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( Mark One ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 Form 10 - K TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number : 000-31615 Delaware ( State or other jurisdiction of incorporation or organization ) Title of Each Class Common Stock $ 0.0001 par value per share to DURECT CORPORATION ( Exact name of registrant as specified in its charter ) □ ☑ □ 10260 Bubb Road Cupertino , CA 95014 ( Address of principal executive offices , including zip code ) Registrant's telephone number , including area code : ( 408 ) 777-1417 Securities registered pursuant to Section 12 ( b ) of the Act : Trading Symbol ( s ) . DRRX Securities registered pursuant to Section 12 ( g ) of the Act : None 94-3297098 ( I.R.S. Employer Identification No. ) Name of Each Exchange on Which Registered The NASDAQ Capital Market LLC NO NO > Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . YES Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 of the Act . YES Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period than the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . YES NO Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( §232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . YES NO Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Non - accelerated filer Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Accelerated filer Smaller reporting company Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . YES NO The aggregate market value of the voting stock held by non - affiliates of the registrant was approximately $ 169,632,305 as of June 30 , 2020 based upon the closing sale price on The Nasdaq Global Market reported for such date . Shares of Common Stock held by each officer and director and by each person who may be deemed to be an affiliate have been excluded . This determination of affiliate status is not necessarily a conclusive determination for other purposes . There were 227,201,863 shares of the registrant's Common Stock issued and outstanding as of March 1 , 2021 . DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates information by reference from the definitive Proxy Statement for the 2020 annual meeting of stockholders , which is expected to be filed not later than 120 days after the Registrant's fiscal year ended December 31 , 2020 .