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news.Alexza Pharmaceuticals, Inc. (Alexza), a drug delivery devices company, has reported total operating expenses of $16.3 million for the first quarter of 2009, compared with the total operating expenses of $19.1 million in the year-ago quarter. It reported a net loss attributable to common stockholders of $1.7 million or $0.05 per share, for the first quarter of 2009, compared with net loss attributable to common stockholders of $14.6 million, or $0.47 per share, in the year-ago quarter.
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As of March 31, 2009, Alexza had consolidated cash, cash equivalents and marketable securities (including investments held by Symphony Allegro) of $40.7 million.
“During the first four months of 2009, we have continued to keep pace with our AZ-004 (Staccato(R) loxapine) NDA timeline,” said Thomas B. King, president and chief executive officer of Alexza. “Our clinical and regulatory plan is on track, as is the continued scale-up of our commercial manufacturing and quality systems processes. We continue to target our AZ-004 NDA submission for the first quarter of 2010.”
Financial Results – Periods Ended March 31, 2009 and 2008
GAAP operating expenses were $16.4 million and $19.2 million in the quarters ended March 31, 2009 and 2008, respectively. In January 2009, the company announced that it had consolidated its operations, with a primary focus on the continued development of AZ-004 (Staccato loxapine). The restructuring included a workforce reduction of 50 employees, representing about 33% of the company’s total workforce. With the reduction in headcount and focus on the development of AZ-004, the company expects to reduce its expenses by about $21.5 million, net of severance costs, for fiscal year 2009, compared to fiscal year 2008, and another reduction of approximately $11.1 million for fiscal year 2010, compared to fiscal year 2009.
The company now expects that with current cash, cash equivalents and marketable securities along with interest earned thereon, expected payments from Symphony Allegro, the proceeds from option exercises, and purchases of common stock pursuant to its Employee Stock Purchase Plan, the company will be able to maintain its currently planned operations through the first quarter of 2010. Changing circumstances may cause the company to consume capital significantly faster or slower than currently anticipated.