Granisetron

2024 highlights include expanded product labeling, key FDA designations and new study publications Recent developments include Phase 2 DMD Study Breakthrough Results and Vibativ China approval NASHVILLE, Tenn. , March 4, 2025 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, announced today that its product portfolio of FDA-approved brands delivered combined net revenues of $10.4 million during the fourth quarter of 2024, an 11.6% increase over the prior year period. Net revenues for the full year 2024 were $38 million . Cumberland ended the year with $76 million in total assets – including $18 million in cash, $53 million in liabilities and $23 million of shareholders' equity. "2024 was a transformative year for our Company, marked by expanded product labeling, key FDA designations and significant new study publications that underscore our commitment to improving patient care," said Cumberland Pharmaceuticals CEO A.J. Kazimi . "As we move into 2025, we remain focused on driving growth, delivering value to our stakeholders and advancing our mission." Cumberland started 2025 with several significant developments, including: Cumberland recently announced positive top-line results following completion of its Phase II study evaluating ifetroban in patients with cardiomyopathy associated with Duchenne muscular dystrophy. This marks a breakthrough for these patients, as it is the first successful Phase II study specifically targeting the cardiac complications of their condition. The Company learned that its potent antibiotic, Vibativ®, received approval by the regulatory authorities in China – the world's second largest pharmaceutical market. This milestone adds to Cumberland's growing international business, as it also began shipping Vibativ to Saudi Arabia and completed the needed product training to launch the product there. HIGHLIGHTS FOR 2024 INCLUDE: FDA Granted Orphan Drug Designations for Ifetroban Cumberland's ifetroban product candidate received FDA Orphan Drug and Rare Pediatric Disease designations for the treatment of cardiomyopathy in Duchenne muscular dystrophy, a devastating genetic disorder affecting young boys. These designations recognize the urgent need for effective treatments and also provide vital support to accelerate research and development. They represent hope for families and a pathway to bring transformative medicines to a vulnerable patient population more quickly and efficiently. If approved, ifetroban would be the first therapy specifically indicated for DMD-related heart disease. New Study Compared Caldolor® to Ketorolac Cumberland announced the publication of new real-world outcomes research demonstrating the safety and health care resource advantages of Caldolor over its main competitor, ketorolac, in both adult and pediatric populations. The study, published in Frontiers of Pain Research , provides compelling evidence that Caldolor is associated with a significantly reduced incidence of adverse drug reactions and improved health care utilizations when compared to ketorolac. Caldolor Special Report Cumberland shared a Caldolor Special Report, which was published in Anesthesiology News , General Surgery News and Pharmacy Practice News and presented the growing amount of data supporting the use of Caldolor as a standard of care for the treatment of pain and fever. The results demonstrated that the product is a safe and effective treatment for pain and fever in adults, children and infants. FDA Approved New, Simplified Dosing Regimen for Acetadote® Cumberland announced the FDA approval of a supplemental New Drug Application for Acetadote, Cumberland's IV treatment for preventing or lessening liver injury after ingestion of potentially toxic quantities of acetaminophen. The new, streamlined approach reduces the frequency of medication errors and potentially serious non-allergic anaphylactoid reactions without compromising the effectiveness of Acetadote. By simplifying the dosing regimen, health care providers can administer the life-saving treatment more efficiently, potentially improving patient outcomes. 2024 Sustainability Metrics Cumberland updated its annual sustainability metrics, detailing the Company's activities pertaining to its environmental, social and governance matters. Cumberland reported its key findings for 2024, including providing 3.9 million doses of its FDA-approved products to patients and safely disposing of nearly 12,480 pounds of damaged and expired products. Additionally, Cumberland had no products recalled and no clinical trials terminated due to failure to practice good clinical standards in 2024. Clinical Development Programs Throughout 2024, Cumberland made significant progress in advancing the Phase II clinical trials evaluating its ifetroban product candidate. The Company closed its study in patients with Duchenne muscular dystrophy, approached the conclusion of enrollment in its systemic sclerosis study and significantly progressed its study in patients suffering from pulmonary fibrosis. These programs are designed to address unmet medical needs in large potential markets. FINANCIAL RESULTS: Net Revenue: For 2024, net revenues were $38 million and included $15.3 million for Kristalose®, $9 million for Sancuso® $7.2 million for Vibativ® and $5 million for Caldolor®. Operating Expenses: Total operating expenses for 2024 were $44 million . Net Income (Loss): The net loss for the fourth quarter of 2024 was approximately $1.9 million and the year ended December 31, 2024 , was approximately $6.4 million . Adjusted Earnings (Loss): Adjusted loss for the year ended December 31, 2024 , was $1.0 million . The adjusted earnings calculation does not include the benefit of the $1.3 million of Vibativ and Sancuso cost of goods, which were received as part of each product's acquisition. Balance Sheet: At December 31, 2024 , Cumberland had $76 million in total assets, including $18 million in cash and cash equivalents. Liabilities totaled $53 million , including $15 million on the company's credit facility. Total shareholders' equity was $23 million at December 31, 2024 . EARNINGS REPORT CALL: Cumberland will report its 2024 financial results via a conference call today, March 4, 2025 , at 4:30 p.m. Eastern Time . To participate in the call, please register at https://register.vevent.com/register/BIafb49dfab9014db59440ff63e1d827b2. Registered participants can dial in from their phone using a dial-in and PIN number that will be provided to them. Alternatively, they can choose a "Call Me" option to have the system automatically call them at the start of the conference. A replay of the call will be available for one year and can be accessed via Cumberland's website or by visiting: https://edge.media-server.com/mmc/p/r4puvzy9/. ABOUT CUMBERLAND PHARMACEUTICALS : Cumberland Pharmaceuticals Inc. is the largest biopharmaceutical company founded and headquartered in Tennessee and is focused on providing unique products that improve the quality of patient care. The company develops, acquires, and commercializes products for the hospital acute care, gastroenterology and oncology market segments. The company's portfolio of FDA-approved brands includes: Acetadote® (acetylcysteine) injection, for the treatment of acetaminophen poisoning; Caldolor® (ibuprofen) injection, for the treatment of pain and fever; Kristalose® (lactulose) oral, a prescription laxative, for the treatment of constipation; Sancuso® (granisetron) transdermal, for the prevention of nausea and vomiting in patients receiving certain types of chemotherapy treatment; Vaprisol® (conivaptan) injection, to raise serum sodium levels in hospitalized patients with euvolemic and hypervolemic hyponatremia; and Vibativ® (telavancin) injection, for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia, as well as complicated skin and skin structure infections. The Company also has a series of Phase II clinical programs underway evaluating its ifetroban product candidate in patients with cardiomyopathy associated with Duchenne Muscular Dystrophy, Systemic Sclerosis and Idiopathic Pulmonary Fibrosis. For more information on Cumberland's approved products, including full prescribing information, please visit links to the individual product websites, which can be found on the company's website at www.cumberlandpharma.com. About Acetadote® (acetylcysteine) Injection Acetadote, administered intravenously within 8 to 10 hours after ingestion of a potentially hepatotoxic quantity of acetaminophen, is indicated to prevent or lessen hepatic injury. Used in the emergency department, Acetadote is approved in the United States to treat overdose of acetaminophen, a common ingredient in many over-the-counter medications. Acetadote is contraindicated in patients with hypersensitivity or previous anaphylactoid reactions to acetylcysteine or any components of the preparation. For full prescribing and safety information, visit www.acetadote.com. About Caldolor® (ibuprofen) Injection Caldolor is indicated in adults and pediatric patients for the management of mild to moderate pain and the management of moderate to severe pain as an adjunct to opioid analgesics, as well as the reduction of fever. It was the first FDA-approved intravenous therapy for fever. Caldolor is contraindicated in patients with known hypersensitivity to ibuprofen or other non-steroidal anti-inflammatory drugs (NSAIDs) as well as patients with a history of asthma or other allergic type reactions after taking aspirin or other NSAIDs. Caldolor is contraindicated for use during the peri-operative period in the setting of coronary artery bypass graft (CABG) surgery. For full prescribing and safety information, including boxed warning, visit www.caldolor.com. About Kristalose® (lactulose) Oral Solution Kristalose is indicated for the treatment of acute and chronic constipation. It is a unique, proprietary, crystalline form of lactulose, with no restrictions on length of therapy or patient age. Kristalose is contraindicated in patients who require a low-galactose diet. Elderly, debilitated patients who receive lactulose for more than six months should have serum electrolytes (potassium, chloride, carbon dioxide) measured periodically. For full prescribing and safety information, visit www.kristalose.com. About Sancuso® (granisetron) Transdermal System Sancuso is the only skin patch approved by the FDA for the prevention of chemotherapy-induced nausea and vomiting (CINV) in patients receiving moderately and/or highly emetogenic chemotherapy. When applied 24 to 48 hours before receiving chemotherapy, the Sancuso patch slowly and continuously releases the medicine contained in the adhesive through clean and intact skin areas into the patient's bloodstream. It can prevent CINV for chemotherapy regimens of up to five consecutive days. For full prescribing and safety information, visit www.sancuso.com. About Vaprisol® (conivaptan hydrochloride) Injection Vaprisol is an intravenous treatment for hyponatremia used in the critical care setting. Hyponatremia is an electrolyte disturbance in which sodium ion concentration in blood plasma is lower than normal. This can be associated with a variety of critical care conditions including congestive heart failure, liver failure, kidney failure and pneumonia. The product is a vasopressin receptor antagonist that raises serum sodium levels and promotes free water secretion. Vaprisol is contraindicated in patients with hypovolemic hyponatremia. The coadministration of Vaprisol with potent CYP3A inhibitors, such as ketoconazole, itraconazole, clarithromycin, ritonavir and indinavir, is contraindicated. For full prescribing and safety information, including boxed warning, visit www.vaprisol.com. About Vibativ® (telavancin) for Injection Vibativ is a patented, FDA-approved injectable anti-infective for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia and complicated skin and skin structure infections. It addresses a range of Gram-positive bacterial pathogens, including those that are considered difficult-to-treat and multidrug-resistant. Intravenous unfractionated heparin sodium is contraindicated with Vibativ administration due to artificially prolonged activated partial thromboplastin time (aPTT) test results for up to 18 hours after Vibativ administration. Vibativ is contraindicated in patients with a known hypersensitivity to telavancin. For more information, please visit www.vibativ.com. ABOUT CUMBERLAND EMERGING TECHNOLOGIES: Cumberland Emerging Technologies, Inc. (www.cet-fund.com) is a joint initiative between Cumberland Pharmaceuticals Inc. , Vanderbilt University , LaunchTN and WinHealth. The mission of CET is to advance biomedical technologies and products conceived at Vanderbilt University and other regional research centers towards the marketplace. CET helps manage the development and commercialization process for select projects, and provides expertise on intellectual property, regulatory, manufacturing and marketing issues that are critical to successful new biomedical products. CET's Life Sciences Center provides laboratory space, equipment and infrastructure for CET's activities and other early-stage life sciences ventures. FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which are subject to certain risks and reflect Cumberland's current views on future events based on what it believes are reasonable assumptions. No assurance can be given that these events will occur. Forward-looking statements include, among other things, statements regarding the Company's intent, belief or expectations, and can be identified by the use of terminology such as "may," "will," "expect," "believe," "intend," "plan," "estimate," "should," "seek," "anticipate," "look forward" and other comparable terms or the negative thereof. As with any business, all phases of Cumberland's operations are subject to factors outside of its control, and any one or combination of these factors could materially affect Cumberland's operation results. These factors include macroeconomic conditions, including rising interest rates and inflation, competition, an inability of manufacturers to produce Cumberland's products on a timely basis, failure of manufacturers to comply with regulations applicable to pharmaceutical manufacturers, natural disasters, public health epidemics, maintaining an effective sales and marketing infrastructure, and other events beyond the Company's control as more fully discussed in its most recent annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (" SEC "), as well as the Company's other filings with the SEC from time to time. There can be no assurance that results anticipated by the company will be realized or that they will have the expected effects. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to publicly revise these statements to reflect events after the date hereof. CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2024 and 2023 (Unaudited) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 17,964,184 $ 18,321,624 Accounts receivable, net 11,701,466 9,758,176 Inventories, net 3,999,995 4,609,362 Prepaid and other current assets 2,786,513 3,025,248 Total current assets 36,452,158 35,714,410 Non-current inventories 11,005,499 12,804,529 Property and equipment, net 277,365 367,903 Intangible assets, net 17,973,449 22,607,918 Goodwill 914,000 914,000 Operating lease right-of-use assets 6,176,923 6,674,394 Other assets 2,784,016 2,692,921 Total assets $ 75,583,410 $ 81,776,075 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 13,914,266 $ 14,037,629 Operating lease current liabilities 356,508 348,092 Current portion of long-term debt 5,100,000 — Other current liabilities 12,250,955 13,596,528 Total current liabilities 31,621,729 27,982,249 Revolving line of credit - long term 10,176,170 12,784,144 Operating lease non-current liabilities 4,939,739 5,296,247 Other long-term liabilities 6,299,795 6,453,566 Total liabilities 53,037,433 52,516,206 Equity: Shareholders' equity: Common stock – no par value; 100,000,000 shares authorized; 13,952,624 and 14,121,833 shares issued and outstanding as of December 31, 2024 and 2023, respectively 46,821,425 47,091,602 Accumulated deficit (23,967,931) (17,488,161) Total shareholders' equity 22,853,494 29,603,441 Noncontrolling interests (307,517) (343,572) Total equity 22,545,977 29,259,869 Total liabilities and equity $ 75,583,410 $ 81,776,075 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) Three months ended December 31 , Years ended December 31 , 2024 2023 2024 2023 Net revenues $ 10,435,569 $ 9,353,066 $ 37,867,945 $ 39,552,507 Costs and expenses: Cost of products sold 1,976,473 1,529,983 6,585,972 6,066,611 Selling and marketing 4,222,554 4,759,230 17,023,023 18,451,765 Research and development 1,292,671 1,264,753 4,816,206 5,834,229 General and administrative 3,326,466 3,439,184 11,126,901 10,651,915 Amortization and impairment 1,459,444 4,539,155 4,748,252 8,102,648 Total costs and expenses 12,277,608 15,532,305 44,300,354 49,107,168 Operating loss (1,842,039) (6,179,239) (6,432,409) (9,554,661) Interest income 106,667 81,000 334,444 286,854 Other income — — 2,828,871 Other income - settlement — — 475,000 Other income - gain on insurance proceeds — 237,089 346,800 Interest expense (223,261) (178,792) (605,508) (667,861) Loss before income taxes (1,958,633) (6,277,031) (6,466,384) (6,284,997) Income tax benefit (expense) 56,996 (24,956) 22,669 (45,769) Net loss (1,901,637) (6,301,987) (6,443,715) (6,330,766) Net (income) loss at subsidiary attributable to noncontrolling interests (2,177) 10,967 (36,055) 51,446 Net loss attributable to common shareholders $ (1,903,814) $ (6,291,020) $ (6,479,770) $ (6,279,320) Loss per share attributable to common shareholders: Basic $ (0.14) $ (0.44) $ (0.46) $ (0.44) Diluted (0.14) (0.44) (0.46) (0.44) Weighted-average common shares outstanding: Basic 13,971,228 14,164,270 14,060,272 14,298,774 Diluted 13,971,228 14,164,270 14,060,272 14,298,774 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows Years ended December 31, 2024 and 2023 (Unaudited) 2024 2023 Cash flows from operating activities: Net loss $ (6,443,715) $ (6,330,766) Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: Depreciation and amortization expense 4,902,560 4,935,954 Impairment loss on intangible assets — 3,343,842 Amortization of operating lease right-of-use asset 1,140,738 834,500 Disposal of assets 2,691 20,256 Stock-based compensation 301,895 365,040 Decrease in non-cash contingent consideration (1,460,804) (1,253,840) Increase in cash surrender value of life insurance policies over premiums paid (139,953) (124,736) Noncash interest expense 28,313 15,523 Life insurance proceeds (237,089) (346,800) Net changes in assets and liabilities affecting operating activities: Accounts receivable (1,943,290) 3,404,949 Inventories, net 2,408,397 (23,143) Other current assets and other assets 189,112 65,684 Operating lease liabilities 1,784,089 (1,405,363) Accounts payable and other current liabilities (991,359) 3,724,174 Other long-term liabilities (153,771) (1,131,453) Net cash provided by (used in) operating activities (612,186) 6,093,821 Cash flows from investing activities: Additions to property and equipment (66,461) (281,268) Additions to intangible assets (113,253) (171,783) Life insurance policy proceeds received 237,556 347,356 Net cash provided by (used in) investing activities 57,842 (105,695) Cash flows from financing activities: Borrowings on line of credit 38,488,920 31,475,000 Payments on line of credit (35,996,894) (34,890,856) Payments made in connection with repurchase of common shares (579,049) (740,533) Cash settlement of contingent consideration (1,716,073) (3,268,083) Net cash provided by (used in) financing activities 196,904 (7,424,472) Net decrease in cash and cash equivalents (357,440) (1,436,346) Cash and cash equivalents, beginning of year 18,321,624 19,757,970 Cash and cash equivalents, end of year $ 17,964,184 $ 18,321,624 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Adjusted Earnings (Loss) and Adjusted Diluted Earnings (Loss) Per Share (Unaudited) Three months ended December 31 , Three months ended December 31 , 2024 2024 2023 2023 Earnings impact Earnings pershare impact Earnings impact Earnings per share impact Net loss attributable to common shareholders $ (1,903,814) $ (0.14) $ (6,291,020) $ (0.44) Less: Net loss at subsidiary attributable to noncontrolling interests (2,177) — 10,967 — Net loss (1,901,637) (0.14) (6,301,987) (0.44) Adjustments to net loss Income tax (benefit) expense (56,996) — 24,956 — Depreciation and amortization 1,496,394 0.11 4,577,109 0.32 Share-based compensation (a) 74,812 0.01 93,894 0.01 Interest income (106,667) (0.01) (81,000) (0.01) Interest expense 223,261 0.02 178,792 0.01 Adjusted loss and Adjusted Diluted loss Per Share $ (270,833) $ (0.02) $ (1,508,236) $ (0.11) Diluted weighted-average common shares outstanding: 13,971,228 14,164,270 Year ended December 31 , Year ended December 31 , 2024 2024 2023 2023 Earnings impact Earnings per share impact Earnings impact Earnings per share impact Net loss attributable to common shareholders $ (6,479,770) $ (0.46) $ (6,279,320) $ (0.43) Less: Net income at subsidiary attributable to noncontrolling interests (36,055) — 51,446 — Net loss (6,443,715) (0.46) (6,330,766) (0.43) Adjustments to net loss Income tax (benefit) expense (22,669) — 45,769 $ — Depreciation and amortization 4,902,560 0.35 8,279,796 $ 0.57 Share-based compensation (a) 301,895 0.02 365,040 $ 0.03 Interest income (334,444) (0.02) (286,854) $ (0.02) Interest expense 605,508 0.04 667,861 $ 0.04 Adjusted Earnings (loss) and Adjusted Diluted Earnings (loss) Per Share $ (990,865) $ (0.07) $ 2,740,846 $ 0.20 Diluted weighted-average common shares outstanding: 14,060,272 14,526,400 The Company provided the above adjusted supplemental financial performance measures, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. These financial measures should be considered supplemental to, and not as a substitute for, financial information prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). The definition of these supplemental measures may differ from similarly titled measures used by others. Because these supplemental financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the supplemental financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release. Cumberland's management believes these supplemental financial performance measures are important as they are used by management, along with financial measures in accordance with GAAP, to evaluate the Company's operating performance. In addition, Cumberland believes that they will be used by certain investors to measure the Company's operating results. Management believes that presenting these supplemental measures provides useful information about the Company's underlying performance across reporting periods on a consistent basis by excluding items that Cumberland does not believe are indicative of its core business performance or reflect long-term strategic activities. Certain of these items are not settled through cash payments and include: depreciation, amortization, share-based compensation expense and income taxes. Cumberland utilizes its net operating loss carryforwards to pay minimal income taxes. In addition, the use of these financial measures provides greater transparency to investors of supplemental information used by management in its financial and operational decision-making, including the evaluation of the Company's operating performance. The Company defines these supplemental financial measures as follows: Adjusted Earnings: Net loss adjusted for the impact of income taxes, depreciation and amortization expense, share-based compensation, interest income and interest expense. The financial information presented for the year ended December 31, 2023 , has been adjusted to be consistent with the current year presentation. (a) Represents the share-based compensation of Cumberland. Adjusted Diluted Earnings Per Share: Adjusted loss divided by diluted weighted-average common shares outstanding. View original content to download multimedia:https://www.prnewswire.com/news-releases/cumberland-pharmaceuticals-reports-11-6-fourth-quarter-2024-revenue-growth-302391883.html SOURCE Cumberland Pharmaceuticals Inc. Investor Contact: Shayla Simpson, Cumberland Pharmaceuticals Inc., (615) 255-0068; Media Contact: Molly Aggas, Dalton Agency, (704) 641-6641

Achieved Q4 2024 GAAP Net Income of $3.6 million Generated full-year 2024 Net Revenue of $144.2 million , up 14% year-over-year Delivered full-year 2024 adjusted EBITDA of $8.6 million Generated ZYNRELEF® Q4 2024 Net Revenue of $8.5 million and launched the ZYNRELEF Vial Access Needle ("VAN") in December 2024 U.S. District Court ruled in favor of Heron in patent lawsuit against Fresenius Kabi USA, LLC , and upheld the validity of CINVANTI® patents which expire in 2035 CARY, N.C. , Feb. 27, 2025 /PRNewswire/ -- Heron Therapeutics, Inc. (Nasdaq: HRTX) ("Heron" or the "Company"), a commercial-stage biotechnology company, today announced financial results for the three and twelve months ended December 31, 2024 , and highlighted recent corporate updates. "2024 was a milestone year for Heron. We delivered strong financial results, including positive Net Income for Q4 2024, achieved our operational objectives, and repositioned the business for future growth. As we move into 2025, our product ZYNRELEF is poised for transformational growth, driven by its expanded label indications, the launch of the VAN, the approval of the NOPAIN Act, and the enhanced promotional reach of the Crosslink relationship," said Craig Collard , Chief Executive Officer. Financial Guidance for 2025 Item 2025 Full-Year Guidance for Net Revenue and Adjusted EBITDA (in millions) Net Revenue $153.0 to $163.0 Adjusted EBITDA $0.0 to $8.0 Business Highlights Partnership with Crosslink Network, LLC ("Crosslink") expands the promotional effort for ZYNRELEF within the orthopedic surgery marketplace for post-operative pain. Expanded label indications for ZYNRELEF now cover an estimated 17 million annual targeted procedures with many more also indicated - a significant increase over prior indicated procedures, based upon data from studies for cesarean section, spinal surgery, augmentation mammoplasty, and total shoulder arthroplasty, making ZYNRELEF appropriate for a wide range of patients and appealing for broad formulary adoption. ZYNRELEF will continue to receive separate payment from April 1, 2025 , until at least the end of 2027 as the result of inclusion in the "CMS OPPS and ASC Final Rule CY 2025 Non-Opioid Policy for Pain Relief" by the Centers for Medicare & Medicaid Services ("CMS"). The ZYNRELEF VAN launched in Q4 2024, following approval by the U.S. Food and Drug Administration ("FDA") in September 2024 . The VAN replaces the current vented vial spike and is expected to simplify aseptic preparation, while also significantly reducing ZYNRELEF's withdrawal time to between twenty and forty-five seconds. Cash, cash equivalents, and short-term investments were $59.3 million as of December 31, 2024 . Net Revenue Performance - Year Ended December 31 2024 2023 Dollar Change Percentage Change Acute Care $30,064 $19,118 $10,946 57.3 % APONVIE $4,518 $1,391 $3,127 224.8 % ZYNRELEF $25,546 $17,727 $7,819 44.1 % Oncology $114,221 $107,926 $6,295 5.8 % CINVANTI $100,079 $94,869 $5,210 5.5 % SUSTOL $14,142 $13,057 $1,085 8.3 % Total Net Revenue $144,285 $127,044 $17,241 13.6 % Net Revenue Performance - Quarter Ended December 31 2024 2023 Dollar Change Percentage Change Acute Care $10,389 $6,164 $4,225 68.5 % APONVIE $1,932 $470 $1,462 311.1 % ZYNRELEF $8,457 $5,694 $2,763 48.5 % Oncology $30,392 $28,070 $2,322 8.3 % CINVANTI $26,873 $24,270 $2,603 10.7 % SUSTOL $3,519 $3,800 (281) -7.4 % Total Net Revenue $40,781 $34,234 $6,547 19.1 % Conference Call and Webcast Heron will host a conference call and live webcast on Thursday, February 27, 2025 , at 8:00 a.m. ET . The conference call can be accessed by phone by utilizing the following registration link which will provide participants with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The conference call will also be available via webcast under the Investor Relations section of Heron's website at www.herontx.com. An archive of the teleconference and webcast will also be made available on Heron's website for sixty days following the call. About ZYNRELEF for Postoperative Pain ZYNRELEF is the first and only dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of nonsteroidal anti-inflammatory drug meloxicam. ZYNRELEF is the first and only extended-release local anesthetic to demonstrate in Phase 3 studies significantly reduced pain and significantly increased proportion of patients requiring no opioids through the first 72 hours following surgery compared to bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control. ZYNRELEF was initially approved by the FDA in May 2021 for use in adults for soft tissue or periarticular instillation to produce postsurgical analgesia for up to 72 hours after bunionectomy, open inguinal herniorrhaphy and total knee arthroplasty. In December 2021 , the FDA approved an expansion of ZYNRELEF's indication to include foot and ankle, small-to-medium open abdominal, and lower extremity total joint arthroplasty surgical procedures. On January 23, 2024 , the FDA approved ZYNRELEF for soft tissue and orthopedic surgical procedures including foot and ankle, and other procedures in which direct exposure to articular cartilage is avoided. Safety and efficacy have not been established in highly vascular surgeries, such as intrathoracic, large multilevel spinal, and head and neck procedures. Please see full prescribing information, including Boxed Warning, at www.ZYNRELEF.com. About APONVIE for Postoperative Nausea and Vomiting (PONV) APONVIE is a substance NK1 Receptor Antagonist (RA), indicated for the prevention of PONV in adults. Delivered via a 30-second IV push, APONVIE 32 mg was demonstrated to be bioequivalent to oral aprepitant 40 mg with rapid achievement of therapeutic drug levels. APONVIE is the same formulation as Heron's approved drug product CINVANTI. APONVIE is supplied in a single-dose vial that delivers the full 32 mg dose for PONV. APONVIE was approved by the FDA in September 2022 and became commercially available in the U.S. on March 6, 2023 . Please see full prescribing information at www.APONVIE.com. About CINVANTI for Chemotherapy Induced Nausea and Vomiting (CINV) Prevention CINVANTI, in combination with other antiemetic agents, is indicated in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin as a single-dose regimen, delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC) as a single-dose regimen, and nausea and vomiting associated with initial and repeat courses of MEC as a 3-day regimen. CINVANTI is an IV formulation of aprepitant, an NK1 RA. CINVANTI is the first IV formulation to directly deliver aprepitant, the active ingredient in EMEND® capsules. Aprepitant (including its prodrug, fosaprepitant) is a single-agent NK1 RA to significantly reduce nausea and vomiting in both the acute phase (0–24 hours after chemotherapy) and the delayed phase (24–120 hours after chemotherapy). The FDA-approved dosing administration included in the U.S. prescribing information for CINVANTI include 100 mg or 130 mg administered as a 30-minute IV infusion or a 2-minute IV injection. Please see full prescribing information at www.CINVANTI.com. About SUSTOL for CINV Prevention SUSTOL is indicated in combination with other antiemetics in adults for the prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic chemotherapy (MEC) or anthracycline and cyclophosphamide (AC) combination chemotherapy regimens. SUSTOL is an extended-release, injectable 5-hydroxytryptamine type 3 RA that utilizes Heron's Biochronomer® drug delivery technology to maintain therapeutic levels of granisetron for ≥5 days. The SUSTOL global Phase 3 development program was comprised of two, large, guideline-based clinical studies that evaluated SUSTOL's efficacy and safety in more than 2,000 patients with cancer. SUSTOL's efficacy in preventing nausea and vomiting was evaluated in both the acute phase (0–24 hours after chemotherapy) and delayed phase (24–120 hours after chemotherapy). Please see full prescribing information at www.SUSTOL.com. 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. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard-of-care for acute care and oncology patients. For more information, visit www.herontx.com. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In our quarterly and annual reports, earnings press releases and conference calls, we may discuss the following financial measures that are not calculated in accordance with GAAP, to supplement our consolidated financial statements presented on a GAAP basis. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but that we do not believe are indicative of ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; and adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, depreciation and amortization, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. For more information on these non-GAAP financial measures, see the below table captioned "YTD Adjusted EBITDA." The Company has not provided a reconciliation of its guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, and inventory reserve and asset write-offs. These items are uncertain and depend on various factors that are outside of the Company's control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. Forward-looking Statements This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding the potential market opportunities for ZYNRELEF, APONVIE, CINVANTI and SUSTOL; revenue, adjusted EBITDA and other financial guidance provided by the Company; the potential additional market opportunity for the expanded U.S. label for ZYNRELEF or inclusion of ZYNRELEF under the OPPS and the ASC payment system or launch of the ZYNRELEF VAN; our ability to establish and maintain successful commercial arrangements like our co-promotion agreement with Crosslink; the outcome of the Company's pending ANDA litigation, including potential appeals of any verdicts; whether the Company is required to write-off any additional inventory in the future; the expected future balances of Heron's cash, cash equivalents and short-term investments; the expected duration over which Heron's cash, cash equivalents and short-term investments balances will fund its operations and the risk that future equity financings may be needed; any inability or delay in achieving profitability. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission , including under the caption "Risk Factors." Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law. Heron Therapeutics, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) Three months ended December 31 , Twelve months ended December 31 , 2024 2023 2024 2023 Revenues: (unaudited) Net product sales $ 40,781 $ 34,233 $ 144,285 $ 127,044 Cost of product sales 10,229 9,885 38,648 65,105 Gross Profit 30,552 24,348 105,637 61,939 Operating expenses: Research and development 3,178 7,803 16,683 39,133 General and administrative 12,144 14,437 53,397 65,778 Sales and marketing 11,057 12,328 47,085 67,643 Total operating expenses 26,379 34,568 117,165 172,554 Income (loss) from operations 4,173 (10,220) (11,528) (110,615) Other (expense) income, net (510) (504) (2,052) 56 Net loss $ 3,663 $ (10,724) $ (13,580) $ (110,559) Basic and diluted net income (loss) per share $ 0.02 $ (0.07) $ (0.09) $ (0.80) Weighted average common shares outstanding, basic and diluted 153,151 151,152 152,449 138,135 Heron Therapeutics, Inc. Consolidated Balance Sheets (in thousands) December 31 ,2024 December 31 ,2023 ASSETS Current assets: Cash and cash equivalents $ 25,802 $ 28,677 Short-term investments 33,481 51,732 Accounts receivable, net 78,881 60,137 Inventory 53,160 42,110 Prepaid expenses and other current assets 17,690 6,118 Total current assets 209,014 188,774 Property and equipment, net 14,863 20,166 Right-of-use lease assets 2,787 5,438 Other assets 6,483 8,128 Total assets $ 233,147 $ 222,506 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 11,709 $ 3,240 Accrued clinical and manufacturing liabilities 25,402 22,291 Accrued payroll and employee liabilities 9,554 9,224 Other accrued liabilities 41,755 41,855 Current lease liabilities 3,037 3,075 Total current liabilities 91,457 79,685 Non-current lease liabilities - 2,800 Non-current notes payable, net 25,026 24,263 Non-current convertible notes payable, net 149,700 149,490 Other non-current liabilities 615 241 Total liabilities 266,798 256,479 Stockholders' deficit: Common stock 1,521 1,503 Additional paid-in capital 1,884,409 1,870,525 Accumulated other comprehensive (loss) income 13 13 Accumulated deficit (1,919,594) (1,906,014) Total stockholders' deficit (33,651) (33,973) Total liabilities and stockholders' deficit $ 233,147 $ 222,506 Heron Therapeutics, Inc. YTD Adjusted EBITDA (in thousands) GAAP YTD 2024 Depreciation Stock-Based Compensation Inventory Reserve & Write-Off Asset Write-Off Adjusted YTD 2024 Net Product Sales $ 144,285 $ - $ - $ - $ - $ 144,285 Cost of Product Sales 38,648 2,117 - 2,474 - 34,057 Gross profit 105,637 (2,117) - (2,474) - 110,228 Operating Expenses: Research and development 16,683 189 1,856 - 2,210 12,428 General and administrative 53,397 149 7,138 - - 46,110 Sales and marketing 47,085 37 3,968 - - 43,080 Total Operating Expense 117,165 375 12,962 - 2,210 101,618 (Loss) Income from Operations $ (11,528) $ (2,492) $ (12,962) $ (2,474) $ (2,210) $ 8,610 Investor Relations and Media Contact: Ira Duarte Executive Vice President, Chief Financial Officer Heron Therapeutics, Inc. iduarte@herontx.com858-251-4400 View original content to download multimedia:https://www.prnewswire.com/news-releases/heron-therapeutics-announces-fourth-quarter-and-full-year-2024-financial-results-and-highlights-recent-corporate-updates-302387150.html SOURCE Heron Therapeutics, Inc.