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Alexza Reports 2008 First Quarter Financial Results and Updates Development of Product Candidates
Date:5/12/2008

risks concerning Alexza's business are described in additional detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and the Company's other Periodic and Current Reports filed with the Securities and Exchange Commission including the risks under the headings "We have a history of net losses. We expect to continue to incur substantial and increasing net losses for the foreseeable future, and we may never achieve or maintain profitability.", "We will need substantial additional capital in the future. If additional capital is not available, we will have to delay, reduce or cease operations.", "Failure or delay in commencing or completing clinical trials for our product candidates could harm our business.", and "If our product candidates do not meet safety and efficacy endpoints in clinical trials, they will not receive regulatory approval, and we will be unable to market them." Forward-looking statements contained in this announcement are made as of this date, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Alexza Pharmaceuticals, Inc.

(a development stage company)

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share data)

Three Months Ended

March 31,

2008 2007

Revenue $- $-

Operating expenses:

Research and development 14,693 10,235

General and administrative 4,462 3,585

Acquired in-process research and development - -

Total operating e
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SOURCE Alexza Pharmaceuticals, Inc.
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