DURECT Corporation ( (DRRX) ) has released its Q4 earnings. Here is a breakdown of the information DURECT Corporation presented to its investors.
DURECT Corporation is a late-stage biopharmaceutical company focused on developing epigenetic therapies to treat serious and life-threatening conditions, with a particular emphasis on acute organ injury. The company is known for its lead drug candidate, larsucosterol, which is being developed for the treatment of alcohol-associated hepatitis (AH).
DURECT Corporation recently reported its financial results for the fourth quarter and full year of 2024, alongside significant business developments. The company highlighted the publication of its Phase 2b AHFIRM trial results in a prestigious medical journal, which supports the advancement of its lead drug candidate, larsucosterol, into a planned Phase 3 trial for AH. Additionally, DURECT completed the sale of its ALZET product line, using the proceeds to strengthen its financial position by repaying a term loan.
The company’s financial performance showed total revenues of $0.5 million for the fourth quarter and $2.0 million for the full year of 2024, with a net income of $7.8 million for the quarter and a net loss of $7.9 million for the year. This marks an improvement from the previous year’s net loss of $27.6 million. The sale of the ALZET product line contributed to the positive net income for the quarter. DURECT’s cash and investments stood at $12.0 million at the end of 2024, down from $29.8 million the previous year.
Looking ahead, DURECT Corporation is focused on initiating the Phase 3 trial of larsucosterol for severe AH, contingent on securing sufficient funding. The company is actively exploring various funding options to support the continued development of larsucosterol, which holds potential as a treatment for AH and possibly other indications. Management remains committed to advancing its strategic goals and enhancing shareholder value through these initiatives.