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what it is
Aldeyra develops immune-disease medicines, led by two late-stage candidates.
how it gets paid
Last year Aldeyra had essentially no product revenue (n/a / $0 in the table). The revenue bridge uses equal-width placeholders—do not read “50% of sales” when sales are zero.
what just happened
Aldeyra posted a $0.46 loss per share in the latest quarter, and revenue still was not reported.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
-$0.94 fy2024 eps est
2.0 beta
~$248M market cap
xvary composite: 49/100 — below average
What they do
Aldeyra develops immune-disease medicines, led by two late-stage candidates.
You are backing reproxalap (dry eye PDUFA March 16, 2026) plus ADX-2191 (advanced clinical work, including Phase 3 readouts in orphan retinal indications—see IR). With ~9 employees (2024 10-K scale) and minimal term debt, the company is lean, but an FDA pass/fail or new financing would dominate the tape.
How they make money
n/a
annual revenue
reproxalap development
$0.0M
ADX-2191 development
$0.0M
preclinical RASP platform
$0.0M
corporate and other
$0.0M
The products that matter
dry eye drug candidate
Reproxalap
PDUFA march 16, 2026
This is the whole near-term thesis. The company has $0 revenue today, and this decision is the clearest path from pipeline story to commercial story.
lead asset
retinal disease program
ADX-2191
preclinical · $0 revenue today
There may be long-term optionality here, but investors should treat it like optionality. Right now the business still generates $0 revenue, so this does not replace Reproxalap in the thesis.
pipeline backup
Key numbers
$248M
market cap
That is the whole company price tag. A single FDA turn can move a stock this small fast.
2
late-stage assets
Two late-stage programs mean two chances to win, and two chances to lose.
9
employees
Nine people are carrying a public biotech. That tells you how thin the operating machine is.
$0M
long-term debt
No long-term debt means lenders are not taking a bite out of cash before the pipeline does.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ALDX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Aldeyra posted a $0.46 loss per share in the latest quarter, and revenue still was not reported.
The latest quarter EPS was -$0.46, versus trailing EPS of -$0.52. You are still buying a pipeline, not a sales line.
−$0.46
latest q eps (loss)
−$0.52
ttm eps (loss)
−$0.94
fy2024 est (loss)
the number that mattered
The latest quarter's -$0.46 EPS is the whole point. With no reported revenue, your bet is on clinical success, not sales growth.
source: Aldeyra PDUFA / reproxalap · IR filings
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What could go wrong
the #1 risk is an FDA rejection of Reproxalap for dry eye disease.
med
Reproxalap does not get approved
This is the obvious risk because it is the real risk. The company has no approved products and no commercial revenue, so a negative FDA outcome on March 16, 2026 leaves the story right back where it started.
Impact: the market would stop valuing a launch path and start valuing $70.04M of cash, $0 revenue, and a thinner pipeline.
med
Cash runway matters more if the catalyst fails
$70.04M in cash and $0M in debt is fine today. It becomes much less comfortable if there is still no commercial product after the FDA decision.
Impact: without revenue, the company likely stays dependent on external capital or strategic alternatives.
med
The rest of the pipeline is not ready to carry the stock
ADX-2191 is still preclinical and years away from being a substitute for the lead program. If Reproxalap stumbles, investors are left with optionality rather than a second engine.
Impact: a single-asset thesis can turn into an asset-sale thesis very quickly.
A failed approval would leave ALDX with $0 revenue, no approved products, and roughly $70.04M in cash to fund whatever comes next.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Reproxalap FDA PDUFA date
March 16, 2026. This is the date the whole page keeps circling because it is the date the whole stock keeps circling.
balance sheet
cash balance
$70.04M in total cash is your buffer. If the company stays at $0 revenue, this number only gets more important.
risk
regulatory language and label scope
Approval is the headline. The fine print still matters because a narrow label can turn a good day into a smaller commercial opportunity.
street view
price target math versus reality
The median target sits at $9.50 versus a $5.28 stock price. Watch whether analyst optimism survives the actual FDA outcome.
Analyst rankings
earnings predictability
60 / 100
In human-speak, analysts can model the cash burn reasonably well. They cannot model an FDA vote into certainty.
beta
2.0
Beta measures how hard a stock swings versus the market. At 2.0, ALDX has historically moved about twice as much.
source: institutional data
Institutional activity
institutional ownership data for ALDX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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