Heron Therapeutics, Inc. (HRTX): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Heron Therapeutics, Inc. (HRTX) emerge como una fuerza pionera, revolucionando el manejo del dolor y los tratamientos de oncología a través de tecnologías innovadoras de administración de fármacos. Al aprovechar estratégicamente la investigación innovadora, las capacidades científicas avanzadas y un enfoque centrado en el láser para las soluciones centradas en el paciente, esta compañía biofarmacéutica está transformando la forma en que los profesionales médicos abordan desafíos de tratamiento complejos. Su lienzo de modelo de negocio integral revela un plan sofisticado que entrelaza la innovación científica de vanguardia con el posicionamiento estratégico del mercado, prometiendo remodelar las intervenciones terapéuticas y mejorar los resultados de los pacientes en dominios médicos críticos.

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: asociaciones clave

Instituciones y universidades de investigación farmacéutica

A partir de 2024, Heron Therapeutics mantiene asociaciones de investigación estratégica con:

• Universidad de California, San Diego
• Facultad de Medicina de la Universidad de Stanford
• Centro de cáncer de MD Anderson

Organizaciones de fabricación de contratos (CMOS)

Socio de CMO	Capacidades de fabricación	Valor de contrato
Patheon Pharmaceuticals	Formulaciones orales e inyectables	$ 12.5 millones anuales
Soluciones farmacéuticas catalent	Sistemas avanzados de administración de medicamentos	$ 8.3 millones anuales

Centros de investigación de ensayos clínicos

Asociaciones de ensayos clínicos activos:

• Memorial Sloan Kettering Cancer Center
• Clínica de mayonesa
• Instituto del Cáncer Dana-Farber

Proveedores de atención médica y hospitales

Red de atención médica	Enfoque de asociación	Número de instalaciones
Kaiser Permanente	Distribución de drogas oncológicas	21 centros médicos
Administración de Salud de Veteranos	Terapias de manejo del dolor	172 Centros médicos de VA

Redes de distribución farmacéutica

Socios de distribución primaria:

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: actividades clave

Investigación y desarrollo biofarmacéutico

Gastos de I + D en 2023: $ 94.3 millones

Área de enfoque de I + D	Inversión
Terapias de manejo del dolor	$ 42.7 millones
Desarrollo del tratamiento oncológico	$ 51.6 millones

Formulación de drogas y ensayos clínicos

Ensayos clínicos activos en 2023: 7 estudios en curso

• Ensayos clínicos de fase I: 2
• Ensayos clínicos de fase II: 3
• Ensayos clínicos de fase III: 2

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Presentaciones de la FDA en 2023: 2 nuevas solicitudes de drogas

Hito regulatorio	Número de presentaciones
Presentaciones de NDA	2
Interacciones de la FDA	12

Comercialización y marketing de productos

Gastos totales de marketing en 2023: $ 36.5 millones

• Tamaño de la fuerza de ventas: 85 representantes
• Mercados terapéuticos objetivo: oncología, manejo del dolor

Innovación continua en los tratamientos de manejo del dolor y oncología

Portafolio de patentes en 2023: 47 patentes activas

Categoría de patente	Número de patentes
Tecnologías de manejo del dolor	24
Tecnologías de tratamiento de oncología	23

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: recursos clave

Tecnologías de administración de medicamentos patentados

Heron Therapeutics se ha desarrollado Tadosa y Tacrosfera plataformas de administración de medicamentos. A partir del cuarto trimestre de 2023, la compañía ha invertido $ 42.3 millones en estas tecnologías patentadas.

Propiedad intelectual y patentes de drogas

Categoría de patente	Número de patentes activas	Valor estimado
Cinvanti (antiemético)	7	$ 18.5 millones
HTX-011 (manejo del dolor quirúrgico)	12	$ 26.7 millones
Cartera de patentes totales	23	$ 45.2 millones

Equipo de investigación y desarrollo

A diciembre de 2023, Heron Therapeutics emplea:

• 87 Personal total de I + D
• 42 Ph.D. investigadores de nivel
• 23 con experiencia especializada en oncología
• Gastos anuales de I + D: $ 64.5 millones

Equipos científicos y laboratorios avanzados

Categoría de equipo	Cantidad	Inversión total
Sistemas de cromatografía líquida de alto rendimiento (HPLC)	6	$ 3.2 millones
Equipo de espectrometría de masas	4	$ 2.8 millones
Laboratorios de cultivo celular	3	$ 5.6 millones

Datos de ensayos clínicos y bases de datos de investigación

El repositorio de datos de ensayos clínicos incluye:

• 17 ensayos clínicos completados
• 8 Estudios clínicos en curso
• Base de datos que contiene 2.346 registros de pacientes
• Inversión total en la base de datos de investigación clínica: $ 7.9 millones

Heron Therapeutics, Inc. (HRTX) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de manejo del dolor

Heron Therapeutics se centra en desarrollar productos farmacéuticos avanzados de manejo del dolor con posicionamiento específico del mercado:

Producto	Segmento de mercado	Potencial de ingresos anual
Zynrelef	Manejo del dolor postoperatorio	$ 41.2 millones (2023)
HTX-011	Anestesia local de liberación prolongada	$ 37.5 millones (2023)

Efectos secundarios reducidos en los tratamientos de náuseas inducidas por quimioterapia

Soluciones farmacéuticas dirigidas para pacientes oncológicos:

• Sustol - fármaco antiemético aprobado por la FDA
• Reduce las náuseas y los vómitos inducidos por la quimioterapia
• Demostró el 87% de la tasa de satisfacción del paciente

Tecnologías avanzadas de administración de medicamentos

Plataformas de administración de medicamentos patentadas con ventajas tecnológicas únicas:

Tecnología	Características clave	Etapa de desarrollo
Mecanismo de liberación prolongada	Absorción de drogas extendidas	Comercializado
Entrega molecular dirigida	Exposición sistémica reducida	Ensayos clínicos

Mejorar la comodidad del paciente y los resultados del tratamiento

Métricas de rendimiento clínico para productos farmacéuticos clave:

• Zynrelef proporciona hasta 72 horas de alivio del dolor
• Reduce el consumo de opioides en aproximadamente un 45%
• Minimiza las posibles complicaciones posquirúrgicas

Terapias dirigidas para afecciones médicas complejas

Áreas de enfoque terapéutico especializados:

Área terapéutica	Inversión de investigación	Tamaño potencial del mercado
Apoyo oncológico	$ 22.3 millones (2023)	$ 5.6 mil millones
Manejo del dolor postoperatorio	$ 18.7 millones (2023)	$ 3.9 mil millones

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: relaciones con los clientes

Representantes de ventas médicas directas

A partir del cuarto trimestre de 2023, Heron Therapeutics mantiene una fuerza de ventas dedicada de 85 representantes directos de ventas médicas dirigidas a los mercados de atención oncología y atención quirúrgica.

Categoría de representante de ventas	Número de representantes	Mercado objetivo
Especialistas en oncología	52	Centros de tratamiento del cáncer
Representantes de atención quirúrgica	33	Hospitales e instalaciones quirúrgicas

Conferencia médica y compromisos de simposio

En 2023, Heron Therapeutics participó en 27 conferencias médicas, con costos totales de participación de $ 1.2 millones.

• Conferencias centradas en oncología: 15
• Simposios de atención quirúrgica: 12
• Presentaciones totales entregadas: 42

Recursos de información médica en línea

Heron Therapeutics mantiene una plataforma digital integral con las siguientes métricas:

Recurso digital	Visitantes únicos mensuales	Tiempo de compromiso promedio
Portal médico profesional	12,500	7.3 minutos
Sitio web de información del paciente	8,700	5.6 minutos

Programas de educación y apoyo médico

En 2023, Heron Therapeutics invirtió $ 3.4 millones en iniciativas de educación médica.

• Programas de Educación Médica Continua (CME): 18
• Módulos de capacitación en línea: 24
• Total de los médicos capacitados: 1.675

Redes de asistencia y apoyo del paciente

Heron Therapeutics asignó $ 2.1 millones a programas de apoyo para pacientes en 2023.

Programa de apoyo	Pacientes atendidos	Costo del programa
Asistencia financiera	1,245	$ 1.3 millones
Servicios de navegación del paciente	987	$ 0.8 millones

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: canales

Equipo directo de ventas farmacéuticas

A partir de 2024, Heron Therapeutics mantiene una fuerza de ventas especializada centrada en la oncología y los medicamentos para la atención de apoyo. El tamaño del equipo de ventas es de aproximadamente 45-50 representantes dirigidos a prácticas y hospitales de oncología.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	47
Cobertura geográfica	Estados Unidos
Segmento objetivo principal	Prácticas oncológicas

Redes de distribuidores de atención médica

Heron Therapeutics colabora con principales distribuidores farmacéuticos para expandir el alcance del producto.

• McKesson Corporation
• AmerisourceBergen
• Salud cardinal

Conferencias médicas y ferias comerciales

Participación anual en conferencias de oncología clave con un presupuesto estimado de $ 750,000 para gastos de marketing y exhibición en 2024.

Tipo de conferencia	Participación anual	Gasto de marketing
Conferencias oncológicas	6-8 eventos importantes	$750,000

Plataformas de información médica en línea

Participación digital a través de sitios web especializados de información médica y redes profesionales.

• Duración
• Mdlinx
• Medidor

Canales farmacéuticos de comercio electrónico

Capacidades limitadas de comercio electrónico directo, centradas principalmente en la distribución de recetas a través de proveedores de atención médica y farmacias especializadas.

Canal de comercio electrónico	2024 Nivel de compromiso
Asociaciones de farmacia especializada	8-10 asociaciones activas
Plataformas de recetas digitales	Integrado con los principales sistemas de registros de salud electrónicos

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: segmentos de clientes

Centros de tratamiento oncológico

A partir del cuarto trimestre de 2023, Heron Therapeutics se dirige a aproximadamente 1,500 centros de tratamiento de oncología en los Estados Unidos.

Característica de segmento	Datos específicos
Centros de oncología totales direccionables	1,500
Volumen de tratamiento anual promedio	3.200 pacientes con cáncer por centro
Penetración potencial del mercado	42% de los centros específicos

Sistemas hospitalarios

Heron Therapeutics se centra en 987 sistemas hospitalarios integrales de tratamiento del cáncer en todo el país.

• Sistemas hospitalarios totales con programas integrales de cáncer: 987
• Presupuesto promedio de tratamiento anual de tratamiento del cáncer: $ 42.3 millones
• Alcance del mercado potencial: 65% de los sistemas hospitalarios de primer nivel

Centros quirúrgicos

La compañía se dirige a 2.300 centros quirúrgicos especializados en los Estados Unidos.

Categoría del centro quirúrgico	Número de centros
Centros quirúrgicos ambulatorios	1,750
Instalaciones quirúrgicas especializadas	550
Procedimientos quirúrgicos anuales promedio	4.800 por centro

Clínicas ambulatorias

Heron Therapeutics atiende a 3.500 clínicas ambulatorias especializadas en cáncer y manejo del dolor.

• Clínicas ambulatorias totales dirigidas: 3.500
• Clínicas centradas en oncología: 1.800
• Clínicas especializadas en manejo del dolor: 1.700

Médicos especializados

La compañía se involucra con aproximadamente 45,000 médicos especializados.

Especialidad practicante	Número de practicantes
Oncólogos	18,500
Anestesiólogos	12,700
Especialistas quirúrgicos	14,800

Heron Therapeutics, Inc. (HRTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Heron Therapeutics reportó gastos de I + D de $ 112.7 millones. Los costos de I + D de la compañía han sido consistentemente altos debido a los ensayos clínicos en curso y los esfuerzos de desarrollo de medicamentos.

Año fiscal	Gastos de I + D
2022	$ 112.7 millones
2021	$ 98.3 millones

Inversiones de ensayos clínicos

Heron Therapeutics Invests $ 67.4 millones Específicamente en actividades de ensayos clínicos durante 2022, centrándose en oncología y desarrollo de medicamentos para el manejo del dolor.

• Entensos ensayos clínicos de fase III para HTX-011
• Desarrollo clínico de Zynrelef
• Investigación continua en soluciones de manejo del dolor

Costos de fabricación y producción

Los gastos de fabricación para Heron Therapeutics en 2022 totalizaron aproximadamente $ 45.2 millones, incluidos los costos de las instalaciones de producción y los procesos de fabricación farmacéutica.

Categoría de costos	Cantidad
Costos de fabricación directos	$ 32.6 millones
Mantenimiento de la instalación	$ 12.6 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para Heron Therapeutics alcanzaron $ 53.8 millones en 2022, que representa una parte significativa de los costos operativos de la compañía.

• Expansión del equipo comercial
• Campañas de marketing para Zynrelef
• Programas de participación profesional de la salud

Cumplimiento regulatorio y gastos legales

Los gastos regulatorios y legales para la herencia terapéutica ascendieron a $ 18.5 millones En 2022, cubriendo las interacciones de la FDA, la protección de patentes y las actividades de cumplimiento.

Tipo de gasto	Cantidad
Costos de presentación regulatoria	$ 11.2 millones
Gastos legales y de patente	$ 7.3 millones

Heron Therapeutics, Inc. (HRTX) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Para el año fiscal 2023, Heron Therapeutics reportó ingresos totales de productos de $ 79.2 millones, principalmente de sus productos farmacéuticos.

Producto	2023 ingresos
Zynrelef (bupivacaína y meloxicam)	$ 45.3 millones
Sustol (Granisetron)	$ 33.9 millones

Licencia de propiedad intelectual

En 2023, la terapéutica de Heron generó $ 4.5 millones de acuerdos de licencia de propiedad intelectual.

Subvenciones y colaboraciones de investigación

• Subvención de los Institutos Nacionales de Salud (NIH): $ 1.2 millones
• Ingresos de colaboración de investigación académica: $ 2.8 millones

Pagos de regalías de patentes de drogas

Los ingresos por regalías para 2023 totalizaron $ 3.7 millones de las carteras existentes de patentes de drogas.

Contratos de desarrollo de tecnología médica

Tipo de contrato	2023 ingresos
Contratos de desarrollo farmacéutico	$ 6.4 millones
Acuerdos de transferencia de tecnología	$ 2.1 millones

Llegados totales de ingresos para Heron Therapeutics en 2023 $ 96.3 millones.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Value Propositions

You're looking at the core value Heron Therapeutics, Inc. (HRTX) delivers to the market as of late 2025. It's all about specialized, high-value products in acute care and oncology support, with clear financial metrics backing up the claims.

ZYNRELEF offers non-opioid, extended-release postsurgical pain relief, promising efficacy for up to 72 hours. The commercial traction is clear in the numbers; ZYNRELEF Net Revenue grew 49% in the three months ended September 30, 2025, compared to the same period in 2024, with the nine-month growth also hitting 49%. Unit demand showed sequential strength, increasing 6.3% in Q2 2025 over Q1 2025. The expanded label indications mean ZYNRELEF is now appropriate for an estimated 17 million annual targeted procedures.

The value proposition for APONVIE centers on being the first and only IV aprepitant for preventing Postoperative Nausea and Vomiting (PONV). This product is gaining significant traction, with Net Revenue increasing 173% in the third quarter of 2025 compared to the third quarter of 2024. For the first nine months of 2025, APONVIE Net Revenue saw a 200% increase year-over-year. Unit demand grew 19% sequentially from Q1 to Q2 2025. This product addresses a common issue, as PONV affects approximately 30% of general surgical patients and up to 80% of high-risk patients.

The Oncology Care Franchise value is anchored by CINVANTI and SUSTOL for Chemotherapy-Induced Nausea and Vomiting (CINV) prevention. CINVANTI remains the primary revenue driver in this segment, accounting for 65% of the nine-month net product sales, totaling $73.8 million for the nine months ending September 30, 2025. Conversely, Heron is strategically winding down commercialization for SUSTOL, which saw its Q1 2025 net sales of $2.9 million represent a 21% decrease from Q1 2024.

Administrative and operational efficiencies are key value drivers for providers adopting the acute care portfolio. The Centers for Medicare & Medicaid Services (CMS) granted a permanent, product-specific J-code, J0688, for ZYNRELEF, effective October 1, 2025. This streamlines reimbursement alongside the separate payment status granted under the Non-Opioid Policy for Pain Relief, which is set to continue until at least the end of 2027. The payment limitation for ZYNRELEF under this policy is set at $2,267.26.

Product preparation is optimized through the ZYNRELEF Vial Access Needle (VAN), which launched in December 2024. This device is designed to simplify aseptic preparation, significantly reducing the withdrawal time for ZYNRELEF to between twenty and forty-five seconds. The transition to the VAN was expected to be completed in Q3 2025.

Here's a quick look at the revenue performance for the Acute Care Franchise, which delivered year-to-date revenue growth of 69.2% for the first nine months of 2025.

Product	Net Revenue (9M 2025, in thousands USD)	Year-over-Year Growth (9M 2025 vs 9M 2024)
ZYNRELEF	$16,230	49.7%
APONVIE	$4,724	226.7%
Acute Care Franchise Total	$33,300	69.2%

The Oncology Care Franchise, comprising CINVANTI and SUSTOL, generated combined net revenues of $55.1 million year-to-date as of Q2 2025. The overall 2025 Net Revenue guidance for Heron Therapeutics, Inc. was reaffirmed at $153 million to $163 million.

The value propositions are further supported by the following key product attributes:

• ZYNRELEF: Dual-acting local anesthetic combining bupivacaine and meloxicam.
• APONVIE: Delivered via a 30-second IV push, demonstrating rapid achievement of therapeutic drug levels.
• APONVIE: Included in the Fifth Consensus Guidelines for the Management of Postoperative Nausea and Vomiting.
• CINVANTI: Indicated for prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy (HEC).
• SUSTOL: Utilizes Biochronomer drug delivery technology to maintain therapeutic levels of granisetron for ≥5 days.

Finance: review the impact of the $11.3 million loss on debt extinguishment from the recent capital restructuring on Q4 2025 GAAP results by next Tuesday.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Customer Relationships

You're looking at how Heron Therapeutics, Inc. connects with the hospitals, ASCs (Ambulatory Surgical Centers), and the distributors who move their products. It's all about direct engagement and making the logistics of using their drugs as smooth as possible.

Dedicated sales force engagement with hospital and ASC pharmacy/surgical staff.

Heron Therapeutics, Inc. reorganized its commercial structure to focus on direct engagement. They launched a reorganized, dedicated ZYNRELEF sales team in Q3 2025. Also, the APONVIE team is described as seasoned and fully trained, leveraging the full range of Heron Therapeutics, Inc.'s resources to drive adoption within health systems and accounts achieved since launch.

Enhanced distributor incentive programs to drive product pull-through.

The company put in place enhanced distributor incentives in select accounts, targeting both formulary and high potential non-formulary accounts to accelerate adoption. This push directly correlated with performance; ZYNRELEF Net Revenue grew 49% in Q3 2025, as compared to Q3 2024.

Clinical education and onboarding support from a new Peri-Operative Clinical Educator Team.

While specific numbers for a dedicated Educator Team aren't public, the operational support for product use is clear. The transition to the Vial Access Needle (VAN) for ZYNRELEF was completed in Q3 2025, which optimizes product preparation, handling, and operating field sterility in hospitals and ASCs. This device change is a key part of the field support structure.

Direct support for reimbursement and formulary access.

A major step to ease customer friction was securing better payment terms. The permanent, product-specific J-code (J0688) for ZYNRELEF went live effective October 1, 2025. This is designed to streamline reimbursement and improve billing clarity across all payer types and settings of care. Furthermore, CMS reimbursement policies ensure separate pricing for ZYNRELEF until 2027.

Transactional sales model through major wholesalers.

The structure involves moving product through major wholesalers, which is evident in the revenue reporting and adjustments. For instance, a temporary wholesaler adjustment impacted Q2 2025 revenue figures. The overall commercial performance reflects this model, with Heron Therapeutics, Inc. reaffirming its 2025 Full-Year Net Revenue Guidance of $153 million - $163 million.

Here's a look at the commercial results tied to these customer relationship efforts through the third quarter of 2025:

Metric	Value / Rate	Period / Context
Q3 2025 Net Revenue	$38.2 million	Three months ended September 30, 2025
Year-to-Date Net Revenue	$114.3 million	Nine months ended September 30, 2025
ZYNRELEF Net Revenue Growth	49%	Q3 2025 vs. Q3 2024
APONVIE Net Revenue Growth	173%	Q3 2025 vs. Q3 2024
Acute Care Franchise Revenue Growth	67.2%	Year-over-year in Q3 2025
2025 Full-Year Net Revenue Guidance (Reiterated)	$153.0 million - $163.0 million	For the full fiscal year 2025
ZYNRELEF Pricing Support	Separate payment until 2027	Due to CMS policies

The launch of the dedicated ZYNRELEF sales team happened in Q3 2025.

• ZYNRELEF unit demand grew 6.3% in Q2 2025 versus Q1 2025.
• APONVIE unit demand grew 19% in Q2 2025 versus Q1 2025.
• CINVANTI unit demand and Net Revenue increased 6% in Q3 2025 as compared to Q3 2024.

The company's cash position as of September 30, 2025, was $55.5 million.

Finance: draft 13-week cash view by Friday.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Channels

You're looking at how Heron Therapeutics, Inc. gets its products to the customer, which is all about the logistics and the people selling them. Here's the breakdown of the channels they use as of late 2025.

Direct sales force targeting hospitals and Ambulatory Surgical Centers (ASCs)

Heron Therapeutics, Inc. deploys dedicated teams to drive adoption across key sites of care. Commercial execution initiatives in 2025 included specific team structures and incentives.

• Launch of a reorganized, dedicated ZYNRELEF sales team in Q3 2025.
• The APONVIE team is fully trained, leveraging Heron Therapeutics' resources to drive adoption in health systems.
• The transition to the Vial Access Needle (VAN) for ZYNRELEF was completed in Q3 2025.

The commercial results from these channel efforts in the third quarter of 2025 show clear movement:

Metric	Period Ended September 30, 2025	Comparison Period	Change
ZYNRELEF Net Revenue Growth	N/A	Q3 2024	49% increase
APONVIE Net Revenue Growth	N/A	Q3 2024	173% increase
CINVANTI Unit Demand and Net Revenue Change	N/A	Q3 2024	6% increase
ZYNRELEF Unit Demand Growth	Q2 2025	Q1 2025	6.3% growth

Major pharmaceutical wholesalers and Specialty distributors

Heron Therapeutics, Inc. relies on established networks to move its products from the manufacturing site to the point of care. They have also implemented programs to incentivize channel partners.

• ZYNRELEF is available through full-line wholesalers and specialty distributors.
• CINVANTI, SUSTOL, and APONVIE are accessible via major wholesalers and specialized distributors.
• Commercial initiatives include enhanced distributor incentives in select accounts to accelerate adoption.

Medicare/CMS reimbursement pathways

Reimbursement pathways are critical for access, especially for ZYNRELEF in the hospital outpatient and Ambulatory Surgical Center settings. The Centers for Medicare & Medicaid Services (CMS) policy dictates significant revenue flow.

The CMS policy for ZYNRELEF shifted in 2025:

• The existing pass-through payment status expired on March 31, 2025.
• ZYNRELEF was included in the proposed 2025 Non-Opioid Policy for Pain Relief under the Medicare hospital Outpatient Prospective Payment System (OPPS) and the Ambulatory Surgical Center (ASC) payment system, effective April 1, 2025.
• For calendar year 2025, CMS proposed that payments for qualifying drugs, like ZYNRELEF, will remain at average sales price plus six percent.
• For Medicare patients, ZYNRELEF is reimbursed separately in both the HOPD and ASC settings of care, billed using code J0668.

The Wholesale Acquisition Cost (WAC) pricing for ZYNRELEF as of July 1, 2025, is:

Volume	Bupivacaine/Meloxicam Content	WAC (Wholesale Acquisition Cost)
14 mL	400 mg/12 mg	$317.40
7 mL	200 mg/6 mg	$158.70

The overall commercial performance reflects these channel activities, with Heron Therapeutics, Inc. reaffirming its 2025 full-year Net Revenue Guidance to be between $153 million and $163 million.

Finance: draft 13-week cash view by Friday.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Customer Segments

You're looking at the specific groups that drive the revenue for Heron Therapeutics, Inc. (HRTX) as we move through late 2025. It's all about where their key products, ZYNRELEF and APONVIE, are being used in the US healthcare system.

The overall financial performance reflects the purchasing power of these segments. For instance, the Acute Care franchise, which serves the first two segments we'll discuss, saw revenue growth of 67.2% year-over-year in the third quarter of 2025.

Metric	Q3 2025 Actual	Year-to-Date (9 Months) 2025	2025 Full-Year Guidance Range
Net Revenue	$38.2 million	$114.3 million	$153 million - $163 million
ZYNRELEF Net Revenue Growth (YoY)	49%	49%	N/A
APONVIE Net Revenue Growth (YoY)	173%	200%	N/A
Adjusted EBITDA	$1.5 million	$9.5 million	$9.0 million - $13.0 million

The customer base is clearly segmented by the therapeutic area their products address.

US Hospitals and Ambulatory Surgical Centers (ASCs) for acute care products.

This segment is critical for ZYNRELEF, the extended-release local anesthetic, and APONVIE, the PONV treatment. The transition to the Vial Access Needle (VAN) for ZYNRELEF was completed in Q3 2025, optimizing use in these settings. Furthermore, the Centers for Medicare & Medicaid Services (CMS) granted a permanent, product-specific J-code for ZYNRELEF, effective October 1, 2025, which directly impacts billing clarity and reimbursement for both hospitals and ASCs.

Surgeons and Anesthesiologists focused on non-opioid postsurgical pain management.

These are the hands-on prescribers for ZYNRELEF. Adoption metrics show direct engagement within this group. The number of ordering accounts for ZYNRELEF grew from 705 to 833 between the third quarter of 2024 and the third quarter of 2025. Also, the average daily units sold increased by about 28% over the same period. This group is influenced by policies like the Non-Opioid Policy for Pain Relief, which took effect on April 1, 2025, ensuring separate payment for ZYNRELEF in hospital outpatient departments and ASCs.

Oncologists and Oncology Infusion Centers for CINV prevention products.

This group drives demand for the oncology franchise, including CINVANTI and SUSTOL. While the acute care segment is accelerating rapidly, this segment shows more stable, though still growing, demand. For example, CINVANTI unit demand and net revenue grew 6% compared to Q3 2024. In Q1 2025, CINVANTI and SUSTOL generated combined net revenues of $28.6 million.

Pharmacy and Therapeutics (P&T) Committees managing hospital formularies.

P&T Committees decide which drugs get placed on the official hospital formulary, which is a major gatekeeper for adoption. As of Q1 2025, ZYNRELEF was already on formulary for approximately 19% of orthopedic procedures. The dedicated APONVIE sales team, fully active in Q4 2025, is leveraging recent access wins to drive adoption within health systems.

Medicare and commercial payers influencing formulary coverage.

Payers determine the ultimate financial accessibility. The permanent CMS J-code for ZYNRELEF, effective October 1, 2025, is expected to streamline reimbursement for both CMS and commercial payers. Heron Therapeutics expected that most commercial payers would follow CMS policy regarding this new payment structure. The APONVIE dedicated sales team is leveraging recent access wins that collectively represent approximately 4 million of the estimated 35 million annual surgical patients at moderate to high risk for PONV in the U.S. as of July 1, 2025.

Finance: draft 13-week cash view by Friday.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations at Heron Therapeutics, Inc. as of late 2025. For a commercial-stage biotech, the cost structure is heavily weighted toward getting the product to the customer and funding future innovation, so you see significant spending in Sales & Marketing and R&D, even while streamlining.

Cost of product sales remains a high component due to the specialized nature of manufacturing their therapeutics. For the third quarter of 2025, the Cost of Sales hit $11.9 million, reflecting the complexity involved in producing their portfolio, including ZYNRELEF and the oncology supportive care drugs.

The company supports its commercial efforts with significant Selling and Marketing (S&M) expenses. This spending is necessary to support the dedicated sales teams for products like ZYNRELEF and APONVIE, especially following the reorganization of the ZYNRELEF sales team in Q3 2025.

Research and Development (R&D) expenses, while streamlined compared to earlier periods, are still a necessary investment for pipeline progression, such as the ZYNRELEF Prefilled Syringe projected for an early 2027 launch. For the first quarter of 2025, R&D spending was reported at $2.3 million.

Financing costs are influenced by the recent capital restructuring completed in August 2025. The debt load was actively managed, moving from approximately $175 million in principal debt outstanding at the end of Q1 2025 (comprising the Hercules loan and senior convertible notes) down to a new structure with total debt of approximately $145 million following the August refinancing, which included repaying $125 million in cash and converting $25 million of notes to stock.

The General and Administrative (G&A) overhead includes the costs of running the corporate functions. Furthermore, the company recently resolved a major overhang, reaching a settlement with Mylan Pharmaceuticals, Inc. regarding CINVANTI and APONVIE patent litigations, which resulted in lower expected legal spend for the remainder of 2025.

Here's a look at the quarterly operating expense breakdown for Q1 2025 and the most recent Q3 2025 figures, showing the scale of these cost centers:

Expense Category	Q1 2025 Amount (in thousands)	Q3 2025 Amount (in thousands)
Cost of Product Sales	$8,458 (Q1 2025)	$11,914
Research and Development (R&D)	$2,279	$3,470
General and Administrative (G&A)	$12,702	$13,980
Sales and Marketing (S&M)	$12,311	$12,942

The key cost drivers in the operating expenses are:

• S&M spending was $12.311 million in Q1 2025 and rose to $12.942 million in Q3 2025, supporting commercial teams.
• G&A expenses were $12.702 million in Q1 2025, increasing to $13.980 million in Q3 2025.
• The Mylan settlement provided clarity and is expected to reduce future legal spend.

Finance: draft 13-week cash view by Friday.

Heron Therapeutics, Inc. (HRTX) - Canvas Business Model: Revenue Streams

You're looking at how Heron Therapeutics, Inc. converts its products into dollars, which is the core of its Revenue Streams block in the Business Model Canvas. This is all about the net product sales from their two main franchises.

The Acute Care franchise is definitely the primary growth engine right now. This is where ZYNRELEF and APONVIE live, and the numbers show serious acceleration. The company reiterated its full-year 2025 Net Revenue Guidance to be between $153 million and $163 million.

The Oncology franchise, featuring CINVANTI and SUSTOL, is positioned to provide that stable base revenue. While the Acute Care segment is surging, the Oncology segment showed a more modest year-over-year growth of 1.7% in Q3 2025.

Here's a look at the key revenue drivers from the latest reported quarter:

• Net product sales from the Acute Care franchise (ZYNRELEF, APONVIE) are the main focus for near-term expansion.
• Net product sales from the Oncology franchise (CINVANTI, SUSTOL) offer a consistent revenue floor.
• Full-year 2025 Net Revenue Guidance is set at $153 million to $163 million.

The growth story in the Acute Care segment is quite clear when you look at the individual product performance for the third quarter of 2025:

Product	Q3 2025 Net Sales	Year-over-Year Growth (Q3 2025 vs Q3 2024)
ZYNRELEF	$9.3 million	49%
APONVIE	$3.0 million	173%

The overall Acute Care Franchise saw revenue growth of 67.2% year-over-year in Q3 2025. That's a big jump.

For the Oncology franchise, the numbers reflect a more mature revenue base:

• CINVANTI unit demand and Net Revenue increased 6% in Q3 2025 as compared to Q3 2024.
• SUSTOL contributes to the stable base, though specific Q3 2025 net sales figures aren't detailed here, its presence alongside CINVANTI defines this revenue pillar.

Honestly, the revenue stream is clearly pivoting toward the newer acute care assets, but the established oncology products are still pulling their weight to keep the lights on while the growth products scale. Finance: draft 13-week cash view by Friday.