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Alexza Reports 2011 First Quarter Financial Results and Provides Business Update
Date:5/9/2011

ements. 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, 2010, and the Company's other Periodic and Current Reports filed with the Securities and Exchange Commission including the risks under the headings: "Regulatory authorities may not approve our product candidates even if they meet safety and efficacy endpoints in clinical trials.", "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.", and "We will need substantial additional capital in the future. If additional capital is not available, we will have to delay, reduce or cease operations." Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes 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(in thousands, except per share amounts)

(unaudited)Three Months EndedMarch 31,20112010Revenue

$
,259$
-Operating expenses:Research and development

6,2627,564General and administrative

2,8205,052Total operating expenses

9,08212,616Income (loss) from operations

(7,823)(12,616)Gain (loss) on change in fair value of contingent consideration liability

-(722)Interest and other income/ (expense), net

10(19)Interest expense

(602)(55)Net income (loss)

(8,415)(13,412)Basic and diluted net loss per share

$
(0.14)$
(0.26)ALEXZA PHARMACEUTICALS, INC.(a development stage company)

CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)

(unaudited)March 31, December 31,20112010(1)AssetsCash, cash equivalents and marketable securities


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SOURCE Alexza Pharmaceuticals, Inc.
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