URECT's
(and that of its third party collaborators where applicable) abilities to
obtain approvals from regulatory agencies with respect to its development
activities and products, design, enroll, conduct and complete clinical
trials, complete the design, development, and manufacturing process
development of the referenced product candidates, consummate collaborative
agreements relating to our product candidates and technologies, manufacture
and commercialize the referenced product candidates, obtain marketplace
acceptance of the referenced product candidates and manage and obtain
capital to fund its growth, operations and expenses. Further information
regarding these and other risks is included in DURECT's Form 10-Q on
November 8, 2007 under the heading "Risk Factors."
DURECT CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended Year Ended
December 31, December 31,
2007 2006 2007 2006
Collaborative research and
development revenue $4,559 $3,522 $14,417 $13,786
Milestone revenue - - 8,000 -
Product revenue, net 2,026 1,919 8,258 8,108
Total revenues 6,585 5,441 30,675 21,894
Operating expenses:
Cost of revenues (1) 807 983 3,225 3,248
Research and development (1) 9,502 11,598 38,342 37,241
Selling, general and
administrative (1) 3,262 2,877 13,618 12,417
Amortization of intangible
assets 8 8 31
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