<SEC-DOCUMENT>0001299933-18-000414.txt : 20180510
<SEC-HEADER>0001299933-18-000414.hdr.sgml : 20180510
<ACCEPTANCE-DATETIME>20180510083543
ACCESSION NUMBER:		0001299933-18-000414
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180510
DATE AS OF CHANGE:		20180510

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:		18820655

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_56139.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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	May 10, 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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_____________<BR>
	(Commission
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	of incorporation)
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	File Number)
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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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_________________________________<BR>
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___________<BR>
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	(858) 251-4400
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<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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<B>
	Item 2.02 Results of Operations and Financial Condition.
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On May 10, 2018, Heron Therapeutics, Inc. ("Company") issued a press release announcing its financial results for the three months ended March 31, 2018 ("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 months ended March 31, 2018, 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 May 10, 2018
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	Exhibit&nbsp;Index
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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 May 10, 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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	May 10, 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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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>EX-99.1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 99.1</B>
</FONT>

<P align="center" style="font-size: 12pt"><B>Heron Therapeutics Announces Financial Results for the Three Months Ended March&nbsp;31, 2018 and Recent<BR>
Corporate Progress</B>



<P align="left" style="font-size: 12pt">SAN DIEGO, Calif.&#151;(BUSINESS WIRE)&#151;May&nbsp;10, 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 months ended March&nbsp;31, 2018 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>Pain Management Franchise</I></B>



<P align="left" style="margin-left:4%; font-size: 12pt"><B>Positive Topline Results from Pivotal Phase 3 Clinical Trials of HTX-011 in Bunionectomy and
Hernia Repair</B>. HTX-011 achieved all primary and key secondary endpoints in two completed
pivotal Phase 3 trials, EPOCH1 for bunionectomy and EPOCH2 for hernia repair. In both of
these studies:


<P>
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    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
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    <TD>HTX-011 demonstrated statistically significant reductions in both pain
intensity and the use of opioid rescue medications through 72 hours following
surgery;</TD>
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    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HTX-011 significantly increased the proportion of patients who required
no opioids for postoperative pain, thereby eliminating the risk of opioid-related
side effects and addiction in these patients; and</TD>
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    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HTX-011 was well tolerated in both studies.</TD>
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<P align="left" style="margin-left:4%; font-size: 12pt">HTX-011 is the only long-acting local anesthetic to demonstrate in Phase 3 studies
significantly reduced pain and opioid use compared to bupivacaine solution, the current
standard-of-care local anesthetic for postoperative pain control, through 72 hours. In the
second quarter of 2018, Heron expects to report topline Phase 2 data for HTX-011 in breast
augmentation and total knee arthroplasty. In the second half of 2018, Heron expects to file
a New Drug Application for HTX-011 with the U.S. Food and Drug Administration (FDA).


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



<P align="left" style="margin-left:4%; font-size: 12pt"><B>CINV Sales. </B>Chemotherapy-induced nausea and vomiting (CINV)&nbsp;franchise net product sales for
the three months ended March&nbsp;31, 2018 were $11.6&nbsp;million.&nbsp;Heron reaffirms full-year 2018
CINV franchise net product sales guidance of $60&nbsp;million to $70&nbsp;million.


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<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SUSTOL Sales. </B>Net product sales of SUSTOL (granisetron)
extended-release injection for the three months ended March&nbsp;31, 2018 were $6.4
million.&nbsp;On January&nbsp;1, 2018, Heron adopted Topic 606, the new revenue recognition
standard now in effect. Under the prior revenue recognition standard, Heron would
have recognized net product sales of $7.7&nbsp;million for the same period. The entry of
generic palonosetron in the first quarter of 2018 is expected to have a
several-quarter negative impact on provider demand for SUSTOL.</TD>
</TR>

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    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 11pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt"></FONT><FONT style="font-size: 12pt"><B>CINVANTI Sales.</B></FONT><FONT style="font-size: 11pt"> </FONT><FONT style="font-size: 12pt">Net product sales of CINVANTI (aprepitant)
injectable emulsion for the three months ended March&nbsp;31, 2018 were $5.2
million.</FONT><FONT style="font-size: 11pt"> </FONT><FONT style="font-size: 12pt">CINVANTI is the only polysorbate 80-free intravenous (IV)
formulation of a neurokinin-1 (NK<sub>1</sub>) receptor antagonist indicated for
the prevention of acute and delayed nausea and vomiting associated with highly
emetogenic chemotherapy (HEC)&nbsp;and nausea and vomiting associated with moderately
emetogenic chemotherapy (MEC). CINVANTI was approved by the FDA on November&nbsp;9, 2017
and became commercially available in the U.S. on January&nbsp;4, 2018.</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">&#147;With more than 100 oncology clinics ordering CINVANTI in the first quarter of launch and
significant progress made toward formulary review in the hospital segment, we are very pleased that
providers are seeing the value of CINVANTI, which is not formulated with a synthetic surfactant,&#148;
said Robert H. Rosen, President of Heron.


<P align="left" style="font-size: 12pt">&#147;2018 is off to a great start for Heron. Our EPOCH1 and EPOCH2 Phase 3 results demonstrated
HTX-011&#146;s superiority over the standard-of-care in reducing both pain intensity and opioid use,&#148;
said Barry D. Quart, Pharm.D., Chief Executive Officer of Heron.&nbsp;&#147;Based on these results, we
believe that HTX-011 can become the cornerstone of opioid-free pain management for many patients
undergoing a wide range of surgical procedures.&#148;


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


<P align="left" style="font-size: 12pt">As of&nbsp;March&nbsp;31, 2018, Heron had cash, cash equivalents and short-term investments of&nbsp;$113.9
million. In&nbsp;April&nbsp;2018, Heron received net cash proceeds of $168.7&nbsp;million from a public offering
of common stock. Heron&#146;s March&nbsp;31, 2018 pro-forma cash, cash equivalents and short-term
investments, adjusting for the&nbsp;April&nbsp;2018&nbsp;public offering, were&nbsp;$282.6&nbsp;million. This compares
to&nbsp;$172.4&nbsp;million&nbsp;in cash, cash equivalents and short-term investments as of&nbsp;December&nbsp;31, 2017.


<P align="left" style="font-size: 12pt">Net product sales for the three months ended March&nbsp;31, 2018 were $11.6&nbsp;million, compared to $3.6
million for the same period in 2017.


<P align="left" style="font-size: 12pt">Heron&#146;s net loss for the three months ended March&nbsp;31, 2018 was $52.3&nbsp;million, or $0.81 per share,
compared to a net loss of $50.3&nbsp;million, or $1.00 per share for the same period in 2017. Net loss
for the three months ended March&nbsp;31, 2018 included non-cash, stock-based compensation expense of
$7.7&nbsp;million compared to $8.0&nbsp;million for the same period in 2017.


<P align="left" style="font-size: 12pt">Net cash used for operating activities for the three months ended March&nbsp;31, 2018 was $61.7&nbsp;million,
compared to $50.6&nbsp;million for the same period in 2017.


<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><B><I>&#174;</I></B></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.


<P align="left" style="font-size: 12pt">In March&nbsp;2018, Heron reported positive topline results from EPOCH1 and EPOCH2, its pivotal Phase 3
studies of HTX-011 in bunionectomy and hernia repair, respectively. All primary and key secondary
endpoints were achieved in these studies. Furthermore, HTX-011 is the only long-acting local
anesthetic to demonstrate in Phase 3 studies significantly reduced pain and opioid use compared to
bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control,
through 72 hours. HTX-011 was well tolerated in both studies. HTX-011 continues to be investigated
in ongoing Phase 2 studies in breast augmentation and total knee arthroplasty. HTX-011 was granted
Fast Track Designation from the FDA in the fourth quarter of 2017. In the second half of 2018,
Heron expects to file an NDA to the FDA for HTX-011.


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


<P align="left" style="font-size: 12pt">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)&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
nausea and vomiting in both the acute phase (0 &#150; 24 hours after chemotherapy) and the delayed phase
(24 &#150; 120 hours after chemotherapy). CINVANTI is the only IV formulation of an NK<sub>1</sub>
receptor antagonist indicated for the prevention of acute and delayed nausea and vomiting
associated with HEC and nausea and vomiting associated with MEC that is free of 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="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 trials of 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 U.S. 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">1
<!-- 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="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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="7"><B>Three Months 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>March 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>2018</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">(unaudited)</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>
</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">$</TD>
    <TD align="right">11,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,632</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>
</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">3,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,186</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">39,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,384</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">7,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,742</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">13,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,619</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>
</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">63,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,931</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>
</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">(51,990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(49,299</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(275</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,030</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>
</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">$</TD>
    <TD align="right">(52,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(50,329</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>
</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">$</TD>
    <TD align="right">(0.81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.00</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>
</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">64,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,530</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">2
<!-- 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="74%">&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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 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>2018</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</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">$</TD>
    <TD align="right">113,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">172,379</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">37,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,874</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">183,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,307</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">25,000</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,136</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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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