# EDGAR Filing Document

**Accession Number:** 0001082038
**File Stem:** 0000950170-25-107379
**Filing Date:** 2025-8
**Character Count:** 18949
**Document Hash:** 6aad66046ec5ebb8659fcbe3127188f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107379.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107379

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250812

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DURECT CORP
- **CENTRAL INDEX KEY:** 0001082038
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943297098
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31615
- **FILM NUMBER:** 251207221

**BUSINESS ADDRESS:**
- **STREET 1:** 10240 BUBB ROAD
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014
- **BUSINESS PHONE:** 4087771417

**MAIL ADDRESS:**
- **STREET 1:** 10240 BUBB ROAD
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Form** 8-K

**Current Report** 

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934** 

August 12, 2025

**Date of Report** 

**(Date of earliest event reported)** 

DURECT CORP**ORATION** 

**(Exact name of Registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| Delaware | 000-31615 | 94-3297098 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

10240 Bubb Road

Cupertino**,** CA 95014

**(Address of principal executive offices) (Zip code)** 

**(**408**)** 777-1417

**(Registrant's telephone number, including area code)** 

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Title of Each Class</u>** | &nbsp;&nbsp;**<u>Trading Symbol</u>** | &nbsp;&nbsp;**<u>Name of Each Exchange on Which Registered</u>** |
| &nbsp;&nbsp;Common Stock $0.0001 par value per share | &nbsp;&nbsp;DRRX | &nbsp;&nbsp;**The** NASDAQ **Stock Market LLC<br>(The Nasdaq Capital Market)** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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**Item 2.02. Results of Operations and Financial Condition.**

On August 12, 2025, DURECT Corporation, a Delaware corporation ("DURECT"), announced its second quarter ended June 30, 2025 financial results. This Current Report is filed to disclose nonpublic information required to be disclosed by Regulation FD. A copy of DURECT's press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.

The information concerning financial results in this Form 8-K and in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information concerning financial results in this Form 8-K and in Exhibit 99.1 shall not be incorporated into any registration statement or other document filed with the Securities and Exchange Commission by the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits** 

(d) Exhibits

99.1 [<u>Press Release of DURECT Corporation dated August 12, 2025</u>](drrx-ex99_1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **DURECT Corporation** | **DURECT Corporation** |
| Date: August 12, 2025 | By: | /s/ James E. Brown |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;James E. Brown<br>&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer<br>|

---

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## Exhibit 99.1

**Exhibit 99.1**

**DURECT Corporation Reports Second Quarter 2025 Financial Results and Provides Update on Proposed Acquisition by Bausch Health**

*Bausch Health will pay $1.75 per share plus up to $350 million in aggregate sales milestones* 

*Transaction expected to close in the third quarter of 2025*

CUPERTINO, Calif., August 12, 2025 /PRNewswire / -- DURECT Corporation (Nasdaq: DRRX) today announced financial results for the second quarter ended June 30, 2025 and provided an update on the previously announced acquisition of DURECT by Bausch Health Companies Inc. (Bausch Health).

**Recent business highlights and updates:**

• In July 2025, DURECT announced that it entered into an Agreement and Plan of Merger with Bausch Health Americas, Inc. (Bausch Health Americas), a wholly owned subsidiary of Bausch Health and BHC Lyon Merger Sub, Inc. (Merger Sub), with DURECT surviving as a direct or indirect wholly owned subsidiary of Bausch Health (Merger Agreement).Under the terms of the Merger Agreement, Bausch Health will pay $1.75 per share of DURECT common stock in an all-cash transaction for an upfront consideration of approximately $63 million at closing, with the potential for two additional net sales milestone payments of up to $350 million in the aggregate (subject to certain adjustments) if the milestone is achieved before the earlier of the 10 year anniversary of the first commercial sale of larsucosterol in the United States and December 31, 2045. The Merger is expected to be completed in the third quarter of 2025. Pursuant to the terms and conditions of the Merger Agreement, Merger Sub commenced on August 12, 2025 a tender offer to acquire all of DURECT's outstanding shares of common stock (the Tender Offer). As soon as practicable following the consummation of the Tender Offer and subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, Merger Sub will merge with and into DURECT.

**Financial Highlights for the First Quarter 2025:**

• Total revenues were $447,000 and net loss was $2.3 million for the three months ended June 30, 2025 compared to total revenues of $646,000 and net loss of $3.7 million for the three months ended June 30, 2024.

• As of June 30, 2025, cash, cash equivalents and investments were $6.7 million, compared to cash, cash equivalents and investments of $12.0 million at December 31, 2024.

**Additional Information and Where to Find It**

This communication is not an offer to buy nor a solicitation of an offer to sell any securities of DURECT. The solicitation and the offer to buy shares of DURECT's common stock is being made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials, that were filed by Bausch Health and Merger Sub with the SEC on August 12, 2025. In addition, DURECT has filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Tender Offer with the SEC on August 12, 2025. The Tender Offer materials and the Solicitation/Recommendation statement, as they may be amended from time to time, contain important information that should be read carefully when they become available and considered before any decision is made with respect to the Tender Offer. Investors will be able to obtain a free copy of these materials and other documents filed by Bausch Health, Merger Sub and DURECT with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, copies of these materials and other documents by calling D.F. King & Co., the information agent for the Tender Offer, toll-free at (800) 628-8528 for stockholders or by calling collect at (212) 596-7578 for banks or brokers.

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF DURECT AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER

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OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.

**About DURECT Corporation**<br> DURECT is a late-stage biopharmaceutical company pioneering the development of epigenetic therapies that target dysregulated DNA methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. Larsucosterol, DURECT's lead drug candidate, binds to and inhibits the activity of DNA methyltransferases, epigenetic enzymes that are elevated and associated with hypermethylation found in alcohol-associated hepatitis (AH) patients. Larsucosterol is in clinical development for the potential treatment of AH, for which the FDA has granted a Fast Track and a Breakthrough Therapy designation; MASH has also been explored. For more information about DURECT, please visit www.durect.com and follow us on X (formerly Twitter) at https://x.com/DURECTCorp.

**DURECT Forward-Looking Statements**

This press release contains statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words or phrases such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would," or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to statements regarding beliefs about the potential benefits of the transaction; the considerations taken into account and the determination by the DURECT board of directors in approving the transaction; the planned completion and timing of the transactions contemplated by the Merger Agreement; and the prospective performance and outlook of the surviving company's business, performance, and opportunities. Actual results may differ materially from those contained in the forward-looking statements contained in this communication, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, uncertainties as to the timing and completion of the Offer and the Merger; uncertainties as to the percentage of DURECT stockholders tendering their Company Shares in the Offer; the possibility that competing offers will be made; the possibility that various closing conditions for the Offer or the Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to DURECT's liquidity during the pendency of the Offer and the Merger or in the event of a termination of the Merger Agreement; the risk that the Milestone Payments are not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, partners, vendors and other business partners; risks related to diverting management's attention from DURECT's ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, and other risks and uncertainties pertaining to DURECT's business, including the risks and uncertainties detailed in DURECT's public periodic filings with the SEC, as well as the Offer materials to be filed by Bausch Health Americas and Merger Sub and the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by DURECT in connection with the Offer.

Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law. Further information regarding these and other risks is included in DURECT's most recent Securities and Exchange Commission filings, including its annual report on Form 10-K for the year ended December 31, 2024 and quarterly report on Form 10-Q for the quarter ended June 30, 2025, when filed, under the heading "Risk Factors." These reports are available on our website www.durect.com under the "Investors" tab and on the SEC's website at <u>www.sec.gov</u>. All information provided in this press release is based on information available to DURECT as of the date hereof, and DURECT assumes no obligation to update this information as a result of future events or developments, except as required by law.

NOTE: Larsucosterol is an investigational drug candidate under development and has not been approved for commercialization by the U.S. Food and Drug Administration or other health authorities for any indication.

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**DURECT CORPORATION**

**CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(in thousands, except per share amounts)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30 | Three months ended<br>June 30 | Six months ended<br>June 30 | Six months ended<br>June 30 |
|  | 2025 | 2024 | 2025 | 2024 |
| Collaborative research and development and other revenue | $428 | $606 | $749 | $1102 |
| Product revenue | 19 | 40 | 19 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 447 | 646 | 768 | 1142 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of product revenues | 7 | 27 | 7 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 1176 | 2247 | 3059 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 2067 | 2566 | 4644 | 5246 |
| Total operating expenses | 3250 | 4840 | 7710 | 11641 |
| Loss from operations | (2803) | (4194) | (6942) | (10499) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 93 | 227 | 188 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 445 | (78) | 326 | (1796) |
| Other income (expense), net | 538 | 149 | 514 | (1248) |
| Loss from continuing operations | (2265) | (4045) | (6428) | (11747) |
| Income (loss) from discontinued operations |  | 345 | (69) | 404 |
| Net loss | (2265) | (3700) | (6497) | (11343) |
| Net change in unrealized loss on available-for-sale securities, net of reclassification adjustments and taxes |  | 3 |  | 7 |
| Total comprehensive loss | $(2265) | $(3697) | $(6497) | $(11336) |
| Net loss per share, basic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | $(0.07) | $(0.13) | $(0.21) | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | $— | $0.01 | $— | $0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per common share | $(0.07) | $(0.12) | $(0.21) | $(0.37) |
| Net loss per share, diluted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations | $(0.07) | $(0.13) | $(0.21) | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | $— | $0.01 | $— | $0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per common share | $(0.07) | $(0.12) | $(0.21) | $(0.37) |
| Weighted-average shares used in computing net loss per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 31042 | 31038 | 31042 | 30838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 31163 | 31038 | 31042 | 30838 |

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**DURECT CORPORATION**

**CONDENSED BALANCE SHEETS**

**(in thousands)**

**(unaudited)**

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| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 <sup>(1)</sup> |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $6502 | $11011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments |  | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 511 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 291 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 468 | 813 |
| Total current assets | 7772 | 13175 |
| Property and equipment, net | 29 | 41 |
| Operating lease right-of-use assets | 1683 | 2135 |
| Goodwill | 2725 | 2725 |
| Long-term restricted investments | 150 | 150 |
| Other long-term assets | 123 | 123 |
| Total assets | $12482 | $18349 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $393 | $309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 4860 | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 1098 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liabilities | 1222 | 1548 |
| Total current liabilities | 7893 | 7710 |
| Operating lease liabilities, non-current portion | 652 | 1124 |
| Other long-term liabilities | 454 | 384 |
| Stockholders' equity | 3483 | 9131 |
| Total liabilities and stockholders' equity | $12482 | $18349 |

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(1) Derived from audited financial statements.

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| | |
|:---|:---|
| SOURCE: DURECT Corporation |  |
| **Investor Relations** | **Media Contact (DURECT)** |
| Sandya von der Weid | Michael Fitzhugh |
| LifeSci Advisors | LifeSci Communications |
| svonderweid@lifesciadvisors.com | mfitzhugh@lifescicomms.com |

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