Aldeyra Therapeutics is a clinical-stage biotechnology company developing immunomodulatory pharmaceutical treatments that target reactive aldehyde species (RASP) to treat eye diseases, rare retinal conditions, and immune-mediated disorders. The company's lead candidate, reproxalap, is a topical RASP modulator being developed for dry eye disease and allergic conjunctivitis, while additional programs include ADX-2191, a novel intravitreal methotrexate formulation for primary vitreoretinal lymphoma and retinitis pigmentosa, and next-generation RASP modulators for atopic dermatitis and age-related macular degeneration. Aldeyra has no FDA-approved products and generates no product revenue, instead funding operations through equity financing and debt, and has granted AbbVie an exclusive option to license reproxalap globally with potential milestone payments and profit-sharing upon approval.