Alexza Pharmaceuticals (ALXA)

Business description

Alexza Pharmaceuticals is a US-based company developing products for acute CNS disorders using its proprietary Staccato aerosol rapid drug delivery system. Lead product Adasuve is approved in the US and EU.

Share price chart

Share chart

Stock data

Market cap.US$39.8m
Last closeUS$2.05
High / Low (52 weeks)US$5.5 / US$1.3
Stock market listingUS
Forecast net debt (US$m)22.6
Forecast gearing ratio (%)44
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(2.6)54.1(63.1)
Relative *(7.1)50.4(67.8)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 4.1 (24.5) (34.9) (2.80) N/A N/A
2013A 47.8 5.1 (10.0) (0.60) N/A N/A
2014E 4.9 (35.6) (45.6) (2.56) N/A N/A
2015E 18.8 (16.4) (26.4) (1.31) N/A N/A

Last updated on 24/02/2015

Investment summary

Alexza's investment case primarily rests on the commercial prospects for Adasuve (Staccato loxapine) for acute agitation in adult schizophrenia or bipolar I disorder patients. Adasuve has been launched in certain European markets by Ferrer (ten EU countries to date), and in the US by Teva. Adasuve offers speed, dosing reliability and ease of administration advantages and we estimate peak sales nearing $400m by 2020. Expansion of the Adasuve label and successful development of further candidates using Alexza's proprietary Staccato inhaled delivery platform (such as AZ-002, which started a Phase IIa study in Q115 for acute repetitive seizures, or preclinical-stage AZ-008/AZ-009 for restless legs/Parkinson's hypomobility) may provide upside.

Last updated on 02/03/2015

Industry outlook

Alexza’s valuation is geared to Adasuve’s prospects, and uptake will be driven by stakeholders' recognition of the benefits from the drug's ease of administration and rapid time to therapeutic effect vs existing non-invasive drugs used for agitation.

Last updated on 02/03/2015

Key management

Thomas King, CEO
Mark Oki, CFO
Ana Kapor, Senior Director, Investor Relations and Corpo
James Cassella, Chief Scientific Officer:
Michael Simms, SVP, Operations and Manufacturing:

Company address

2091 Stierlin Court
Mountain View
CA 94043
United States
(650) 944-7000
View website