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DURECT Corporation Announces Second Quarter 2013 Financial Results and Update of Programs
Date:8/5/2013

anufacture and commercialize product candidates, obtain marketplace acceptance of 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-Q for the quarter ending March 31, 2013 under the heading "Risk Factors."

 

 DURECT CORPORATIONCONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands, except per share amounts)(unaudited)Three months endedSix months endedJune 30, June 30, 2013201220132012(1)Collaborative research and development and other revenue

$ 905$ 2,227$ 1,818$40,555Product revenue, net

3,0132,5696,2535,426Total revenues

3,9184,7968,07145,981Operating expenses:Cost of product revenues

1,0321,1182,6902,579Research and development

4,8334,9829,62210,616Selling, general and administrative

3,2103,0496,1116,329Total operating expenses

9,0759,14918,42319,524Income (loss) from operations

(5,157)(4,353)(10,352)26,457Other income (expense):Interest and other income

13272749Interest and other expense

(1)(2)(3)(4)Net other income

12252445Net Income (loss)

$ (5,145)$(4,328)$(10,328)$26,502Net income (loss) per shareBasic $ (0.05)$ (0.05)$ (0.10)$ 0.30Diluted$ (0.05)$ (0.05)$ (0.10)$ 0.30Weighted-average shares used in computing net income (loss) per shareBasic 101,95487,602101,91887,575Diluted101,95487,602101,91887,593Total comprehensive income (loss)

$ (5,146)$(4,330)$(10,331)$26,496(1) Derived from audited financial statements. DURECT CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)As ofAs ofJune 30, 2013December 31, 2012(1)(unaudited)ASSETSCurrent assets:Cash and cash equivalents$
7,989$
,195Short-term investments13,02417,337Accounts receivable2,0122,166Inv
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