Alexza Pharmaceuticals (ALXA)

Business description

Alexza develops products for the acute treatment of CNS disorders using its proprietary Staccato rapid inhalation drug delivery system. Adasuve is approved (US and EU) for the acute treatment of agitation in patients with schizophrenia or bipolar I disorder.

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Stock data

Market cap.US$20m
Last closeUS$1.02
High / Low (52 weeks)US$2.5 / US$0.9
Stock market listingUS
Forecast net debt (US$m)67.9
Forecast gearing ratio (%)85
SectorPharmaceutical & Healthcare

Price performance

Relative *(4.7)(18.1)(28.6)

* % 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)
2013A 47.8 5.1 (10.0) (60.16) N/A N/A
2014A 5.6 (34.1) (45.1) (253.85) N/A N/A
2015E 6.4 (34.9) (45.4) (223.89) N/A N/A
2016E 9.3 (28.3) (42.1) (190.32) N/A N/A

Last updated on 17/11/2015

Investment summary

Alexza's investment case rests on the commercial prospects for Adasuve (Staccato loxapine), as well as further opportunities from new product candidates that apply the validated Staccato platform for rapid drug delivery. Approved for acute agitation in adult schizophrenia or bipolar I disorder patients, Adasuve was launched in 15 European markets by Ferrer, and in the US. Adasuve was approved in eight Latin American countries and has been launched in three of these. It offers speed, dosing reliability and ease of administration advantages vs established anti-agitation treatments. AZ-002 (Staccato alprazolam) started a Phase IIa study in Q115 for acute repetitive seizures and AZ-007 (Staccato zaleplon) is ready to start a Phase II for middle-of-night awakening, with related funding.

Last updated on 25/11/2015

Industry outlook

Alexza should regain US Adasuve rights from Teva by year-end 2015. It is also undergoing a strategic review process to consider opportunities, such as monetising Adasuve or other business assets, or even merge or partner with another firm to accelerate the development of Staccato-based product candidates. This process can potentially lead to near-term value generation above Alexza's current market valuation.

Last updated on 25/11/2015

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