Aldeyra Therapeutics is a clinical-stage biotech with no approved products developing a platform of small molecule drugs called RASP (reactive aldehyde species) modulators, which work by binding and eliminating toxic inflammatory molecules rather than targeting a single protein. The lead program is reproxalap, a topical eye drop for dry eye disease and allergic conjunctivitis. Reproxalap has been submitted to the FDA twice via NDA, with the FDA's target action date for the second resubmission set for March 16, 2026. Aldeyra has also signed an option agreement with AbbVie, under which AbbVie can elect to co-commercialize reproxalap in the U.S. and take an exclusive ex-U.S. license for a $100M upfront payment, up to ~$300M in milestones, and a 60/40 U.S. profit split in AbbVie's favor; as of the filing, AbbVie has not exercised the option. The second advanced program is ADX-2191, a purpose-built intraocular formulation of methotrexate for primary vitreoretinal lymphoma — a rare retinal cancer with no approved treatments — and retinitis pigmentosa. Earlier-stage pipeline includes ADX-248, an oral RASP modulator in Phase 1 for atopic dermatitis, and ADX-246, an intravitreal RASP modulator targeting dry AMD. Aldeyra has only 8 full-time employees and relies on contract research organizations to run trials. The company funds operations through equity and debt, with FDA approval of reproxalap representing the primary near-term value inflection point.