Aldeyra Therapeutics Inc.

Perceptive's entry suggests conviction in Aldeyra's clinical pipeline, likely centered on reproxalap for dry eye disease and ocular inflammation—programs with Phase 3 data expected in 2024-2025. Edelman's track record backing early-stage assets implies confidence in efficacy readouts or competitive positioning, though dry eye is a crowded market with established players (Restasis, Xiidra). The $21.7M position size is material enough to signal meaningful thesis conviction rather than exploratory interest.