Aldeyra Therapeutics Reports $9.9 Million Net Loss in Q1 2025, Focuses on R&D

Aldeyra Therapeutics, Inc. reported a net loss of $9.9 million for the first quarter of 2025, an increase of 22.9% compared to a net loss of $8.1 million during the same period in 2024. The company's total revenue for the quarter was not specified, as it continues to focus on research and development without any products currently approved for sale. Research and development expenses rose by 20.1% to $7.4 million, primarily driven by increased external clinical development costs. General and administrative expenses decreased slightly to $3.0 million, reflecting a reduction in legal costs.

The company's total assets decreased to approximately $93.2 million as of March 31, 2025, down from $104.6 million at the end of 2024. This decline was attributed to a reduction in cash and cash equivalents, which fell to $50.4 million from $54.5 million. Marketable securities also decreased, contributing to the overall decline in current assets. Total liabilities decreased to $29.6 million, down from $33.6 million, primarily due to a reduction in accrued expenses and the current portion of debt.

Aldeyra's operational focus remains on advancing its product candidates, particularly reproxalap, a potential treatment for dry eye disease. The company has entered into an exclusive option agreement with AbbVie, which includes a $1 million upfront payment and a potential $100 million cash payment upon the execution of a collaboration agreement. As of March 31, 2025, AbbVie had not yet exercised this option. The company anticipates that its cash, cash equivalents, and marketable securities will be sufficient to fund its projected operating expenses and debt obligations into 2027, although it may need to secure additional funding in the future.

In terms of cash flow, Aldeyra reported a net cash outflow of $12.5 million from operating activities for the first quarter of 2025, compared to $10.0 million in the same period last year. This increase was primarily due to higher research and development expenditures and changes in accrued expenses. However, the company experienced a net cash inflow of $7.3 million from investing activities, largely due to the maturity of marketable securities, contrasting with a net cash outflow of $30.4 million in the previous year. Financing activities generated $1.0 million, primarily from the exercise of stock options, compared to $18,191 in the prior year.

Looking ahead, Aldeyra remains committed to its research and development efforts, with plans to continue advancing its product pipeline. The company acknowledges the inherent risks and uncertainties in drug development and the need for additional capital to support its ongoing activities.