Heron Therapeutics, Inc. · NASDAQ:HRTX
Heron Therapeutics — Q2 2025 Earnings Presentation
16 slides from Heron Therapeutics's earnings presentation, Aug 11, 2025
Slide 1: Heron Therapeutics Q2 2025 Earnings Call
Heron Therapeutics Q2 2025 Earnings Call August 8, 2025 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. We caution investors that forward-looking statements are based on management’s expectations and assumptions as of the date h
Slide 3: Executive Summary
Executive Summary STRICTLY PRIVATE & CONFIDENTIAL 3
Slide 4: Q2 2025 Achievements and Key Updates
Q2 2025 Achievements and Key Updates Completed a comprehensive refinancing of prior debt facilities, reducing total debt from $175 million to 1 $145 million and extending bullet maturity to 2030+ 2 Generated Q2 2025 Net Revenue of $37.2 million and year-to-date 2025 Net Revenue of $76.1 million 3 De
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 June 30, 2025: $10.7 million 40.4% 141.6% APONVIE ® Net Sales ZYNRELEF ® Net Sales 8.5 2.5 8.2 8 2.3 1.9 6.2 5.7 5.8 5 4.4 4.1 1.1 1 0.5 0.4 0.4 0.3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 2024 2024
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 1200 750 • Q2 Demand Units grew 6.3% over Q1 1100 700 signaling continued momentum • Enhanced per-unit compensation 1000 650 program with CrossLin
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 1,000 250 • Q2 Demand Units grew 19% over Q1 900 continuing strong adoption trends 800 200 • Dedicated APONVIE sales team 700 launched on July 1, cons
Slide 9: Oncology Care Franchise Net Sales
Oncology Franchise Oncology Care Franchise Net Sales 3 months ended June 30, 2025: $26.5 million CINVANTI® Net Sales SUSTOL® Net Sales -3.1% -43.4% 26.9 4.2 25.6 25.7 24.9 3.8 24.3 24.1 22.7 3.6 3.5 2.9 2.8 2.4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2024 2024 2024 2025 2025 2023 2024 20
Slide 10: Finance
Finance STRICTLY PRIVATE & CONFIDENTIAL 11
Slide 11: Select Financial Results
Select Financial Results (Unaudited) $ in 000’s QTD QTD YTD YTD Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net Product Sales $ 37,200 $ 36,024 $ 76,103 $ 70,694 Cost of Product Sales 9,857 10,518 18,314 18,962 Gross profit 27,343 25,506 57,789 51,732 Operating Expenses: Research and development 2,934 4,432 5,2
Slide 12: Adjusted EBITDA
Adjusted EBITDA U.S. GAAP to Non-GAAP Reconciliation (unaudited) $ in 000’s QTD QTD YTD YTD Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net (loss) income $ (2,381) $ (9,235) $ 254 $ (12,395) Other expense, net 744 2,790 1,263 1,152 Depreciation 611 641 1,162 1,330 Stock-based compensation 2,797 4,570 5,308 7,94
Slide 13: Comprehensive Refinancing Overview
Comprehensive Refinancing Overview Transaction Highlights Executed a Four-Part Refinancing Transaction to Restructure the Company’s Balance Sheet ▪ Fully Retired Legacy Debt Transaction Details ‒ $150M 2026 Convertible ▪ $110M funded at closing from Hercules Capital Notes repaid / converted (5-year
Slide 14: Revised 2025 Guidance
Revised 2025 Guidance Product Revenues, Net $153.0 – $163.0 million Original Q1 Updated Guidance Q2 Updated Guidance Adjusted EBITDA^ $0 - $8.0 million $4.0 - $12.0 million $9.0 - $13.0 million ^ Excludes Stock-Based Compensation, depreciation and amortization 14
Slide 15: Questions
THERAPEUTICS’ Questions 15
Slide 16: Addendum
THERAPEUTICS’ Addendum 16