DURECT (DRRX) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $0.5 million, a decrease of 44.4% compared to $0.9 million in Q4 2023[9] - Net income for Q4 2024 was $7.8 million, compared to a net loss of $1.4 million in Q4 2023[9] - For the full year 2024, total revenues were $2.0 million, down from $2.6 million in 2023, representing a decline of 23.1%[9] - The net loss for the full year 2024 was $7.9 million, significantly improved from a net loss of $27.6 million in 2023[9] - The net loss for Q4 2024 was $7,754,000, compared to a net loss of $1,441,000 in Q4 2023[17] - Loss from continuing operations for the twelve months ended December 31, 2024, was $17,964,000, compared to $27,630,000 in 2023[17] - Income from discontinued operations for Q4 2024 was $9,469,000, significantly higher than $307,000 in Q4 2023[17] - Net income per share for Q4 2024 was $0.25, compared to a loss of $0.05 per share in Q4 2023[17] - The total comprehensive income for Q4 2024 was $7,753,000, compared to a loss of $1,443,000 in Q4 2023[17] Cash and Equity - As of December 31, 2024, cash, cash equivalents, and investments totaled $12.0 million, down from $29.8 million at the end of 2023[9] - DURECT's stockholders' equity decreased to $9.6 million as of December 31, 2024, from $14.8 million at the end of 2023[16] Revenue Breakdown - Total revenues for Q4 2024 were $453,000, a decrease of 49% compared to $894,000 in Q4 2023[17] - Product revenue, net for the twelve months ended December 31, 2024, was $135,000, down 57% from $313,000 in 2023[17] Expenses - Research and development expenses for Q4 2024 were $1,853,000, a decrease of 67% compared to $5,615,000 in Q4 2023[17] - Selling, general and administrative expenses for the twelve months ended December 31, 2024, totaled $10,032,000, down 21% from $12,653,000 in 2023[17] Clinical Trials and Product Development - The company plans to initiate a Phase 3 trial for larsucosterol in 2025, contingent on securing sufficient funding[3] - The Phase 2b AHFIRM trial results were published in NEJM Evidence in January 2025, validating larsucosterol's potential for treating alcohol-associated hepatitis (AH)[2] - The Phase 2b trial enrolled 307 patients, with a primary endpoint of 90-day survival[7] Asset Sales - DURECT completed the sale of the ALZET product line for $17.5 million, using the proceeds to repay its term loan[3]