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DURECT (DRRX) investor relations material
DURECT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Entered into a definitive agreement for acquisition by Bausch Health at $1.75/share plus up to $350M in milestone CVRs, with closing expected in Q3 2025.
Lead drug larsucosterol showed positive trends in Phase 2b for alcohol-associated hepatitis and received FDA Breakthrough Therapy and Fast Track designations.
Completed sale of ALZET product line in November 2024 for $17.5M, now classified as discontinued operations.
Ongoing operations focus on epigenetic therapies and select excipient product sales.
Financial highlights
Q2 2025 total revenues were $447K, down from $646K in Q2 2024; six-month revenues were $768K, down from $1.1M year-over-year.
Net loss from continuing operations was $2.3M for Q2 2025, down from $3.7M in Q2 2024; six-month net loss was $6.5M, down from $11.3M year-over-year.
Cash, cash equivalents, and investments totaled $6.7M at June 30, 2025, compared to $12.0M at December 31, 2024.
Operating expenses for Q2 2025 were $3.25M, down from $4.84M in Q2 2024.
Research and development expenses for Q2 2025 were $1.2M, down from $2.2M in Q2 2024; SG&A expenses were $2.1M, down from $2.6M.
Outlook and guidance
Management expects research and development and SG&A expenses to remain comparable or decrease in the near term.
Company anticipates continued operating losses and negative cash flows; substantial doubt exists about ability to continue as a going concern without additional funding.
Pending merger restricts ability to raise capital or pursue strategic transactions until closing.
Merger with Bausch Health expected to close in Q3 2025, subject to regulatory and shareholder approvals.
Potential for up to $350M in milestone payments tied to larsucosterol sales if achieved by 2045.
Explain the rationale for the milestone payments.
Assess DURECT's cash position before the acquisition.
Describe larsucosterol's regulatory status.
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Q3 202512 Nov, 2025
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Frequently asked questions
DURECT Corp is a biopharmaceutical company engaged in the development of therapies using epigenetic modulation for the treatment of acute organ injury and chronic liver diseases. Its research focuses on new chemical entities, with a significant emphasis on its endogenous epigenetic regulator program. The company's pipeline includes products such as DUR-928, aimed at conditions like alcoholic hepatitis and nonalcoholic steatohepatitis (NASH); Posimir, designed for post-operative pain management; and Oradur, for chronic pain and attention deficit hyperactivity disorders. Additionally, DURECT manufactures and markets osmotic pumps for laboratory research and provides biodegradable polymers and excipients for the pharmaceutical and medical device industries. The company is headquartered in Cupertino, California, and its shares are listed on the Nasdaq.
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