---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-105474"
form_type: "8-K"
ticker: "HRTX"
cik: "0000818033"
company_name: "HERON THERAPEUTICS, INC. /DE/"
filed_at: "2025-08-08T23:59:59+00:00"
generated_at: "2026-05-17T16:55:20.747368+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Heron reports Q2 revenue $37.2M, raises EBITDA guidance; completes capital restructuring reducing debt to $145M

## Summary
- Q2 net revenue $37.2M (+3.3% YoY); year-to-date $76.1M (+7.7%); Acute Care revenue up 55.5% YoY.
- 2025 Adjusted EBITDA guidance raised to $9M-$13M from $4M-$12M; net revenue guidance reaffirmed $153M-$163M.
- Capital restructuring: new $110M facility due 2030; $150M notes exchanged ($125M cash + $25M stock); $35M new convert notes; $27.7M private placement.
- Total debt reduced from $175M to $145M; maturities extended to at least 2030, enhancing financial flexibility.
- APONVIE unit demand up 19% QoQ; ZYNRELEF unit demand up 6.3% QoQ with new dedicated sales teams launching Q3.

## SEC filing metadata
- accession: 0000950170-25-105474
- form_type: 8-K
- ticker: HRTX
- cik: 0000818033
- company_name: HERON THERAPEUTICS, INC. /DE/
- filed_at: 2025-08-08T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818033/000095017025105474/0000950170-25-105474-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818033/000095017025105474/hrtx-20250808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-105474
- JSON: https://secwatch.observer/filing/0000950170-25-105474.json
- Plain text: https://secwatch.observer/filing/0000950170-25-105474.txt

## Key facts
- Debt Financings
  HERON THERAPEUTICS, INC. /DE/ incurred convertible notes of aggregate purchase price of $35.0 million with Rubric Capital Management LP at 5% per annum interest maturing 55 months.
  - Instrument: convertible notes
  - Principal: aggregate purchase price of $35.0 million
  - Counterparty: Rubric Capital Management LP
  - Rate: 5% per annum interest
  - Maturity: 55 months
  - Event: incurrence
  source text: On August 8, 2025, the Company, entered into a Note Purchase Agreement (the “2031 Note Purchase Agreement”) with the purchasers from time to time party thereto (collectively, the “Purchasers”) and Rubric Capital Management LP, a Delaware limited partnership (“Rubric”), as agent for the Purchasers, pursuant to which the Company will issue and sell to the Purchasers convertible senior unsecured promissory notes for an aggregate purchase price of $35.0 million pursuant to exemptions from registration under Section 4(a)(2) under the Securities Act of 1933, as amended (the “Convertible Note Issuance”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/818033/000095017025105474/0000950170-25-105474-index.htm
- Debt Financings
  HERON THERAPEUTICS, INC. /DE/ incurred credit facility of up to $150.0 million with Hercules Capital, Inc. at Prime (7.5% floor) plus 1.95% cash interest and 1.00% paid-in-kind interest maturing the earlier of (i) September 1, 2030 and (ii) to the extent that the Company issues convertible indebtedness, the date 180 days prior to the stated maturity the.
  - Instrument: credit facility
  - Principal: up to $150.0 million
  - Counterparty: Hercules Capital, Inc.
  - Rate: Prime (7.5% floor) plus 1.95% cash interest and 1.00% paid-in-kind interest
  - Maturity: the earlier of (i) September 1, 2030 and (ii) to the extent that the Company issues convertible indebtedness, the date 180 days prior to the stated maturity the
  - Event: incurrence
  source text: institutions or entities from time to time parties thereto. The Second Amendment amends the Loan Agreement (a) to increase the aggregate principal amount of terms loans of up to $150.0 million plus accrued and unpaid paid-in-kind interest on the existing debt, with tranched availability as follows: $110.0 million plus accrued and unpaid paid-in-kind interest on the
  evidence_url: https://www.sec.gov/Archives/edgar/data/818033/000095017025105474/0000950170-25-105474-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.