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DURECT Corporation (DRRX-3.86%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, focusing on its lead investigational therapy, larsucosterol, developed for treating alcohol-associated hepatitis (AH). Larsucosterol has received Breakthrough Therapy Designation from the FDA.
DURECT reported a net loss of $8.3 million for the year, a decrease from the $27.6 million loss in the previous year. The decrease is attributed to lower research and development expenses following the completion of the AHFIRM trial.
Revenue from collaborative research and development and other sources was $1.9 million, down from $2.3 million in 2023. Product revenue was $135,000, a decrease from $313,000 in 2023.
The company completed the sale of its ALZET product line in November 2024, resulting in a gain of $11.5 million. The proceeds were used to pay off the remaining obligations under a term loan with Oxford Finance.
DURECT's cash, cash equivalents, and investments totaled $12.0 million as of December 31, 2024, compared to $29.8 million at the end of 2023. The company anticipates needing additional funding to continue operations over the next 12 months.
The company plans to initiate a Phase 3 clinical trial of larsucosterol in AH, pending sufficient funding, with topline results expected within two years of initiation.
DURECT's stock is traded on the Nasdaq Capital Market under the symbol 'DRRX'. The company received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, which it must address by July 8, 2025.
The filing also mentions the termination of a licensing agreement with Innocoll for the commercialization of POSIMIR, effective May 6, 2025. DURECT is evaluating next steps for POSIMIR's commercialization.
DURECT continues to focus on its Epigenetic Regulator Program and the development of larsucosterol for potential new indications, including metabolic dysfunction-associated steatohepatitis (MASH).
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DURECT Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.