Perceptive fund discloses 7% Aldeyra (ALDX) ownership stake

Rhea-AI Filing Summary

Perceptive Advisors and affiliates report a 7.0% stake in Aldeyra Therapeutics, Inc. They beneficially own 4,185,632 shares of common stock, based on 60,162,773 shares outstanding as of November 4, 2025. The Perceptive Life Sciences Master Fund directly holds the shares, with Perceptive Advisors as investment manager and Joseph Edelman as managing member.

The reporting persons state that the securities were not acquired and are not held for the purpose of changing or influencing control of Aldeyra, consistent with a passive investment under Schedule 13G.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 15)

Aldeyra Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

01438T106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 01438T106

1

Names of Reporting Persons

Perceptive Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,185,632.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,185,632.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,185,632.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 01438T106

1

Names of Reporting Persons

Joseph Edelman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,185,632.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,185,632.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,185,632.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 01438T106

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,185,632.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,185,632.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,185,632.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Aldeyra Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 131 Hartwell Avenue, Suite 320, Lexington, MA 02421
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, par value $0.001 per share (the "Common Stock") of Aldeyra Therapeutics, Inc. ("the Issuer") are: (i) Perceptive Advisors LLC ("Perceptive Advisors") (ii) Joseph Edelman ("Mr. Edelman") (iii) Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor, New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company. Mr. Edelman is a United States citizen. The Master Fund is a Cayman Islands corporation.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 01438T106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 60,162,773 outstanding shares of Common Stock as of November 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025. The Master Fund directly holds 4,185,632 shares of Common Stock. Perceptive Advisors serves as the investment manager to the Master Fund and may be deemed to beneficially own such shares. Mr. Edelman is the managing member of Perceptive Advisors and may be deemed to beneficially own such shares.
(b)	Percent of class: Perceptive Advisors: 7.0% Mr. Edelman: 7.0% Master Fund: 7.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 4,185,632 Mr. Edelman: 4,185,632 Master Fund: 4,185,632
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 4,185,632 Mr. Edelman: 4,185,632 Master Fund: 4,185,632
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

FAQ

What ownership in Aldeyra Therapeutics (ALDX) is reported by Perceptive Advisors?

Perceptive Advisors and related reporting persons disclose beneficial ownership of 4,185,632 Aldeyra common shares, representing 7.0% of the class. This percentage is calculated using 60,162,773 shares outstanding as of November 4, 2025, as referenced from Aldeyra’s Form 10-Q.

Which Perceptive entity directly holds Aldeyra Therapeutics (ALDX) shares?

The Perceptive Life Sciences Master Fund, Ltd. directly holds 4,185,632 shares of Aldeyra common stock. Perceptive Advisors serves as investment manager to this fund, and Joseph Edelman is the managing member of Perceptive Advisors, so each may be deemed to beneficially own the same shares.

How much voting and dispositive power do the Perceptive reporting persons have over Aldeyra (ALDX) shares?

Each reporting person reports 0 shares with sole voting or dispositive power and 4,185,632 shares with shared voting and shared dispositive power. This indicates decisions over these Aldeyra shares are made jointly rather than individually by any single reporting person.

Is Perceptive’s Aldeyra (ALDX) stake intended to influence control of the company?

The reporting persons certify the securities were not acquired and are not held for the purpose of changing or influencing control of Aldeyra. They also state the shares are not held in connection with any transaction having that purpose, other than activities tied to a specific nomination rule.

What date triggers this Aldeyra Therapeutics (ALDX) Schedule 13G/A amendment?

The reported date of the event requiring this ownership statement is December 31, 2025. Ownership percentages are based on Aldeyra’s 60,162,773 outstanding common shares as of November 4, 2025, as disclosed in its Quarterly Report on Form 10-Q filed November 5, 2025.

Who are the reporting persons in the Aldeyra Therapeutics (ALDX) Schedule 13G/A?

The filing identifies three reporting persons: Perceptive Advisors LLC, its managing member Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. All three report the same beneficial ownership amount and 7.0% percentage of Aldeyra’s common stock class.