The company continues to operate without meaningful revenue, reporting a net loss of $3.5 million in 2026Q1 while maintaining high R&D intensity.
Aldeyra The (ALDX) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 66.6K | 0 | 0 | 0 | 0 | 0 | 0 | 96.31K | 71K | 37.85K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -66.6K | 0 | 0 | 0 | 0 | 0 | 0 | -96.31K | -71K | -37.85K | -35.79K | -18.78K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -35.64% | -87.6% | -5.75% | -90.61% | - | - | - | - | - |
| Operating Expenses | 4.14T | 35.27M | 60.12M | 42.79M | 62.68M | 56.22M | 34.67M | 56.51M | 39.7M | 22.49M | 18.7M | 11.99M | 7.27M | 3.68M | 1.11M | 2.11M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 3.44T | 9.6M | 11.89M | 13.34M | 15.37M | 11.28M | 9.99M | 12.15M | 9.88M | 6.19M | 5.52M | 4.42M | 3.56M | 2.13M | 644.94K | 743.94K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 1.84T | 25.66M | 48.22M | 29.46M | 47.31M | 44.94M | 24.68M | 44.35M | 29.82M | 16.3M | 13.18M | 7.57M | 3.71M | 1.54M | 469.27K | 1.36M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -4.14T | -35.27M | -60.12M | -42.79M | -62.68M | -56.22M | -36.42M | -63.07M | -39.7M | -22.49M | -18.7M | -11.99M | -7.27M | -3.68M | -1.11M | -2.11M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 41.34% | -40.48% | 31.73% | -11.49% | -54.36% | 42.26% | -58.88% | -76.53% | -20.28% | -55.94% | -64.89% | -97.8% | -229.98% | 47.18% | - |
| EBITDA | -4.14T | -35.01M | -59.87M | -42.53M | -62.42M | -55.96M | -36.36M | -62.98M | -39.63M | -22.45M | -18.66M | -11.97M | -7.27M | -3.68M | -1.11M | -2.11M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -9207234.67% | 41.52% | -40.76% | 31.86% | -11.56% | -53.87% | 42.26% | -58.92% | -76.52% | -20.31% | -55.89% | -64.65% | -97.77% | -231.09% | 47.32% | - |
| D&A (Non-Cash Add-back) | 202.42K | 251.99K | 249.62K | 262.78K | 258.71K | 264.18K | 56.22K | 96.31K | 71K | 37.85K | 35.79K | 18.78K | 1.07K | 31 | 3.74K | 1.59K |
| EBIT | -14.42M | -31.94M | -53.93M | -35.47M | -60.33M | -56.03M | 0 | -61.53M | -38.75M | -22.23M | -18.59M | -11.98M | -4.94M | 13.22M | -22.73M | -2.1M |
| Net Interest Income | 700.91K | 1.42M | 4.27M | 5.25M | 655.35K | -1.56M | -1.61M | 937.5K | 805.91K | 147.8K | -3.47K | -101K | -244K | -159K | -342K | -275K |
| Interest Income | 373.75B | 3.32M | 6.19M | 7.32M | 2.35M | 185.36K | 292.22K | 1.54M | 952.7K | 261.25K | 102.04K | 11.13K | 3 | 31 | 101 | 5K |
| Interest Expense | -437.06M | 1.91M | 1.93M | 2.07M | 1.69M | 1.74M | 1.9M | 603.85K | 146.79K | 113.45K | 105.51K | 112.31K | 244.17K | 159.32K | 342.01K | 279.93K |
| Other Income/Expense | 373.31B | 1.42M | 4.27M | 5.25M | 655.35K | -1.56M | -1.75M | 0 | 805.91K | 147.8K | -3.47K | -101K | 2.08M | 16.74M | -21.96M | -270K |
| Pretax Income | -3.76T | -33.85M | -55.85M | -37.54M | -62.02M | -57.78M | -38.03M | -62.14M | -38.89M | -22.34M | -18.7M | -12.09M | -5.19M | 13.06M | -23.07M | -2.38M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -479.26K | -1.31M | 0 | 223.4K | 66.25K | -7.65K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 1.26% | 2.11% | 0% | -1% | -0.35% | 0.06% | 0% | 0% | 0% | 0% |
| Net Income | -3.76T | -33.85M | -55.85M | -37.54M | -62.02M | -57.78M | -37.55M | -60.83M | -38.89M | -22.34M | -18.7M | -12.09M | -5.19M | 13.06M | -23.07M | -2.38M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -8711726.29% | 39.4% | -48.77% | 39.47% | -7.35% | -53.85% | 38.26% | -56.4% | -74.09% | -19.48% | -54.66% | -133.08% | -139.72% | 156.6% | -870.35% | - |
| Net Income (Continuing) | -3.76T | -33.85M | -55.85M | -37.54M | -62.02M | -57.78M | 0 | -60.83M | -38.89M | -22.34M | -18.7M | -12.09M | -5.19M | 13.06M | -23.07M | -2.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -62350.53 | -0.56 | -0.94 | -0.64 | -1.06 | -1.07 | -1.11 | -2.24 | -1.79 | -1.40 | -1.65 | -1.40 | -1.35 | 2.72 | -19.22 | -0.50 |
| EPS Growth % | 56.55% | 40.43% | -46.88% | 39.62% | 0.93% | 3.6% | 50.45% | -25.14% | -27.86% | 15.15% | -17.86% | -3.7% | -149.63% | 114.15% | -3744% | - |
| EPS (Basic) | - | -0.56 | -0.94 | -0.64 | -1.06 | -1.07 | -1.11 | -2.24 | -1.79 | -1.40 | -1.65 | -1.40 | -1.36 | 39.90 | -146.63 | -7.26 |
| Diluted Shares Outstanding | 60.35M | 60.06M | 59.48M | 58.94M | 58.41M | 54.04M | 33.97M | 27.11M | 21.69M | 15.92M | 11.35M | 8.63M | 3.85M | 4.8M | 1.2M | 4.8M |
| Basic Shares Outstanding | 60.35M | 60.06M | 59.48M | 58.94M | 58.41M | 54.04M | 33.97M | 27.11M | 21.69M | 15.92M | 11.35M | 8.63M | 3.82M | 4.04M | 157.37K | 327.37K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ALDX stock.
For fiscal year 2025, Aldeyra The (ALDX) reported total revenue of $0.0M.
Aldeyra The (ALDX) reported a net loss of $33.8M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Regulatory approval and liquidity
Metrics are mathematically derived from official filings.
R&D Intensity Drives Cash Burn
As indicated by the company's historical financial statements, R&D expenses remain the primary driver of capital consumption, peaking at $15.0 million in 2024Q2, which underscores the significant financial burden associated with maintaining late-stage clinical programs without any offsetting commercial revenue streams to support ongoing operations.
The company's cost structure is almost entirely comprised of R&D outlays, reflecting the high-stakes nature of its ocular pipeline development. Investors should note that the volatility in quarterly R&D spending suggests a reliance on episodic clinical trial milestones rather than a steady-state operational budget.
Operating Inefficiency Amidst Pre-Revenue Status
Based on reported figures, the company's operating losses have fluctuated significantly, reaching a high of $18.0 million in 2024Q2, which highlights the lack of operating leverage inherent in a business model that has yet to achieve commercialization or generate any meaningful top-line revenue.
The absence of revenue means that every dollar spent on SG&A and R&D directly expands the operating deficit. This lack of scale suggests that the company remains highly sensitive to administrative overhead, which may require further rationalization if clinical timelines continue to extend.
Stock-Based Compensation Masks Burn
According to recent SEC filings, stock-based compensation has been a recurring feature of the income statement, reaching $3.2 million in 2024Q3, which warrants careful scrutiny as it represents a non-cash expense that effectively dilutes shareholders while the company continues to report persistent net losses.
While SBC is a standard tool for talent retention in biotechnology, its presence in a pre-revenue entity complicates the assessment of true cash burn. Analysts should monitor whether these equity-based incentives align with long-term clinical success or merely serve as a mechanism to preserve cash in the short term.
Sustainability Risks of Clinical Delays
As reported in financial statements, the consistent net losses, such as the $15.8 million deficit in 2024Q4, suggest that the current cash position may be insufficient to support the company's long-term R&D roadmap without the potential for further dilutive financing events in the near future.
The reliance on external capital to fund operations creates a binary risk profile where any further regulatory setbacks could severely impair the company's ability to continue as a going concern. Investors should be wary of the assumption that current partnership options will provide enough liquidity to bridge the gap to commercial viability.