Aldeyra Therapeutics, Inc.
ALDX · Pharmaceutical Preparations · 60.3M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.67 · est. market cap ~$101M — last insider purchase, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C59Pre-revenue ophthalmology biotech with a positive dry-eye Phase 3 and an AbbVie option, but overhung by reproxalap CRLs.
Strengths
- One clearly positive Phase 3 (reproxalap Schirmer endpoint, OR 2.63, p<0.0001) and a clean safety database
- AbbVie option (up to ~$100M upfront + ~$300M milestones) validates and partially funds the asset
- No debt; multiple shots (dry eye, allergic conjunctivitis, ADX-2191)
Risks
- Heavy single-product dependence on reproxalap, which has received FDA Complete Response Letters
- Deeply negative returns (ROE -76%, ROA -47%) and modest liquidity (current ratio 2.58, 35th pct)
- Several pivotal symptom endpoints historically inconsistent; approval not assured
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$523,550, last 6mo) Form 4 ↗
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-12 — PHASE3 · Primary Vitreoretinal Lymphoma
Key metrics
Return on equity
-76.5%
Return on assets
-47.0%
ROIC
-63.0%
Debt / equity
0.0×
Current ratio
2.6×
Tangible book value
$44M
Cash & investments
$70M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Brady Todd C | Buy | 250K | $1.67 |
| 2026-03-19 | DOUGLAS RICHARD | Buy | 70K | $1.40 |
| 2026-03-18 | Alfieri Michael | Buy | 5.0K | $1.42 |
| 2025-08-13 | Alfieri Michael | Buy | 2.5K | $5.30 |
| 2025-08-11 | Machatha Stephen | Sell | 22K | $5.15 |
| 2025-04-03 | PERCEPTIVE ADVISORS LLC | Sell | 3.4M | $1.42 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07402876 ↗ | A Clinical Trial Evaluating Patients With Primary Vitreoretinal Lymphoma Primary Vitreoretinal Lymphoma | PHASE3 | Recruiting | 2026-12-01 |
| NCT06685692 ↗ | A Clinical Trial Investigating the Safety and Efficacy of Subjects With Alcohol Associated Hepatitis (Part 1) Alcohol Hepatitis | PHASE2 | Completed | 2025-06-18 |
| NCT06493604 ↗ | A Trial to Assess the Safety and Efficacy of Subjects With Dry Eye Disease Dry Eye Disease | PHASE3 | Completed | 2025-02-27 |
| NCT06424444 ↗ | A Clinical Trial to Assess the Safety and Efficacy of Subjects With Dry Eye Disease Dry Eye Disease | PHASE3 | Completed | 2024-11-03 |
| NCT06389214 ↗ | A Clinical Trial to Assess the Efficacy and Safety of Subjects With Dry Eye Disease Dry Eye Disease | PHASE3 | Completed | 2024-06-11 |
| NCT05717920 ↗ | A Clinical Trial in Subjects With Atopic Dermatitis (Part 1) Atopic Dermatitis | PHASE2 | Completed | 2023-11-21 |
| NCT05392179 ↗ | A Study in Subjects With Retinitis Pigmentosa Retinitis Pigmentosa | PHASE2 | Completed | 2023-06-23 |
| NCT05599815 ↗ | Part 1 - A Clinical Trial in Patients With Frequently Relapsing and Steroid-Dependent Nephrotic Syndrome Nephrotic Syndrome | PHASE2 | Withdrawn | 2023-05-01 |
| NCT05234554 ↗ | The INVIGORATE 2 Trial: A Clinical Trial to Assess the Efficacy and Safety of Subjects With Seasonal Allergic Conjunctivitis Allergic Conjunctivitis | PHASE3 | Completed | 2023-04-22 |
| NCT05392192 ↗ | A Clinical Trial to Evaluate the Safety and Efficacy in Subjects With Chronic Cough Chronic Cough | PHASE2 | Completed | 2023-04-13 |
| NCT04735393 ↗ | A Multi-Center, Double-Masked, Randomized, Vehicle-Controlled, Parallel-Group Clinical Trial Evaluating the Safety of Reproxalap Ophthalmic Solution in Subjects With Dry Eye Disease Dry Eye Disease | PHASE3 | Completed | 2022-10-11 |
| NCT04136366 ↗ | The GUARD Trial - Part 1: A Phase 3 Clinical Trial for Prevention of Proliferative Vitreoretinopathy Proliferative Vitreoretinopathy | PHASE3 | Completed | 2022-06-14 |
| NCT05487404 ↗ | A Clinical Trial to Evaluate the Safety and Efficacy of ADX-629 in in Subjects With Elevated Ethanol Levels Ethanol Intoxication | PHASE1/PHASE2 | Completed | 2022-05-29 |
| NCT05424549 ↗ | A Clinical Trial to Evaluate the Safety and Efficacy of Rreproxalap in Adults With Dry Eye Disease Dry Eye Syndromes | PHASE2 | Completed | 2022-05-09 |
| NCT05062330 ↗ | The TRANQUILITY 2 Trial: A Phase 3 Clinical Trial to Assess the Efficacy and Safety in Subjects With Dry Eye Disease Dry Eye | PHASE3 | Completed | 2022-03-04 |
| NCT04908514 ↗ | A Clinical Trial to Evaluate the Safety, Tolerability, and Efficacy of Subjects With Plaque Psoriasis Plaque Psoriasis | PHASE2 | Completed | 2022-01-21 |
| NCT04728711 ↗ | A Double Masked, Placebo Controlled, Single Center, Randomized Clinical Trial to Assess the Safety and Efficacy of Subjects With Mild Asthma Induced by the Bronchial Allergen Challenge (BAC) Atopic Asthma | PHASE2 | Completed | 2022-01-18 |
| NCT05102409 ↗ | An Exploratory Crossover Clinical Trial to Compare the Activity of Reproxalap and Lifitegrast in a Dry Eye Disease Chamber Dry Eye | PHASE2 | Completed | 2021-10-25 |
| NCT04847544 ↗ | A Randomized, Double-Blind, Placebo-Controlled, Clinical Trial to Evaluate the Safety, Tolerability, Efficacy, and Pharmacodynamics for the Treatment of COVID-19. Covid19 | PHASE2 | Completed | 2021-10-15 |
| NCT04674358 ↗ | The TRANQUILITY Trial: Clinical Trial to Assess the Efficacy and Safety in Subjects With Dry Eye Disease Dry Eye, Dry Eye Syndromes | PHASE2/PHASE3 | Completed | 2021-09-12 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Exec/director changeShareholder voteReg FDExhibits | filing ↗ |
| 2026-05-01 | Reg FDExhibits | filing ↗ |
| 2026-04-20 | Exec/director change | filing ↗ |
| 2026-04-01 | Other | filing ↗ |
| 2026-03-17 | Reg FDOtherExhibits | filing ↗ |
| 2025-12-31 | Exec/director change | filing ↗ |
| 2025-12-16 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-13 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-09 | 0001193125-26-264514 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001341235-26-000006 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001193125-26-199157 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-164198 ↗ |
| 8-K | 2026-04-01 | 2026-04-01 | 0001193125-26-137984 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001193125-26-109511 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001193125-26-083012 ↗ |
| 8-K | 2025-12-31 | 2025-12-23 | 0001193125-25-338394 ↗ |
| 8-K | 2025-12-16 | 2025-12-15 | 0001193125-25-319638 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-278804 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-266989 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001193125-25-252200 ↗ |