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.

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Stock data

Market cap.US$22.9m
Last closeUS$1.18
High / Low (52 weeks)US$5.1 / US$0.9
Stock market listingUS
Forecast net debt (US$m)61.3
Forecast gearing ratio (%)70
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(39.5)(44.1)(73.5)
Relative *(39.7)(44.5)(76.1)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 47.8 5.1 (10.0) (59.55) N/A N/A
2014A 5.6 (34.1) (45.1) (253.85) N/A N/A
2015E 11.7 (29.2) (38.5) (187.16) N/A N/A
2016E 22.8 (19.3) (33.0) (152.52) N/A N/A

Last updated on 16/04/2015

Investment summary

Alexza's investment case is evolving from one that rested on the commercial prospects for Adasuve (Staccato loxapine), to one that also includes 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 12 European markets by Ferrer 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. AZ-002 (Staccato alprazolam) started a Phase IIa study in Q115 for acute repetitive seizures and AZ-007 (Staccato zaleplon) is slated to start a Phase II later in 2015 for middle-of-night awakening.

Last updated on 06/05/2015

Industry outlook

Alexza’s valuation is geared to Adasuve’s uptake, which will be driven by stakeholders' recognition of the drug's benefits (ease of administration and rapid therapeutic effect) vs alternatives. The advancement of AZ-002 and AZ-008 could provide upside.

Last updated on 06/05/2015

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
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