DURECT Corporation (NASDAQ:DRRX) Q3 2024 Earnings Conference Call November 13, 2024 4:30 PM ET
Company Participants
Jim Brown - Co-Founder, Chief Executive Officer, President, Director
Tim Papp - Chief Financial Officer
WeiQi Lin - Executive Vice President of Research and Development, Principal Scientist
Conference Call Participants
Thomas Yip - H.C. Wainwright
Karl Burns - Northland Capital Markets
Operator
Greetings! And welcome to the DURECT Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions].
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tim Papp. Thank you, you may begin.
Tim Papp
Good afternoon, and welcome to DURECT Corporation's third 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 Risk Factors. To begin, I would like to review our third quarter 2024 financial results.
Total revenues in the third quarter were $1.9 million compared to $1.7 million in 2023. 2024 revenues were higher primarily due to an increase in product sales partially offset by a decrease in revenue from collaborations.
R&D expense was $2.2 million in the third quarter of 2024 compared to $7.2 million for the prior year. The decrease was primarily due to lower
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