Aldeyra tumbles to record low after FDA declines to approve experimental dry eye drug

Aldeyra Therapeutics

17/03/2026 14:06

Updates

** Shares of biotech firm Aldeyra Therapeutics ALDX.O slump 74% to an all-time low of $1.07

** FDA declines to approve its application for experimental dry eye drug, reproxalap, citing lack of reliable evidence it works

** Health regulator, in its so-called complete response letter, flags inconsistent results across trials and says studies did not clearly show benefit on signs and symptoms

** Agency finds no safety or manufacturing issues, but advises ALDX to analyze failed trials and patient subgroups

** ALDX says it will not run new trials and plans to seek a meeting with the FDA to discuss next steps

** Shares up ~4% in 2025

 (Reporting by Sahil Pandey in Bengaluru)

 ((Sahil.Pandey@thomsonreuters.com))