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Alexza Reports 2012 Fourth Quarter and Full Year Financial Results
Date:3/26/2013

a recognized a full year of revenue earned under the Grupo Ferrer license agreement and one quarter of a year's revenue from the license agreement with Cypress Biosciences, Inc.  In 2011, Alexza recognized a full year of revenue under the Cypress license agreement and one quarter of revenue under the Grupo Ferrer license agreement.

GAAP operating expenses were $11.6 million in the quarter ended December 31, 2012 compared to $10.4 million during the fourth quarter of 2011.  Full-year 2012 operating expenses were $32.9 compared to $40.0 million in the same period in 2011.

Research and development expenses were $7.0 million and $21.8 million in the quarter and year ended December 31, 2012, as compared to $7.3 million and $28.3 million in the same periods in 2011, respectively.  The decreased expenses in 2012 were a result of the suspension of development of AZ-007 and Staccato nicotine product candidates starting in late 2011, as well as efforts to conserve cash resources, including a 38% reduction in workforce in February 2012.  These reductions were partially offset by approximately $1.1 million and $0.9 million of cash bonuses and share-based compensation expense incurred in the fourth quarter of 2012 that were not incurred in 2011, the result of achieving certain specific corporate goals related to the ADASUVE marketing approvals, as specified in the Company's bonus plans.

General and administrative expenses were $4.6 million and $11.1 million in the quarter and year ended December 31, 2012, respectively, compared to $3.1 million and $11.8 million for the same periods in 2011.  General and administrative expenses in 2012 were impacted by a reduction in non-cash expenses of $1.4 million as a result of the termination of one of the Company's building leases and related subleases in March 2012.  Alexza incurred approximately $0.9 million and $1.0 million of cash bonuses and share-based compensation expense in
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SOURCE Alexza Pharmaceuticals, Inc.
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