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Alexza Reports 2011 Third Quarter Financial Results and Provides Business Update
Date:11/7/2011

f $9.3 million and $34.0 million in the same periods in 2010.  Research and development expenses were $8.1 million and $21.0 million in the three and nine-month periods ended September 30, 2011, respectively, compared to $6.7 million and $22.5 million in the same periods in 2010.  General and administrative expenses were $3.1 million and $8.7 million in the three and nine-month periods ended September 30, 2011, respectively, compared to $2.6 million and $11.5 million for the same periods in 2010.

In connection with the acquisition of Symphony Allegro, Inc. in August 2009, Alexza is obligated to pay the former Symphony Allegro stockholders certain percentages of cash payments that may be generated from collaboration transactions for ADASUVE, AZ-002 (Staccato alprazolam) or AZ-104 (Staccato loxapine, low-dose).  The Company records this obligation as a contingent liability and updates the liability each quarter.  As a result of the update of the liability, Alexza recorded a non-operating loss of $3.0 million and $3.3 million during the three and nine months ended September 30, 2011 compared to a non-operating gain of $8.5 million and $7.3 million in the three and nine months ended September 30, 2010, respectively.  Gains and losses incurred reflect Alexza's change in the estimated probability-weighted cash flows from ADASUVE and the estimated timing of receipt of such cash flows.

Conference Call Information

To access the conference call via the Internet, go to www.alexza.com, under the "Investor Relations" tab.  Please join the call at least 15 minutes prior to the start of the call to ensure time for any software downloads that may be required.  Interested parties may also pre-register to avoid pre-call delays at https://www.theconferencingservice.com/prereg/key.process?key=PVXTM
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SOURCE Alexza Pharmaceuticals, Inc.
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