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DURECT Corporation Announces Fourth Quarter and Year End 2007 Financial Results
Date:2/5/2008

424

Total operating expenses 13,579 15,466 55,216 53,330

Loss from operations (6,994) (10,025) (24,541) (31,436)

Other income (expense):

Interest and other income 753 991 3,545 3,832

Interest expense (475) (717) (2,625) (3,436)

Debt conversion expense (495) - (718) (2,287)

Net other income (expense) (217) 274 202 (1,891)

Net loss $(7,211) $(9,751) $(24,339) $(33,327)

Net loss per share, basic and

diluted $(0.10) $(0.14) $(0.35) $(0.51)

Shares used in computing basic and

diluted net loss per share 73,641 68,980 70,483 65,961

(1) Includes stock-based

compensation related to the

following:

Cost of revenues $32 $28 $130 $75

Research and development 995 801 4,286 2,885

Selling, general and administrative 553 420 2,273 1,431

Total stock-based compensation $1,580 $1,249 $6,689 $4,391

DURECT CORPORATION

Condensed Balance Sheet

(in thousands)

As of As of

December 31, December 31,

2007 2006 (1)

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents $37,589 $41,554

Short-term investments 19,710 28,297

Accounts receivable 3,622 2,152

Inventories
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SOURCE DURECT Corporation
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