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.

Stock data

Market cap.US$13.9m
Last closeUS$0.64
High / Low (52 weeks)US$2.0 / US$0.3
Stock market listingUS
Forecast net debt (US$m)67.9
Forecast gearing ratio (%)92
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(8.6)93.4(67.2)
Relative *(10.3)76.4(66.6)

* % 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 29/03/2016

Investment summary

Alexza's investment case rests on the 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 adults with schizophrenia or bipolar disorder, Adasuve was launched in 20 countries in the EU and Latin America by Ferrer, and Alexza recently regained US rights from Teva. Adasuve offers speed, dosing reliability and ease of administration advantages vs established anti-agitation treatments. AZ-002 (Staccato alprazolam) is also undergoing a Phase IIa study for acute repetitive seizures, and positive interim data were released in late 2015.

Last updated on 31/03/2016

Industry outlook

Alexza has been undergoing a strategic review since fall 2015, and on 26 February it announced that it had entered into a letter of intent with Ferrer, who has made a non-binding offer to acquire Alexza. This process can potentially lead to near-term value generation above Alexza's current market valuation.

Last updated on 31/03/2016

Key management

Thomas King, CEO
Ana Kapor, Senior Director, Investor Relations and Corpo

Company address

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