Bull case
Aldeyra Therapeutics is supported by a late-stage asset in reproxalap that has repeatedly shown clinical activity across nine adequate and well-controlled trials, with five meeting all multiplicity-controlled primary endpoints and chamber-trial results demonstrating a rapid effect on dry eye redness and symptoms. Its positive outlook is strengthened by a first-mover position in irreversible RASP scavenging, a novel immunomodulatory approach that may extend across multiple inflammatory and retinal disease programs while addressing large, underserved markets with more than 15M diagnosed dry eye patients and more than 30M diagnosed allergic conjunctivitis patients in the US. Although the March 16, 2026 CRL creates regulatory risk, the company’s repeated FDA engagement, the planned Formal Dispute Resolution Request, and the breadth of supportive data suggest a credible path to eventual approval and meaningful commercial opportunity.