Heron Therapeutics withdrew its full-year 2026 guidance and disclosed pro forma cash of approximately $24.3 million after a September debt payment. The company reported second-quarter net revenue of $37.7 million, below its own expectations, with CINVANTI sales up sequentially and ZYNRELEF growing 35% year-over-year but both slower than anticipated. Following a U.S. District Court decision regarding certain CINVANTI patents, Heron amended its Hercules credit facility, resetting covenants through 2027 and reducing principal through a $13.5 million payment at execution and a potential further $4 million reduction by September 15. The company also paused a planned sales force expansion, tightened spending, and disclosed it is considering strategic alternatives, while preparing for potential generic competition to CINVANTI. Gross margin was 69.3%, and adjusted EBITDA was $3.2 million, with cash, cash equivalents, and short-term investments of $42.7 million at quarter-end.
Heron Therapeutics Inc.Withdrew 2026 guidance, missed revenue expectations, and disclosed debt covenants and reduced cash.
Heron TherapeutiWithdrew 2026 guidance, missed revenue expectations, and disclosed debt covenants and reduced cash.
