DURECT (DRRX) Director Receives 5,500-Share Option at $1.22

Rhea-AI Filing Summary

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.

Positive

• Option grant documented: 5,500-share stock option awarded on 09/09/2025
• Exercise price disclosed: option strike price is $1.22 per share
• Clear vesting terms: 100% vests one day before the first anniversary, conditioned on continued service
• Post-transaction ownership disclosed: reporting person beneficially owns 12,500 shares following the grant

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine director option grant: modest size, single-year cliff vesting, no other changes reported.

The filing documents a non-derivative stock option award to a director, specifying exercise price, share count, and a one-year cliff vesting schedule. The disclosure is straightforward and follows standard Section 16 reporting requirements. There is no indication in this filing of accelerated vesting, amendments, or dispositions beyond the grant, and no additional corporate actions are disclosed here.

Executive Compensation Analyst

TL;DR: Compensation action recorded: 5,500-share option at $1.22, vesting fully after one year.

The Form 4 details the economic terms: a grant of options exercisable for 5,500 shares at $1.22 and a vesting condition that 100% vests one day before the first anniversary subject to continued service. The report also shows the reporting person beneficially owns 12,500 common shares after the grant. No cash exercises or share sales are reported in this filing.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GARCIA PETER S

(Last) (First) (Middle)

C/O DURECT CORPORATION

10240 BUBB ROAD

(Street)

CUPERTINO CA 95014

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025	09/09/2025	M		5,500	A	$1.22	12,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$1.22	09/09/2025		M			5,500	(1)	09/25/2034	Common Stock	5,500	$0	0	D

Explanation of Responses:

1. 100% of the total number of shares subject to this option grant shall vest and become exercisable on the day before the first anniversary of the date of grant, subject to the Reporting Person continuing to provide services to the Company through the vesting date.

	/s/ Peter S. Garcia	09/11/2025
	** 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 4 (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 transaction did Peter S. Garcia (DRRX) report on Form 4?

He reported a stock option grant of 5,500 options exercisable for common stock, granted on 09/09/2025.

What is the exercise price of the option in the DRRX Form 4?

The exercise price is $1.22 per share as stated in the filing.

When does the 5,500-share option vest according to the filing?

Vesting is 100% one day before the first anniversary of the grant date, subject to continued service.

How many shares did the reporting person own after the reported transaction on DRRX?

12,500 shares of common stock beneficially owned following the reported transaction.

Does the Form 4 report any sales or exercises by Peter S. Garcia?

No sales or exercises are reported; the filing records an option grant and resulting beneficial ownership.