Slides
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Heron Therapeutics, Inc. Q3 2025 Earnings Call November 4, 2025 1
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 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 future results of operations and financial position, business and commercialization strategy as well as plans and objectives of management for future operations, are forward-looking statements. 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, among others, statements we make regarding the potential market opportunities for ZYNRELEF®, APONVIE®, CINVANTI® and SUSTOL®; revenue, adjusted EBITDA and other financial guidance provided by the Company; interim financial data or prescription data, which may not necessarily be indicative of quarterly or annual results; the potential additional market opportunity for the expanded U.S. label for ZYNRELEF or inclusion of ZYNRELEF under the OPPS and the ASC payment system or launch of the ZYNRELEF VAN; our ability to establish and maintain successful commercial arrangements like our co- promotion agreement with CrossLink Network, LLC (“CrossLink”); the outcome of the Company’s pending ANDA litigation, including potential appeals of any verdicts; whether the Company is required to write-off any additional inventory in the future; the expected future balances of Heron’s cash, cash equivalents and short-term investments; the expected duration over which Heron’s cash, cash equivalents and short-term investments balances will fund its operations and the risk that future equity financings may be needed; the terms and conditions, completion of the refinancing transactions, and the anticipated proceeds and use of proceeds of the refinancing transactions; any inability or delay in achieving profitability. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption “Risk Factors.” Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law. In addition to the company's financial results determined in accordance with U.S. GAAP, the company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management uses non-GAAP financial measures to establish budgets, manage the Company’s business, and set incentive and compensation arrangements. The company presents adjusted EBITDA in this presentation. For a reconciliation of non-GAAP measures to GAAP, see below slides captioned “Adjusted EBITDA - U.S. GAAP to Non-GAAP Reconciliation.” 2
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 STRICTLY PRIVATE & CONFIDENTIAL Executive Summary 3
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Generated Q3 2025 Net Revenue of $38.2M for the quarter and $114.3M year-to-date2 Financing Completed1 CINVANTI® Net Revenue remains consistent3 ZYNRELEF® Net Sales were $9.3M Q3 2025, up 49% year-over-year, continuing momentum with the launch of the Vial Access Needle (VAN) and enhanced incentive program with key distributors4 APONVIE® Net Sales were $3M in Q3 2025, up 173% year over year, supported by increased adoption and momentum building with the newly launched dedicated sales team in Q3 20255 4 Q3 2025 Achievements and Key Updates ZYNRELEF J-code took effect October 1, 2025, streamlining reimbursement and reducing administrative burden; Prefilled Syringe development continues to advance 6
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 STRICTLY PRIVATE & CONFIDENTIAL Product Performance 5
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 ZYNRELEF® Performance Metrics and Growth Drivers Average Daily Units have reached an annual run rate of ~300,000 per year • Demand Units grew 30% between Q3 2024 and Q3 2025 • Average Daily Units increased 28% YoY; up to 1,127 in Q3 2025 vs 882 in Q3 2024 • Enhanced per-unit compensation program with Distribution Partners currently in place through end of 2025 • Launched New Peri-Operative Clinical Educator Team providing onboarding and support • ZYNRELEF Permanent J-code (J0688) in place effective October 1, 2025, streamlining reimbursement Key ZYNRELEF HighlightsZYNRELEF - AVERAGE DAILY UNITS Steady growth in number of accounts ordering ZYNRELEF each month, 4 years from launch ZYNRELEF - ORDERING ACCOUNTS Acute Care Franchise 6 400 500 600 700 800 900 1000 1100 1200 1300 1400 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 350 400 450 500 550 600 650 700 750 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 APONVIE® Performance Metrics and Growth Drivers APONVIE continues to demonstrate a smooth upward bend in growth of Average Daily Units • Demand Units grew 142% between Q3 2024 and Q3 2025 • Average Daily Units increased 139% YoY; up to 998 in Q3 2025 vs 418 in Q3 2024 • Dedicated APONVIE sales team launched on July 1, covering high- potential hospital accounts • 2025 PONV prophylaxis consensus guidelines expected to be published Q4 Key APONVIE HighlightsAPONVIE - AVERAGE DAILY UNITS Steady growth in number of accounts ordering APONVIE each month, with September 2025 up 92% from September 2024 APONVIE - ORDERING ACCOUNTS Acute Care Franchise 7 - 200 400 600 800 1,000 1,200 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 - 50 100 150 200 250 300 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Oncology Care Franchise Net Sales 3 months ended September 30, 2025: $25.9 million Oncology Franchise 8 24.3 25.6 24.9 22.7 26.9 25.7 24.1 24.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +6% 3.8 3.6 4.2 2.8 3.5 2.9 2.4 1.9 Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025 -32% CINVANTI ® Net Sales SUSTOL ® Net Sales
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 9 0.4 0.5 0.4 1.0 1.1 1.9 2.3 2.5 3.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +173% APONVIE ® Net Sales Acute Care Franchise Net Sales 3 months ended September 30, 2025: $12.3 million Acute Care Franchise ZYNRELEF ® Net Sales 4.4 5.7 5.0 5.8 6.2 8.5 8.0 8.2 9.3 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +49%
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 STRICTLY PRIVATE & CONFIDENTIAL Finance 11
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Select Financial Results (Unaudited) $ in 000’s QTD QTD YTD YTD Q3 2025 Q3 2024 Q3 2025 Q3 2024 Net Product Sales $ 38,213 $ 32,810 $ 114,316 $ 103,504 Cost of Product Sales 11,914 9,458 30,228 28,420 Gross profit 26,299 23,352 84,088 75,084 Operating Expenses: Research and development 3,470 4,465 8,683 13,505 General and administrative 13,980 12,373 41,153 41,252 Sales and marketing 12,942 10,972 36,828 36,028 Total operating expense 30,392 27,810 86,664 90,785 Loss from operations $ (4,093) $ (4,458) $ (2,576) $ (15,701) Cash and short-term investments $ 55,487 $ 70,890 11
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Adjusted EBITDA U.S. GAAP to Non-GAAP Reconciliation (unaudited) $ in 000’s QTD QTD YTD YTD Q3 2025 Q3 2024 Q3 2025 Q3 2024 Net loss $ (17,495) $ (4,848) $ (17,241) $ (17,243) Other expense, net 13,402 390 14,665 1,542 Inventory reserve and write-offs 2,169 800 2,169 2,421 Depreciation 614 581 1,777 1,911 Stock-based compensation 2,852 2,722 8,160 10,667 Adjusted EBITDA $ 1,542 $ (355) $ 9,530 $ (702) 12
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Product Revenues, Net Original $153.0 – $163.0 million Adjusted EBITDA^ Original $0 - $8.0 million Q1 Updated Guidance $4.0 - $12.0 million Q2 Updated Guidance $9.0 - $13.0 million Q3 Reiterated Guidance $9.0 - $13.0 million ^ Excludes Stock-Based Compensation, depreciation and amortization, and inventory write-offs Revised 2025 Guidance 13
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Questions 15
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26,68,148 84,184,72 0,125,195 75,40,108 127,127,127 Addendum 16