Heron Therapeutics reported Q3 2025 revenue of $38.2 million, a 16.5% increase from $32.8 million in the same quarter last year. The company posted a GAAP net loss of $0.10 per share, compared with a $0.03 loss in Q3 2024; adjusted earnings were $0.05 per share after excluding debt‑extinguishment charges.
Acute‑care sales drove the top‑line growth: ZYNRELEF generated $9.3 million in revenue, up 49% year‑over‑year, while APONVIE produced $3.0 million, up 173% YoY. In oncology, CINVANTI contributed $24.0 million, a 6% rise, but SUSTOL fell 31% to $1.9 million; the company plans to wind down SUSTOL commercialization over the next 12 months.
Heron reaffirmed its full‑year 2025 guidance, projecting net revenue of $153 million to $163 million and adjusted EBITDA of $9 million to $13 million, a range that was raised in Q2 2025. Cash, cash equivalents, and short‑term investments totaled $55.5 million as of September 30 2025.
The company amended its Hercules working‑capital facility, exchanged convertible notes, and issued new convertible notes to shift maturities and add near‑term liquidity.
Strategic initiatives highlighted include the launch of a Vial Access Needle for ZYNRELEF, a dedicated sales team for APONVIE, and development of a prefilled syringe for ZYNRELEF. The company also anticipates new PONV prophylaxis consensus guidelines in Q4 2025.
A one‑time inventory write‑off related to SUSTOL contributed to margin contraction; the company expects the impact to diminish in future periods.
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