Heron Therapeutics Stock Earnings Reports

Heron reported Q3 2025 net revenue of $38.2M (YTD $114.3M) with adjusted EBITDA of $1.5M for the quarter and $9.5M YTD. The company completed a financing this quarter, which management says removes a major overhang and enables focus on commercial execution. Acute care products showed strong momentum: ZYNRELEF net sales grew 49% year-over-year ($9.3M) and APONVIE grew 173% year-over-year ($3.0M). Early October weekly/unit demand for ZYNRELEF was the highest seen to date and a permanent J-code for ZYNRELEF went into effect Oct 1, which should streamline reimbursement and support adoption. CINVANTI remains a steady, stable anchor (~$24M in Q3) despite competitive pressures; SUSTOL declined ~32% year-over-year and will be wound down over the next ~12 months with potential reintroduction plans (possible product update and relaunch late 2027). Gross margin for the quarter was 68.8%, impacted by a onetime SUSTOL polymer inventory write-off and supplier-mix costs; adjusted gross margin excluding the onetime charge is in line with recent quarters (~74.5%). The company incurred a net loss of $17.5M in Q3 due largely to an $11.3M loss on debt extinguishment, but cash and short-term investments were $55.5M at quarter end. Management reaffirmed full-year guidance: net revenue $153M–$163M and adjusted EBITDA $9M–$13M. Operational initiatives contributing to momentum include the VAN (200 mg vial access needle), CrossLink Ignite distributor incentives, a dedicated APONVIE field team, expanded medical/education support, and progress on a ZYNRELEF prefilled syringe program targeting possible approval in late 2027.