HERON THERAPEUTICS, INC. /DE/ (HRTX)

The company is a commercial-stage biotechnology firm that develops and commercializes therapeutic products intended to advance the standard of care for acute care and oncology patients. It relies on patented technologies and its own approach to drug discovery and development. Its proprietary Biochronomer Technology uses polymers that undergo controlled hydrolysis to release a drug in a sustained way over days to weeks from a single administration. The technology can also incorporate more than one pharmacological agent for multimodal therapy.

The acute care portfolio has two products. ZYNRELEF is a dual-acting local anesthetic combining bupivacaine with a low dose of the NSAID meloxicam. It is approved for adults for postsurgical analgesia for up to 72 hours after soft tissue and orthopedic procedures, and has been sold in the U.S. since July 2021. Medicare reimbursement now falls under the NOPAIN Act, and CMS has approved a permanent J-code effective October 1, 2025. APONVIE is an intravenous formulation of aprepitant, an NK1 receptor antagonist, given as a single 30-second IV injection to prevent postoperative nausea and vomiting in adults. It was approved in September 2022 and has been sold in the U.S. since March 2023.

The oncology care portfolio has two products. CINVANTI is an IV aprepitant formulation free of polysorbate 80 and other synthetic surfactants. It is used with other antiemetics to prevent chemotherapy-induced nausea and vomiting from highly and moderately emetogenic chemotherapy, and has been sold since January 2018. SUSTOL is an extended-release injectable granisetron (5-HT3 receptor antagonist) built on Biochronomer Technology. It maintains therapeutic levels for at least five days and is indicated for moderately emetogenic chemotherapy and anthracycline-cyclophosphamide regimens, and has been sold since October 2016.

Products are sold in the U.S. through a 78-person sales and marketing team (as of December 31, 2025). It targets surgeons, oncologists, nurses and pharmacists, and manages key accounts such as managed care organizations, group purchasing organizations, hospital systems, oncology networks, payors and government accounts. Since January 2024, Crosslink Network has co-promoted ZYNRELEF for orthopedic indications. Products reach hospitals and healthcare providers through a limited number of specialty distributors and full-line wholesalers. The company owns no manufacturing facilities and depends on a small number of third-party manufacturers under long-term agreements requiring cGMP compliance. Some critical materials come from single suppliers. Competitors include large and mid-sized pharmaceutical and biotechnology companies such as Pfizer, Pacira, Merck, Helsinn and Eagle, many with greater resources. As of December 31, 2025, the company held 33 issued U.S. patents and 107 foreign patents; CINVANTI is covered by 13 U.S. patents and ZYNRELEF by 17.