HRTX · Heron Therapeutics, Inc.

Heron Therapeutics announced Q1 2026 financial results via press release, showing total net revenue of $34.7 million, a 10.8% decline from $38.9 million in Q1 2025, primarily driven by a 26.3% drop in Oncology Supportive Care to $21.1 million, with CINVANTI down 20.2% to $20.5 million and SUSTOL sharply declining 80.9% to $0.6 million amid its planned wind-down by year-end. Offsetting this, the Acute Care franchise delivered robust 32.3% growth to $13.6 million, fueled by ZYNRELEF at $10.2 million (+27.3%) with 22% higher demand units and IGNITE program expansion, and APONVIE surging 50.2% to $3.4 million with 68% demand growth and P&T approvals in 1,902 accounts. CEO Craig Collard highlighted recovery from Q1 seasonality and weather disruptions, confidence in full-year framework amid deferred procedures normalizing, and catalysts like IGNITE 2.0, J-Codes (J0668 for ZYNRELEF, J8502 for APONVIE effective April 1), and Q3 sales force expansion. CFO Ira Duarte noted disciplined cost management and expected gross margin normalization post higher-cost CINVANTI inventory. CINVANTI held 25% NK1 market share, with REIGNITE securing $10 million annualized pipeline opportunity, bolstered by Baxter litigation settlement. Balance sheet shows $44.8 million in cash equivalents as of March 31. Management reaffirmed 2026 guidance of $173-$183 million net revenue and $10-$20 million Adjusted EBITDA, signaling sustained Acute Care momentum and oncology stability to drive profitability.