Heron Therapeutics Announces Preliminary, Unaudited Q4 and Full-Year 2025 Net Revenue; ZYNRELEF® Largest Contributor to Q4 Growth
Rhea-AI Summary
Heron Therapeutics (Nasdaq: HRTX) reported preliminary, unaudited net revenue of approximately $40.5 million for Q4 2025 and $154.9 million for full-year 2025. Key Q4 contributors were ZYNRELEF (~$12.5M), CINVANTI (~$22.9M), APONVIE (~$3.8M) and SUSTOL (~$1.3M).
ZYNRELEF delivered the largest quarter-over-quarter increase in the portfolio in Q4, rising ~35% vs Q3 2025. Management highlighted momentum in the Acute Care franchise across ZYNRELEF and APONVIE and described continued progress across the business during 2025.
Positive
- ZYNRELEF Q4 revenue up ~35% quarter-over-quarter
- Q4 net revenue approximately $40.5 million
- Full-year 2025 net revenue approximately $154.9 million
Negative
- None.
News Market Reaction
On the day this news was published, HRTX gained 9.45%, reflecting a notable positive market reaction. Argus tracked a peak move of +17.1% during that session. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $25M to the company's valuation, bringing the market cap to $289M at that time. Trading volume was elevated at 2.4x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Among key biotech peers, moves were mixed: EPRX up 15.92%, NTHI up 8.74%, while SLS was down 5.39%. Scanner momentum only flagged SLS with an 8.47% decline and no related news, supporting this as a stock-specific setup for HRTX rather than a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 04 | Guideline inclusion | Positive | +2.4% | APONVIE added to Fifth Consensus PONV guidelines, highlighting clinical and workflow benefits. |
| Nov 04 | Earnings results | Positive | -3.4% | Q3 2025 revenue growth and guidance reaffirmation alongside Acute Care portfolio expansion. |
| Oct 29 | Board appointment | Positive | -2.6% | Appointment of Thomas Cusack to board under cooperation agreement with Rubric Capital. |
| Oct 21 | Earnings preview | Neutral | -8.5% | Announcement of upcoming Q3 2025 earnings call and webcast logistics for investors. |
| Aug 15 | Tax preservation plan | Positive | -1.5% | Adoption of Section 382 rights plan to protect <b>$1.37 billion</b> in NOLs from ownership change. |
Recent history shows mostly negative price reactions around company news, with only the APONVIE guideline inclusion drawing a positive move, despite generally constructive fundamentals and strategic actions.
Over the last six months, Heron reported multiple commercial and corporate updates. Q3 2025 results showed net revenue of $38.2 million and reaffirmed 2025 guidance of $153.0–$163.0 million, yet shares fell. Governance steps included appointing Thomas Cusack to the board under a cooperation agreement with Rubric Capital. A tax benefits preservation plan was adopted to protect $1.37 billion in NOLs. In contrast, APONVIE’s inclusion in PONV guidelines on Dec 4, 2025 drew a modestly positive reaction. Today’s preliminary 2025 revenue update extends that commercial trajectory.
Regulatory & Risk Context
The company filed an S-3 shelf registration on 2025-09-09, effective through 2028-09-09. The filing outlines a broad set of commercial, regulatory, financing, and litigation risks across ZYNRELEF, APONVIE, CINVANTI, SUSTOL and related technologies. As of the latest data, the shelf is marked not effective and shows 0 recorded usages in the recent period.
Market Pulse Summary
The stock moved +9.4% in the session following this news. A strong positive reaction aligns with the preliminary Q4 and full-year 2025 revenue figures, which show net revenue of $40.5 million in Q4 and $154.9 million for 2025, with ZYNRELEF identified as the largest contributor to quarterly growth. Historically, HRTX has often traded weakly on otherwise constructive updates, so a large move could reflect changing sentiment; investors have also had to weigh prior financing and balance sheet actions disclosed in recent filings.
AI-generated analysis. Not financial advice.
CARY, N.C., Jan. 09, 2026 (GLOBE NEWSWIRE) -- Heron Therapeutics, Inc. (Nasdaq: HRTX) (“Heron” or the “Company”), a commercial-stage biotechnology company, today announced preliminary, unaudited fourth quarter and full-year 2025 net revenue.
“We are encouraged by the growth in Q4 2025, driven in particular by the momentum in our Acute Care franchise with ZYNRELEF® and APONVIE®,” said Craig Collard, Chief Executive Officer of Heron. “In addition to our revenue growth, we are extremely pleased with the continued progress made across all aspects of our business throughout the past year.”
Preliminary Fourth Quarter and Full Year 2025 Updates
- Net revenue of approximately
$40.5 million for the three months ended December 31, 2025.- ZYNRELEF® net revenue of approximately
$12.5 million for the three months ended December 31, 2025. - APONVIE® net revenue of approximately
$3.8 million for the three months ended December 31, 2025. - CINVANTI® net revenue of approximately
$22.9 million for the three months ended December 31, 2025. - SUSTOL® net revenue of approximately
$1.3 million for the three months ended December 31, 2025.
- ZYNRELEF® net revenue of approximately
- Net revenue of approximately
$154.9 million for full-year 2025. - ZYNRELEF® delivered the largest quarter-over-quarter revenue increase within the portfolio in Q4 (up ~
35% vs Q3 2025).
About ZYNRELEF® for Postoperative Pain
ZYNRELEF is the first and only extended-release dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of nonsteroidal anti-inflammatory drug meloxicam. ZYNRELEF is the first and only extended-release local anesthetic to demonstrate in Phase 3 studies significantly reduced pain and significantly increased proportion of patients requiring no opioids through the first 72 hours following surgery compared to bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control. ZYNRELEF was initially approved by the FDA in May 2021 for use in adults for soft tissue or periarticular instillation to produce postsurgical analgesia for up to 72 hours after bunionectomy, open inguinal herniorrhaphy and total knee arthroplasty. In December 2021, the FDA approved an expansion of ZYNRELEF's indication to include foot and ankle, small-to-medium open abdominal, and lower extremity total joint arthroplasty surgical procedures. On January 23, 2024, the FDA approved ZYNRELEF for soft tissue and orthopedic surgical procedures including foot and ankle, and other procedures in which direct exposure to articular cartilage is avoided. Safety and efficacy have not been established in highly vascular surgeries, such as intrathoracic, large multilevel spinal, and head and neck procedures.
Please see full prescribing information, including Boxed Warning, at www.ZYNRELEF.com.
About APONVIE® for Prevention of Postoperative Nausea and Vomiting (“PONV”) Prevention
APONVIE is a substance P/neurokinin 1 (NK1) Receptor Antagonist (RA), indicated for the prevention of post operative nausea and vomiting (PONV) in adults. Delivered via a 30-second IV push, APONVIE 32 mg was demonstrated to be bioequivalent to oral aprepitant 40 mg with rapid achievement of therapeutic drug levels. APONVIE is the same formulation as Heron's approved drug product CINVANTI. APONVIE is supplied in a single-dose vial that delivers the full 32 mg dose for the prevention of PONV. APONVIE was approved by the FDA in September 2022 and became commercially available in the U.S. on March 6, 2023. Please see full prescribing information at www.APONVIE.com.
About CINVANTI® for Chemotherapy Induced Nausea and Vomiting (CINV) Prevention
CINVANTI, in combination with other antiemetic agents, is indicated in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin as a single-dose regimen, delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC) as a single-dose regimen, and nausea and vomiting associated with initial and repeat courses of MEC as a 3-day regimen. CINVANTI is an IV formulation of aprepitant, an NK1 RA. CINVANTI is the first IV formulation to directly deliver aprepitant, the active ingredient in EMEND® capsules. Aprepitant (including its prodrug, fosaprepitant) is a single-agent NK1 RA to significantly reduce nausea and vomiting in both the acute phase (0–24 hours after chemotherapy) and the delayed phase (24–120 hours after chemotherapy). The FDA-approved dosing administration included in the U.S. prescribing information for CINVANTI include 100 mg or 130 mg administered as a 30-minute IV infusion or a 2-minute IV injection.
Please see full prescribing information at www.CINVANTI.com.
About SUSTOL® for CINV Prevention
SUSTOL is indicated in combination with other antiemetics in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic chemotherapy (MEC) or anthracycline and cyclophosphamide (AC) combination chemotherapy regimens. SUSTOL is an extended-release, injectable 5-hydroxytryptamine type 3 RA that utilizes Heron's Biochronomer® drug delivery technology to maintain therapeutic levels of granisetron for ≥5 days. The SUSTOL global Phase 3 development program was comprised of two, large, guideline-based clinical studies that evaluated SUSTOL's efficacy and safety in more than 2,000 patients with cancer. SUSTOL's efficacy in preventing nausea and vomiting was evaluated in both the acute phase (0–24 hours after chemotherapy) and delayed phase (24–120 hours after chemotherapy). Please see full prescribing information at www.SUSTOL.com.
About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard-of-care for acute care and oncology patients. For more information, visit www.herontx.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. All statements contained in this news release other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercialization strategy as well as plans and objectives of management for future operations, are forward-looking statements. Heron cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Therefore, you should not place undue reliance on forward-looking statements.
The estimated preliminary financial results for the fourth quarter and fiscal year ended December 31, 2025 contained in this press release contain forward-looking statements that are based on information available to the Company as of the date of this release. The Company’s financial closing and review procedures for the fourth quarter and full year 2025 are not yet complete, and actual results may differ from these preliminary estimates as a result of final accounting adjustments, the completion of internal control processes, and other developments that may arise prior to the finalization of the Company’s financial statements. The preliminary financial results included in this release have not been audited or reviewed by the Company’s independent registered public accounting firm and should not be considered a substitute for the Company’s full interim or annual financial statements. Accordingly, undue reliance should not be placed on this preliminary information.
Forward-looking statements include, among others, statements we make regarding the estimated preliminary financial results referred to above, the potential market opportunities for ZYNRELEF®, APONVIE®, CINVANTI® and SUSTOL®; revenue, adjusted EBITDA and other financial guidance provided by the Company; interim financial data or prescription data, which may not necessarily be indicative of quarterly or annual results; the potential additional market opportunity for the expanded U.S. label for ZYNRELEF or inclusion of ZYNRELEF under the OPPS and the ASC payment system or launch of the ZYNRELEF VAN; our ability to establish and maintain successful commercial arrangements like our co-promotion agreement with Crosslink Network, LLC; the outcome of the Company's pending patent litigations, including potential appeals of any verdicts and the settlement described herein; whether the Company is required to write-off any additional inventory in the future; the expected future balances of Heron's cash, cash equivalents and short-term investments; the expected duration over which Heron's cash, cash equivalents and short-term investments balances will fund its operations and the risk that future equity financings may be needed; the terms and conditions, completion of the refinancing transactions, and the anticipated proceeds and use of proceeds of the refinancing transactions; any inability or delay in achieving profitability, including as a result of regulatory developments and policy changes in the U.S. and other jurisdictions. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law.
Investor Relations and Media Contact:
Ira Duarte
Executive Vice President, Chief Financial Officer
Heron Therapeutics, Inc.
iduarte@herontx.com
858-251-4400
FAQ
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