DURECT SEC Filings

James E. Brown, who is listed as President & CEO and a director of DURECT Corp (DRRX), reported a transaction dated 09/11/2025 involving the disposition of a stock option covering 103,077 shares with a $1.30 exercise/conversion price.

The filing explains this activity occurred in connection with a Merger Agreement and a related tender offer by Bausch Health Americas, Inc. Options with exercise prices below the cash consideration were accelerated and, if exercised before the merger became effective, the resulting shares were treated the same as other shares in the tender offer. Options with exercise prices equal to or above the cash consideration that remained unexercised at the effective time were canceled and former holders are eligible for cash retention bonuses tied to net sales milestones under a board-approved retention plan.

Insider grant and purchase reported: Director Gail M. Farfel reported a transaction in DURECT CORP (DRRX) showing acquisition of both common stock and a stock option on 09/10/2025. The filing shows 5,500 shares of common stock acquired at $1.22 per share, bringing Ms. Farfel's direct holdings to 15,500 shares. The filing also discloses a stock option granted on the same date with a $1.22 exercise price covering 5,500 underlying shares; the option becomes fully exercisable one day before the first anniversary of grant and expires on 09/25/2034. The Form 4 is signed 09/11/2025 and identifies Ms. Farfel as a director filing individually.

James E. Brown, President & CEO and a director of DURECT Corporation (DRRX), reported two option grants on 09/09/2025 and 09/10/2025. Each grant is reported with transaction code M (award of options) for 131,923 and 130,000 stock options respectively, both with an exercise price of $1.30 and an expiration date of 10/14/2034. The filings show post-transaction direct beneficial ownership of 415,335 shares after the first grant and 545,335 shares after the second grant, plus 8,000 shares held indirectly by the Brown Family Trust dated 5/10/2006. The options vest in installments of one-sixteenth every three months following the grant, subject to continuous service.

Judith J. Robertson, a director of DURECT Corp (DRRX), received an equity award consisting of a stock option covering 5,500 shares exercisable at $1.22 per share. The option grant date and associated transaction is reported as 09/10/2025. The option vests 100% on the day before the first anniversary of the grant, conditioned on continued service through the vesting date. After the reported grant and related exercise rights, Ms. Robertson beneficially owns 41,113 shares of common stock and holds options covering an additional 5,500 shares that expire on 09/25/2034. The disclosure is a Form 4 reporting a director-level equity award and resulting beneficial ownership.

Peter S. Garcia, a director of DURECT Corporation (DRRX), received an option grant on 09/09/2025 covering 5,500 shares with an exercise price of $1.22. The Form 4 shows the option is a stock option exercisable for 5,500 shares of common stock and that the reporting person owned 12,500 shares of common stock following the transaction. The disclosure states the option vests 100% on the day before the first anniversary of the grant date, subject to continued service.

Gail J. Maderis, a director of DURECT Corporation (DRRX), reported option and stock activity on 09/09/2025. The filing shows the grant of a stock option to purchase 5,500 shares at an exercise price of $1.22, with the option exercisable after vesting and an expiration date of 09/25/2034. The option vests 100% on the day before the first anniversary of the grant, subject to continued service. The report also shows acquisition of 5,500 shares of common stock (direct) and indirect beneficial ownership of 20,000 shares held by the Gail J. Maderis Revocable Trust dated 04-08-2013, for reported holdings of 5,500 direct and 20,000 indirect shares following the transaction.

Durect Corporation filed an S-8 registration statement listing multiple prior S-8 registrations and the number of common shares registered under various employee plans across years. The filing documents repeated registrations of shares for the 2000 Stock Plan and the Employee Stock Purchase Plan, including large blocks such as 18,000,000 shares registered on August 5, 2022 and 7,500,000 on August 2, 2018, plus a 1-for-10 reverse stock split effected on December 5, 2022. Recent registrations include 40,000 shares (post-split) for the ESPP on August 10, 2023 and 2,000,000 shares (post-split) for the 2000 Stock Plan on November 14, 2024. The document is signed by the CFO, confirming the administrative update to registered employee equity.

Durect Corporation (DRRX) filed an S-8 post-effective amendment registering shares for employee benefit plans. The filing lists multiple prior S-8 registration statements and the specific share amounts registered under various plans, including recent entries of 40,000 shares under the Employee Stock Purchase Plan and 2,000,000 shares under the 2000 Stock Plan (each number shown after the 1-for-10 reverse stock split). The document also notes the 1-for-10 reverse stock split effected on December 5, 2022, and is signed by CFO Timothy M. Papp.

Durect Corporation filed an S-8 prospectus in connection with multiple prior S-8 registrations and to register 2,000,000 shares of Common Stock under its 2000 Stock Plan (amounts shown are after the 1-for-10 reverse stock split effected on December 5, 2022). The filing lists a series of historical S-8 registrations dating back to October 5, 2000, covering employee option plans, an employee stock purchase plan and directors' option plans.