DURECT Corporation (NASDAQ:DRRX) Q1 2024 Earnings Conference Call May 13, 2024 4:30 PM ET
Company Participants
Timothy M. Papp - CFO
James E. Brown - CEO
Conference Call Participants
Francois Brisebois - Oppenheimer & Co.
Carl Byrnes - Northland Capital Markets
Thomas Yip - H.C. Wainwright
Operator
Greetings, and welcome to the DURECT Corporation First 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, Chief Financial Officer. Thank you, sir. You may begin.
Timothy M. Papp
Good afternoon, and welcome to DURECT Corporation's First 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 products in 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’d like to review our first quarter 2024 financial results. Total revenues in the first quarter of 2024 were $1.8 million compared to $2.1 million in 2023. 2024 revenues were lower primarily due to lower revenues from feasibility agreements, as well as lower revenue from product sales. R&D expense was $4.1 million in the first quarter of 2024 compared to $8.6 million for the prior year. The decrease was primarily due to lower clinical trial-related expenses as we substantially completed the AHFIRM trial and lower employee related costs.
SG&A expenses were $3.1 million in the first quarter of 2024 compared to $4.1 million for the prior year. The decrease was primarily due to lower market research expenses, lower patent expenses, as well as lower employee costs. As of March 31, 2024 we had cash and investments of $21.6 million as compared to $29.8 million at December 31, 2023 and our cash burn for the first quarter was $8.9 million, excluding net proceeds of approximately $650,000 from ATM financing. We believe our cash on hand is sufficient to fund operations through the end of 2024.