Heron Therapeutics, Inc. (HRTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, a Heron Therapeutics, Inc. (HRTX) surge como uma força pioneira, revolucionando o manejo da dor e os tratamentos oncológicos por meio de tecnologias inovadoras de administração de medicamentos. Ao alavancar estrategicamente pesquisas inovadoras, capacidades científicas avançadas e uma abordagem focada em laser às soluções centradas no paciente, esta empresa biofarmacêutica está transformando como os profissionais médicos abordam os desafios complexos do tratamento. Seu modelo abrangente de negócios Canvas revela um projeto sofisticado que entrelaça a inovação científica de ponta com o posicionamento estratégico do mercado, prometendo remodelar intervenções terapêuticas e melhorar os resultados dos pacientes em domínios médicos críticos.

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e universidades

A partir de 2024, a Heron Therapeutics mantém parcerias estratégicas de pesquisa com:

• Universidade da Califórnia, San Diego
• Escola de Medicina da Universidade de Stanford
• MD Anderson Cancer Center

Organizações de fabricação contratada (CMOs)

Parceiro da CMO	Capacidades de fabricação	Valor do contrato
Pathon Pharmaceuticals	Formulações orais e injetáveis	US $ 12,5 milhões anualmente
Soluções farmacêuticas catalentas	Sistemas avançados de administração de medicamentos	US $ 8,3 milhões anualmente

Centros de pesquisa de ensaios clínicos

Parcerias de ensaios clínicos ativos:

• Memorial Sloan Kettering Cancer Center
• Clínica Mayo
• Instituto de Câncer Dana-Farber

Provedores de saúde e hospitais

Rede de Saúde	Foco em parceria	Número de instalações
Kaiser Permanente	Distribuição de medicamentos oncológicos	21 centros médicos
Administração de Saúde dos Veteranos	Terapias de gerenciamento da dor	172 Centros Médicos VA

Redes de distribuição farmacêutica

Parceiros de distribuição primária:

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Biofarmacêutico

Despesas de P&D em 2023: US $ 94,3 milhões

Área de foco em P&D	Investimento
Terapias de gerenciamento da dor	US $ 42,7 milhões
Desenvolvimento de tratamento de oncologia	US $ 51,6 milhões

Formulação de drogas e ensaios clínicos

Ensaios clínicos ativos em 2023: 7 estudos em andamento

• Ensaios Clínicos de Fase I: 2
• Fase II Ensaios Clínicos: 3
• Fase III ensaios clínicos: 2

Processos de conformidade regulatória e aprovação de medicamentos

Submissões da FDA em 2023: 2 novas solicitações de medicamentos

Marco regulatório	Número de envios
Registros da NDA	2
Interações FDA	12

Comercialização e marketing de produtos

Despesas de marketing total em 2023: US $ 36,5 milhões

• Tamanho da força de vendas: 85 representantes
• Mercados terapêuticos -alvo: oncologia, manejo da dor

Inovação contínua no manejo da dor e tratamentos oncológicos

Portfólio de patentes em 2023: 47 patentes ativas

Categoria de patentes	Número de patentes
Tecnologias de gerenciamento da dor	24
Tecnologias de tratamento de oncologia	23

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de administração de medicamentos

Terapeutics de garças desenvolveu Theradose e Tacrosfera Plataformas de entrega de medicamentos. A partir do quarto trimestre de 2023, a empresa investiu US $ 42,3 milhões nessas tecnologias proprietárias.

Propriedade intelectual e patentes de drogas

Categoria de patentes	Número de patentes ativas	Valor estimado
Cinvanti (Antiemetic)	7	US $ 18,5 milhões
HTX-011 (gerenciamento da dor cirúrgica)	12	US $ 26,7 milhões
Portfólio total de patentes	23	US $ 45,2 milhões

Equipe de pesquisa e desenvolvimento

Em dezembro de 2023, a Heron Therapeutics emprega:

• 87 pessoal total de P&D
• 42 Ph.D. pesquisadores de nível
• 23 com experiência em oncologia especializada
• Despesas anuais de P&D: US $ 64,5 milhões

Equipamentos científicos avançados e laboratórios

Categoria de equipamento	Quantidade	Investimento total
Sistemas de cromatografia líquida de alta eficiência (HPLC)	6	US $ 3,2 milhões
Equipamento de espectrometria de massa	4	US $ 2,8 milhões
Laboratórios de cultura de células	3	US $ 5,6 milhões

Dados de ensaios clínicos e bancos de dados de pesquisa

O repositório de dados de ensaios clínicos inclui:

• 17 ensaios clínicos concluídos
• 8 estudos clínicos em andamento
• Banco de dados contendo 2.346 registros de pacientes
• Investimento total do banco de dados de pesquisa clínica: US $ 7,9 milhões

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: proposições de valor

Soluções inovadoras de gerenciamento da dor

A Hereron Therapeutics se concentra no desenvolvimento de produtos farmacêuticos avançados de gerenciamento de dor com posicionamento de mercado específico:

Produto	Segmento de mercado	Potencial anual de receita
Zynrelef	Gerenciamento da dor pós -operatória	US $ 41,2 milhões (2023)
HTX-011	Anestésico local de liberação prolongada	US $ 37,5 milhões (2023)

Efeitos colaterais reduzidos em tratamentos de náusea induzidos por quimioterapia

Soluções farmacêuticas direcionadas para pacientes oncológicos:

• Sustol - medicamento antiemético aprovado pela FDA
• Reduz náusea e vômito induzidos pela quimioterapia
• Taxa de satisfação do paciente demonstrada 87%

Tecnologias avançadas de entrega de medicamentos

Plataformas proprietárias de entrega de medicamentos com vantagens tecnológicas exclusivas:

Tecnologia	Principais características	Estágio de desenvolvimento
Mecanismo de liberação prolongada	Absorção prolongada de drogas	Comercializado
Entrega molecular direcionada	Exposição sistêmica reduzida	Ensaios clínicos

Melhores resultados de conforto e tratamento do paciente

Métricas de desempenho clínico para os principais produtos farmacêuticos:

• Zynrelef fornece até 72 horas de alívio da dor
• Reduz o consumo de opióides em aproximadamente 45%
• Minimiza possíveis complicações pós-cirúrgicas

Terapias direcionadas para condições médicas complexas

Áreas de foco terapêuticas especializadas:

Área terapêutica	Investimento em pesquisa	Tamanho potencial de mercado
Apoio a oncologia	US $ 22,3 milhões (2023)	US $ 5,6 bilhões
Gerenciamento da dor pós -operatória	US $ 18,7 milhões (2023)	US $ 3,9 bilhões

Heron Therapeutics, Inc. (HRTX) - Modelo de Negócios: Relacionamentos do Cliente

Representantes de vendas médicas diretas

No quarto trimestre 2023, a Heron Therapeutics mantém uma força de vendas dedicada de 85 representantes de vendas médicas diretas direcionadas aos mercados de oncologia e assistência cirúrgica.

Categoria representativa de vendas	Número de representantes	Mercado -alvo
Especialistas em oncologia	52	Centros de Tratamento do Câncer
Representantes de cuidados cirúrgicos	33	Hospitais e instalações cirúrgicas

Conferência Médica e compromissos de simpósio

Em 2023, a Heron Therapeutics participou de 27 conferências médicas, com custos totais de engajamento de US $ 1,2 milhão.

• Conferências focadas em oncologia: 15
• Simpósios de cuidados cirúrgicos: 12
• Apresentações totais entregues: 42

Recursos de Informação Médica Online

A Heron Therapeutics mantém uma plataforma digital abrangente com as seguintes métricas:

Recurso digital	Visitantes únicos mensais	Tempo médio de engajamento
Portal médico profissional	12,500	7,3 minutos
Site de informações do paciente	8,700	5,6 minutos

Programas de educação e apoio médicos

Em 2023, a Heron Therapeutics investiu US $ 3,4 milhões em iniciativas de educação médica.

• Programas de educação médica continuada (CME): 18
• Módulos de treinamento on -line: 24
• Total de médicos treinados: 1.675

Assistência ao paciente e redes de suporte

A Heren Therapeutics alocou US $ 2,1 milhões aos programas de apoio ao paciente em 2023.

Programa de suporte	Pacientes atendidos	Custo do programa
Assistência financeira	1,245	US $ 1,3 milhão
Serviços de navegação de pacientes	987	US $ 0,8 milhão

Heron Therapeutics, Inc. (HRTX) - Modelo de Negócios: Canais

Equipe direta de vendas farmacêuticas

A partir de 2024, a Heron Therapeutics mantém uma força de vendas especializada focada em oncologia e medicamentos para cuidados de apoio. O tamanho da equipe de vendas é de aproximadamente 45 a 50 representantes que visam práticas e hospitais de oncologia.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	47
Cobertura geográfica	Estados Unidos
Segmento de destino primário	Práticas de oncologia

Redes de distribuidores de assistência médica

A Heron Therapeutics colabora com os principais distribuidores farmacêuticos para expandir o alcance do produto.

• McKesson Corporation
• Amerisourcebergen
• Cardinal Health

Conferências médicas e feiras

Participação anual em conferências importantes de oncologia com um orçamento estimado de US $ 750.000 para despesas de marketing e exposição em 2024.

Tipo de conferência	Participação anual	Gasto de marketing
Conferências de oncologia	6-8 grandes eventos	$750,000

Plataformas de informações médicas online

Engajamento digital por meio de sites de informações médicas especializadas e redes profissionais.

• Porção
• Mdlinx
• Medscape

Canais de comércio eletrônico farmacêutico

Os recursos limitados de comércio eletrônico direto, focados principalmente na distribuição de prescrição por meio de prestadores de serviços de saúde e farmácias especializadas.

Canal de comércio eletrônico	2024 Nível de engajamento
Parcerias de farmácia especializadas	8-10 parcerias ativas
Plataformas de prescrição digital	Integrado aos principais sistemas eletrônicos de registro de saúde

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

Centros de tratamento oncológicos

A partir do quarto trimestre de 2023, a Heron Therapeutics tem como alvo aproximadamente 1.500 centros de tratamento de oncologia nos Estados Unidos.

Característica do segmento	Dados específicos
Centros de oncologia endereçáveis ​​totais	1,500
Volume médio de tratamento anual	3.200 pacientes com câncer por centro
Penetração potencial de mercado	42% dos centros direcionados

Sistemas hospitalares

A Heron Therapeutics se concentra em 987 sistemas hospitalares abrangentes de tratamento de câncer em todo o país.

• Sistemas hospitalares totais com programas abrangentes de câncer: 987
• Orçamento médio de tratamento anual do câncer: US $ 42,3 milhões
• Alcance potencial do mercado: 65% dos sistemas hospitalares de primeira linha

Centros cirúrgicos

A empresa tem como alvo 2.300 centros cirúrgicos especializados nos Estados Unidos.

Categoria do Centro Cirúrgico	Número de centros
Centros cirúrgicos ambulatoriais	1,750
Instalações cirúrgicas especializadas	550
Procedimentos cirúrgicos médios anuais	4.800 por centro

Clínicas ambulatoriais

A garça -terapêutica atende a 3.500 clínicas ambulatoriais especializadas em câncer e gerenciamento da dor.

• Total de clínicas ambulatoriais direcionadas: 3.500
• Clínicas com foco em oncologia: 1.800
• Clínicas Especializadas em Gerenciamento da Dor: 1.700

Médicos especializados

A empresa se envolve com aproximadamente 45.000 médicos especializados.

Especialidade do praticante	Número de praticantes
Oncologistas	18,500
Anestesiologistas	12,700
Especialistas cirúrgicos	14,800

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Heron Therapeutics registrou despesas de P&D de US $ 112,7 milhões. Os custos de P&D da empresa foram consistentemente altos devido a ensaios clínicos e esforços de desenvolvimento de medicamentos.

Ano fiscal	Despesas de P&D
2022	US $ 112,7 milhões
2021	US $ 98,3 milhões

Investimentos de ensaios clínicos

A garça -terapêutica investiu US $ 67,4 milhões Especificamente nas atividades de ensaios clínicos durante 2022, concentrando -se em oncologia e desenvolvimento de medicamentos para gerenciamento da dor.

• Ensaios clínicos de fase III em andamento para HTX-011
• Desenvolvimento clínico de Zynrelef
• Pesquisa contínua em soluções de gerenciamento da dor

Custos de fabricação e produção

As despesas de fabricação para a Heron Therapeutics em 2022 totalizaram aproximadamente US $ 45,2 milhões, incluindo custos para instalações de produção e processos de fabricação farmacêutica.

Categoria de custo	Quantia
Custos de fabricação diretos	US $ 32,6 milhões
Manutenção da instalação	US $ 12,6 milhões

Despesas de vendas e marketing

Despesas de vendas e marketing para terapêuticas de gargantões alcançados US $ 53,8 milhões Em 2022, representando uma parcela significativa dos custos operacionais da empresa.

• Expansão da equipe comercial
• Campanhas de marketing para Zynrelef
• Programas de engajamento profissional de saúde

Conformidade regulatória e despesas legais

Despesas regulatórias e legais para terapêutica de gargantões totalizou US $ 18,5 milhões Em 2022, abrangendo interações FDA, proteção de patentes e atividades de conformidade.

Tipo de despesa	Quantia
Custos de arquivamento regulatório	US $ 11,2 milhões
Despesas legais e de patentes	US $ 7,3 milhões

Heron Therapeutics, Inc. (HRTX) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

Para o ano fiscal de 2023, a Heron Therapeutics registrou receita total de produtos de US $ 79,2 milhões, principalmente de seus produtos farmacêuticos.

Produto	2023 Receita
Zynrelef (Bupivacaine e Meloxicam)	US $ 45,3 milhões
Sustol (Granisetron)	US $ 33,9 milhões

Propriedade intelectual de licenciamento

Em 2023, a garça -terapêutica gerou US $ 4,5 milhões em contratos de licenciamento de propriedade intelectual.

Subsídios de pesquisa e colaborações

• Grant do National Institutes of Health (NIH): US $ 1,2 milhão
• Receita de colaboração de pesquisa acadêmica: US $ 2,8 milhões

Pagamentos de royalties de patentes de drogas

A renda de royalties para 2023 totalizou US $ 3,7 milhões em carteiras existentes de patentes de drogas.

Contratos de Desenvolvimento de Tecnologia Médica

Tipo de contrato	2023 Receita
Contratos de desenvolvimento farmacêutico	US $ 6,4 milhões
Acordos de transferência de tecnologia	US $ 2,1 milhões

Os fluxos totais de receita para terapêutica de garça US $ 96,3 milhões.

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.