Promising Developments and Strategic Partnerships Drive Buy Rating for Aldeyra TherapeuticsWe like ALDX as a platform story with near-term upside + pot'l future cash flow from ABBV. FDA acceptance of resubmitted NDA for Reproxalap will be a key inflection point and milestone for ALDX, in our view; PDUFA is set for Dec 16, 2025. The NDA resubmission follows positive results from a second dry eye chamber trial, which met its primary endpoint (note) and was designed to address concerns raised by the regulator in the CRL regarding baseline imbalances across treatment arms (note). Co also conducted a field trial that showed numerical benefits but did not hit stat sig. Mgmt commentary indicated the NDA package included only data from the latest chamber trial. We believe mgmt has been transparent about the general issues raised in CRL (link), and Co has diligently addressed FDA concerns (while details of stat method remain undisclosed).