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DURECT Corporation Announces First Quarter 2012 Financial Results and Update of Programs
Date:5/3/2012

their intended endpoints, our potential failure to maintain our collaborative agreements with third parties or consummate new collaborations and DURECT's (and that of its third party collaborators where applicable) difficulty or failure to obtain approvals from regulatory agencies with respect to its development activities and products, or ability to design, enroll, conduct and complete clinical trials, complete the design, development, and manufacturing process development of the referenced product candidates, manufacture and commercialize the referenced product candidates, obtain marketplace acceptance of the referenced product candidates, avoid infringing patents held by other parties and secure and defend patents of our own, and manage and obtain capital to fund operations and expenses. Further information regarding these and other risks is included in DURECT's Form 10-K on March 2, 2012 under the heading "Risk Factors."DURECT CORPORATIONSTATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands, except per share amounts)(Unaudited)Three months ended March 31, 20122011Collaborative research and development and other revenue

$38,328$ 5,512Product revenue, net

2,8573,092Total revenues

41,1858,604Operating expenses:Cost of product revenues

1,4611,401Research and development

5,6349,880Selling, general and administrative

3,2803,716Total operating expenses

10,37514,997Income (loss) from operations

30,810(6,393)Other income (expense):Interest and other income

2140Interest expense

(2)(4)Net other income

1936Net Income (loss)

$30,829$(6,357)Net income (loss) per shareBasic $ 0.35$ (0.07)Diluted$ 0.35$ (0.07)Weighted-average shares used in computing net income (loss) per shareBasic 87,54787,270Diluted87,56887,270Total comprehensive income (loss)

$30,826$(6,343) DURECT CORPORATIONCONDENSED BALANCE SHEETS (in thousands)As ofAs ofMarc
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