Heron withdraws 2026 guidance, weighs strategic alternatives after CINVANTI ruling

Heron Therapeutics announced on August 10, 2026 that it is withdrawing its previously issued full-year 2026 guidance of net product sales and Adjusted EBITDA, telling investors they should no longer rely on that guidance.¹

The company said three factors drove the decision. First, following the June 2026 decision of the U.S. District Court for the District of Delaware regarding certain patents covering CINVANTI, the company does not believe it can reliably forecast the timing or terms of potential generic entry with respect to its largest product.¹ Second, in response to the court's decision, the company paused the sales force expansion that its operating plan had assumed for the second half of 2026 and tightened spending, and under which its previously issued guidance was built.¹ Third, the company is considering strategic alternatives as it continues to execute its current plan.¹ Heron said it has not set a timetable for this process, there can be no assurance it will result in any transaction, and it does not intend to comment further unless it determines additional disclosure is appropriate or required by law.¹

Separately, Heron said it amended its credit facility with Hercules Capital, resetting financial covenants through 2027 and reducing outstanding principal by a total potential $17.5 million, consisting of $13.5 million at execution and a potential further $4 million reduction scheduled on or before September 15, 2026.¹

For the quarter, Heron generated total net revenue of $37.7 million in Q2 2026 and ended the quarter with $42.7 million in cash, cash equivalents and short-term investments.¹ CEO Craig Collard said second quarter revenue grew compared to the first quarter but came in below the company's expectations, adding that Heron reset its balance sheet, tightened spending, and is considering strategic alternatives while continuing to execute its current plan.¹