Heron Therapeutics, Inc. · NASDAQ:HRTX
Heron Therapeutics — Q4 2025 Earnings Presentation
15 slides from Heron Therapeutics's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Full Year 2025 Earnings Call
Heron Therapeutics, Inc. Q4 and Full Year 2025 Earnings Call February 26, 2026 1
Slide 2: Forward-looking Statements and Non-GAAP Disclosures
Forward-looking Statements and Non-GAAP Disclosures This presentation contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation other than statements of historical facts, including statements regarding our
Slide 3: Executive Summary
Executive Summary STRICTLY PRIVATE & CONFIDENTIAL 3
Slide 4: Q4 and Full Year 2025 Achievements and Key Updates
Q4 and Full Year 2025 Achievements and Key Updates 1 Completed re-financing of convertible debt 2 Generated full-year 2025 net revenue of $154.9 million, up 7.4% year-over-year and EBITDA of $14.7 million Acute Care franchise delivered revenue growth of 57.3% year-over-year in Q4 2025 and 65.1% year
Slide 5: Product Performance
Product Performance STRICTLY PRIVATE & CONFIDENTIAL 5
Slide 6: Acute Care Franchise Net Sales
Acute Care Franchise Acute Care Franchise Net Sales 3 months ended December 31, 2025: $16.3 million +48% +97% ZYNRELEF ® Net Sales APONVIE ® Net Sales 12.5 3.8 3.0 9.3 8.5 2.5 8.0 8.2 2.3 6.2 1.9 5.7 5.8 5.0 1.1 1.0 0.5 0.4 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2
Slide 7: ZYNRELEF Performance Metrics and Growth Drivers
Acute Care Franchise ZYNRELEF® Performance Metrics and Growth Drivers ZYNRELEF - AVERAGE DAILY UNITS ZYNRELEF - ORDERING ACCOUNTS Key ZYNRELEF Highlights 1,600 800 • Demand Units grew 35% between Q4 2024 and Q4 2025 1,400 700 1,200 • Enhanced per-unit compensation 600 program with Distribution Partn
Slide 8: APONVIE Performance Metrics and Growth Drivers
Acute Care Franchise APONVIE® Performance Metrics and Growth Drivers APONVIE - AVERAGE DAILY UNITS APONVIE - ORDERING ACCOUNTS Key APONVIE Highlights 1,600 350 • Demand Units grew 101% between Q4 1,400 2024 and Q4 2025 300 1,200 • Dedicated APONVIE sales team 250 launched on July 1, covering high- 1
Slide 9: Oncology Care Franchise Net Sales
Oncology Franchise Oncology Care Franchise Net Sales 3 months ended December 30, 2025: $24.2 million -15% CINVANTI ® Net Sales 26.9 SUSTOL ® Net Sales 25.6 25.7 4.2 24.9 24.1 24.0 22.7 22.9 -63% 3.6 3.5 2.9 2.8 2.4 1.9 1.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2024 Q2 20
Slide 10: Product Performance Closing Remarks
Product Performance Closing Remarks STRICTLY PRIVATE & CONFIDENTIAL 10
Slide 11: Finance
Finance STRICTLY PRIVATE & CONFIDENTIAL 10
Slide 12: 2025 Financial Highlights
2025 Financial Highlights FY 2025 Q4 2025 FY 2024 Q4 2024 FY 2023 In $000 except where specified Actuals Actuals Actuals Actuals Actuals (unaudited) (unaudited) Net Product Sales $ 154,904 $ 40,588 $ 144,285 $ 40,781 $ 127,044 Gross Margin % 73% 73% 73% 75% 49% Total Operating Expenses $ 116,095 $ 2
Slide 13: 2026 Guidance
2026 Guidance FY 2025 Actuals FY 2026 Guidance 2026 Guidance Commentary Full year Net Product Sales guidance includes continued growth of ZYNRELEF and APONVIE, similar CINVANTI Net Product Sales $154.9 million $173.0 to $183.0 million performance (varying by quarter), and planned wind-down of SUSTOL
Slide 14: Questions
THERAPEUTICS’ Questions 13
Slide 15: Addendum
THERAPEUTICS’ Addendum 14