Heron Therapeutics(HRTX) - 2025 Q3 - Quarterly Results

Financial Performance - Generated Q3 2025 Net Revenue of $38.2 million, a 16.5% increase from Q3 2024, and year-to-date revenue of $114.3 million[7] - Reaffirmed 2025 Net Revenue Guidance of $153 million to $163 million and adjusted EBITDA guidance of $9.0 million to $13.0 million[5] - ZYNRELEF® Net Revenue grew 49% in Q3 2025 compared to Q3 2024, driven by the launch of the Vial Access Needle and enhanced distributor incentives[7] - APONVIE® Net Revenue increased 173% in Q3 2025 compared to Q3 2024, supported by a dedicated sales team[7] - Acute Care franchise revenue grew 67.2% year-over-year in Q3 2025 and 69.2% year-over-year for the first nine months of 2025[8] - Net product sales for Q3 2025 reached $38.213 million, a 16.3% increase from $32.810 million in Q3 2024[32] - Gross profit for Q3 2025 was $26.299 million, compared to $23.352 million in Q3 2024, reflecting a gross margin improvement[32] - The net loss for Q3 2025 was $17.495 million, significantly higher than the net loss of $4.848 million in Q3 2024[32] - Adjusted EBITDA for Q3 2025 was $1.542 million, a recovery from an adjusted EBITDA loss of $0.355 million in Q3 2024[36] Cash and Investments - Cash, cash equivalents, and short-term investments were $55.5 million as of September 30, 2025[11] - Cash and cash equivalents increased to $43.068 million as of September 30, 2025, up from $25.802 million at the end of 2024[34] Inventory and Assets - Inventory increased to $70.025 million as of September 30, 2025, compared to $53.160 million at the end of 2024, indicating potential growth in product availability[34] - Total assets as of September 30, 2025, were $248.950 million, an increase from $233.147 million at the end of 2024[34] Operating Expenses - Total operating expenses for Q3 2025 were $30.392 million, up from $27.810 million in Q3 2024, primarily driven by increased research and development costs[32] Shareholder Information - The weighted average common shares outstanding increased to 170.348 million in Q3 2025 from 152.830 million in Q3 2024[32] Other Significant Events - The permanent J-code for ZYNRELEF went live on October 1, 2025, improving reimbursement and billing clarity[8] - The company reported a significant loss on debt extinguishment of $11.339 million in Q3 2025[32] - CINVANTI unit demand and Net Revenue increased 6% in Q3 2025 compared to Q3 2024[11]