Heron Agrees to Sell Assets to CorMedix
Third-quarter net revenue was $35.3 million as Acute Care growth cooled and Oncology Supportive Care sales receded.
Heron Therapeutics (HRTX), a commercial-stage biotechnology company, reported third-quarter 2026 net revenue of $35.3 million, down 7.8% from $38.2 million a year earlier, and said it had entered a definitive agreement under which CorMedix Therapeutics will acquire substantially all of its assets.
The quarter reversed a modest sequential rebound. Second-quarter net revenue had been $37.7 million, after first-quarter sales of $34.7 million. Heron ended September 30 with $23.4 million in cash, cash equivalents and short-term investments.
Acute Care remained the growth engine, though the pace slowed. Franchise net revenue was $15.1 million, up 22.5% year over year, after 43.9% growth in the second quarter and 32% in the first. ZYNRELEF contributed $10.6 million, up 13.8% from a year earlier, after 35% year-over-year growth in the second quarter. APONVIE contributed $4.5 million, up 49.3% from a year earlier, after 74% growth in the second quarter.
Oncology Supportive Care net revenue was $20.1 million, down 22.2% from $25.9 million a year earlier. CINVANTI accounted for $20.0 million of that total, down 16.6% from a year earlier. SUSTOL contributed $0.2 million, down 92.0% from a year earlier; commercial sales of SUSTOL ceased on September 30, 2026.
Gross profit was $26.3 million, essentially unchanged from $26.3 million a year earlier even as product sales declined. Loss from operations narrowed to $1.7 million from $4.1 million a year earlier. Net loss was $5.0 million, or $0.03 a share, versus a $17.5 million loss, or $0.10 a share, a year earlier, when the company recorded an $11.3 million loss on debt extinguishment. Adjusted EBITDA was $3.7 million.
In August, Heron withdrew full-year 2026 guidance it had reaffirmed in May of $173 million to $183 million in net revenue and $10 million to $20 million in Adjusted EBITDA. The company said it was not providing financial guidance at this time. In May it had restated the same ranges after first-quarter results.
The proposed asset sale is subject to approval by Heron’s stockholders and other customary closing conditions. Heron will not host a conference call or webcast in connection with the third-quarter results.
Cash, cash equivalents and short-term investments had been $42.7 million at June 30 and $44.8 million at March 31. The company said it is not providing financial guidance at this time after withdrawing full-year 2026 guidance in August.
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