Heron Therapeutics Completes Capital Restructuring to Boost Growth and Reduce Debt

Heron Therapeutics has completed a comprehensive capital restructuring to enhance financial flexibility, reduce debt, and support long-term growth. The company has secured a new senior credit facility with Hercules Capital due in 2030, providing $110 million. This move is expected to provide the company with increased financial flexibility and support its growth strategy.

Heron Therapeutics (NASDAQ: HRTX) has completed a significant capital restructuring aimed at bolstering its financial flexibility, reducing total debt, and supporting long-term growth. The restructuring includes a new senior credit facility with Hercules Capital (HTGC) due in 2030, which provides $110.0 million in committed capital at closing and an additional $40.0 million in two $20.0 million tranches available upon achievement of certain milestones. Additionally, the company has secured $27.7 million through a private placement with select investors via the issuance of common and preferred equity [1][2].

This move is expected to provide Heron Therapeutics with increased financial flexibility, allowing it to better support its commercial and development initiatives. The company also plans to use the proceeds from the refinancing to retire prior convertible notes and its working capital facility, thereby eliminating near-term debt maturities and providing additional working capital.

Craig Collard, Chief Executive Officer of Heron, stated, "We've worked diligently to streamline our capital structure and position Heron for growth. This refinancing strengthens our balance sheet, eliminates near-term debt maturities, and supports our commercial execution and pipeline priorities moving forward."

The refinancing transactions were entered into on August 8, 2025, and are expected to close on August 12, 2025. Leerink Partners served as the exclusive financial advisor and placement agent, while DLA Piper LLP (US) acted as legal advisor to Heron.

About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. The company's portfolio includes products such as ZYNRELEF, APONVIE, CINVANTI, and SUSTOL, which aim to advance the standard-of-care for acute care and oncology patients [3].

References:
[1] https://seekingalpha.com/news/4482538-heron-therapeutics-announces-capital-restructuring-to-support-growth
[2] https://www.marketscreener.com/news/heron-therapeutics-announces-comprehensive-capital-restructuring-to-support-growth-and-extend-maturi-ce7c5eddd981f526
[3] https://www.herontx.com