Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Occitan Capital Management Inc.
   2. Issuer Name and Ticker or Trading Symbol
Alexza Pharmaceuticals Inc. [ALXA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See remarks
(Last)
(First)
(Middle)
WALKER HOUSE, 87 MARY STREET		 3. Date of Earliest Transaction (Month/Day/Year)
02/09/2012
(Street)

GEORGE TOWN, GRAND CAYMAN, E9 KY1-9005		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (obligation to sell) $ 6.01 02/09/2012   J     33,000 02/09/2012 06/15/2012 Common Stock 3,300,000 $ 0.01 47,012 I See notes (1) (2) (3)
Call Option (obligation to sell) $ 3 02/09/2012   J     13,500 02/09/2012 09/15/2012 Common Stock 1,350,000 $ 0.05 33,512 I See notes (1) (2) (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Occitan Capital Management Inc.
WALKER HOUSE, 87 MARY STREET
GEORGE TOWN, GRAND CAYMAN, E9 KY1-9005		     X   See remarks
OCCITAN MASTER FUND L.P.
WALKER HOUSE, 87 MARY STREET
GEORGE TOWN, GRAND CAYMAN, E9 KY1-9005		     X   See remarks

Signatures

 Occitan Master Fund L.P. By: Occitan Capital Management Inc., /s/ Pearse Griffith, Director   02/09/2012
**Signature of Reporting Person Date
 Occitan Capital Management Inc., /s/ Pearse Griffith, Director   02/09/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The securities reported herein are directly beneficially owned by Occitan Master Fund L.P. and may be deemed to be indirectly beneficially owned by Occitan Capital Management Inc. as General Partner of Occitan Master Fund L.P.
(2) Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(3) Cancellation of purchase of call option (right to buy) on 02/07/12 due to broker error.
 
Remarks:
The reporting persons herein may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as amended. Each reporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by such reporting person. This report shall not be deemed an admission that such reporting person is a member of a group or the beneficial owner of any securities not directly owned by such reporting person.



Name: Occitan Master Fund L.P.

Address: Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, KY1-9005

Designated Filer: Occitan Capital Management Inc.
Issuer & Ticker: Alexza Pharmaceuticals Inc. [ALXA]

Date of Event Requiring Statement: 02/09/2012

Name: Occitan Capital Management Inc.

Address: Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, KY1-9005

Designated Filer: Occitan Capital Management Inc.
Issuer & Ticker: Alexza Pharmaceuticals Inc. [ALXA]

Date of Event Requiring Statement: 02/09/2012

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