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DURECT Corporation (DRRX-4.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash, cash equivalents, and investments to $10.5 million from $29.8 million at the end of 2023, primarily due to ongoing operating activities and principal and interest payments on a term loan.
Total revenues for the quarter were $1.9 million, compared to $1.7 million in the same quarter the previous year. This increase is attributed to higher product revenue from ALZET osmotic pumps and certain excipients.
Collaborative research and development and other revenue decreased to $369,000 from $506,000 in the same quarter the previous year, primarily due to lower earn-out revenue from Indivior (INDV-5.28%).
Research and development expenses decreased to $2.2 million from $7.2 million in the same quarter the previous year, reflecting lower costs associated with the larsucosterol clinical trial.
Selling, general, and administrative expenses decreased to $3.2 million from $3.8 million, primarily due to lower employee, audit, and patent expenses.
Net loss for the quarter was $4.3 million, compared to $3.0 million in the previous year. The increase in net loss is attributed to lower collaborative revenues and changes in the fair value of warrant liabilities.
The company reported a decrease in operating expenses to $5.9 million from $11.3 million in the previous year, primarily due to reduced research and development expenditures.
DURECT continues to focus on its lead drug candidate, larsucosterol, for the treatment of alcohol-associated hepatitis, with plans for a Phase 3 clinical trial.
The company acknowledges substantial doubt about its ability to continue as a going concern for the next 12 months due to insufficient cash resources to fund planned operations and existing commitments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DURECT Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.