Q2 2024 DURECT Corp Earnings Call Transcript
Key Points
- Durect Corp (DRRX) reported a slight increase in total revenues for Q2 2024, reaching $2.2 million compared to $2.1 million in 2023.
- R&D expenses significantly decreased to $2.2 million in Q2 2024 from $7.9 million in the previous year, primarily due to lower clinical trial-related expenses.
- The company received Breakthrough Therapy designation for larsucosterol, which expedites the development and review process with the FDA.
- Larsucosterol showed a 57% and 58% reduction in 90-day mortality in US patients during the Phase IIb trial, indicating strong potential efficacy.
- Durect Corp (DRRX) has sufficient cash and investments of $15.8 million to fund operations through the end of 2024.
- Despite the revenue increase, the overall financial performance remains modest with only a $0.1 million increase year-over-year.
- The cash burn for Q2 2024 was $5.8 million, which could be a concern if additional funding is not secured.
- The company is awaiting written minutes from the FDA meeting, which could delay further updates on the Phase III trial design.
- There are regional differences in trial results, with US patients showing better outcomes than those in the EU, which may complicate global trial strategies.
- The cost of the upcoming Phase III trial is expected to be around $25 million, requiring significant funding beyond current cash reserves.
Ladies and gentlemen, welcome to the DURECT Corporation second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I will now turn the call over to Tim Papp. Thank you. You may begin.
Good afternoon, and welcome to DURECT Corporation's second-quarter 2024 earnings conference call. This is Tim Papp, Chief Financial Officer of DURECT. Before we begin, I would like to remind you of our safe harbor statement. During the course of this call, we may make forward-looking statements regarding DURECT's products and development, expected product benefits, our development plans, future clinical trials or projected financial results.
These forward-looking statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. Further information regarding these and other risks can be found in our SEC filings including our 10-K and 10-Qs under the heading
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