Aldeyra Therapeutics reported a FY 2025 net loss of USD 33.8 million (down 39.4%) and a loss from operations of USD 35.3 million (down 41.3%). FY 2025 research and development expense was USD 25.7 million (down 46.8%) and general and administrative expense was USD 9.6 million (down 19.3%); total other income, net was USD 1.4 million (down 66.7%), including interest income of USD 3.3 million (down 46.3%) and interest expense of USD 1.9 million (down 1.1%). The company ended FY 2025 with cash and cash equivalents of USD 70.0 million and total stockholders’ equity of USD 44.3 million; net cash used in operating activities was USD 33.3 million. On the business front, Aldeyra’s lead program reproxalap remains under FDA review for dry eye disease, with the PDUFA target action date extended to March 16, 2026 after the FDA requested submission of a field trial. The company also highlighted its AbbVie option agreement for reproxalap, which includes a potential USD 100.0 million upfront payment (less prior option payments) and up to approximately USD 300.0 million in milestones if exercised; as of February 27, 2026, AbbVie had not exercised the option. Aldeyra also reported FDA Special Protocol Assessment agreement for ADX-2191 in primary vitreoretinal lymphoma, with top-line results expected in 2026, and plans to initiate a Phase 2/3 trial of ADX-2191 in retinitis pigmentosa in the first half of 2026.

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