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$37.7m
Last closeUS$1.94
High / Low (52 weeks)US$5.1 / US$1.3
Stock market listingUS
Forecast net debt (US$m)61.3
Forecast gearing ratio (%)70
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(9.7674)(7.6191)(54.9884)
Relative *(10.8834)(10.4926)(60.0701)

* % 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 09/04/2015

Investment summary

While primarily derived from Adasuve’s prospects in acute markets, Alexza’s investment case is evolving to also include the potential for other Staccato-based products in additional indications. The firm is now advancing AZ-007 (Staccato-delivered zaleplon) for middle-of-the-night (MOTN) awakening, and expects to begin a Phase II study in 2015. The inclusion of AZ-007’s prospects increases our rNPV valuation to $115.5m, up from $95.0m previously. We expect that Alexza will need to raise $20m in capital in H215 to fund operations, although our equity valuation of $4.52/share does not reflect this funding gap or requirement.

Last updated on 09/04/2015

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 31/03/2015

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
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