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

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