays — Development timelines may be delayed due to recruitment rate, regulatory review, and clinical results [sec · filed 2025-12-16].
What to watch
- Progress of clinical trials for reproxalap, including any regulatory feedback from the FDA [sec_mda · as of 2026-02-27].
- Ability to secure additional funding through equity or debt financings or collaborations [sec_mda · as of 2026-02-27].
- Any updates on regulatory submissions or approvals for lead candidates [sec_mda · as of 2026-02-27].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
29.9 months
D/E 0.25 · 0% dilution
Lead: Phase 3
4 candidates
No upcoming catalysts tracked
3 buys · 0 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
123
Total value held
$57.1M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 4,727,484 | $8.0M |
| blackrock, inc. | 3,763,887 | $6.4M |
| aqr capital management llc | 2,829,875 | $4.8M |
| 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 |
| ardsley advisory partners lp | 1,250,000 | $2.1M |
| jane street group, llc | 1,140,991 | $1.9M |
| state street corp | 1,124,710 | $1.9M |
Showing top 10 of 123 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 focused on developing treatments for ocular and systemic immune-mediated diseases, with its lead candidate reproxalap targeting dry eye disease and allergic conjunctivitis.
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, Infectious Disease, 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.