[Form 4] Durect Corp Insider Trading Activity

Rhea-AI Filing Summary

Gail J. Maderis, a director of DURECT Corporation (DRRX), reported option and stock activity on 09/09/2025. The filing shows the grant of a stock option to purchase 5,500 shares at an exercise price of $1.22, with the option exercisable after vesting and an expiration date of 09/25/2034. The option vests 100% on the day before the first anniversary of the grant, subject to continued service. The report also shows acquisition of 5,500 shares of common stock (direct) and indirect beneficial ownership of 20,000 shares held by the Gail J. Maderis Revocable Trust dated 04-08-2013, for reported holdings of 5,500 direct and 20,000 indirect shares following the transaction.

Positive

• Director received a clear equity grant (5,500-share option at $1.22) which aligns interests with shareholders
• Full disclosure of direct and indirect holdings (5,500 direct; 20,000 indirect via revocable trust) improves transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received a standard option grant of 5,500 shares at $1.22; holdings modest relative to typical market-cap impact.

The grant and concurrent acquisition are routine director compensation events disclosed under Section 16. The fully vesting schedule (100% vesting one year after grant) ties the award to continued service rather than performance milestones. The exercise price equals the stated price in the filing, and the option carries a long-dated expiration (09/25/2034), giving significant time for potential value realization. Reported beneficial ownership includes 5,500 direct shares post-transaction and 20,000 indirect via a revocable trust, which clarifies immediate insider exposure but does not by itself indicate material ownership concentration.

Corporate Governance Expert

TL;DR: Compensation appears typical for a director; vesting conditioned on service aligns incentives but contains no performance conditions.

The one-year cliff vesting is a common mechanism to retain directors for at least a year. The filing transparently discloses direct and indirect holdings and the trust relationship (Gail Maderis Trustee). There is no indication of any related-party transaction beyond standard director award mechanics, and no amendments or unusual terms are reported in this Form 4.

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
Estimated average burden
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^*

Maderis Gail J

(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	5,500	D
Common Stock								20,000	I	By Gail J. Maderis Revocable Trust dtd 04-08- 2013 Gail Maderis TTEE

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/ Gail J. Maderis	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 did DRRX director Gail J. Maderis report on Form 4?

The Form 4 reports a stock option grant for 5,500 shares at $1.22, acquisition of 5,500 common shares (direct), and 20,000 indirect shares held by her revocable trust.

When was the transaction reported for DRRX?

The transaction date reported is 09/09/2025 and the Form 4 was signed on 09/11/2025.

What are the vesting and expiration terms of the option reported by Gail J. Maderis?

The option vests 100% on the day before the first anniversary of the grant subject to continued service and expires on 09/25/2034.

What is the exercise price of the option granted to the director?

The exercise (conversion) price reported for the option is $1.22 per share.

How many shares does Gail J. Maderis beneficially own after the transaction?

Following the reported transactions, she beneficially owns 5,500 shares directly and 20,000 shares indirectly via her revocable trust.