Durect (DRRX) has had a rocky past six months. The immediate concern of biotech investors when they see a $2 stock is the cash position. Any stock trading at $2 must have significant cash burn concerns, right?Well, like Lee Corso says, "Not so fast my friend!" Durect exited the first quarter with $47.0 million in cash on hand and virtually no debt. Burn for the first quarter was only $5.7 million, and we expect that to decline in the coming quarters based on the March 2009 headcount reductions. Plus, we see several potential non-dilutive cash-raising opportunities in 2009 and 2010.Firstly, once Remoxy is finally approved, management will begin receiving payments from King Pharmaceuticals (KG). This will help reduce burn. However, management can sell the rights to these royalties for upfront cash if they choose.Second, management is going to re-partner the TRANSDUR-Sufentanil ...