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- **Acute Care Surge**: ZYNRELEF +49% YoY, APONVIE +173% YoY, Q3 acute care revenue $12.3M
- **J-code Win**: ZYNRELEF billing clarity drives 17% Oct unit growth
- **CINVANTI Resilience**: Stable at $24M despite competitive pressure
- **2027 PFS Launch**: Simplified delivery system targets late 2027 approval
- **Cash Position**: $55.5M post-financing, debt extinguishment costs $11.3M

**【CEO Opening Remarks】**
- **Q3 2025 Financial Highlights**: Total revenue $38.2M (YoY +15%), adjusted EBITDA $1.5M, gross margin 68.8% (down 2.4pts YoY due to one-time inventory write-off). 
- **Product Momentum**: ZYNRELEF net sales $9.3M (YoY +49%), APONVIE $3M (YoY +173%). CINVANTI stable at $24M, SUSTOL declining to $1.9M (YoY -32%).
- **Strategic Wins**: J-code for ZYNRELEF effective Oct 1, prefilled syringe (PFS) approval targeted for late 2027.
- **Operational Focus**: Post-financing, management prioritizing commercial execution and product growth.

**【COO Operational Update】**
- **ZYNRELEF Growth Drivers**: 
  - 200mg vial access needle (VAN) adoption
  - CrossLink Ignite distributor incentive program
  - Dedicated IBM team
  - Q3 units: 1,127/day (vs 882/day YoY), 17% Oct YoY surge
- **APONVIE Expansion**: 
  - 6-person dedicated team launched July 2025
  - Q3 units: 998/day (vs 418/day YoY)
  - 2025 PONV guidelines expected Q4
- **CINVANTI Synergy**: APONVIE pull-through driving CINVANTI orders in shared accounts

**【CFO Financial Review】**
- **Revenue**: Acute care $12.3M (QoQ +15%), oncology $25.9M (QoQ +1%)
- **Gross Profit**: $26.3M (68.8% margin), adjusted for $1.4M inventory write-off
- **Expenses**: 
  - SG&A $26.9M (YoY +15%)
  - R&D $3.5M (YoY -22%)
  - Net loss $17.5M (YoY +263% due to $11.3M debt extinguishment)
- **Cash Position**: $55.5M post-Q3 financing

**【Q&A Highlights】**
1. **ZYNRELEF October Momentum**: 17-18% MoM unit growth in first 2 weeks
2. **Gross Margin Adjustment**: Excluding write-off, adjusted margin ~74.5%
3. **NOPAIN Act Impact**: 75% of ZYNRELEF procedures now reimbursable
4. **2026 Commercial Investment**: Contingent on Q4 performance, potential team expansion
5. **SUSTOL Winddown**: Plan to halt commercialization by Q4 2026

Heron Therapeutics, Inc. (HRTX) Q3 2025 Earnings Call Transcript

Revenue

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HRTX

HRTX fundamentals

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