The FDA decision on Oyster Point Pharma Inc.’s (OYST) OC-01 nasal spray, proposed for the treatment of signs and symptoms of dry eye disease, is expected on October 17, 2021.A condition in which the eyes do not generate enough tears or a normal layer of tears is not maintained to coat the eyes is known as dry eye disease.OC-01, administered as a preservative-free, aqueous nasal spray, contains varenicline, a highly selective nicotinic acetylcholine agonist. It is designed to work by activating the trigeminal parasympathetic pathway in the nasal cavity to stimulate natural tear film production.More than 340 million adults globally and approximately 34 million adults in the United States are estimated to suffer from dry eye disease.Allergan’s Restasis, Novartis’ Xiidra, Sun Pharma’s Cequa and Kala Pharma’s Eysuvis are the FDA-approved drugs for dry eye diasese.If all goes well as planned, OC-01 could be the first nasal spray approved for dry eye disease.JPMorgan analyst Anupam Rama expects OC-01 to achieve peak sales of $700 million to $800 million, if approved.OYST closed Wednesday’s trading at $11.67, down 2.75%.