Alexza shot its catalyst wads and there are no known cataysts on the horizon. This stock is going nowhere until it has proven sales and that aint anytime soon. Although there can always be a surprise positive announcement. In the meantime as long as there are more sellers than buyes Alexza trades down.
Where I come from hope counts, FDA approvals mean something, and money talks. Take your two bits shortie and gloat if it makes your day shine. I am long and holding through this little absurd trough. Give it six to twelve months, I'd be happy to compare my gains to yours.
Actually there are two ways stocks move, from news and from the supply and demand technical aspect. From the analysis I do, I believe it is close, days, or at a technical bottom, so I would expect at least a move up, possibly a second bottom test, and then better upside. How much and the exact timing is a little harder to predict.