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Alexza Reports 2007 Year-End Financial Results and Updates Clinical Pipeline Status
Date:3/17/2008

ncing 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.

Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures. Alexza management does not suggest that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial measures. The Company believes it is useful for management and investors to review both GAAP information and non-GAAP financial measures to have a better understanding of the overall performance of the Company's business and trends relating to its financial condition and results of operations.

Alexza Pharmaceuticals, Inc.

(a development stage company)

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share data)

Three Months Ended

December 31, 2007

GAAP [1] Difference [2] Non-GAAP [3]

Revenue $- $- $-

Operating expenses

Research and development 13,698 (811) 12,887

General and administrative 3,720 (567) 3,153

Total operating expenses 17,418 (1,378) 16,040

Loss from operations (17,418) 1,378 (16,040)

Interest and other income, net 1,411 -
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SOURCE Alexza Pharmaceuticals, Inc.
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