DURECT Corporation Announces Third Quarter 2019 Financial Results and Update of Programs
CUPERTINO, Calif., Nov. 4, 2019 /PRNewswire/ — DURECT Corporation (DRRX) today announced financial results for the three months ended September 30, 2019 and provided a corporate update.
- Total revenues were $10.8 million and net loss was $2.0 million for the three months ended September 30, 2019 as compared to total revenues of $8.0 million and net loss of $2.7 million for the three months ended September 30, 2018.
- At September 30, 2019, cash and investments were $57.1 million, compared to cash and investments of $34.5 million at December 31, 2018. In September, DURECT earned a $10 million milestone under its agreement with Gilead; payment of the milestone was received in October and is therefore not reflected in the cash and investments figure as of September 30, 2019. Debt at September 30, 2019 was $21.0 million, which included partial accrual for the final payment of our term loan.