Durect Director Reports 2.55M Direct, 882K Indirect DRRX Shares

Rhea-AI Filing Summary

R. Scott Asen, a director of DURECT Corp (DRRX), filed an initial Form 3 reporting beneficial ownership of 2,550,000 shares directly and 882,392 shares indirectly, totaling 3,432,392 shares. The filing (event date 08/04/2025) states 30,000 indirect shares are held by The Asen Foundation and 852,392 are held via Asen & Co., which provides advisory services and has investment authority; the reporting person disclaims ownership except to the extent of his pecuniary interest.

Positive

• Initial Form 3 filed disclosing total beneficial ownership of 3,432,392 DRRX shares
• Clear breakdown of indirect holdings identifying 30,000 shares via The Asen Foundation and 852,392 via Asen & Co., with stated investment authority

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider director disclosed a total of 3,432,392 DRRX shares, split between direct and indirect holdings.

The Form 3 is a routine initial disclosure showing 2,550,000 shares held directly and 882,392 held indirectly. The filing identifies the indirect holdings as 30,000 shares via The Asen Foundation and 852,392 via Asen & Co., which exercises voting and dispositive authority for certain accounts. No derivative securities were reported, so the disclosed position is equity-only based on the filing.

Corporate Governance Expert

TL;DR: Director-level disclosure increases transparency about board ownership and voting authority.

The filing documents that a sitting director has both direct equity and indirect positions where he holds investment authority through an advisory firm and a trust. The Form 3 includes the standard disclaimer that the reporting person disclaims beneficial ownership except for his pecuniary interest, and it was signed on 08/14/2025. The disclosure clarifies sources of indirect control without reporting any options or other derivatives.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ASEN R SCOTT

(Last) (First) (Middle)

222 1/2 EAST 49TH STREET

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/04/2025

3. Issuer Name and Ticker or Trading Symbol
DURECT CORP [ DRRX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.0001 per share ("Common Stock")	2,550,000	D
Common Stock	882,392	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person is deemed to be the beneficial owner of 30,000 shares of Common Stock of The Asen Foundation (the "Foundation") by virtue of being a Trustee of the Foundation and possessing investment authority for the Foundation. The reporting person is deemed to be the beneficial owner of 852,392 shares of Common Stock as President of Asen & Co which provides certain advisory services to managed accounts of Asen & Co., which advisory services include the power to vote and dispose of the shares of Common Stock. The reporting person disclaims beneficial ownership of the shares held indirectly except to the extent of his pecuniary interest.

	/s/ R. Scott Asen	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 3 for DURECT (DRRX) disclose?

The Form 3 discloses 2,550,000 direct shares and 882,392 indirect shares, totaling 3,432,392 shares.

What is the event date requiring the Form 3 filing?

The event date reported on the form is 08/04/2025.

When was the Form 3 signed by the reporting person?

The signature date on the Form 3 is 08/14/2025.

What is R. Scott Asen's relationship to DURECT (DRRX)?

The filing identifies R. Scott Asen as a Director of DURECT Corp.

Are any derivative securities reported on the Form 3?

No. Table II lists no derivative securities; only non-derivative common stock holdings are reported.

What are the sources of the indirect ownership reported?

The filing states 30,000 indirect shares are held by The Asen Foundation and 852,392 are held via Asen & Co., which provides advisory services and holds voting/dispositive authority.