[Form 4] Durect Corp Insider Trading Activity

Rhea-AI Filing Summary

R. Scott Asen, a director of DURECT Corp (DRRX), reported an insider purchase on Form 4. The filing shows a purchase of 5,917 shares of DURECT common stock on 08/22/2025 at a price of $1.9194 per share. After the reported transaction the filing lists 2,672,529 shares beneficially owned by the reporting person in a direct capacity. The form also records 970,000 shares held indirectly (30,000 via The Asen Foundation and 940,000 via Asen & Co.) where the reporting person disclaims beneficial ownership except to the extent of pecuniary interest. The filing is signed by R. Scott Asen on 08/26/2025.

Positive

• Director purchase disclosed: R. Scott Asen reported buying 5,917 shares at $1.9194, demonstrating an insider acquisition.
• Clear disclosure of indirect holdings: The filing explains 30,000 shares via The Asen Foundation and 940,000 via Asen & Co.

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchase of 5,917 shares at $1.9194 increases the director's direct stake to 2,672,529 shares; transaction size is modest.

The reported open-market purchase is explicit: 5,917 shares acquired on 08/22/2025 at $1.9194. The filing separates direct and indirect holdings, showing significant indirect positions held via a foundation and an advisory firm where the reporting person has voting or investment authority. For valuation context, the filing provides price and share counts but no information on aggregate cost basis or percentage ownership of outstanding shares. This is a routine Section 16 disclosure with no additional corporate actions reported.

Corporate Governance Expert

TL;DR Director disclosed a small purchase and clarified indirect holdings through related entities, consistent with Section 16 reporting requirements.

The form clearly documents the reporting person's roles and the nature of indirect ownership: Trustee of The Asen Foundation and President of Asen & Co., with voting/dispositive authority over certain shares. The reporting person explicitly disclaims beneficial ownership of those indirectly held shares except for pecuniary interest. The filing is timely and correctly signed, meeting standard governance transparency expectations; it contains no indications of derivative transactions or plan-based trades.

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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hours per response:			0.5

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^*

ASEN R SCOTT

(Last) (First) (Middle)

222 1/2 EAST 49TH STREET

(Street)

NEW YORK NY 10017

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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								970,000	I	See Footnote(1)
Common Stock	08/22/2025		P		5,917	A	$1.9194	2,672,529	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

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 940,000 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	08/26/2025
	** 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 R. Scott Asen report for DRRX on the Form 4?

The filing reports an open-market purchase of 5,917 shares of DURECT common stock on 08/22/2025 at $1.9194 per share.

How many shares does the reporting person own after the transaction?

The Form 4 lists 2,672,529 shares beneficially owned by the reporting person in a direct capacity following the reported transaction.

What indirect holdings did the filing disclose?

The filing discloses 30,000 shares held by The Asen Foundation and 940,000 shares held via Asen & Co., with the reporter describing those as indirect holdings.

Did the reporting person disclaim beneficial ownership of any shares?

Yes. The reporting person states they disclaim beneficial ownership of shares held indirectly except to the extent of their pecuniary interest.

When was the Form 4 signed?

The Form 4 is signed by /s/ R. Scott Asen on 08/26/2025.