[Form 4] Durect Corp Insider Trading Activity

Rhea-AI Filing Summary

Insider grant and purchase reported: Director Gail M. Farfel reported a transaction in DURECT CORP (DRRX) showing acquisition of both common stock and a stock option on 09/10/2025. The filing shows 5,500 shares of common stock acquired at $1.22 per share, bringing Ms. Farfel's direct holdings to 15,500 shares. The filing also discloses a stock option granted on the same date with a $1.22 exercise price covering 5,500 underlying shares; the option becomes fully exercisable one day before the first anniversary of grant and expires on 09/25/2034. The Form 4 is signed 09/11/2025 and identifies Ms. Farfel as a director filing individually.

Positive

• Director alignment: Ms. Farfel acquired shares and received an option, which aligns incentives with shareholders through time-based vesting.
• Clear vesting schedule: The option vests 100% one day before the first anniversary, providing service-based retention rather than immediate dilution.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received synchronized equity and option grant, aligning long-term incentives without immediate large dilution.

The reported transaction shows a director-level equity grant and matching option covering 5,500 shares at a $1.22 price, with vesting fully occurring one year from grant. From a governance perspective, time-based vesting tied to continued service is a standard retention mechanism that aligns the director with shareholder interests over the vesting period. The option's long expiration to 09/25/2034 provides extended upside potential contingent on future stock performance. This filing is routine for compensation-related grants and does not itself reveal operational changes.

Securities Analyst

TL;DR: Insider acquired 5,500 shares and received an option for 5,500 shares at $1.22; transaction appears procedural and not material to capital structure.

The Form 4 discloses a purchase of 5,500 common shares at $1.22 and a contemporaneous option grant exercisable after one year for the same number of shares. Post-transaction direct beneficial ownership is reported as 15,500 shares. For investors, the amounts are modest relative to typical market-cap impacts; the combined grant and purchase indicate management/director alignment but are unlikely to meaningfully change share count or valuation near-term.

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^*

Farfel Gail M

(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)
09/10/2025

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	09/10/2025		M		5,500	A	$1.22	15,500	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	09/10/2025		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 M. Farfel	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 Gail M. Farfel report in the Form 4 for DRRX?

She reported acquiring 5,500 common shares at $1.22 and receiving a stock option for 5,500 shares with a $1.22 exercise price on 09/10/2025.

How many shares does Gail M. Farfel beneficially own after the transaction?

The filing reports a total of 15,500 shares beneficially owned following the reported transactions.

When does the option become exercisable and when does it expire?

The option vests 100% one day before the first anniversary of the grant and the expiration date is 09/25/2034.

What is the nature of Ms. Farfel's relationship to DURECT Corp?

The Form 4 identifies Gail M. Farfel as a Director and the filing was made by one reporting person.

Was the Form 4 signed and when?

Yes; the document includes a signature dated 09/11/2025.