Financial Performance - The company generated Q2 2025 net revenue of $37.2 million and year-to-date 2025 net revenue of $76.1 million[9] - Acute Care franchise revenue grew by 55.5% for the three months ended June 30, 2025, compared to the same period last year[9] - The company achieved a record year-to-date 2025 adjusted EBITDA of $7.9 million[9] - Net product sales for Q2 2025 were $37.2 million, compared to $36.024 million in Q2 2024[32] - Adjusted EBITDA for Q2 2025 was $1.771 million, compared to $(1.234) million in Q2 2024[34] Product Performance - ZYNRELEF unit demand grew by 6.3% in Q2 2025 compared to Q1 2025[9] - APONVIE unit demand grew by 19% in Q2 2025 compared to Q1 2025[9] - Acute Care franchise net sales were $10.7 million for the three months ended June 30, 2025[14] - Oncology Care franchise net sales were $26.5 million for the three months ended June 30, 2025[26] Refinancing and Capital Structure - The company completed a comprehensive refinancing of prior debt facilities, reducing total debt from $175 million to $145 million and extending the bullet maturity to 2030+[9] - $110 million was funded at closing from Hercules Capital as a senior secured term loan[38] - $35 million of 50% Senior Convertible Notes were issued to Rubric Capital Management due in 2031[38]

Core Viewpoint - Heron Therapeutics has completed a comprehensive capital restructuring aimed at enhancing financial flexibility, reducing total debt, and supporting long-term growth [1][2] Financial Restructuring Details - The refinancing transaction includes a new senior credit facility with Hercules Capital providing $110 million in committed capital and an additional $40 million available upon achieving certain milestones [6] - An exchange agreement was made to retire approximately $125 million in cash and convert $25 million of existing senior convertible notes into common stock [6] - The company issued $35 million of new 5% senior convertible notes due in 2031 and conducted a private placement for $27.7 million in gross proceeds through common and preferred equity [6] Management Commentary - The CEO of Heron emphasized that the refinancing strengthens the balance sheet, eliminates near-term debt maturities, and supports commercial execution and pipeline priorities [2] Upcoming Events - Heron will host a conference call and live webcast on August 8, 2025, to discuss the restructuring and its implications [4]

Q1 2025 Earnings Call Heron Therapeutics May 6, 2025 Forward-looking Statements and Non-GAAP Disclosures This presentation contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. We caution investors that forward-looking statements are based on management's expectations and assumptions as of the date hereof and are subject to certain risks and uncertainties that could cause actual results to differ materially. Examples of forward-looking statements include, ...