Aldeyra Therapeutics, Inc. Liquidation Value

Aldeyra Therapeutics (ALDX) presents a marginally positive liquidation recovery posture as of March 31, 2026, driven almost entirely by cash and near-cash assets. Total assets of $66.5 million are overwhelmingly current ($66.3 million), with $65.0 million in cash/cash equivalents and no marketable securities. Applying a 100% haircut to cash yields approximately $65.0 million in recoverable asset value. The remaining current assets (prepaid expenses of $1.3 million, other current assets of $0.3 million) carry modest recovery value at typical haircut rates, adding roughly $1.0-1.1 million. Non-current assets consist of a right-of-use asset of $0.2 million (nominal recovery) and $0.0 in intangibles or goodwill separately tagged. Total adjusted asset recovery approximates $66 million.

On the liability side, total liabilities of $24.3 million are entirely current and must be settled at face value. The liability stack includes: $15.3 million in current long-term debt (the Hercules Capital credit facility, which per MD&A was fully repaid on April 1, 2026 — one day after the period end date, meaning it remains on the March 31 balance sheet at face value); $2.7 million in accrued liabilities; $1.4 million in employee-related liabilities; $0.6 million in other accrued liabilities; $0.1 million in accounts payable; $0.2 million in operating lease liabilities; and $6.0 million in deferred long-term collaboration revenue (the AbbVie Option deferred payment). The deferred revenue item warrants attention: ASC 606 classification as a liability means it stays at face value in liquidation unless the obligation to perform or refund is extinguished. Under a wind-up scenario the $6.0 million deferred AbbVie payment would likely need to be returned as the performance obligation (maintaining the option through FDA approval) cannot be fulfilled. This represents a real cash claim against the estate. Net recovery to equity: approximately $66 million assets minus $24.3 million liabilities = approximately $41.8 million, consistent with the reported stockholders' equity of $42.2 million. MFFAIS CLV/LLV/OLV is reported at $40.7 million, broadly consistent.

The Hercules debt repayment post-period-end removes a $15.3 million face-value claim that existed at the snapshot date; on a pro-forma basis the recovery posture improves materially. The company has zero revenue, 7 employees, an accumulated deficit of $487.4 million, and cash burn of approximately $5.1 million per quarter from operations. At current burn, the $65 million cash balance provides roughly 12-13 quarters of runway absent material changes. The AbbVie Option (potential $100 million upfront, $300 million in milestones) remains unexercised and is not reflected in any asset value. The deferred $6.0 million AbbVie payment is classified as a current liability. Filing discusses pre-commercialization launch activity cost commitments in MD&A (capped at mid-single-digit millions under the Expansion Letter with AbbVie) but does not separately tag these contingent obligations in XBRL.