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Alexza Reports 2009 First Quarter Financial Results and Updates Clinical Pipeline Status
Date:5/7/2009

certain risks and uncertainties, particularly those inherent in the process of developing and commercializing drugs. The Company's forward-looking statements also involve assumptions that, if they prove incorrect, would cause its results to differ materially from those expressed or implied by such forward-looking statements. These and other 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, 2008, 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 "Regulatory authorities may not approve our product candidates even if they meet safety and efficacy endpoints in clinical trials." 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,
                                                   2009              2008
    Revenue                 
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SOURCE Alexza Pharmaceuticals, Inc.
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