Heron Therapeutics Reports $35.3 Million Q3 Revenue and Agrees to Sell Its Assets

Heron Therapeutics (Nasdaq: HRTX) reported third-quarter 2026 net revenue of $35.3 million, down 7.8% from $38.2 million a year earlier, in an 8-K filed Monday. The filing furnishes a press release with results for the three and nine months ended Sept. 30, 2026.

The same day, the company filed a separate 8-K disclosing a definitive asset purchase agreement under which CorMedix Therapeutics would acquire substantially all of Heron's assets. The company says the sale is subject to approval by Heron's stockholders and other customary closing conditions. The press release does not give a closing date.

Product sales by franchise

In the quarter, ZYNRELEF net revenue rose 13.8% to $10.6 million and APONVIE rose 49.3% to $4.5 million, according to the press release. CINVANTI fell 16.6% to $20.0 million, and SUSTOL fell 92.0% to $152 thousand. Commercial sales of SUSTOL ceased on Sept. 30, 2026.

For the first nine months, total net revenue was $107.6 million, down 5.9% from $114.3 million. Acute Care revenue rose 32.4% to $44.1 million, while Oncology Supportive Care revenue fell 21.6% to $63.5 million.

Losses, cash and equity

The third-quarter net loss was $5.0 million, compared with $17.5 million in the same quarter of 2025, which included an $11.3 million loss on debt extinguishment. For the nine months, the net loss was $18.6 million, wider than $17.2 million a year earlier. Adjusted EBITDA, a non-GAAP measure, was $3.7 million in the quarter, up from $1.5 million.

Heron ended the quarter with $23.4 million in cash, cash equivalents and short-term investments. At June 30, 2026, the company reported cash and investments together of $42.7 million. Total stockholders' equity was $4.9 million at Sept. 30, down from $14.3 million at Dec. 31, 2025.

The last close before the filing was $0.29 on Friday, Nov. 6. Based on 189.9 million shares as of Aug. 5, the market value was about $55.1 million before the filing.

Guidance and listing risks

Heron withdrew its full-year 2026 guidance in August and is not providing guidance now. The company will not hold a conference call on the quarter.

The forward-looking statements in the release list several risks, including the company's ability to continue as a going concern without additional funding, its ability to meet Nasdaq Capital Market continued listing requirements, and its ability to comply with covenants in its Working Capital Facility Agreement pending the closing of the asset sale.