Heron Therapeutics (HRTX) grows Acute Care sales but pulls 2026 guidance

Rhea-AI Filing Summary

Heron Therapeutics reported Q2 2026 net revenue of $37.7 million, up 9% from Q1 2026 and roughly flat year-over-year. The company ended June 30, 2026 with $42.7 million in cash, cash equivalents and short-term investments.

Acute Care franchise net revenue grew strongly, rising 43.9% year-over-year in Q2 to $15.3 million, driven by ZYNRELEF ($11.1 million, up 35.0%) and APONVIE ($4.3 million, up 73.6%). Oncology Supportive Care revenue declined 15.9% year-over-year in Q2 to $22.3 million, with CINVANTI down 9.7% and SUSTOL down 77.5%.

Heron posted a Q2 2026 net loss of $5.5 million and a six-month net loss of $13.6 million, versus a small profit a year earlier, while achieving Q2 Adjusted EBITDA of $3.2 million. The company amended its credit facility with Hercules Capital, resetting financial covenants through 2027 and providing for a potential $17.5 million reduction in outstanding principal. Heron withdrew its full-year 2026 guidance for net product sales and Adjusted EBITDA, citing uncertainty following a court decision affecting CINVANTI patents, spending changes, and an ongoing review of strategic alternatives.

Positive

• Acute Care franchise revenue grew 43.9% year-over-year in Q2 2026 to $15.3 million, with strong contributions from ZYNRELEF and APONVIE.
• ZYNRELEF net revenue rose 35.0% year-over-year in Q2 2026 to $11.1 million, showing solid uptake in Acute Care.
• APONVIE net revenue increased 73.6% year-over-year in Q2 2026 to $4.3 million, indicating rapid growth from a smaller base.
• Adjusted EBITDA was positive at $3.2 million in Q2 2026, improving from $2.2 million in Q2 2025 despite modest total revenue growth.
• Credit facility amended with Hercules Capital, resetting financial covenants through 2027 and enabling a potential $17.5 million reduction in outstanding principal.

Negative

• Total net revenue grew only 1.3% year-over-year in Q2 2026 to $37.7 million, as Oncology declines offset Acute Care growth.
• Oncology Supportive Care revenue fell 15.9% year-over-year in Q2 2026 to $22.3 million, reflecting pressure on the legacy franchise.
• SUSTOL revenue declined 77.5% year-over-year in Q2 2026 to $0.5 million, a sharp drop within the Oncology portfolio.
• Six-month net results swung from a $0.3 million profit in 2025 to a $13.6 million net loss in 2026, indicating deteriorated bottom-line performance.
• Stockholders’ equity fell to $6.9 million at June 30, 2026 from $14.3 million at December 31, 2025, narrowing the capital cushion.
• Full-year 2026 guidance for net product sales and Adjusted EBITDA was withdrawn, driven in part by patent-related uncertainty for CINVANTI and a paused sales force expansion.
• The company is considering strategic alternatives, and noted it cannot predict outcomes or timing, adding uncertainty to the long-term outlook.

Filing Explained

Heron Therapeutics disclosed that its amended credit facility reduced outstanding principal by $13.5 million at execution, while a further $4 million reduction remains potential through September 15, 2026; therefore, the stated $17.5 million total is a maximum reduction rather than an entirely committed amount.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Revenue: $37,666 thousand Q2 2026 Acute Care Revenue: $15,333 thousand Q2 2026 Oncology Revenue: $22,333 thousand +5 more

8 metrics

Q2 2026 Net Revenue $37,666 thousand Net product sales for the three months ended June 30, 2026, up 1.3% year-over-year

Q2 2026 Acute Care Revenue $15,333 thousand Acute Care net revenue for Q2 2026, up 43.9% year-over-year

Q2 2026 Oncology Revenue $22,333 thousand Oncology Supportive Care net revenue for Q2 2026, down 15.9% year-over-year

Q2 2026 Net (Loss) $(5,489) thousand Net loss for the three months ended June 30, 2026

Q2 2026 Adjusted EBITDA $3,177 thousand Adjusted EBITDA for Q2 2026, up from $2,218 thousand in Q2 2025

Cash, Cash Equivalents and Short-Term Investments $42,664 thousand Cash, cash equivalents and short-term investments at June 30, 2026

Potential Principal Reduction $17,500 thousand Total potential reduction in outstanding principal under amended Hercules Capital credit facility

Total Net Revenue, Six Months 2026 $72,377 thousand Net product sales for the six months ended June 30, 2026, down 4.9% year-over-year

Key Terms

Adjusted EBITDA, non-GAAP financial measures, credit facility, short-term investments, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial measures financial

"we have included information about certain non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

credit facility financial

"Amended credit facility with Hercules Capital: financial covenants reset through 2027"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

short-term investments financial

"ended the quarter with $42.7 million in cash, cash equivalents and short-term investments"

Short-term investments are financial assets purchased with the goal of turning them back into cash within about a year, including things like Treasury bills, money market funds, and short-duration bonds. They matter to investors because they provide a lower-risk, more accessible place to park money than stocks or long-term bonds—like a nearby savings box that earns some interest while staying ready for immediate needs or opportunities.

Oncology Supportive Care medical

"Oncology Supportive Care franchise updates: Net revenue was $22.3 million"

Oncology supportive care covers treatments, medicines and services that help cancer patients manage side effects, prevent complications and maintain daily function during and after cancer therapy. Think of it like the shock absorbers and comfort features in a car: it doesn’t directly target the disease but keeps patients safer and able to continue treatment, which matters to investors because it creates ongoing demand, predictable revenue streams and close ties to hospitals and insurers.

Phase 3 studies medical

"the first and only extended-release local anesthetic to demonstrate in Phase 3 studies significantly reduced pain"

Earnings Snapshot

Q2 2026 Net Revenue: $37,666 thousand · Guidance included

three and six months ended June 30, 2026

Q2 2026 Net Revenue $37,666 thousand up 1.3% year-over-year and 9% sequentially

Q2 2026 Acute Care Revenue $15,333 thousand up 43.9% year-over-year

Q2 2026 Oncology Revenue $22,333 thousand down 15.9% year-over-year

Q2 2026 Net (Loss) $(5,489) thousand loss widened from $(2,381) thousand in Q2 2025

Q2 2026 Adjusted EBITDA $3,177 thousand increased from $2,218 thousand in Q2 2025

Six-Month Net Revenue 2026 $72,377 thousand down 4.9% year-over-year

Six-Month Net (Loss) 2026 $(13,600) thousand compared to net income of $254 thousand in 2025

Guidance

Previously issued full-year 2026 guidance for net product sales and Adjusted EBITDA was withdrawn.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 08/10/2026 - 08:01 AM Accepted by SEC EDGAR 08/10/2026 - 08:00 AM Learn about SEC filing dates

FAQ

How did Heron Therapeutics (HRTX) perform financially in Q2 2026?

Heron reported Q2 2026 net revenue of $37.7 million, up 9% from Q1 and 1.3% year-over-year. It recorded a net loss of $5.5 million but generated Adjusted EBITDA of $3.2 million, reflecting positive operating earnings on a non-GAAP basis.

What were the key revenue trends by franchise for Heron Therapeutics (HRTX) in Q2 2026?

Acute Care revenue grew 43.9% year-over-year to $15.3 million, led by ZYNRELEF and APONVIE. Oncology Supportive Care revenue declined 15.9% to $22.3 million, as CINVANTI and SUSTOL both posted year-over-year decreases.

How fast are ZYNRELEF and APONVIE growing for Heron Therapeutics (HRTX)?

In Q2 2026, ZYNRELEF net revenue increased 35.0% year-over-year to $11.1 million. APONVIE net revenue rose 73.6% year-over-year to $4.3 million, highlighting strong momentum in Heron’s Acute Care franchise products.

What guidance changes did Heron Therapeutics (HRTX) make for 2026?

Heron withdrew its full-year 2026 guidance for net product sales and Adjusted EBITDA. Management cited uncertainty around potential generic entry for CINVANTI, a paused sales force expansion, spending adjustments, and its evaluation of strategic alternatives.

What is the status of Heron Therapeutics’ (HRTX) balance sheet and debt?

As of June 30, 2026, Heron held $42.7 million in cash, cash equivalents and short-term investments. It amended its credit facility with Hercules Capital, resetting covenants through 2027 and enabling a potential $17.5 million reduction in outstanding principal.

Is Heron Therapeutics (HRTX) exploring strategic alternatives?

Heron stated it is considering strategic alternatives while continuing to execute its current plan. It has not set a timetable, cannot assure any transaction will occur, and does not intend to provide further updates unless required by law.

How did Heron Therapeutics’ (HRTX) profitability change year-over-year?

For the six months ended June 30, 2026, Heron reported a net loss of $13.6 million, compared with net income of $0.3 million in the prior-year period. Six-month Adjusted EBITDA decreased to $2.5 million from $8.4 million.

0000818033false00008180332026-08-102026-08-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

Heron Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-33221		94-2875566
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

25 Fenton Main Street, Suite 300, Cary, NC		27511
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (858) 251-4400

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		HRTX		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 10, 2026, Heron Therapeutics, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2026 (“Earnings Press Release”). A copy of the Earnings Press Release is furnished as Exhibit 99.1.

The information in this Item 2.02 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release, dated August 10, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Heron Therapeutics, Inc.
Date: August 10, 2026			/s/ Ira Duarte
			Ira Duarte Executive Vice President, Chief Financial Officer

Exhibit 99.1

Heron Therapeutics Announces Second Quarter 2026 Financial Results

-Q2 2026 net revenue of $37.7 million, up 9% from the first quarter of 2026; ZYNRELEF® net revenue grew 35% and APONVIE® net revenue grew 74% year-over-year

-Amended credit facility with Hercules Capital: financial covenants reset through 2027, and outstanding principal to be reduced by a total potential reduction of $17.5 million — $13.5 million at execution and a potential further reduction of $4 million scheduled on or before September 15, 2026

-Withdrew full-year 2026 financial guidance

CARY, N.C., August 10, 2026 (GLOBE NEWSWIRE) - Heron Therapeutics, Inc. (Nasdaq: HRTX) (“Heron” or the “Company”), a commercial-stage biotechnology company, today announced financial results for the three and six months ended June 30, 2026, and highlighted recent corporate updates.

“Second quarter revenue grew compared to the first quarter but came in below our expectations,” said Craig Collard, Chief Executive Officer of Heron. “What we did over the past ninety days matters more: we reset our balance sheet, tightened our spending, and we are considering strategic alternatives as we continue to execute our current plan. Our job now is execution.”

Business Highlights

•Heron generated total net revenue of $37.7 million in Q2 2026 and ended the quarter with $42.7 million in cash, cash equivalents and short-term investments.

•Acute Care franchise updates: Net revenue increased 43.9% year-over-year for the three months ended June 30, 2026 and increased 38.2% year-over-year for the six months ended June 30, 2026. ZYNRELEF® contributed $11.1 million and $21.3 million net revenue in the three and six months ended June 30, 2026, respectively. APONVIE® contributed $4.2 million and $7.7 million net revenue in the three and six months ended June 30, 2026, respectively.

•Oncology Supportive Care franchise updates: Net revenue was $22.3 million in the three months ended June 30, 2026 and $43.4 million in the six months ended June 30, 2026.

Financial Guidance for 2026

The Company is withdrawing its previously issued full-year 2026 guidance of net product sales and Adjusted EBITDA, and investors should no longer rely on that guidance. Three factors led to this decision. First, following the June 2026 decision of the U.S. District Court for the District of Delaware (the “Court”) regarding certain patents covering CINVANTI®, the Company does not believe it can reliably forecast the timing or terms of potential generic entry with respect to its largest product. Second, in response to the Court’s decision, the Company paused the sales force expansion that its operating plan had assumed for the second half of 2026 and tightened spending, and under which its previously issued guidance was built on. Third, the Company is considering strategic alternatives as it continues to execute its current plan. The Company has not set a timetable for this process, there can be no assurance that it will result in any transaction, and the Company does not intend to comment further on such matters unless and until it determines that additional disclosure is appropriate or required by law.

1

Net Revenue Performance – Three Months Ended June 30 (in thousands) (unaudited)
	2026	2025	Dollar Change	Percentage Change
Acute Care	$ 15,333	$ 10,653	$ 4,680	43.9%
APONVIE	$ 4,277	$ 2,464	$ 1,813	73.6%
ZYNRELEF	$ 11,056	$ 8,189	$ 2,867	35.0%
Oncology	$ 22,333	$ 26,547	($ 4,214)	(15.9%)
CINVANTI	$ 21,793	$ 24,143	($ 2,350)	(9.7%)
SUSTOL	$ 540	$ 2,404	($ 1,864)	(77.5%)
Total Net Revenue	$ 37,666	$ 37,200	$ 466	1.3%

Net Revenue Performance – Six Months Ended June 30 (in thousands) (unaudited)
	2026	2025	Dollar Change	Percentage Change
Acute Care	$ 28,961	$ 20,954	$ 8,007	38.2%
APONVIE	$ 7,670	$ 4,724	$ 2,946	62.4%
ZYNRELEF	$ 21,291	$ 16,230	$ 5,061	31.2%
Oncology	$ 43,416	$ 55,149	($ 11,733)	(21.3%)
CINVANTI	$ 42,328	$ 49,886	($ 7,558)	(15.2%)
SUSTOL	$ 1,088	$ 5,263	($ 4,175)	(79.3%)
Total Net Revenue	$ 72,377	$ 76,103	($ 3,726)	(4.9%)

2

Conference Call and Webcast

Heron will host a conference call and live webcast on Monday, August 10, 2026, at 8:30 a.m. ET. The conference call can be accessed by phone by utilizing the following registration link which will provide participants with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The conference call will also be available via webcast under the Investor Relations section of Heron's website at www.herontx.com. The investor presentation to be used for the conference call and webcast can be accessed from Heron’s website prior to the conference call and webcast. An archive of the teleconference, webcast, and investor presentation will also be made available on Heron's website for sixty days following the call.

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 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.

3

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.

Non-GAAP Financial Measures

To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting.

In our quarterly and annual reports, earnings press releases and conference calls, we may discuss the following financial measures that are not calculated in accordance with GAAP, to supplement our consolidated financial statements presented on a GAAP basis.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but that we do not believe are indicative of ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or

4

the cash requirements to pay taxes; and adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments.

For a reconciliation of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table titled “U.S. GAAP to Non-GAAP Reconciliation” below.

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. Examples of forward-looking statements include, among others, statements we make regarding the potential market opportunities for ZYNRELEF®, APONVIE®, CINVANTI® and SUSTOL®; revenue, any financial guidance that has been previously provided or to be provided in the future 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; any inability or delay in achieving profitability, including as a result of regulatory developments and policy changes in the U.S. and other jurisdictions; our ability to continue as a going concern without additional funding; the ability of our common stock to meet the minimum requirements for continued listing on the Nasdaq Capital Markets; and our ability to comply with covenants in our Working Capital Facility Agreement. 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.

5

Heron Therapeutics, Inc.

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

		Three Months Ended June 30,							Six Months Ended June 30,
		2026			2025				2026			2025
Net product sales		$	37,666		$	37,200			$	72,377		$	76,103
Cost of product sales			11,572			9,857				22,210			18,314
Gross profit			26,094			27,343				50,167			57,789
Operating expenses:
Research and development			2,702			2,934				5,087			5,213
General and administrative			11,276			14,471				23,421			27,173
Sales and marketing			14,160			11,575				28,468			23,886
Total operating expenses			28,138			28,980				56,976			56,272
(Loss) income from operations			(2,044)			(1,637)				(6,809)			1,517
Other expense, net			(3,445)			(744)				(6,791)			(1,263)
Net (loss) income			(5,489)			(2,381)				(13,600)			254
Other comprehensive (loss) income:
Unrealized loss on short-term investments			-			(2)				(10)			(14)
Comprehensive (loss) income		$	(5,489)		$	(2,383)			$	(13,610)		$	240
Basic net (loss) income per share		$	(0.03)		$	(0.02)			$	(0.07)		$	0.00
Diluted net (loss) income per share		$	(0.03)		$	(0.02)			$	(0.07)		$	0.00
Weighted average common shares outstanding, basic			190,335			154,020				189,993			153,804
Weighted average common shares outstanding, diluted			190,335			154,020				189,993			197,751

6

Heron Therapeutics, Inc.

Consolidated Balance Sheets

(in thousands)

			June 30, 2026			December 31, 2025
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	20,721		$	28,647
Short-term investments			21,943			17,984
Accounts receivable, net			89,571			89,587
Inventory, net			90,585			92,746
Prepaid expenses and other current assets			7,025			9,102
Total current assets			229,845			238,066
Property and equipment, net			11,814			12,403
Right-of-use lease asset			5,596			-
Other assets			5,007			5,408
Total assets		$	252,262		$	255,877
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	11,641		$	8,994
Accrued clinical and manufacturing liabilities			22,178			26,597
Accrued payroll and employee liabilities			6,632			9,270
Other accrued liabilities			51,494			51,237
Current lease liability			200			-
Total current liabilities			92,145			96,098
Non-current notes payable, net			108,725			107,899
Non-current convertible notes payable, net			33,925			32,739
Non-current lease liability			5,504			-
Other non-current liabilities			5,055			4,808
Total liabilities			245,354			241,544
Stockholders' equity:
Common stock			1,895			1,883
Series A convertible preferred stock			1,050			1,050
Additional paid-in capital			1,957,358			1,951,185
Accumulated other comprehensive loss			(6)			4
Accumulated deficit			(1,953,389)			(1,939,789)
Total stockholders' equity			6,908			14,333
Total liabilities and stockholders' equity		$	252,262		$	255,877

7

Heron Therapeutics, Inc.

U.S. GAAP to Non-GAAP Reconciliation

Adjusted EBITDA

(unaudited)

(in thousands)

		Three Months Ended June 30,							Six Months Ended June 30,
		2026			2025				2026			2025
Net (loss) income		$	(5,489)		$	(2,381)			$	(13,600)		$	254
Other expense, net			3,445			744				6,791			1,263
Inventory reserve and write-offs			970			447				1,284			447
Project related legal expenses			621			-				914			-
Depreciation and amortization			452			611				981			1,162
Stock-based compensation			3,178			2,797				6,154			5,308
Adjusted EBITDA		$	3,177		$	2,218			$	2,524		$	8,434

8

Investor Relations and Media Contact:

Ira Duarte Executive Vice President, Chief Financial Officer Heron Therapeutics, Inc.

iduarte@herontx.com

858-251-4400

9

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 355.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 48.6 KB