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Private company

DURECT CORP

American pharmaceutical preparations company based in Cupertino2

In its 2025 annual report the company says: “DURECT Corporation is a biopharmaceutical company advancing novel and potentially lifesaving investigational therapies derived from our Epigenetic Regulator Program. We are developing larsucosterol for alcohol-associated hepatitis, a life-threatening acute liver condition with no approved therapeutics and 28-Day and 90-Day historical mortality rates of 20%-26% and 29%-31%, respectively.”4

Last updated Oct 21, 2026.

Overview

  • IndustryPharmaceutical Preparations2
  • HeadquartersCupertino, United States2
  • Incorporated inDE3
  • Business address10240 Bubb Road, Cupertino, Ca 950143
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300EW9IYW3V3QPJ862
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O UNITED AGENT GROUP INC., 19803 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 28562672

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DURECT Corporation (the “Company,” “DURECT,” “we,” “us” and “our”) is a biopharmaceutical company advancing novel and potentially lifesaving investigational therapies derived from our Epigenetic Regulator Program. Larsucosterol, a new chemical entity in clinical development, is the lead candidate in our Epigenetic Regulator Program. An endogenous, orally bioavailable small molecule, larsucosterol has been shown in both in vitro and in vivo studies to play an important regulatory role in lipid metabolism, stress and inflammatory responses, and cell death and survival. We are developing larsucosterol for alcohol-associated hepatitis (“AH”), a life-threatening acute liver condition with no approved therapeutics and 28-Day and 90-Day historical mortality rates of 20%-26% and 29%-31%, respectively. After completing a Phase 2a trial in which 100% of AH patients treated with larsucosterol survi…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-931.2%Operating margin5
-409.8%Net margin5
-21.6%Revenue growth, 20245
-91.2%Return on equity5
-$19.1MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue0¢$78.0K
  • Research and development50¢$10.4M
  • Selling, general and admin50¢$10.5M

Out of $2.0M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$2.0M in 2024−87% since 2018
0$10.0M$20.0M$30.0M$40.0M2018: $15.3M$15.3M20182019: $25.1M$25.1M2019+64%2020: $30.1M$30.1M2020+20%2021: $14.0M$14.0M2021−54%2022: $19.3M$19.3M2022+38%2023: $2.6M$2.6M2023−87%2024: $2.0M$2.0M2024−22%
Operating income67895-$18.9M in 2024−20% since 2018
-$40.0M-$30.0M-$20.0M-$10.0M02018: -$23.6M-$23.6M20182019: -$19.9M-$19.9M2019−16%2020: -$12.6M-$12.6M2020−37%2021: -$34.3M-$34.3M2021+172%2022: -$35.1M-$35.1M2022+2%2023: -$39.7M-$39.7M2023+13%2024: -$18.9M-$18.9M2024−52%
Net income67895-$8.3M in 2024−67% since 2018
-$40.0M-$30.0M-$20.0M-$10.0M02018: -$25.3M-$25.3M20182019: -$20.6M-$20.6M2019−19%2020: -$582.0K-$582.0K2020−97%2021: -$36.3M-$36.3M2021+6131%2022: -$35.3M-$35.3M2022−3%2023: -$27.6M-$27.6M2023−22%2024: -$8.3M-$8.3M2024−70%
Fiscal year2018201920202021202220232024
Revenue$15.3M6$25.1M7$30.1M8$14.0M9$19.3M9$2.6M5$2.0M5
Cost of revenue$1.6M6$1.3M7$1.4M8$2.0M9$1.6M9$268.0K5$78.0K5
Research and development$25.0M6$29.6M7$27.7M8$31.8M9$36.9M9$29.4M5$10.4M5
Selling, general and admin$12.3M6$14.1M7$13.6M8$14.4M9$15.9M9$12.7M5$10.5M5
Operating expenses$48.2M9$54.4M9$42.3M5$20.9M5
Operating income-$23.6M6-$19.9M7-$12.6M8-$34.3M9-$35.1M9-$39.7M5-$18.9M5
Interest$2.6M6$2.5M7$2.2M8$2.1M8$2.4M8
Income tax$09$09$05$05
Net income-$25.3M6-$20.6M7-$582.0K8-$36.3M9-$35.3M9-$27.6M5-$8.3M5
Earnings per share-$0.166-$0.127-$0.038-$1.619-$1.559-$1.055-$0.275
Earnings per share (diluted)-$0.166-$0.127-$0.038-$1.619-$1.559-$1.205-$0.275
Shares (weighted, basic)22.5M shares922.8M shares926.3M shares530.9M shares5
Shares (weighted, diluted)22.5M shares922.8M shares926.5M shares530.9M shares5

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Corporate structure

DURECT CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DURECT CORP

  • INGALLS & SNYDER LLC Filed SCHEDULE 13G/A on DURECT CORP, latest Feb 21, 2025 (2 filings since Mar 27, 2024)
  • R. Scott Asen Filed SCHEDULE 13G/A on DURECT CORP, latest Jan 8, 2025 (3 filings since Feb 16, 2024)
  • Lion Point Capital, LP Filed SC 13G/A on DURECT CORP, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • Bleichroeder LP Filed SC 13G/A on DURECT CORP, latest Dec 1, 2023 (2 filings since Feb 14, 2023)
  • BlackRock Filed SC 13G on DURECT CORP, latest Jul 8, 2022 (2 filings since Feb 3, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on DURECT CORP, latest Feb 9, 2022
  • DURECT CORP Cupertino, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DURECT CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$14.0M5 Dec 31, 2024$14.1M5 Dec 31, 2023−0.6%
Accumulated depreciation$14.0M5 Dec 31, 2024$14.0M5 Dec 31, 2023−0.2%
Property and equipment, net$41.0K5 Dec 31, 2024$88.0K5 Dec 31, 2023−53.4%
Operating-lease assets (leased space)$2.1M5 Dec 31, 2024$3.1M5 Dec 31, 2023−30.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.0M5 Dec 31, 2024$28.4M5 Dec 31, 2023−61.2%
Marketable securities, current$792.0K5 Dec 31, 2024$1.3M5 Dec 31, 2023−38.1%
Debt securities available for sale$9.8M5 Dec 31, 2024$26.0M5 Dec 31, 2023−62.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.7M5 Dec 31, 2024$6.2M5 Dec 31, 2023−55.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$106.0K5 Dec 31, 2024$132.0K5 Dec 31, 2023−19.7%
Raw materials$10.0K5 Dec 31, 2024$10.0K5 Dec 31, 20230%
Work in process$1.2M9 Dec 31, 2023$1.2M9 Dec 31, 2022+1.1%
Finished goods$96.0K5 Dec 31, 2024$122.0K5 Dec 31, 2023−21.3%

Properties, in its own words

The following chart indicates the facilities that we lease, the location and size of each such facility and their designated use.

Location · ApproximateSquare Feet · Operation · Expiration

The rest of Item 2

Cupertino, CA · 30,149 sq. ft. · Office, Laboratory and Manufacturing · Lease expires 2027 (with an option to renew for an additional five years)

We believe that our existing facilities are adequate to meet our current and foreseeable requirements.

Item 2 of the 10-K filed Mar 27, 2025.4

Leadership

Who has led DURECT CORP, and when. Pick a name to see everywhere that person has worked.

Chair

  1. Felix Theeuwes2006–2018

Chief financial officer

  1. Matthew J. Hogan2006–2018
  2. Michael Arenberg2018–2022
  3. Timothy M. Papp2022–now
2010201520202025
Board members and other officers (21)

Timeline

  1. Sep 11, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights38
  2. Aug 12, 20258-K Results of operations39
  3. Aug 8, 20258-K Entered a material agreement40
  4. Jul 29, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure41
  5. Jul 11, 20258-K Listing notice or transfer42
  6. May 13, 20258-K Results of operations43
  7. Mar 26, 20258-K Results of operations44
  8. Feb 21, 20258-K Executive or director change45
  9. Jan 28, 20258-K Other events46
  10. Jan 10, 20258-K Listing notice or transfer47
  11. Nov 29, 20248-K Financial statements and exhibits48
  12. Nov 25, 20248-K Entered a material agreement; Completed an acquisition or sale49
  13. Feb 6, 1998Founded DURECT CORP is founded2

Calendar

When it reported results

  1. Aug 12, 2025Reported quarterly or annual results39
  2. May 13, 2025Reported quarterly or annual results43
  3. Mar 26, 2025Reported quarterly or annual results44
  4. Nov 13, 2024Reported quarterly or annual results50
  5. Aug 13, 2024Reported quarterly or annual results51
  6. May 13, 2024Reported quarterly or annual results52
  7. Mar 27, 2024Reported quarterly or annual results53
  8. Nov 13, 2023Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

224 filings to the SEC since October 2021: 4 annual reports, 12 quarterly reports, 61 major events, 74 insider forms, 13 large holders, 60 other. The latest 20:

  1. Sep 22, 202515-12G EDGAR
  2. Sep 16, 20254/A EDGAR
  3. Sep 12, 2025EFFECT EDGAR
  4. Sep 12, 20254 EDGAR
  5. Sep 12, 20254 EDGAR
  6. Sep 12, 20254 EDGAR
  7. Sep 12, 20254 EDGAR
  8. Sep 12, 20254 EDGAR
  9. Sep 12, 20254 EDGAR
  10. Sep 12, 20254 EDGAR
  11. Sep 12, 20254 EDGAR
  12. Sep 11, 202525-NSE EDGAR
  13. Sep 11, 2025S-8 POS EDGAR
  14. Sep 11, 2025S-8 POS EDGAR
  15. Sep 11, 2025S-8 POS EDGAR
  16. Sep 11, 2025S-8 POS EDGAR
  17. Sep 11, 2025S-8 POS EDGAR
  18. Sep 11, 2025S-8 POS EDGAR
  19. Sep 11, 2025S-8 POS EDGAR
  20. Sep 11, 2025S-8 POS EDGAR

The 224 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 24 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 22, 2025ASEN R SCOTT10% ownerBuy5,917$1.92$11.4KForm 4
Aug 21, 2025ASEN R SCOTT10% ownerBuy116,612$1.90$221.6KForm 4
Aug 20, 2025ASEN R SCOTT10% ownerBuy87,608$1.89$165.6KForm 4
Aug 19, 2022Robertson Judith J.DirectorBuy9,412$0.85$8.0KForm 4
Aug 18, 2022Robertson Judith J.DirectorBuy71,531$0.85$60.8KForm 4
Aug 17, 2022Robertson Judith J.DirectorBuy10,189$0.85$8.6KForm 4
Aug 12, 2022Maderis Gail JDirectorBuy25,204$0.71$17.9KForm 4
Aug 11, 2022Maderis Gail JDirectorBuy24,796$0.70$17.4KForm 4
Aug 10, 2022Maderis Gail JDirectorBuy79,693$0.69$55.0KForm 4
Aug 9, 2022Maderis Gail JDirectorBuy70,307$0.64$45.0KForm 4
May 26, 2022Robertson Judith J.DirectorBuy65,000$0.39$25.4KForm 4
May 24, 2022AZAB MOHAMMADDirectorBuy30,000$0.39$11.7KForm 4
May 18, 2022Farfel Gail MDirectorBuy29,911$0.41$12.3KForm 4
May 17, 2022AZAB MOHAMMADDirectorBuy20,000$0.42$8.4KForm 4
May 16, 2022Farfel Gail MDirectorBuy25,300$0.39$9.9KForm 4
May 16, 2022AZAB MOHAMMADDirectorBuy10,000$0.38$3.8KForm 4
May 13, 2022Farfel Gail MDirectorBuy9,250$0.40$3.7KForm 4
May 12, 2022Farfel Gail MDirectorBuy1,500$0.39$585Form 4
May 11, 2022Farfel Gail MDirectorBuy9,950$0.40$4.0KForm 4
May 10, 2022Farfel Gail MDirectorBuy2,339$0.41$959Form 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How DURECT CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDURECT CORP1
  • CIK0001082038
  • Employer ID (EIN)94-32970984
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address10240 Bubb Road, Cupertino, CA 950141
  • Phone40877714171
  • Shares outstanding31,054,187 as of Aug 8, 202511
  • Public float$39.7M as of Jun 30, 20244
  • AuditorWithumSmith+Brown, PC, San Francisco, California PCAOB ID 100; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 20, 20001
  • Filings1,316 in all: 4 (435), 8-K (401), 10-Q (75), SC 13G/A (74), SC 13G (37), 3 (26), 10-K (25), DEF 14A (25)1
    All 46 form types

    S-8 (25), S-8 POS (25), CORRESP (18), UPLOAD (16), CT ORDER (15), 424B5 (14), 424B3 (12), S-3 (11), EFFECT (9), S-3/A (7), 8-K/A (6), DEFA14A (6), PRE 14A (6), POS AM (5), S-1/A (5), 4/A (4), 424B2 (3), SC TO-C (3), SC14D9C (3), 3/A (2), 8-A12G (2), ARS (2), SC 14D9/A (2), SC TO-T/A (2), SCHEDULE 13G/A (2), 10-K/A (1), 10-Q/A (1), 144 (1), 15-12G (1), 25-NSE (1), 424B4 (1), 8-A12G/A (1), DEFR14A (1), FWP (1), REGDEX (1), S-1 (1), SC 14D9 (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2025
    Quarterly report (10-Q) Aug 13, 2025
    Proxy statement (DEF 14A) Aug 12, 2024
    Latest 8-K (8-K) Sep 11, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock $0.0001 par value per shareDRRXThe NASDAQ Stock Market LLC

From the cover page of the 10-K filed Mar 27, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks DURECT CORP names in Item 1A of its 10-K filed Mar 27, 2025: 55 risks under these headings, as written.4

  • Risks Related To Our Business
  • We will require and may have difficulty or be unsuccessful in raising needed capital in the future to continue to operate as a going concern
  • We are dependent on the success of larsucosterol and the path to regulatory approval is uncertain; we cannot be certain that it will receive regulatory approval or be commercialized
  • The FDA or other regulatory agencies may require more information or clinical studies for our product candidates, and our product candidates may never be approved
  • We contract with third parties for the manufacture of larsucosterol and expect to continue to do so for any required additional clinical trials as well as the commercialization of larsucosterol. Our reliance on third parties increases the risk that submissions for regulatory approval of larsucosterol may be delayed or that we will not have sufficient quantities of larsucosterol available at an acceptable cost, which could delay, prevent or impair our development and commercialization efforts of larsucosterol
  • Safety data and indications of activity from completed Phase 1 and 2 clinical trials of larsucosterol may not predict safety, activity or therapeutic efficacy in future trials
  • Future clinical trials for larsucosterol may be delayed and may not demonstrate efficacy or safety
  • The FDA’s Fast Track Designation and Breakthrough Therapy Designation of larsucosterol may not lead to a faster development or regulatory review or approval
  • Open-label trials of larsucosterol in AH and MASH have inherent limitations
  • We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates
  • Key components of larsucosterol are provided by a limited number of suppliers, and supply shortages or loss of these suppliers could result in delays or interruptions in supply or increased costs
  • Macroeconomic uncertainties have in the past impacted and may continue to adversely impact our business, including posing challenges to conducting clinical trials
The other 44 risks
  • We do not control the commercialization of PERSERIS or Methydur
  • Our ability to obtain revenues from the commercialization of POSIMIR is uncertain
  • For certain of our product candidates, we depend to a large extent on third-party collaborators, and we have limited or no control over their development, sales, distribution and disclosure for those product candidates
  • Our business strategy includes relying on third parties to support development, clinical testing, manufacturing and commercialization of our products and product candidates.
  • Cancellation of third-party collaborations may adversely affect potential economic benefits
  • Our cash flows are likely to differ from our reported revenues and earnings
  • Failure to comply with governmental regulations could materially harm our business
  • We have a history of operating losses, expect to continue to have losses and may never achieve or maintain profitability and we may not successfully manage our Company through varying business cycles
  • We depend upon key personnel who may terminate their employment with us at any time, and we may not be able to attract and retain sufficient qualified personnel on a timely basis, if at all
  • Cyber-attacks or other failures in telecommunications or information technology systems could result in information theft, data corruption and significant disruption of our business operations
  • Our business involves environmental risks and risks related to handling regulated substances
  • As a non-accelerated filer, we are not required to comply with the auditor attestation requirements of the Sarbanes-Oxley Act and, consequently, some investors may find our common stock less attractive
  • Delays or difficulties in the enrollment of subjects in clinical trials may increase our overall development expenses and delay clinical trial data and receipt of necessary regulatory approvals
  • Changes in tax law could adversely affect our business and financial condition
  • We may develop our own sales force and commercial group to market future products but we have limited sales and marketing experience and may not be able to do so effectively
  • We and our third-party collaborators may not sell our product candidates effectively
  • Write-offs related to impairment of goodwill, long-lived assets, inventories and other non-cash charges may adversely impact profitability and cause cash flows to differ from reported earnings
  • Global credit and financial market conditions could negatively impact the value of our investments
  • Our corporate headquarters and personnel are located in a seismically active area near wildfire zones
  • If we seek approval to commercialize our current or future drug candidates outside of the United States, a variety of risks associated with international operations could harm our business
  • Risks Related to Our Intellectual Property
  • If we are unable to protect, maintain or enforce our intellectual property rights or secure rights to third-party intellectual property, or if our intellectual property rights are inadequate to protect our technology and product candidates, our competitive position could be harmed, we may lose valuable assets, lose market share or incur costly litigation or our third-party collaborators may choose to terminate their agreements with us
  • If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected and our business would be harmed
  • We may be subject to claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies and our patent protection could be reduced or eliminated for non-compliance with these requirements
  • We may be involved in lawsuits and other legal proceedings to protect or enforce our intellectual property, which could be expensive, time consuming and unsuccessful. Any such adverse result or determination could have a material adverse effect on our business.
  • We may be sued by third parties claiming that our products or product candidates infringe on their intellectual property rights, particularly because there is substantial uncertainty about the validity and breadth of biopharmaceutical patents
  • Our collaboration agreements may depend on our intellectual property
  • Risks Related To Our Industry
  • The markets for our pharmaceutical products and product candidates are rapidly changing and competitive, and new products or technologies developed by others could impair our ability to establish, maintain or grow our business and remain competitive
  • Our relationships with physicians, patients and third-party payers are subject to anti-kickback, fraud and abuse, privacy and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings
  • We could be exposed to significant product liability claims which could be time consuming and costly to defend, divert management attention and adversely impact our ability to obtain and maintain insurance coverage
  • Healthcare reform measures could hinder or prevent our product candidates’ commercial success
  • Market acceptance of, and market opportunity for, our products or product candidates is uncertain, and failure to achieve market acceptance will delay our ability to generate or grow revenues
  • If we or our third-party collaborators are unable to train physicians to use our products and product candidates to treat patients’ diseases or medical conditions, we may not achieve market acceptance of our products
  • If users of our products are unable to obtain adequate reimbursement from third-party payers, obtain access to our product(s), or if new restrictive legislation is adopted, market acceptance of our products may be limited and we may not achieve meaningful revenues or profitability
  • Risks related to actions on trade by the U.S. and foreign governments could adversely affect our Company's results of operations and financial condition
  • Risks Related To Our Common Stock
  • Our stock price does not currently meet the minimum bid price for continued listing on Nasdaq. Our ability to continue operations or to publicly or privately sell equity securities and the liquidity of our common stock could be adversely affected if we are delisted from Nasdaq
  • Our operating history makes evaluating our stock difficult
  • The price of our common stock may be volatile
  • Investors may experience substantial dilution of their investment
  • Our ability to use net operating losses and certain other tax attributes is uncertain and may be limited
  • We have broad discretion over the use of our cash and investments, and their investment may not always yield a favorable return
  • Our certificate of incorporation, our bylaws and Delaware law contain provisions that could discourage another company from acquiring us
  • Our bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees
  • Because our Company is a “smaller reporting company,” we may take advantage of certain scaled disclosures available to us, resulting in holders of our securities receiving less Company information than they would receive from a public company that is not a smaller reporting company

Legal proceedings

We are not a party to any material legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

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