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NEWS RELEASE - for immediate release
Alexza Reports Fourth Quarter and Year End 2015 Financial Results
Management to Review Results and Provide General Update
in Conference Call Scheduled Today for 5:00 p.m. Eastern Time
Mountain View, CaliforniaMarch 28, 2016 - Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA, Alexza, or the Company) today reported financial results for the quarter and year ended December 31, 2015. The net loss for the fourth quarter was $3.0 million compared to $6.7 million during the same quarter in 2014. The net loss for the years ended December 31, 2015 and 2014 was $21.3 million and $36.7 million, respectively. At December 31, 2015, Alexza had consolidated cash and cash equivalents of $7.8 million.
We continue our efforts to increase the value of ADASUVE, our pipeline and of Alexza, said Thomas B. King, President and CEO of Alexza Pharmaceuticals. In the last six months, we have decreased our costs, repositioned our management team, secured additional financing and continued to work with Guggenheim to explore strategic options.
King continued, We continue our discussions with Ferrer regarding the non-binding letter of intent we executed with them in February. This transaction would be Ferrers proposed acquisition of all outstanding shares of our common stock.
King added, We recently completed the reacquisition of the ADASUVE U.S. commercial rights from Teva. We continue to remain confident in the long-term commercial prospects for ADASUVE globally. For the ADASUVE U.S. commercial rights, we are looking into different options for product commercialization. In the interim, we are managing the commercial and regulatory aspects of ADASUVE for the U.S. market. We will continue to evaluate all of our options and pursue the strategy that we believe will allow us to maximize value for our stockholders.
Alexza believes that, based on its cash and cash equivalent balances at December 31, 2015, the additional $1.0 million drawn in March 2016 under the promissory note issued to Ferrer in September 2015, and its expected cash usage, it has sufficient capital resources to meet its anticipated cash needs until the end of April 2016. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated, or to alter the Companys operations. Even if circumstances do not cause Alexza to consume capital significantly faster or slower than currently anticipated, Alexza may be forced to significantly reduce operations if its business prospects do not improve. If Alexza is unable to source additional capital, it may be forced to shut down operations altogether.
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The following information was filed by Alexza Pharmaceuticals Inc. (ALXA) on Monday, March 28, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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