Durect Corp (DRRX) Files Form 144 for 5,500-Share Sale

Rhea-AI Filing Summary

Durect Corp (DRRX) filed a Form 144 reporting a proposed sale of 5,500 common shares through Morgan Stanley Smith Barney LLC on 09/10/2025. The filing shows the shares were acquired and will be paid for on 09/10/2025 via a stock option exercise and payment in cash. The aggregate market value of the shares at filing is reported as $10,623.80 and the issuer’s number of shares outstanding is listed as 31,054,187. The filer reports no securities sold in the past three months and includes the standard representation that they are not aware of undisclosed material adverse information.

Insights

Financial Analyst

TL;DR: Small insider sale following option exercise; reported quantity is immaterial relative to outstanding shares and likely limited market impact.

The Form 144 documents a proposed sale of 5,500 shares acquired by stock option exercise and to be sold through Morgan Stanley Smith Barney LLC on 09/10/2025 for an aggregate reported market value of $10,623.80. Relative to the reported 31,054,187 shares outstanding, the proposed sale represents a very small fraction of the float. The filing does not report any sales in the prior three months and contains the standard attestation regarding material nonpublic information. Based solely on the information provided, this disclosure is a routine insider liquidity event without additional context indicating material company-level implications.

Corporate Governance Expert

TL;DR: Routine compliance filing for a securities sale under Rule 144; no governance issues or disclosure red flags are evident in the notice.

The Form 144 shows compliance with Rule 144 requirements: identification of the broker, number of shares to be sold, acquisition method (stock option exercise), and representation regarding material information. There are no reported aggregated sales in the past three months. The filing does not disclose any additional governance matters, change in control, or restriction exceptions. Based strictly on the filing text, it appears to be a standard reporting of an insider sale opportunity rather than an indicator of governance concern.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	5500	10623.80	31054187	09/10/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/10/2025	Stock Option Exercise	Issuer			5500	09/10/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed by Durect Corp (DRRX) report?

The Form 144 reports a proposed sale of 5,500 common shares to be sold through Morgan Stanley Smith Barney LLC on 09/10/2025, with an aggregate market value of $10,623.80.

How were the shares acquired according to the filing?

The filing states the shares were acquired on 09/10/2025 via a stock option exercise, and payment was made in cash on that date.

How many shares outstanding does the filing list for the issuer?

The Form 144 lists 31,054,187 shares outstanding for the issuer.

Did the filer report any securities sold in the past three months?

No. The filing states Nothing to Report for securities sold during the past three months.

Who is the broker named in the notice?

The broker named is Morgan Stanley Smith Barney LLC located at Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004.