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Alexza Pharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

As a reminder, Alexza’s policy is to only provide guidance on product candidates and corporate goals for the next one to two fiscal quarters and to provide update or reconfirm its guidance only by issuing a press release or filing updated guidance with the SEC in a publicly accessible document. Clinical and corporate milestone guidance is as of today, August 8, 2012, and financial guidance relating to the company’s current cash, cash equivalents and marketable securities and restricted cash is based upon balances as of June 30, 2012.

I’d now like to summarize the financial information for the second quarter of 2012, which was filed earlier today with the SEC on Form 10-Q.

We recorded $0.8 million and $2.6 million of revenues in the three and six months ended June 30, 2012, respectively, and $1.3 million and $2.5 million of revenues in the same periods in 2011. In 2011 and the first quarter of 2012, we recognized revenues from our agreement relating to Staccato nicotine with Cypress Biosciences. Revenues in 2012 also include amounts earned under our ADASUVE agreement with Grupo Ferrer.

GAAP operating expenses were $7.9 million and $14.2 million in the three and six-month ended June 30, 2012, respectively, and $9.4 million and $18.5 million in the same periods in 2011.

R&D expenses were $5 million and $10 million in the three and six-month ended June 30, 2012, respectively, and $6.7 million and $12.9 million in the same periods in 2011. In 2012, we’ve reduced our costs through, among other items, reductions in our workforce and suspending the development of AZ-007, Staccato zaleplon, and completing our outlined work on Staccato nicotine.

G&A expenses were $2.9 million and $4.1 million in the three and six-month ended June 30, 2012, respectively, and $2.7 million and $5.6 million in the same periods in 2011. In March 2012, we recorded a non-recurring, non-cash, net contra expense of $1.4 million related to the termination of one our building leases and associated subleases.

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