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 Alexzas 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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