DURECT Financials
This page shows DURECT (DRRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
DURECT now looks like a cost-cutting development-stage company, where cash burn reflects research overhead far more than product demand.
Between FY2023 and FY2024, the net loss improved by about$19.3M while revenue stayed around$2M , so the reported improvement came from a smaller expense base rather than a commercial rebound. That matters because FY2024 operating cash outflow of$19.1M still exceeded year-end cash of$11.0M , meaning the existing cash balance alone did not cover a full year at that spending pace.
This is an asset-light burn story: free cash flow matched operating cash flow at
The balance sheet has been de-risked on the liability side faster than it has been replenished on the asset side; total liabilities fell from
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of DURECT's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
DURECT scores -44.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($59.3M) relative to total liabilities ($9.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
DURECT passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, DURECT generates $2.29 in operating cash flow (-$19.1M OCF vs -$8.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
DURECT generated $2.0M in revenue in fiscal year 2024. This represents a decrease of 21.6% from the prior year.
DURECT's EBITDA was -$18.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 52.5% from the prior year.
DURECT reported -$8.3M in net income in fiscal year 2024. This represents an increase of 69.9% from the prior year.
DURECT earned $-0.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 77.5% from the prior year.
Cash & Balance Sheet
DURECT generated -$19.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 44.6% from the prior year.
DURECT held $11.0M in cash against $0 in long-term debt as of fiscal year 2024.
DURECT had 31M shares outstanding in fiscal year 2024. This represents an increase of 2.3% from the prior year.
Margins & Returns
DURECT's gross margin was 96.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 6.5 percentage points from the prior year.
DURECT's operating margin was -931.2% in fiscal year 2024, reflecting core business profitability. This is up 600.9 percentage points from the prior year.
DURECT's net profit margin was -409.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 656.7 percentage points from the prior year.
DURECT's ROE was -91.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 95.7 percentage points from the prior year.
Capital Allocation
DURECT invested $10.4M in research and development in fiscal year 2024. This represents a decrease of 64.6% from the prior year.
DURECT invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
DRRX Income Statement
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $447K+39.3% | $321K | N/A | $1.9M+198.3% | $646K+30.2% | $496K | N/A | $1.7M |
| Cost of Revenue | $7K | N/A | N/A | $513K+1800.0% | $27K-90.7% | $289K | N/A | $312K |
| Gross Profit | $440K | N/A | N/A | $1.4M+128.4% | $619K+199.0% | $207K | N/A | $1.4M |
| R&D Expenses | $1.2M-37.5% | $1.9M | N/A | $2.2M-3.7% | $2.2M-45.4% | $4.1M | N/A | $7.2M |
| SG&A Expenses | $2.1M-19.8% | $2.6M | N/A | $3.2M+25.4% | $2.6M-4.3% | $2.7M | N/A | $3.8M |
| Operating Income | -$2.8M+32.3% | -$4.1M | N/A | -$4.0M+5.4% | -$4.2M+33.5% | -$6.3M | N/A | -$9.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$2.3M+46.5% | -$4.2M | N/A | -$4.3M-15.8% | -$3.7M+51.6% | -$7.6M | N/A | -$3.0M |
| EPS (Diluted) | $-0.07+46.2% | $-0.13 | N/A | $-0.14-16.7% | $-0.12+52.0% | $-0.25 | N/A | $-0.14 |
DRRX Balance Sheet
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.5M-13.1% | $14.4M-21.7% | $18.3M-23.8% | $24.1M-19.4% | $29.9M-17.6% | $36.2M-19.8% | $45.2M-17.4% | $54.7M |
| Current Assets | $7.8M-17.4% | $9.4M-28.6% | $13.2M-8.7% | $14.4M-27.7% | $19.9M-23.5% | $26.1M-24.8% | $34.7M-20.8% | $43.8M |
| Cash & Equivalents | $6.5M-18.3% | $8.0M-27.7% | $11.0M+21.2% | $9.1M-41.9% | $15.6M-18.7% | $19.3M-32.2% | $28.4M-27.2% | $39.0M |
| Inventory | $291K+242.4% | $85K-19.8% | $106K-95.5% | $2.4M-4.0% | $2.5M+3.2% | $2.4M+1716.7% | $132K-94.8% | $2.5M |
| Accounts Receivable | $511K+54.8% | $330K-27.2% | $453K-55.4% | $1.0M+0.4% | $1.0M-0.8% | $1.0M+65.0% | $618K-30.0% | $883K |
| Goodwill | $2.7M0.0% | $2.7M0.0% | $2.7M-55.8% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% | $6.2M |
| Total Liabilities | $9.0M-0.1% | $9.0M-2.3% | $9.2M-59.7% | $22.8M-7.9% | $24.8M-11.1% | $27.9M-8.2% | $30.4M-24.6% | $40.3M |
| Current Liabilities | $7.9M+2.9% | $7.7M-0.5% | $7.7M-61.8% | $20.2M-7.8% | $21.9M-11.4% | $24.7M-8.4% | $27.0M-26.5% | $36.8M |
| Long-Term Debt | N/A | N/A | N/A | $10.5M-16.6% | $12.5M-14.1% | $14.6M-12.3% | $16.7M-10.9% | $18.7M |
| Total Equity | $3.5M-34.9% | $5.4M-41.4% | $9.1M+650.3% | $1.2M-75.8% | $5.0M-39.3% | $8.3M-43.9% | $14.8M+2.6% | $14.4M |
| Retained Earnings | -$603.8M-0.4% | -$601.6M-0.7% | -$597.3M+1.2% | -$604.6M-0.7% | -$600.3M-0.6% | -$596.6M-1.3% | -$589.0M-0.2% | -$587.6M |
DRRX Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M+50.3% | -$3.5M+35.8% | -$5.5M-75.8% | -$3.1M+14.4% | -$3.7M+45.8% | -$6.8M+18.7% | -$8.3M-11.3% | -$7.5M |
| Capital Expenditures | $0-100.0% | $7K | N/A | N/A | N/A | N/A | $0-100.0% | $13K |
| Free Cash Flow | -$1.8M+50.4% | -$3.6M | N/A | N/A | N/A | N/A | -$8.3M-11.1% | -$7.5M |
| Investing Cash Flow | $300K-39.5% | $496K-97.2% | $18.0M+1508.1% | -$1.3M-158.1% | $2.2M+348.0% | -$887K+14.2% | -$1.0M-135.0% | $3.0M |
| Financing Cash Flow | N/A | N/A | -$10.6M-393.2% | -$2.1M-0.1% | -$2.1M-43.1% | -$1.5M-21.9% | -$1.2M-110.4% | $11.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DRRX Financial Ratios
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.4% | N/A | N/A | 73.4%-22.4pp | 95.8%+54.1pp | 41.7% | N/A | 82.1% |
| Operating Margin | -627.1%+662.3pp | -1289.4% | N/A | -205.9%+443.4pp | -649.2%+621.7pp | -1271.0% | N/A | -548.0% |
| Net Margin | -506.7%+811.7pp | -1318.4% | N/A | -222.4%+350.4pp | -572.8%+968.2pp | -1540.9% | N/A | -172.9% |
| Return on Equity | -65.0%+14.1pp | -79.1% | N/A | -352.1%-278.6pp | -73.5%+18.6pp | -92.1% | N/A | -20.9% |
| Return on Assets | -18.1%+11.3pp | -29.5% | N/A | -17.8%-5.4pp | -12.4%+8.7pp | -21.1% | N/A | -5.5% |
| Current Ratio | 0.98-0.2 | 1.23-0.5 | 1.71+1.0 | 0.71-0.2 | 0.91-0.1 | 1.05-0.2 | 1.28+0.1 | 1.19 |
| Debt-to-Equity | 2.58+0.9 | 1.68+0.7 | 1.01-7.6 | 8.60+6.1 | 2.49+0.7 | 1.76+0.6 | 1.13-0.2 | 1.30 |
| FCF Margin | -394.0%+712.3pp | -1106.2% | N/A | N/A | N/A | N/A | N/A | -429.8% |
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Frequently Asked Questions
What is DURECT's annual revenue?
DURECT (DRRX) reported $2.0M in total revenue for fiscal year 2024. This represents a -21.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is DURECT's revenue growing?
DURECT (DRRX) revenue declined by 21.6% year-over-year, from $2.6M to $2.0M in fiscal year 2024.
Is DURECT profitable?
No, DURECT (DRRX) reported a net income of -$8.3M in fiscal year 2024, with a net profit margin of -409.8%.
What is DURECT's EBITDA?
DURECT (DRRX) had EBITDA of -$18.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is DURECT's gross margin?
DURECT (DRRX) had a gross margin of 96.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is DURECT's operating margin?
DURECT (DRRX) had an operating margin of -931.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is DURECT's net profit margin?
DURECT (DRRX) had a net profit margin of -409.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is DURECT's return on equity (ROE)?
DURECT (DRRX) has a return on equity of -91.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is DURECT's free cash flow?
DURECT (DRRX) generated -$19.1M in free cash flow during fiscal year 2024. This represents a 44.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is DURECT's operating cash flow?
DURECT (DRRX) generated -$19.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are DURECT's total assets?
DURECT (DRRX) had $18.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are DURECT's capital expenditures?
DURECT (DRRX) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does DURECT spend on research and development?
DURECT (DRRX) invested $10.4M in research and development during fiscal year 2024.
What is DURECT's current ratio?
DURECT (DRRX) had a current ratio of 1.71 as of fiscal year 2024, which is generally considered healthy.
What is DURECT's debt-to-equity ratio?
DURECT (DRRX) had a debt-to-equity ratio of 1.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is DURECT's return on assets (ROA)?
DURECT (DRRX) had a return on assets of -45.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is DURECT's cash runway?
Based on fiscal year 2024 data, DURECT (DRRX) had $11.0M in cash against an annual operating cash burn of $19.1M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is DURECT's Altman Z-Score?
DURECT (DRRX) has an Altman Z-Score of -44.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is DURECT's Piotroski F-Score?
DURECT (DRRX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are DURECT's earnings high quality?
DURECT (DRRX) has an earnings quality ratio of 2.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is DURECT?
DURECT (DRRX) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.