HERON THERAPEUTICS Business Summary

Heron Therapeutics, Inc. (HRTX) is a commercial-stage biotechnology company that generates revenue primarily through the direct sale of proprietary pharmaceutical products across two core segments: Acute Care and Oncology Supportive Care. The Acute Care franchise is anchored by ZYNRELEF, a dual-acting local anesthetic for postoperative pain, and APONVIE, an injectable for postoperative nausea and vomiting (PONV). The Oncology franchise includes CINVANTI and SUSTOL, both targeting chemotherapy-induced nausea and vomiting (CINV). As of early 2026, the company has successfully transitioned to a commercially focused entity, leveraging permanent CMS J-codes and expanded distributor partnerships to drive a projected $173 million to $183 million in annual net revenue. Heron competes directly with Pacira BioSciences (EXPAREL) in the non-opioid pain management space and with major pharmaceutical players like Merck & Co. (Emend) and Helsinn Healthcare (Akynzeo) in the antiemetic market, positioning itself as a high-growth specialist in non-opioid surgical recovery and supportive oncology. Heron is currently led by Chief Executive Officer Craig Collard, who joined in 2023 following a successful tenure as CEO of Veloxis Pharmaceuticals and Cornerstone Therapeutics, where he orchestrated significant exits to Asahi Kasei and Chiesi Farmaceutici, respectively. The executive team includes Executive Vice President and CFO Ira Duarte, who brings extensive financial leadership from her time at Veloxis and RTI Surgical, and COO Mark Hensley, who oversees the company’s commercial acceleration. The Board of Directors is chaired by Adam Morgan, Chief Investment Officer of Velan Capital, and includes notable members such as Tom Cusack, formerly a Managing Director at Starboard Value LP. The company maintains a strong institutional investor base, with significant holdings from Rubric Capital Management, Velan Capital, and Perceptive Advisors, reflecting a strategic focus on achieving EBITDA profitability through disciplined commercial execution and market share gains in the acute care sector.