DURECT (DRRX) CEO Reports 10,000‑Share and 10,000‑Option Acquisition

Rhea-AI Filing Summary

James E. Brown, President & CEO and a director of DURECT Corporation (DRRX), reported acquisitions on 09/08/2025. The filing shows an acquisition of 10,000 common shares at a reported price of $1.30, bringing his direct common stock holdings to 283,412 shares. The filing also reports an acquisition of 10,000 stock options with a $1.30 exercise/conversion price, noting an exercisable/expiration schedule with a reference date of 10/14/2034 and total direct derivative holdings reported as 365,000. The option grant will vest in one‑sixteenth increments every three months, subject to continued service.

Positive

• Insider acquisition: Reporting person acquired 10,000 common shares on 09/08/2025, increasing reported direct ownership to 283,412 shares.
• Option grant reported: Reporting person received 10,000 stock options with a stated $1.30 exercise/conversion price and vesting schedule, increasing reported derivative holdings to 365,000.
• Vesting ties to service: Options vest in one‑sixteenth increments every three months, aligning incentives with continued employment.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider reported small net purchase of stock and options, indicating continued executive ownership rather than a material stake change.

The Form 4 documents a same‑day acquisition of 10,000 common shares and 10,000 options at $1.30, increasing reported direct common holdings to 283,412 and direct derivative holdings to 365,000. The absolute size of the purchases is modest relative to the reported holdings, so this is not a material reshaping of ownership. The option vesting schedule—one‑sixteenth every three months—ties value to continued service, aligning executive incentives with future performance.

Corporate Governance Expert

TL;DR: Transaction reflects routine executive compensation/ownership activity with standard time‑based vesting conditions.

The filing identifies James E. Brown as both President & CEO and a director, and documents acquisitions that appear tied to compensation (vesting schedule described). The explicit quarterly vesting over multiple periods underscores a retention design. There are no disclosures here of significant disposals, accelerated vesting, or related‑party transfers that would raise governance concerns.

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^*

BROWN JAMES E

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		M		10,000	A	$1.3	283,412	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)	$1.3	09/08/2025		M			10,000	(1)	10/14/2034	Common Stock	10,000	$0	365,000	D

Explanation of Responses:

1. The option will vest and become exercisable in installments of one-sixteenth (1/16) of the total number of shares at the end of each three-month period following the grant date, subject to the Reporting Person providing continuous service to the Issuer through the applicable vesting date.

	/s/ James E. Brown	09/09/2025
	** 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).
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FAQ

Who filed the Form 4 for DRRX?

The Form 4 was filed by James E. Brown, President & CEO and a director of DURECT Corporation (DRRX).

What transactions were reported on the DRRX Form 4 dated 09/08/2025?

The filing reports acquisition of 10,000 common shares at $1.30 and acquisition of 10,000 stock options with a $1.30 conversion/exercise price on 09/08/2025.

How many DRRX shares does James E. Brown beneficially own after the reported transactions?

Following the reported transactions, the Form 4 lists 283,412 common shares beneficially owned directly by the reporting person.

What are the terms of the option vesting reported in the DRRX Form 4?

The option will vest and become exercisable in installments of one‑sixteenth (1/16) of the total number of shares at the end of each three‑month period following the grant date, subject to continuous service.

When was the Form 4 signed?

The filing shows the reporting person signed the Form 4 on 09/09/2025.