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Pipeline (5 active programs)

Technology platforms

Discontinued (3)

• methotrexate — Retinitis Pigmentosa · suspension of the ADX-2191 retinitis pigmentosa clinical development program
• ADX-629 — undisclosed · completed proof-of-concept testing; no longer in development aside from potential investigator-sponsored trials in Sjögren-Larsson Syndrome
• ADX-2191 — Proliferative Vitreoretinopathy · Company ceased development of the Helio Product Candidate for the treatment of proliferative vitreoretinopathy during year ended December 31, 2024

Capital (as filed)

Cash

$41.0M cash, equivalents and restricted cash · Sep 30, 2026 (10-Q)

Operating cash flow

−$4.1M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$41.0M cash, runway into 2029 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

• 2026-09-30 UPDATE: Aldeyra Therapeutics (ALDX) - Going Over the Division’s Head 🔒 Paid
• 2026-08-07 UPDATE: Aldeyra Therapeutics (ALDX) - The Floor Keeps Sinking 🔒 Paid
• 2026-07-15 UPDATE: Aldeyra Therapeutics (ALDX) - The FDA Punts, Aldeyra Escalates
• 2026-05-08 UPDATE: Aldeyra Therapeutics (ALDX) - The Cash Floor Just Got Lower 🔒 Paid
• 2026-05-02 UPDATE: Aldeyra Therapeutics (ALDX) - Reading the FDA’s Margin Notes 🔒 Paid
• 2026-03-21 UPDATE: Aldeyra Therapeutics (ALDX) - The Bottom Falls Out 🔒 Paid
• 2026-02-28 UPDATE: Aldeyra Therapeutics (ALDX) - The Final Countdown to PDUFA 🔒 Paid
• 2025-12-17 BONUS: Aldeyra Therapeutics (ALDX): Scientific Due Diligence for Reproxalap and Pipeline Products 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Aldeyra Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2025-12-17 Watch BONUS: Aldeyra Therapeutics (ALDX): Scientific Due Diligence for Reproxalap and Pipeline Products Binary PDUFA event on March 16, 2026 with mixed clinical data (chamber success vs. field failure) makes this a wait-and-see play on the AbbVie option trigger.
2. 2026-02-28 Watch UPDATE: Aldeyra Therapeutics (ALDX) - The Final Countdown to PDUFA No new information changes the binary setup; cash runway is secure and AbbVie option mechanics confirmed, but FDA risk from failed field trial data remains.
3. 2026-03-21 Watch UPDATE: Aldeyra Therapeutics (ALDX) - The Bottom Falls Out Post-CRL, AbbVie deal is off the table but no new trials demanded, insider buying, and extended runway make this a deep-value special-situations watch rather than an outright avoid.
4. 2026-05-02 Watch UPDATE: Aldeyra Therapeutics (ALDX) - Reading the FDA's Margin Notes Trial-by-trial FDA scorecard reveals a coherent narrower-label argument and undervalued allergic conjunctivitis optionality, but thesis remains a sequence of small bets pending the Q2 Type A meeting.
5. 2026-05-08 Watch UPDATE: Aldeyra Therapeutics (ALDX) - The Cash Floor Just Got Lower Hercules debt payoff lowers effective cash floor to ~$50M and a new class action adds overhang, but AbbVie option remains live and Type A meeting is still the near-term catalyst.
6. 2026-07-15 Watch UPDATE: Aldeyra Therapeutics (ALDX) - The FDA Punts, Aldeyra Escalates Ambiguous Type A minutes triggered an immediate clarification request and a Type D meeting escalation, pushing the resubmission timeline out a full quarter but not breaking the bounded-downside thesis.
7. 2026-08-07 Watch UPDATE: Aldeyra Therapeutics (ALDX) - The Floor Keeps Sinking Cash floor drops to $45.1M, new FDRR language signals FDA dialogue is not converging, and pipeline initiations are unfunded, but AbbVie option remains live and Type D meeting is still a defined near-term catalyst.
8. 2026-09-30 Avoid UPDATE: Aldeyra Therapeutics (ALDX) - Going Over the Division's Head Aldeyra failed to persuade the review division at both Type A and Type D meetings, the FDRR escalation I flagged as a bearish tell is now happening, and pipeline guidance has been withdrawn, making risk/reward unfavorable until the OND appeal decision.

• Avoid call · opened Sep 30, 2026 at $1.23 · -48.5% vs XBI -3.5% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (17)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jun 2, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 5, 202610-QQuarterly report
• Sep 29, 2026ReleaseAldeyra Therapeutics Announces Intent to Submit Formal Dispute Resolution Request for Reproxalap to Treat Dry Eye Disease→ BD updateSummary on the 8-K
• Sep 29, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1→ BD updateAfter a September 25 Type D meeting that failed to converge with the FDA review division, Aldeyra is escalating to a Formal Dispute Resolution Request — appealing the March CRL to the Office of New Drugs itself — while extending cash runway to 2029 and publishing the most detailed public data defense of reproxalap yet.BD extracted 1 program update from this document → ALDX pipeline
• Sep 28, 2026ReleaseAldeyra Therapeutics to Host Regulatory Update Webcast
• Aug 6, 202610-QQuarterly report
• Jul 30, 20268-KCurrent report: material agreement
• Jul 15, 20268-KCurrent report: other events
• Jun 10, 20268-KCurrent report: officer / director change, shareholder vote, Reg FD disclosure · EX-99.1
• Jun 9, 2026ReleaseAldeyra Therapeutics Appoints Darlene Deptula-Hicks to Board of Directors
• Jun 2, 2026ReleaseAldeyra Therapeutics to Participate in the 2026 Jefferies Global Healthcare Conference
• May 7, 202610-QQuarterly report
• May 1, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Apr 27, 2026DEFA14AProxy soliciting material
• Apr 27, 2026DEF 14AProxy statement
• Apr 20, 20268-KCurrent report: officer / director change
• Apr 1, 20268-KCurrent report: other events
• Mar 17, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1