DURECT Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.
For Q3 2024, DURECT generated total revenues of $1.93 million, an increase from $1.74 million in Q3 2023. Product revenue also rose to $1.56 million from $1.24 million year-over-year, driven by higher unit sales prices of its ALZET osmotic pump product line and increased revenue from certain excipients. For the nine months ended September 30, 2024, total revenues reached $5.93 million, slightly up from $5.88 million in the same period of 2023.
Despite the revenue growth, DURECT reported a net loss of $4.29 million for Q3 2024, compared to a net loss of $3.02 million in Q3 2023. The nine-month net loss improved to $15.63 million from $26.18 million year-over-year, indicating a reduction in losses primarily due to decreased operating expenses. Total operating expenses for Q3 2024 were $5.89 million, significantly lower than $11.30 million in Q3 2023, reflecting cost-cutting measures and a reduction in research and development expenses.
DURECT's cash and cash equivalents decreased to $9.09 million as of September 30, 2024, down from $28.40 million at the end of 2023. Total current assets also fell to $14.43 million from $34.67 million, while total liabilities decreased to $20.21 million from $27.01 million. Stockholders’ equity plummeted to $1.22 million from $14.78 million, raising concerns about the company's liquidity and ability to sustain operations.
The company has faced challenges, including the termination of its license agreement with Innocoll Pharmaceuticals for the commercialization of POSIMIR, effective May 6, 2025. This agreement had previously allowed for tiered royalties and milestone payments, which will no longer be realized. Additionally, Indivior's discontinuation of sales and marketing for PERSERIS in July 2024 is expected to impact future revenue.
DURECT's accumulated deficit reached $604.6 million as of September 30, 2024, and the company continues to seek additional financing through public offerings, private placements, and collaborative agreements to support its operations. The company has expressed substantial doubt about its ability to continue as a going concern for at least the next twelve months, citing insufficient cash resources to meet its operational plans.
About DURECT CORP
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