Durect Corp (DRRX) Financials
Newest figures come from the 10-Q for Q2 FY2025, filed Aug 13, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DRRX SEC filings page.
Durect Corp (DRRX) reported $2.0M in revenue for fiscal year 2024, down 21.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
A development-stage cost base overwhelms limited revenue, leaving operating losses to drive cash use despite minimal capital spending.
FY2024 operating cash flow and free cash flow were identical at-$19.1M because no capital expenditures were reported, so the cash burden came from the operating structure rather than reinvesting in facilities or equipment. The cash conversion gap was also wide: the net loss was-$8.3M , meaning cash outflow exceeded accounting losses by more than two times.
The cost structure is still development-led: R&D and SG&A together exceeded
Assets more than halved 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 Corp'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 Corp held $11.8M in cash, cash equivalents and investments at the end of fiscal year 2024, and its operations used $19.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Durect Corp scores 24/100 among other emerging companies.
Durect Corp had 31M shares outstanding at the end of fiscal year 2024, against 31M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Durect Corp scores 44/100 among other emerging companies.
Durect Corp spent $10.4M on research and development in fiscal year 2024, which was 49.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Durect Corp scores 77/100 among other emerging companies.
Durect Corp reported revenue of $2.0M in fiscal year 2024, against $2.6M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Durect Corp scores 1/100 among other emerging companies.
Durect Corp's operations used $19.1M of cash in fiscal year 2024, against $34.4M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Durect Corp scores 59/100 among other emerging companies.
Durect Corp's cash, cash equivalents and investments came to $11.8M at the end of fiscal year 2024, against $9.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Durect Corp scores 64/100 among other emerging companies.
Durect Corp 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 Corp 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.
Durect Corp reported a net loss of $8.3M while operations used $19.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Durect Corp generated $447K in revenue in Q2 2025. This represents a decrease of 30.8% from the same quarter a year earlier. Against the prior quarter it is up 39.3%.
Durect Corp's EBITDA was -$2.8M in Q2 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.7% from the same quarter a year earlier. Against the prior quarter it is up 31.6%.
Durect Corp reported -$2.3M in net income in Q2 2025. This represents an increase of 38.8% from the same quarter a year earlier. Against the prior quarter it is up 46.5%.
Durect Corp earned -$0.07 per diluted share (EPS) in Q2 2025. This represents an increase of 41.7% from the same quarter a year earlier. Against the prior quarter it is up 46.2%.
Cash & Balance Sheet
Durect Corp recorded an outflow of $1.8M in free cash flow in Q2 2025, representing a cash shortfall after capex. Against the prior quarter it is up 50.4%.
Durect Corp held $6.5M in cash as of Q2 2025; long-term debt is not reported for that period.
Not reported for Q2 2025.
Margins & Returns
Durect Corp's gross margin was 98.4% in Q2 2025, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the same quarter a year earlier.
Durect Corp's ROE was -65.0% in Q2 2025, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.1 percentage points.
Not shown for Q2 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Durect Corp invested $1.2M in research and development in Q2 2025. This represents a decrease of 47.7% from the same quarter a year earlier. Against the prior quarter it is down 37.5%.
Durect Corp reported no capital expenditure in Q2 2025. Against the prior quarter it is down 100.0%.
Not reported for Q2 2025.
DRRX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $447K-30.8% | $321K-35.3% | N/A | $1.9M+10.5% | $646K-69.0% | $496K-75.9% | N/A | $1.7M-85.4% |
| Cost of Revenue | $7K-74.1% | N/A | N/A | $513K+64.4% | $27K-92.5% | $289K-25.5% | N/A | $312K-9.6% |
| Gross Profit | $440K-28.9% | N/A | N/A | $1.4M-1.3% | $619K-64.1% | $207K-87.6% | N/A | $1.4M-87.7% |
| R&D Expenses | $1.2M-47.7% | $1.9M-54.3% | N/A | $2.2M-69.9% | $2.2M-71.7% | $4.1M-52.1% | N/A | $7.2M-27.1% |
| SG&A Expenses | $2.1M-19.4% | $2.6M-3.9% | N/A | $3.2M-15.1% | $2.6M-33.0% | $2.7M-34.5% | N/A | $3.8M-2.4% |
| Operating Income | -$2.8M+33.2% | -$4.1M+34.3% | N/A | -$4.0M+58.5% | -$4.2M+58.3% | -$6.3M+42.8% | N/A | -$9.6M-348.3% |
| EBITDA | -$2.8M+33.7% | -$4.1M+34.9% | N/A | -$3.9M+58.4% | -$4.2M+58.1% | -$6.3M+43.0% | N/A | -$9.5M-353.2% |
| Net Income | -$2.3M+38.8% | -$4.2M+44.6% | N/A | -$4.3M-42.1% | -$3.7M+66.9% | -$7.6M+36.2% | N/A | -$3.0M-22.0% |
| EPS (Basic) | -$0.07+41.7% | -$0.13+48.0% | $0.24+2500.0% | -$0.14-27.3% | -$0.12+73.9% | -$0.25+50.0% | -$0.01+99.3% | -$0.110.0% |
| EPS (Diluted) | -$0.07+41.7% | -$0.13+48.0% | $0.24+284.6% | -$0.140.0% | -$0.12+73.9% | -$0.25+51.9% | -$0.13+91.0% | -$0.14-27.3% |
| Diluted Shares (Avg) | 31M+0.4% | 31M+1.3% | N/A | 31M+12.8% | 31M+26.6% | 31M+28.0% | N/A | 28M+20.8% |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
DRRX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.5M-58.2% | $14.4M-60.4% | $18.3M-59.4% | $24.1M-56.0% | $29.9M-38.6% | $36.2M-37.9% | $45.2M-24.8% | $54.7M-20.1% |
| Current Assets | $7.8M-61.0% | $9.4M-63.9% | $13.2M-62.0% | $14.4M-67.1% | $19.9M-50.5% | $26.1M-48.4% | $34.7M-32.5% | $43.8M-26.2% |
| Cash & Equivalents | $6.5M-58.4% | $8.0M-58.6% | $11.0M-61.2% | $9.1M-76.7% | $15.6M-50.7% | $19.3M-51.0% | $28.4M-34.7% | $39.0M-22.6% |
| Short-Term Investments | $0 | $297K-86.4% | $792K-38.1% | $1.3M | $0-100.0% | $2.2M-55.6% | $1.3M | $0-100.0% |
| Inventory | $291K-88.2% | $85K-96.5% | $106K-19.7% | $2.4M-5.8% | $2.5M+9.4% | $2.4M+8.5% | $132K-93.8% | $2.5M+11.1% |
| Accounts Receivable | $511K-49.5% | $330K-67.6% | $453K-26.7% | $1.0M+15.1% | $1.0M-22.4% | $1.0M-27.2% | $618K-81.9% | $883K-72.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.7M-55.8% | $2.7M-55.8% | $2.7M-55.8% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% | $6.2M0.0% |
| Total Liabilities | $9.0M-63.7% | $9.0M-67.7% | $9.2M-69.7% | $22.8M-43.3% | $24.8M-42.5% | $27.9M-35.1% | $30.4M-13.4% | $40.3M+19.9% |
| Current Liabilities | $7.9M-64.0% | $7.7M-69.0% | $7.7M-71.5% | $20.2M-45.0% | $21.9M-47.1% | $24.7M-41.2% | $27.0M-20.6% | $36.8M+175.2% |
| Non-Current Liabilities | $1.1M-61.7% | $1.3M-58.0% | $1.5M-55.6% | $2.6M-26.0% | $2.9M+67.3% | $3.2M+245.5% | $3.4M+205.6% | $3.6M-82.4% |
| Long-Term Debt | N/A | N/A | N/A | $10.5M-44.0% | $12.5M-39.5% | $14.6M-31.4% | $16.7M-21.3% | $18.7M+4.3% |
| Total Equity | $3.5M-30.9% | $5.4M-35.5% | $9.1M-38.2% | $1.2M-91.6% | $5.0M-8.4% | $8.3M-45.9% | $14.8M-40.8% | $14.4M-58.7% |
| Retained Earnings | -$603.8M-0.6% | -$601.6M-0.8% | -$597.3M-1.4% | -$604.6M-2.9% | -$600.3M-2.7% | -$596.6M-4.1% | -$589.0M-4.9% | -$587.6M-6.7% |
DRRX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M+52.0% | -$3.5M+47.6% | -$5.5M+33.7% | -$3.1M+58.1% | -$3.7M+60.8% | -$6.8M+27.0% | -$8.3M+1.0% | -$7.5M-235.7% |
| Depreciation & Amortization | $20K+1100.0% | $69K+35.3% | $12K+109.8% | $23K-69.7% | -$2K-105.9% | $51K+15.9% | -$123K-1330.0% | $76K+90.0% |
| Stock-Based Compensation | $397K-6.4% | $452K-11.2% | N/A | $458K-30.7% | $424K-35.7% | $509K-15.4% | N/A | $661K+14.4% |
| Capital Expenditures | $0 | $7K | N/A | N/A | N/A | N/A | $0-100.0% | $13K-55.2% |
| Free Cash Flow | -$1.8M | -$3.6M | N/A | N/A | N/A | N/A | -$8.3M+1.2% | -$7.5M-232.0% |
| Investing Cash Flow | $300K-86.4% | $496K+155.9% | $18.0M+1841.8% | -$1.3M-143.3% | $2.2M+19.5% | -$887K+82.0% | -$1.0M-170.1% | $3.0M-46.0% |
| Financing Cash Flow | N/A | N/A | -$10.6M-762.1% | -$2.1M-118.2% | -$2.1M-6194.1% | -$1.5M-115.0% | -$1.2M-5208.3% | $11.8M+46928.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
DRRX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.4%+2.6pp | N/A | N/A | 73.4%-8.7pp | 95.8%+13.1pp | 41.7%-39.4pp | N/A | 82.1%-15.0pp |
| Operating Margin | -627.1% | -1289.4% | N/A | -205.9% | -649.2% | -1271.0% | N/A | -548.0% |
| Net Margin | -506.7% | -1318.4% | N/A | -222.4% | -572.8% | -1540.9% | N/A | -172.9% |
| Return on Equity | -65.0%+8.4pp | -79.1%+13.0pp | N/A | -352.1%-331.2pp | -73.5%+129.8pp | -92.1%-13.9pp | N/A | -20.9%-13.8pp |
| Return on Assets | -18.1%-5.8pp | -29.5%-8.4pp | N/A | -17.8%-12.3pp | -12.4%+10.6pp | -21.1%-0.6pp | N/A | -5.5%-1.9pp |
| Current Ratio | 0.98+0.1x | 1.23+0.2x | 1.71+0.4x | 0.71-0.5x | 0.91-0.1x | 1.05-0.1x | 1.28-0.2x | 1.19-3.3x |
| Debt-to-Equity | 2.58+0.1x | 1.68-0.1x | 1.01-0.1x | 8.60+7.3x | 2.49-1.3x | 1.76+0.4x | 1.13+0.3x | 1.30+0.8x |
| Asset Turnover | 0.040.0x | 0.020.0x | N/A | 0.080.0x | 0.020.0x | 0.010.0x | N/A | 0.03-0.1x |
| FCF Margin | -394.0% | -1106.2% | N/A | N/A | N/A | N/A | N/A | -429.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Durect Corp DRRX | FY2024 | $2.0M | -$8.3M | N/A | $59.3M | 45/100 |
| Rockwell Medical, Inc. (DE) RMTI | FY2025 | $69.3M | -$5.3M | -7.7% | $31.6M | 53/100 |
| Cumberland Pharmaceuticals Inc CPIX | FY2025 | $44.5M | -$2.8M | -6.4% | $99.5M | 44/100 |
| Assertio Holdings, Inc. ASRT | FY2025 | $118.7M | -$30.4M | -25.6% | $151.9M | 37/100 |
Where Durect Corp Ranks
Frequently Asked Questions
What is Durect Corp's annual revenue?
Durect Corp (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 Corp's revenue growing?
Durect Corp (DRRX) revenue declined by 21.6% year-over-year, from $2.6M to $2.0M in fiscal year 2024.
Is Durect Corp profitable?
No, Durect Corp (DRRX) reported a net income of -$8.3M in fiscal year 2024.
What is Durect Corp's EBITDA?
Durect Corp (DRRX) had EBITDA of -$18.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Durect Corp's gross margin?
Durect Corp (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 Corp's return on equity (ROE)?
Durect Corp (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 Corp's free cash flow?
Durect Corp (DRRX) recorded an outflow of $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 Corp's operating cash flow?
Durect Corp (DRRX) recorded an outflow of $19.1M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Durect Corp's total assets?
Durect Corp (DRRX) had $18.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Durect Corp's capital expenditures?
Durect Corp (DRRX) reported no capital expenditure during fiscal year 2024.
How much does Durect Corp spend on research and development?
Durect Corp (DRRX) invested $10.4M in research and development during fiscal year 2024.
What is Durect Corp's current ratio?
Durect Corp (DRRX) had a current ratio of 1.71 as of fiscal year 2024, which is generally considered healthy.
What is Durect Corp's debt-to-equity ratio?
Durect Corp (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 Corp's return on assets (ROA)?
Durect Corp (DRRX) had a return on assets of -45.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Durect Corp's liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Durect Corp (DRRX) held $11.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $19.1M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Durect Corp's Altman Z-Score?
Durect Corp (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 Corp's Piotroski F-Score?
Durect Corp (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 Corp's earnings high quality?
Durect Corp (DRRX) reported a net loss of $8.3M while operations used $19.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Corp?
Durect Corp (DRRX) scores 45 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.