Exhibit 99.1
(ALEXZA PHARMACEUTICALS LOGO)
NEWS RELEASE — for immediate release
Alexza Reports 2009 Fourth Quarter and Full Year Financial Results
and Provides General Corporate Update
Conference Call Scheduled Today at 5:00 p.m. Eastern Time
Mountain View, California — March 8, 2010
— Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) reported today financial results for the fourth quarter and year ended December 31, 2009 and provided a general corporate update. The net loss for the quarter and year ended December 31, 2009, as reported in accordance with accounting principles generally accepted in the United States (GAAP), was $19.8 million and $56.1 million, respectively, compared to a net loss of $17.9 million and $77.0 million in the comparable periods in 2008. Alexza had consolidated cash, cash equivalents and marketable securities at December 31, 2009 of $19.9 million.
“In 2009, we capped off a very productive year with the submission of our first NDA for AZ-004 (Staccato® loxapine). We continued on the path toward AZ-004 commercialization with the announcement of our Biovail collaboration for AZ-004 in the U.S. and Canada in early February,” said Thomas B. King, President and CEO of Alexza. “A majority of our focus and effort in 2010 will be on executing a successful NDA review, finalizing the commercial manufacturing process scale-up for AZ-004 and supporting our Biovail collaboration.”
Financial Results — Periods Ended December 31, 2009 and 2008
GAAP operating expenses were $11.0 million and $57.2 million in the quarter and year ended December 31, 2009, respectively, compared to operating expenses of $18.4 million and $79.2 million in the same periods in 2008.
In connection with Alexza’s acquisition of Symphony Allegro, Inc. in August 2009, Alexza is obligated to pay the former Symphony Allegro shareholders certain percentages of cash payments that may be generated from collaboration transactions for AZ-002, AZ-004 or AZ-104. Changes in the fair value of this contingent liability are recognized in earnings in the period of the change. Alexza recognized a loss on the change in fair value of the contingent liability of $8.7 million and $8.0 million during the quarter and year ended December 31, 2009, respectively, as a result of reduced uncertainties regarding future cash flows for AZ-004 due to the collaboration with Biovail and the submission of our NDA for AZ-004 in December 2009.

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The following information was filed by Alexza Pharmaceuticals Inc. (ALXA) on Monday, March 8, 2010 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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