Core Insights - The company reported strong growth in Q4 2025, particularly in its Acute Care franchise, with notable contributions from ZYNRELEF and APONVIE [1] - Overall revenue for Q4 was approximately $40.5 million, with a total net revenue of about $154.9 million for FY25 [1] Financial Performance - Q4 net revenue: approximately $40.5 million for the three months ended December 31 [1] - ZYNRELEF net revenue: approximately $12.5 million for Q4 [1] - APONVIE net revenue: approximately $3.8 million for Q4 [1] - CINVANTI net revenue: approximately $22.9 million for Q4 [1] - SUSTOL net revenue: approximately $1.3 million for Q4 [1] - FY25 total net revenue: approximately $154.9 million [1] - ZYNRELEF experienced the largest quarter-over-quarter revenue increase within the portfolio in Q4 [1]

Core Insights - Heron Therapeutics, Inc. reported preliminary, unaudited net revenue for Q4 and full-year 2025, indicating growth driven by its Acute Care franchise products, ZYNRELEF and APONVIE [1][2] Financial Performance - The company achieved net revenue of approximately $40.5 million for Q4 2025, with ZYNRELEF contributing approximately $12.5 million, APONVIE approximately $3.8 million, CINVANTI approximately $22.9 million, and SUSTOL approximately $1.3 million [7] - For the full year 2025, net revenue reached approximately $154.9 million, with ZYNRELEF showing a quarter-over-quarter revenue increase of about 35% compared to Q3 2025 [7] Product Information - ZYNRELEF is the first extended-release dual-acting local anesthetic approved for postoperative pain management, demonstrating significant efficacy in reducing pain and opioid use post-surgery [3] - APONVIE is a neurokinin 1 receptor antagonist for the prevention of postoperative nausea and vomiting, approved by the FDA in September 2022 and commercially available since March 2023 [5] - CINVANTI is indicated for the prevention of chemotherapy-induced nausea and vomiting, utilizing an IV formulation of aprepitant [8] Company Overview - Heron Therapeutics focuses on developing and commercializing therapeutic innovations aimed at improving patient care, leveraging advanced science and patented technologies [11]

Core Viewpoint - Heron Therapeutics' APONVIE® has been included in the Fifth Consensus Guidelines for the Management of Postoperative Nausea and Vomiting (PONV), highlighting its significance in preventing PONV in surgical patients [1][2][3]. Group 1: PONV Guidelines and APONVIE - PONV affects approximately 30% of general surgical patients and up to 80% of high-risk patients, making it a major cause of dissatisfaction post-surgery [2]. - APONVIE is recognized as an NK-1 receptor antagonist for PONV prevention, noted for its long half-life and rapid 30-second IV administration, which allows for quicker onset compared to oral formulations [2][6]. - The guidelines indicate that aprepitant, either alone or in combination therapies, significantly reduces the risk of PONV and is comparable or superior to ondansetron for prophylaxis [2][6]. Group 2: Importance of PONV Management - The release of the PONV Guidelines is timely as more surgeries are performed in outpatient settings, emphasizing the need for effective PONV management to ensure safe recoveries [3]. - The guidelines recommend a multimodal approach for high-risk patients, suggesting the use of three or more agents for prophylaxis [3][4]. - There is a focus on the importance of long-acting antiemetics to extend protection against nausea and vomiting beyond the hospital setting, addressing the risks of post-discharge nausea and vomiting (PDNV) [4][6]. Group 3: Company Overview - Heron Therapeutics is a commercial-stage biotechnology company dedicated to improving patient care through innovative therapeutic solutions [8]. - APONVIE, approved by the FDA in September 2022 and commercially available since March 2023, is positioned as a key product in the company's portfolio aimed at enhancing postoperative recovery experiences [7][8].

Core Insights - Heron Therapeutics is a biotechnology company focused on pain management and cancer treatments, with key products ZYNRELEF and APONVIE showing significant revenue growth due to strategic initiatives [1] Financial Performance - On November 4, 2025, Heron Therapeutics reported an EPS of -$0.10, missing the estimated EPS of -$0.01, marking a decline from the previous year's loss of $0.03 per share, resulting in a negative surprise of 150% [2] - The company's revenue for the quarter was $38.21 million, below the estimated $39.03 million, but represents a 16.5% increase compared to the same period last year; however, it fell short of the Zacks Consensus Estimate of $38.57 million, resulting in a revenue surprise of -0.91% [3] Valuation Metrics - The company has a P/E ratio of approximately -182.81 and a price-to-sales ratio of about 1.13, indicating negative earnings and that investors are paying $1.13 for every dollar of sales; the enterprise value to sales ratio is approximately 2.20 [4] - The debt-to-equity ratio is about -6.48, indicating a significant level of debt relative to equity [4] Future Outlook - Heron Therapeutics remains optimistic about its future, reaffirming its 2025 net revenue guidance of $153 million to $163 million, with an adjusted EBITDA projected between $9 million and $13 million, focusing on new initiatives launched in the third quarter that are positively impacting commercial performance [5]

Group 1 - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 were $38.2 million, with year-to-date revenues of $114.3 million, resulting in adjusted EBITDA of $1.5 million for the quarter and $9.5 million year to date [5][21] - Gross margin was 68.8%, down from 71.2% in Q3 2024, primarily due to a one-time write-off of Sustol polymer inventory [6][18] - Net loss for Q3 2025 was $17.5 million, compared to a net loss of $4.8 million in Q3 2024, largely due to an $11.3 million loss on debt extinguishment [20] Business Line Data and Key Metrics Changes - Acute care portfolio net sales were $12.3 million in Q3 2025, up from $10.7 million in Q2 2025, with ZYNRELEF net sales growing 49% year-over-year to $9.3 million [12][16] - APONVIE net sales increased 173% year-over-year to $3 million, reflecting strong growth before the dedicated sales team was fully active [12][14] - Oncology franchise net sales were $25.9 million in Q3 2025, with CINVANTI net sales approximately $24 million, up about 6% year-over-year [15][16] Market Data and Key Metrics Changes - ZYNRELEF's average daily units increased from 882 in Q3 2024 to 1,127 in Q3 2025, with ordering accounts rising from 705 to 833 [13] - APONVIE's average daily units grew from 418 to 998, with ordering accounts increasing from 299 to 405 [14] Company Strategy and Development Direction - The company has implemented initiatives such as the CrossLink Ignite program and the launch of the 200 mg Vial Access Needle to enhance distributor engagement and product adoption [7][10] - The introduction of a permanent product-specific J-code for ZYNRELEF is expected to streamline reimbursement and improve access [9][11] - The company plans to wind down the commercialization of Sustol over the next 12 months while evaluating potential product updates for a possible reintroduction in late 2027 [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for ZYNRELEF and APONVIE, indicating a positive trajectory for the business moving forward [10][16] - The company reaffirmed its guidance for net revenue of $153 million to $163 million and adjusted EBITDA of $9 million to $30 million for the year [21] Other Important Information - Cash and short-term investments as of September 30, 2025, were $55.5 million, bolstered by $13.1 million from recent debt and equity transactions [21] - The company is seeing momentum from the No Pain Act, with approximately 75% of ZYNRELEF indicated procedures having some form of coverage [47] Q&A Session Summary Question: October sales increase for ZYNRELEF - Management confirmed an approximate 17-18% month-over-month increase in early October sales for ZYNRELEF [24] Question: Adjusted gross profit margin - Management confirmed that the adjusted gross profit margin, excluding a one-time stocking charge, would be around 74.5% [25][26] Question: Future sales team expansion - Management indicated that they are pleased with the structural changes made and are considering adding to the sales teams based on success in specific regions [35][38] Question: Inventory stocking benefit for ZYNRELEF - Management stated that there was minimal inventory stocking benefit from the launch of the 200 mg Vial Access Needle [39] Question: Long-term outlook for Sustol and Synvonti - Management acknowledged competitive pressures on Sustol and indicated plans to wind down its commercialization while exploring potential updates for a future reintroduction [49] Question: Impact of the No Pain Act - Management noted that momentum is building for the No Pain Act, with commercial payers beginning to provide separate reimbursement [46][47]

Financial Performance - Q3 2025 net revenue reached $38.2 million, and year-to-date revenue totaled $114.3 million[9] - Gross profit for Q3 2025 was $26.299 million, with a year-to-date gross profit of $84.088 million[34] - The company reported a loss from operations of $4.093 million for Q3 2025 and $2.576 million year-to-date[34] - Adjusted EBITDA for Q3 2025 was $1.542 million, and year-to-date adjusted EBITDA was $9.530 million[36] Product Performance - ZYNRELEF net sales in Q3 2025 were $9.3 million, a 49% increase year-over-year[9, 30] - APONVIE net sales in Q3 2025 were $3 million, a 173% increase year-over-year[9, 29] - Oncology Care Franchise net sales for the three months ended September 30, 2025, were $25.9 million[24] - Demand units for ZYNRELEF grew 30% between Q3 2024 and Q3 2025[19] - Demand units for APONVIE grew 142% between Q3 2024 and Q3 2025[23] Key Developments - ZYNRELEF average daily units increased 28% year-over-year, reaching 1,127 in Q3 2025 compared to 882 in Q3 2024[19] - APONVIE average daily units increased 139% year-over-year, reaching 998 in Q3 2025 compared to 418 in Q3 2024[23]

Group 1 - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1]

Product Approvals and Indications - ZYNRELEF, a dual-acting local anesthetic, was approved by the FDA in May 2021 and has shown significant pain reduction and opioid-sparing effects post-surgery[111]. - The FDA approved an expansion of ZYNRELEF's indication in January 2024, allowing its use for postsurgical analgesia for up to 72 hours after specific orthopedic procedures[112]. - APONVIE, the first intravenous formulation for postoperative nausea and vomiting, was approved by the FDA in September 2022 and became commercially available in March 2023[115][116]. - CINVANTI, an IV formulation of aprepitant, is indicated for preventing nausea and vomiting associated with highly and moderately emetogenic chemotherapy, and was approved by the FDA in November 2017[117][120]. - SUSTOL, the first extended-release 5-HT3 receptor antagonist, is indicated for preventing nausea and vomiting associated with chemotherapy and was approved by the FDA in August 2016[121][123]. Financial Performance - Net product sales for Q3 2025 were $38,213,000, a 16.3% increase from $32,810,000 in Q3 2024[138]. - Acute care net product sales increased by 67.2% or $4.9 million in Q3 2025 compared to Q3 2024, driven by increased market share and new customers[133]. - Oncology net product sales decreased by 3.4% or $2.8 million during the nine months ended September 30, 2025, primarily due to market competition[135]. - Gross profit margin for Q3 2025 was 68.8%, down from 71.2% in Q3 2024[137]. Expenses and Cash Flow - Research and development expenses decreased by $1.0 million or 22.3% in Q3 2025 compared to Q3 2024, mainly due to reduced contract services[142]. - General and administrative expenses increased by $1.6 million or 13.0% in Q3 2025 compared to Q3 2024, primarily due to new hires[144]. - Other expenses for Q3 2025 were $13.4 million, significantly higher than $0.4 million in Q3 2024, mainly due to a loss on debt extinguishment[149]. - Cash, cash equivalents, and short-term investments totaled $55.5 million as of September 30, 2025[151]. - Net cash used in operating activities increased by 71.2% to $18.4 million for the nine months ended September 30, 2025, compared to $10.7 million in the same period in 2024[153]. - Net cash provided by financing activities increased to $14.2 million for the nine months ended September 30, 2025, up from $0.5 million in the same period in 2024[155]. Corporate Developments - The company plans to wind down the commercialization of SUSTOL over the next 12 months while evaluating potential product updates, with a possible reintroduction as early as late 2027[126]. - The company entered into a Framework Agreement with Patheon for manufacturing and supply, requiring purchases through December 31, 2026[128]. - A recent amendment to the Working Capital Facility Agreement provides for an aggregate principal amount of up to $150 million, extending the maturity date to September 1, 2030[125]. - The company issued $35 million in 2031 Convertible Notes and raised $27.7 million from the sale of common and preferred stock[125]. Accounting and Estimates - There are no material changes to critical accounting estimates during the three and nine months ended September 30, 2025[131].