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DURECT Corporation Announces Second Quarter 2011 Financial Results and Update of Programs
Date:8/4/2011

0,700$
8,473Product revenue, net

2,6452,6565,7376,506Total revenues

7,8337,31316,43714,979Operating expenses:Cost of revenues (1)

1,0858612,4862,239Research and development (1)

8,7089,20418,58818,625Selling, general and administrative (1)

3,3273,5847,0437,086Total operating expenses

13,12013,64928,11727,950Loss from operations

(5,287)(6,336)(11,680)(12,971)Other income (expense):Interest and other income

43488359Interest and other expense

(1)(21)(5)(23)Net other income 42277836Net loss$ (5,245)$ (6,309)$ (11,602)$ (12,935)Net loss per share, basic and diluted

$   (0.06)$   (0.07)$
(0.13)$
(0.15)Shares used in computing basic and diluted net loss per share

87,40486,84587,33886,801(1) Includes stock-based compensation related to the following:Cost of revenues$
82$
86$
7$
70Research and development

1,0721,2902,1992,567Selling, general and administrative

5806631,1511,332Total stock-based compensation

$  1,734$  2,039$
3,517$
4,069DURECT CORPORATIONCONDENSED BALANCE SHEETS(in thousands)June 30, 2011December 31, 2010 (1)(unaudited)ASSETSCurrent assets:Cash and cash equivalents$
5,486$
,437Short-term investments29,24735,005Short-term restricted investments-66Accounts receivable3,2903,716Inventories3,2652,836Prepaid expenses and other current assets1,2512,785Total current assets42,53954,845Property and equipment, net2,2041,776Goodwill6,3996,399Intangible assets, net6271Long-term investments 1,9243,197Long-term restricted Investments867867Other long-term assets349405Total assets$
54,344$
7,560LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$
,001$
981Accrued liabilities4,3036,524Contract research liability2,1572,109Deferred revenue, current portion8,0798,079Other short-term liabilities229216Total current liabilities15,76917,909Deferred revenue, noncurrent portion30,80934,849Other long-term l
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