The prospectus if from April and voted for at the recent meeting, this is old news.
These shares will be issued over time and not diluting right now. With the share price where it is now Alexza needs to fill the reserve with options and incentive shares as they enter their most crucial year of existence. This is an incentive driven industry to increase sales, manufacturing costs, etc.
Most shares and options in the current plans have an exercise price 2x-4x current share price.
The company still had 105,020 shares left from the previous director's plan, now they have 305,020 to issue in time. The average exercise price of those 105k shares is $22.35. 1/3 of the shares have an exercise price 4.5x current PPS.
The company still had 1,774,784 shares left from the previous incentive reserve, now they have 3,974,784 to issue in time. The average exercise price of those 1,774,784 is
$10.52. 1/2 of the shares have an exercise price of more than 2x current PPS.