<SEC-DOCUMENT>0001299933-18-000208.txt : 20180227
<SEC-HEADER>0001299933-18-000208.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227162240
ACCESSION NUMBER:		0001299933-18-000208
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERON THERAPEUTICS, INC. /DE/
		CENTRAL INDEX KEY:			0000818033
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				942875566
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		18645382

	BUSINESS ADDRESS:	
		STREET 1:		4242 CAMPUS POINT COURT, SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		6503662626

	MAIL ADDRESS:	
		STREET 1:		4242 CAMPUS POINT COURT, SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AP PHARMA INC /DE/
		DATE OF NAME CHANGE:	20010511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED POLYMER SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19920703
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<TYPE>8-K
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<FILENAME>htm_55922.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Heron Therapeutics, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	February 27, 2018
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	Heron Therapeutics, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	001-33221
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	94-2875566
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_____________________<BR>
	(State or other jurisdiction
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	of incorporation)
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	Identification No.)
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	4242 Campus Point Court, Suite 200, San Diego, California
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	92121
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	(858) 251-4400
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	Not Applicable
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	Former name or former address, if changed since last report
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT>
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Emerging growth company [&nbsp;&nbsp;]<br>
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&nbsp;&nbsp;]<br>
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	Item 2.02 Results of Operations and Financial Condition.
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On February 27, 2018, Heron Therapeutics, Inc. ("Company") issued a press release announcing its financial results for the three and twelve months ended December 31, 2017 ("Earnings Press Release"). A copy of the Earnings Press Release is furnished as Exhibit 99.1.<br><br>This Item 2.02 and the Earnings Press Release attached hereto as Exhibit 99.1, insofar as they disclose information regarding the Company&#x2019;s results of operations or financial condition for the three and twelve months ended December 31, 2017, are being furnished to the Securities and Exchange Commission.<br>
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits.<br><br>Exhibit No./ Description<br> 	 <br>99.1 Earnings Press Release, dated February 27, 2018
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	Exhibit No.
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	99.1
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	&nbsp;
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<A HREF="exhibit1.htm" >
Earnings Press Release, dated February 27, 2018
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Heron Therapeutics, Inc.
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	February 27, 2018
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	By:
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	/s/ Robert E. Hoffman
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	Name: Robert E. Hoffman
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	Title: Chief Financial Officer & Senior Vice President, Finance
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<TYPE>EX-99.1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 99.1</B>
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<P align="center" style="font-size: 12pt"><B>Heron Therapeutics Announces Financial Results for the<BR>
Three and Twelve Months Ended December&nbsp;31, 2017 and<BR>
Recent Corporate Progress</B>



<P align="left" style="font-size: 12pt">SAN DIEGO, Calif.&#151;(BUSINESS WIRE)&#151;February&nbsp;27, 2018&#151; Heron Therapeutics, Inc. (Nasdaq: HRTX), a
commercial-stage biotechnology company focused on improving the lives of patients by developing
best-in-class treatments to address some of the most important unmet patient needs, today reported
financial results for the three and twelve months ended December&nbsp;31, 2017 and highlighted recent
corporate progress.


<P align="left" style="font-size: 12pt"><B>Recent Corporate Progress</B>


<P align="left" style="font-size: 12pt"><B><I>CINV Franchise</I></B>



<P align="left" style="margin-left:4%; font-size: 12pt"><B>SUSTOL</B><sup><B><I>&#174;</I></B></sup> <B>Sales. Net product sales of </B>SUSTOL (granisetron)&nbsp;extended-release
injection for the three months ended December&nbsp;31, 2017 were $10.1&nbsp;million, up 17% from the
net product sales for the three months ended September&nbsp;30, 2017 of $8.6&nbsp;million. SUSTOL net
product sales for the twelve months ended December&nbsp;31, 2017 were $30.8&nbsp;million, versus
guidance of $25&nbsp;million to $30&nbsp;million.



<P align="left" style="margin-left:4%; font-size: 12pt"><B>2018 CINV Sales Guidance. </B>Net product sales guidance for full-year 2018 for the CINV
franchise is $60&nbsp;million to $70&nbsp;million.



<P align="left" style="margin-left:4%; font-size: 12pt"><B>Permanent J-Code Now Effective. </B>On January&nbsp;1, 2018, a product-specific billing code, or
permanent J-code, for SUSTOL became available. The new J-code was assigned by the Centers
for Medicare and Medicaid Services (CMS)&nbsp;and will help simplify the billing and
reimbursement process for prescribers of SUSTOL.



<P align="left" style="margin-left:4%; font-size: 12pt"><B>CINVANTI</B><B><I>&#153; </I></B><B>Now Available. </B>In November&nbsp;2017, the U.S. Food and Drug Administration (FDA)
approved the Company&#146;s New Drug Application (NDA)&nbsp;for CINVANTI (aprepitant)&nbsp;injectable
emulsion, the first and only polysorbate 80-free intravenous (IV)&nbsp;formulation of a
neurokinin-1 (NK<sub>1</sub>) receptor antagonist indicated for the prevention of acute and
delayed CINV. CINVANTI became commercially available in the United States on January&nbsp;4,
2018.


<P align="left" style="font-size: 12pt"><B><I>Pain Management Franchise</I></B>



<P align="left" style="margin-left:4%; font-size: 12pt"><B>Enrollment Complete in Phase 3 Pivotal Trials for HTX-011 in Postoperative Pain. </B>Heron
completed enrollment in its two pivotal Phase 3 efficacy studies in bunionectomy and hernia
repair. Heron anticipates reporting top-line results in the first half of 2018 and expects
to file an NDA with the FDA in the second half of 2018.


<P align="left" style="font-size: 12pt">&#147;2017 was an excellent year for Heron, with significant progress in both our CINV and pain
management franchises,&#148; said Barry D. Quart, Pharm.D., Chief Executive Officer of Heron.&nbsp;&#147;2018
should be an equally exciting year as we look forward to reporting top-line pivotal Phase 3 data
and filing an NDA for HTX-011, while continuing to ramp up net product sales for our CINV
franchise.&#148;


<P align="left" style="font-size: 12pt"><B>Financial Results</B>


<P align="left" style="font-size: 12pt">Net product sales of SUSTOL for the three and twelve months ended December&nbsp;31, 2017 were $10.1
million and $30.8&nbsp;million, respectively. Heron commenced commercial sales of SUSTOL in October
2016. Net product sales of SUSTOL for both the three and twelve months ended December&nbsp;31, 2016 were
$1.3&nbsp;million.


<P align="left" style="font-size: 12pt">Heron&#146;s net loss for the three and twelve months ended December&nbsp;31, 2017 was $62.5&nbsp;million and
$197.5&nbsp;million, or $1.09 per share and $3.65 per share, respectively, compared to a net loss of
$48.0&nbsp;million and $173.1&nbsp;million, or $1.22 per share and $4.56 per share, respectively, for the
same periods in 2016. Net loss for the three and twelve months ended December&nbsp;31, 2017 included
non-cash, stock-based compensation expense of $6.9&nbsp;million and $30.5&nbsp;million, respectively,
compared to $7.3&nbsp;million and $26.0&nbsp;million, respectively, for the same periods in 2016.


<P align="left" style="font-size: 12pt">As of December&nbsp;31, 2017, Heron had $172.4&nbsp;million in cash, cash equivalents and short-term
investments, which included net proceeds of $142.6&nbsp;million from an underwritten public offering of
common stock completed in December&nbsp;2017. Net cash used for operating activities for the three and
twelve months ended December&nbsp;31, 2017 was $47.1&nbsp;million and $170.3&nbsp;million, respectively, compared
to net cash used for operating activities of $38.5&nbsp;million and $134.1&nbsp;million, respectively, for
the same periods in 2016.


<P align="left" style="font-size: 12pt"><B>About HTX-011 for Postoperative Pain</B>


<P align="left" style="font-size: 12pt">HTX-011, which utilizes Heron&#146;s proprietary Biochronomer<sup>&#174;</sup> drug delivery technology, is
an investigational, long-acting, extended-release formulation of the local anesthetic bupivacaine
in a fixed-dose combination with the anti-inflammatory meloxicam for the prevention of
postoperative pain. By delivering sustained levels of both a potent anesthetic and a local
anti-inflammatory agent directly to the site of tissue injury, HTX-011 was designed to deliver
superior pain relief while reducing the need for systemically administered pain medications such as
opioids, which carry the risk of harmful side effects, abuse and addiction. The Phase 2 development
program for HTX-011 was designed to target the many patients undergoing a wide range of surgeries
who experience significant postoperative pain. Heron completed enrollment in its two pivotal Phase
3 efficacy studies in bunionectomy and hernia repair and anticipates reporting top-line results in
the first half of 2018 and expects to file an NDA with the FDA in the second half of 2018.


<P align="left" style="font-size: 12pt"><B>About CINVANTI (aprepitant)&nbsp;injectable emulsion</B>


<P align="left" style="font-size: 12pt">CINVANTI is indicated in adults, in combination with other antiemetic agents, for the prevention of
acute and delayed nausea and vomiting associated with initial and repeat courses of highly
emetogenic cancer chemotherapy (HEC)&nbsp;including high-dose cisplatin and nausea and vomiting
associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC).
CINVANTI is an intravenous formulation of aprepitant, a substance P/neurokinin-1 (NK<sub>1</sub>)
receptor antagonist. CINVANTI is the first intravenous (IV)&nbsp;formulation to directly deliver
aprepitant, the active ingredient in EMEND<sup>&#174;</sup> capsules. Aprepitant (including its prodrug,
fosaprepitant) is the only single-agent NK<sub>1</sub> receptor antagonist to significantly reduce
CINV in both the acute phase (0 &#150; 24 hours after chemotherapy) and the delayed phase (24 &#150; 120
hours after chemotherapy). CINVANTI does not contain polysorbate 80 or any other synthetic
surfactant. Pharmaceutical formulations containing polysorbate 80 have been linked to
hypersensitivity reactions, including anaphylaxis and irritation of blood vessels resulting in
infusion-site pain. FDA-approved dosing administration included in the United States prescribing
information for CINVANTI is a 30-minute infusion.


<P align="left" style="font-size: 12pt">Please see Full Prescribing Information at <U>www.CINVANTI.com</U>.


<P align="left" style="font-size: 12pt"><B>About SUSTOL (granisetron)&nbsp;extended-release injection</B>


<P align="left" style="font-size: 12pt">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)&nbsp;or anthracycline and cyclophosphamide (AC)&nbsp;combination chemotherapy regimens.
SUSTOL is an extended-release, injectable 5-HT<sub>3</sub> receptor antagonist that utilizes
Heron&#146;s Biochronomer<sup>&#174;</sup> polymer-based drug delivery technology to maintain therapeutic
levels of granisetron for 5&nbsp;days. The SUSTOL global Phase 3 development program was comprised of
two, large, guideline-based clinical studies that evaluated SUSTOL&#146;s efficacy and safety in more
than 2,000 patients with cancer. SUSTOL&#146;s efficacy in preventing nausea and vomiting was evaluated
in both the acute phase (0 &#150; 24 hours after chemotherapy) and delayed phase (24 &#150; 120 hours after
chemotherapy).


<P align="left" style="font-size: 12pt">Please see Full Prescribing Information at <U>www.SUSTOL.com</U>.


<P align="left" style="font-size: 12pt"><B>About Heron Therapeutics, Inc.</B>


<P align="left" style="font-size: 12pt">Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives
of patients by developing best-in-class treatments that address some of the most important unmet
patient needs. Heron is developing novel, patient-focused solutions that apply its innovative
science and technologies to already-approved pharmacological agents for patients suffering from
cancer or pain. For more information, visit <U>www.herontx.com</U>.


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="left" style="font-size: 12pt"><B>Forward-Looking Statements</B>


<P align="left" style="font-size: 12pt">This news release contains &#147;forward-looking statements&#148; as defined by the Private Securities
Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are based on
management&#146;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, including,
but not limited to, those associated with: our capital position and the sufficiency of our capital
to fund our operations in future periods; the 2018 net product sales guidance for the CINV
franchise; the timing of completion and results of the Phase 3 trials for HTX-011; the timing of
the HTX-011 NDA filing and review process; and other risks and uncertainties identified in the
Company&#146;s filings with the Securities and Exchange Commission. 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.


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><B>HERON THERAPEUTICS, INC.</B>



<P align="center" style="font-size: 12pt">Condensed Consolidated Statements of Operations



<P align="center" style="font-size: 12pt">(in thousands, except per share amounts)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year Ended</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cost of product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Sales and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(61,890</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,803</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(194,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,915</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,160</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,926</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,228</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(62,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(47,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(197,484</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(173,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic and diluted net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.09</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3.65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(4.56</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares used in computing basic and
diluted net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>HERON THERAPEUTICS, INC.</B><BR>
Condensed Consolidated Balance Sheet Data<BR>
(in thousands)</FONT>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash, cash equivalents and short-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">172,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51,138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Promissory note payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total stockholders&#146; equity (deficit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,251</TD>
    <TD nowrap>)</TD>
</TR>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Investor Relations and Media Contact:</B>
<BR>
David Szekeres
<BR>
Senior VP, General Counsel, Business Development&nbsp;and Corporate Secretary
<BR>
Heron Therapeutics, Inc.
<BR>
dszekeres@herontx.com
<BR>
858-251-4447
</FONT>


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