Heron Therapeutics Inc (HRTX) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Heron Therapeutics' Q1 2025 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

大家好，感謝您的收看。歡迎參加Heron Therapeutics 2025年第一季電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指示）

I would now like to hand the conference over to your speaker today, Melissa Jarel, Executive Director of Legal at Heron.

現在，我想將會議交給今天的發言人，Heron 法律執行總監 Melissa Jarel。

Thank you, operator, and good morning, everyone. Thank you for joining us on the Heron Therapeutics' conference call this morning to discuss the company's financial results for the quarter ended March 31, 2025.

謝謝接線員，大家早安。感謝您今天早上參加Heron Therapeutics的電話會議，討論該公司截至2025年3月31日的季度財務業績。

With me today from Heron are Craig Collard, Chief Executive Officer; Ira Duarte, Executive Vice President, Chief Financial Officer; Bill Forbes, Executive Vice President, Chief Development Officer; and Kevin Warner, Senior Vice President, Medical Affairs Strategy & Engagement. For those of you participating via conference call, slides are made available via webcast and can also be accessed via the Investor Relations page of our website following the conclusion of today's call.

今天與我一起出席 Heron 會議的嘉賓有：執行長 Craig Collard、執行副總裁兼財務長 Ira Duarte、執行副總裁兼首席發展長 Bill Forbes 以及醫療事務策略與合作高級副總裁 Kevin Warner。對於透過電話會議參加的各位，會議幻燈片將透過網路直播提供，您也可以在今天的電話會議結束後透過我們網站的「投資者關係」頁面存取。

Before we begin, let me quickly remind you that during the course of this conference call, the company will make forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs and future performance all of which constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995.

在開始之前，請允許我快速提醒您，在本次電話會議期間，本公司將做出前瞻性陳述。我們提醒您，任何非歷史事實的陳述均構成前瞻性陳述。這包括關於公司預測、預期、計劃、信念和未來業績的言論，所有這些言論均構成《1995年私人證券訴訟改革法》安全港條款所指的前瞻性陳述。

These statements are based on judgment and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

這些聲明是基於本次電話會議之日的判斷和分析，並受到許多重要風險和不確定性的影響，可能導致實際結果與前瞻性聲明中所述的結果有重大差異。

The risks and uncertainties associated with the forward-looking statements made in this conference call and webcast are described in the safe harbor statement in today's press release and in Heron's public periodic filings with the SEC. Except as required by law, Heron assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

本次電話會議和網路直播中前瞻性陳述所涉及的風險和不確定性，已在今日新聞稿中的安全港聲明以及 Heron 向美國證券交易委員會 (SEC) 提交的定期公開文件中進行了說明。除法律要求外，Heron 不承擔更新這些前瞻性陳述以反映未來事件或實際結果的義務，亦不打算這樣做。

And with that, I would now like to turn the call over to Craig Collard, Chief Executive Officer of Heron.

現在，我想將電話轉給 Heron 執行長 Craig Collard。

Thanks, Melissa. Good morning, everyone, and welcome to Heron Therapeutics' first-quarter 2025 earnings call. Today, we are extremely excited to share our results for the first quarter of 2025.

謝謝，梅麗莎。大家早安，歡迎參加Heron Therapeutics 2025年第一季財報電話會議。今天，我們非常高興地分享2025年第一季的業績。

After establishing the company's financial foundation in 2024, we are now focused on targeted product growth for our two key assets, ZYNRELEF and APONVIE, while continuing to maintain and grow CINVANTI and SUSTOL within clinics and select hospital accounts.

在 2024 年建立公司財務基礎後，我們現在專注於針對我們的兩項關鍵資產 ZYNRELEF 和 APONVIE 的目標產品成長，同時繼續在診所和精選醫院帳戶內維持和發展 CINVANTI 和 SUSTOL。

With ZYNRELEF's formulary status now covering approximately 19% of all orthopedic procedures and key catalysts such as our expanded label, the VAN launch, the approval of the NOPAIN Act and the CrossLink partnership, we see a clear opportunity to drive deeper adoption in a market where we already have access and the potential to expand coverage as interest grows nationwide.

ZYNRELEF 的處方狀態現已涵蓋所有骨科手術的約 19%，並且由於我們擴大的標籤、VAN 的推出、NOPAIN 法案的批准和 CrossLink 合作夥伴關係等關鍵催化劑，我們看到了一個明顯的機會，可以在我們已經可以進入的市場中推動更深入的採用，並且隨著全國範圍內興趣的增長，有可能擴大範圍。

In 2025, we will focus on disciplined execution, optimizing commercial performance, and selectively expanding the team where it directly supports high-return growth opportunities.

2025年，我們將專注於嚴格執行、優化商業績效，並選擇性地擴大直接支持高回報成長機會的團隊。

Looking at our achievements in Q1, we generated total net revenues of approximately $39 million, achieved a record quarterly adjusted EBITDA of $6.2 million and reported net income of $2.6 million. Since joining the company in 2023, our management team has been clear in our commitment to not only reach profitability, but also to execute with consistency.

縱觀我們第一季的業績，我們實現了約3900萬美元的總淨收入，季度調整後息稅折舊攤銷前利潤（EBITDA）創下620萬美元的紀錄，報告淨利潤為260萬美元。自2023年加入公司以來，我們的管理團隊始終堅定不移地致力於實現盈利，並始終如一地執行。

In addition, we reached a settlement agreement with Mylan Pharmaceuticals regarding the CINVANTI and APONVIE products, avoiding costly litigation fees and removing uncertainty around the outcome of the litigation.

此外，我們與邁蘭製藥就 CINVANTI 和 APONVIE 產品達成了和解協議，避免了昂貴的訴訟費用並消除了訴訟結果的不確定性。

Lastly, as we continue advancing our commercial plans, hiring the right commercial leader was a key priority. We're pleased to share that Mark Hensley joined us on April 28. Mark, who previously worked with me at Veloxis as our Commercial Lead, brings deep expertise from a career spent entirely in the hospital market. He is the missing piece to the puzzle as we move into this next phase of growth.

最後，隨著我們繼續推進商業計劃，聘請合適的商業領導者至關重要。我們很高興地宣布，Mark Hensley 於4月28日加入我們。 Mark 之前曾與我一起在 Veloxis 擔任商業主管，他擁有豐富的經驗，專注於醫院市場。在我們邁入下一階段的成長過程中，他正是我們拼圖中不可或缺的那塊拼圖。

Now moving on to product performance. The oncology franchise continues to outperform our expectations with combined net revenues from CINVANTI and SUSTOL reaching $28.6 million for the quarter. We have maintained market share in a highly competitive environment, and we believe these products will continue to deliver consistent performance throughout 2025. We are extremely pleased with the results of our oncology supportive care franchise, and we are actively exploring creative strategies to drive continued growth in this market.

現在來看看產品表現。腫瘤科特許經營業務持續超出我們的預期，本季CINVANTI和SUSTOL的合併淨收入達到2,860萬美元。在競爭激烈的環境中，我們保持了市場份額，並相信這些產品將在2025年繼續保持穩定的表現。我們對腫瘤支持治療特許經營業務的表現非常滿意，並正在積極探索創新策略，以推動該市場的持續成長。

CINVANTI, our lead product for chemotherapy-induced nausea and vomiting, or CINV, continues its strong growth. While I spoke earlier about the overall oncology franchise, you can see on the left side of this slide that CINVANTI is steadily increasing in average daily units, even within a highly competitive market. Now that the company is commercializing CINVANTI through a more focused account team across our entire portfolio, we are seeing positive results.

我們用於治療化療引起的噁心和嘔吐（CINV）的主導產品 CINVANTI 持續強勁成長。我之前談到了整體腫瘤學特許經營權，您可以在這張幻燈片的左側看到，即使在競爭激烈的市場中，CINVANTI 的平均每日用藥量也在穩步增長。目前，公司正透過一個更專注的客戶團隊，將 CINVANTI 商業化，涵蓋我們整個產品組合，我們看到了積極的成果。

New accounts shown in green on the graph and defined as those who have ordered within the past three months are growing at a healthy rate and benefited from the IV bag shortage in October of last year as reflected in the spike on the graph. Existing accounts depicted by the blue line and defined as those with continuous product orders are also experiencing steady growth since the new management team joined in April of 2023.

圖表中綠色表示新帳戶，即過去三個月內訂購的新帳戶，其增長速度穩健，並受益於去年十月靜脈輸液袋短缺的影響，正如圖表中的峰值所示。藍線表示現有帳戶，即持續訂購產品的帳戶，自2023年4月新管理團隊加入以來，也經歷了穩定成長。

CINVANTI's well-established safety profile and competitive advantages such as the IV Push administration support its continued upward trajectory and unit growth. The key to sustaining consistency with this product will be the strategic management of our average selling price or ASP.

CINVANTI 良好的安全性和靜脈推注給藥等競爭優勢，支撐了其持續的上升勢頭和銷售增長。維持該產品一致性的關鍵在於平均售價（ASP）的策略管理。

Now moving on to the acute hospital side of our business. Both APONVIE and ZYNRELEF experienced significant growth in Q1 of 2025, up over 432% and 60%, respectively, compared to the same period last year.

現在談談我們急性醫院業務。 APONVIE 和 ZYNRELEF 在 2025 年第一季均實現了顯著成長，與去年同期相比分別成長了 432% 和 60% 以上。

We believe these two products have significant growth opportunity. Building on our efforts to strengthen our financial foundation last year, including a significant cost restructuring and the completion of numerous strategic initiatives the full focus of the organization will emphasize product growth and execution this year.

我們相信這兩款產品擁有巨大的成長機會。基於去年我們為鞏固財務基礎所做的努力，包括重大的成本重組和多項策略措施的完成，今年公司將全力專注於產品成長和執行。

Today, the company is well positioned for sustainable, scalable, and capital-efficient growth. With APONVIE, we are beginning to see a dramatic shift in key trends, particularly in average daily units and the number of ordering accounts. We believe this growth will continue throughout 2025 and beyond, as our pull-through efforts drive expanded product adoption within hospital institutions.

如今，公司已做好充分準備，實現可持續、可擴展且資本高效的成長。隨著 APONVIE 的推出，我們開始看到關鍵趨勢發生顯著變化，尤其是在每日平均用藥量和訂購帳戶數量方面。我們相信，隨著我們持續的「拉動式」努力推動產品在醫院機構中的應用，這種增長勢頭將在 2025 年及以後持續下去。

Our goal with APONVIE is to continue building awareness, focusing our message on its strong safety profile, and unique mechanism of action. Postoperative nausea and vomiting or PONV is a serious issue that can often be mitigated by the addition of APONVIE as the provider's third agent of choice in a multi-modal approach to PONV therapy for moderate to severe cases.

我們推出 APONVIE 的目標是持續提升大眾認知，並專注於宣傳其強大的安全性和獨特的作用機制。術後噁心嘔吐（PONV）是一個嚴重的問題，通常可以透過在中重度 PONV 病例的多模式治療方案中添加 APONVIE 作為醫生的第三選擇藥物來緩解。

A similar positive trend is emerging with ZYNRELEF. Our daily unit sales are steadily increasing, and we are onboarding new accounts at a much faster rate than in the past. With the VAN launch just getting underway and the CrossLink partnership fully integrated, we believe ZYNRELEF is positioned to show a significantly stronger growth trajectory as we approach Q3 and beyond.

ZYNRELEF 也呈現類似的正向趨勢。我們的每日銷售量穩定成長，新客戶註冊速度也遠超過以往。隨著 VAN 的推出以及 CrossLink 合作夥伴關係的全面整合，我們相信，隨著第三季及之後的到來，ZYNRELEF 的成長軌跡將更加強勁。

Many of the current initiatives around ZYNRELEF are already in motion but require time to take full effect. As both daily unit volumes and the number of ordering accounts continue to rise, we remain confident in ZYNRELEF's multi-hundred-million-dollar potential provided we can continue to improve execution and expand usage within our existing access points.

目前圍繞 ZYNRELEF 的許多措施已在實施中，但需要時間才能全面見效。隨著每日單位數量和訂購帳戶數量的持續增長，只要我們能夠繼續改善執行情況並擴大現有接入點的使用範圍，我們對 ZYNRELEF 數億美元的市場潛力仍然充滿信心。

Our top priority for 2025 is disciplined execution, converting access into sustained case level market share, optimizing our current commercial footprint and selectively investing in team expansion where it directly supports high-return growth opportunities.

我們 2025 年的首要任務是嚴格執行，將訪問權轉化為持續的案例級市場份額，優化我們當前的商業足跡，並選擇性地投資於團隊擴張，以直接支持高回報成長機會。

I will now turn the call over to Ira Duarte, our CFO, to cover our financials and update our financial guidance. Go ahead, Ira.

現在，我將把電話轉給我們的財務長艾拉杜阿爾特 (Ira Duarte)，她將負責我們的財務狀況並更新我們的財務指引。請艾拉發言。

Thank you, Craig. Our product gross profit for the three months ended March 31, 2025, was $30.4 million or 78%, which increased from 76% for the same period in 2024. This is due to a lower cost per unit in the three months ended March 31, 2025, as a result of production efficiencies compared to the same period ended March 31, 2024, offset by an increase in the units sold. SG&A expenses for the three months ended March 31, 2025, were $25 million compared to $26.4 million in the same period in 2024.

謝謝你，克雷格。截至2025年3月31日的三個月，我們的產品毛利為3,040萬美元，佔78%，高於2024年同期的76%。這是由於，由於生產效率的提高，截至2025年3月31日的三個月，與截至2024年3月31日的同期相比，單位成本有所降低，但銷量的增長抵消了這一影響。截至2025年3月31日的三個月，銷售、一般及行政費用（SG&A）為2,500萬美元，而2024年同期為2,640萬美元。

The decrease was primarily related to decreases in personnel and related costs and legal expense related to the timing of patent litigations, offset by increased sales and marketing spend to support revenue growth. Research and development expenses were $2.3 million for the three months ended March 31, 2025, compared to $4.6 million in the comparable period in 2024.

下降主要由於人員及相關成本的減少，以及與專利訴訟時間相關的法律費用的減少，但為支持收入增長而增加的銷售和營銷支出抵消了這一影響。截至2025年3月31日的三個月，研發費用為230萬美元，2024年同期為460萬美元。

The decrease was primarily related to decreases in personnel and related costs due to the terminations in 2024 as well as decrease in development activities. We achieved net income for the three months ended March 31, 2025, of $2.6 million. During the comparable period in 2024, we had a net loss of $3.2 million. Cash and short-term investments at March 31, 2025, was $50.7 million.

減少主要由於2024年人員終止導致人員及相關成本減少，以及開發活動減少。截至2025年3月31日的三個月，我們達到淨利260萬美元。 2024年同期，我們淨虧損320萬美元。截至2025年3月31日的現金及短期投資為5,070萬美元。

If we had excluded depreciation and stock-based compensation, our adjusted EBITDA results would have been a positive $6.2 million operating income compared to a loss of $0.7 million for the same period in 2024. We are revising our previously given guidance for adjusted EBITDA range of $0 to $8 million to a range of $4 million to $12 million.

如果我們排除折舊和股票薪酬，我們的調整後 EBITDA 結果將為正 620 萬美元的營業收入，而 2024 年同期則虧損 70 萬美元。我們正在將先前給出的調整後 EBITDA 範圍指引從 0 至 800 萬美元修改為 400 至 1200 萬美元。

And now we would like to open the call for any questions.

現在我們願意開始回答任何問題。

(Operator Instructions) Clara Dong, Jefferies.

（操作員指示）Clara Dong，傑富瑞。

Congrats on the great quarter. So my question is on the CINVANTI litigation settlement. So I understand you might not be able to share details of terms quantitatively. So wondering whether you can give any qualitative comments? And how should we think about the implications of settlement for maybe your near-term financials or guidance? And I have a follow-up also.

恭喜您本季取得如此佳績。我的問題是關於 CINVANTI 訴訟和解的。我知道您可能無法量化分享條款細節。能否提供一些定性的評論？我們該如何看待和解對您近期財務狀況或業績指引的影響？我還有一個後續問題。

(inaudible - microphone inaccessible) to not only continue with CINVANTI, but also to grow APONVIE.

（聽不清楚 - 麥克風無法使用）不僅要繼續使用 CINVANTI，還要發展 APONVIE。

Got it. And based on what you've seen so far with -- after ZYNRELEF VAN launch, NOPAIN Act taking effect in April and continued CrossLink partnership. So how should we think about or what should we expect in terms of sales momentum in the back half of the year?

明白了。根據您目前看到的情況——ZYNRELEF VAN 上市後，NOPAIN 法案將於 4 月生效，並且 CrossLink 合作關係仍在繼續。那麼，我們該如何看待或預期下半年的銷售動能呢？

Yeah. No, it's a great question because when you look at sort of Q4 to Q1 and net revenues were fairly similar. But if you look at demand, we were actually up 2% in unit demand and the market was actually down 5.3%. And so what we foresee in front of us, we've got a number of accounts.

是的。不，這是一個很好的問題，因為如果你看第四季度和第一季度，你會發現淨收入相當相似。但如果你看看需求，我們的單位需求實際上增加了2%，而市場實際上下降了5.3%。所以我們預計，我們將會獲得大量客戶。

Actually, I think there's six accounts right now that we're in the onboarding process, meaning they've gone through P&T, and we're now getting to training physicians and training the hospital and getting things in Epic system and so forth. And this just takes time. And so one of the things that we're extremely excited about are bringing these accounts onboard.

實際上，我認為目前有六個帳戶正在接受入職培訓，也就是說，它們已經完成了P&T（治療和治療）流程，我們現在正在培訓醫生、培訓醫院，並將所有內容匯入Epic系統等等。這需要時間。因此，我們非常興奮的一件事就是讓這些帳戶加入。

And so for us, we can sort of see this coming. And if you think about all the things that are moving as far as moving pieces right now with the CrossLink partnership and just our messaging and really getting us to hit on all cylinders, we see this all kind of coming together midyear and beyond. And so I feel extremely confident that you're going to really see a different inflection as we move towards the end of the year, and we feel very comfortable with consensus numbers and hitting those as we move forward.

所以對我們來說，我們多少可以預見這一點。想想目前與 CrossLink 合作的所有進展，想想我們傳遞的訊息，想想我們真正全力以赴，我們預計這一切都會在年中及以後逐漸實現。因此，我非常有信心，隨著年底的臨近，大家會看到一個不同的轉捩點。我們對達成共識的數字感到非常有信心，並且在未來的工作中能夠達到這些數字。

Serge Belanger, Needham.

塞爾日·貝朗格，尼德漢姆。

The first one, Craig, can you just talk about the overall 1Q trends, whether the usual seasonality was what you were expecting or similar to prior years? And then maybe just secondly, for Ira, just highlight some of the changes to the guidance and what's driving the EBITDA increase.

第一個問題，Craig，您能否談談第一季的整體趨勢？季節性變化是否符合您的預期，或與往年類似？其次，對於 Ira，您能否重點介紹業績指引的一些變化，以及推動 EBITDA 成長的因素？

Thanks, Serge, and great question. Again, I thought the trends were fairly consistent with what we've seen in the past, whether it's co-pay resets or deductibles or what have you, you typically see a little bit of a falloff in Q1. But again, we were pleased because with all the other things going on, we were actually up versus the market. So I think it's a positive sign. But again, we have much bigger hopes than growing 2% versus the market.

謝謝，Serge，這個問題問得好。我再次強調，我認為目前的趨勢與我們過去看到的趨勢基本一致，無論是共同支付重置、免賠額還是其他因素，通常情況下，第一季的銷售額都會略有下降。但我們仍然感到高興，因為儘管其他因素都在持續，但我們的銷售額實際上還是高於市場水平。所以我認為這是個正面的訊號。但同樣，我們的期望遠不止於高於市場2%的成長率。

And so I think as we move forward, again, as I said before to Clara's point, I think there's a lot coming at the end of the year with the number of accounts we have coming onboard and really just getting this CrossLink partnership where it's really just functioning and going -- just continue to become more efficient, I guess. And one of the things, too, that we're looking to do is that as we're onboarding a number of these accounts, we're looking to do a little bit more of a targeted expansion, as I said in my prepared remarks.

所以我認為，隨著我們不斷前進，正如我之前對克拉拉的觀點所說，我認為到年底，隨著我們新加入的帳戶數量不斷增加，以及與 CrossLink 的合作真正開始運作，我認為它會變得越來越高效。我們也希望在新加入的帳戶數量不斷增加的同時，進行更有針對性的擴張，正如我在準備好的演講中所說。

And what I mean by that is that as we onboard these accounts, we -- from time to time, we have gaps as far as being able to do this as fast as we want, and we may need more coverage in a certain account based on sort of the CrossLink overlay of their footprint. And so we are going to expand in some areas like that. It may be headcount such as an MSL, medical sales liaison, it may be some kind of clinical support staff or even a sales rep.

我的意思是，當我們接手這些帳戶時，我們有時會遇到一些問題，無法以我們想要的速度完成這些工作，我們可能需要根據 CrossLink 覆蓋範圍來擴大某個帳戶的覆蓋範圍。因此，我們將在某些方面進行擴展。這可能是人員配備，例如 MSL、醫療銷售聯絡員，也可能是某種臨床支援人員，甚至是銷售代表。

And so we're really taking a much more of a targeted approach versus just an all-out expansion, and we're going to do that where we have access and where things are going well as far as a new account coming onboard and so forth. So that's why we're really upbeat about what we see and what's coming towards the end of the year.

因此，我們實際上採取了一種更有針對性的方法，而不是一味地全面擴張。我們會在現有管道、新帳戶加入等進展順利的地方擴張。正因如此，我們對目前的情況以及年底即將發生的事情充滿信心。

So I'll turn it over to Ira on the other question.

因此我將把另一個問題交給艾拉。

Yeah. As far as EBITDA -- Serge, thanks for the question. EBITDA, we obviously had a very strong first quarter. And some of that is due to efficiencies on the overall spend. Some of that is on the announcement with the settlement, the future spend on that. So overall, we feel very comfortable that the rest of the year will be fairly positive and have revised guidance on that.

是的。至於EBITDA——Serge，謝謝你的提問。 EBITDA方面，我們第一季的業績表現非常強勁。這部分歸功於整體支出的效率提升。部分歸功於和解協議的宣布以及未來相關的支出。因此，總體而言，我們非常有信心今年剩餘時間的業績將相當積極，並且已經修訂了相關預期。

(Operator Instructions) Carl Byrnes, Northland Capital Markets.

（操作員指示）卡爾·伯恩斯 (Carl Byrnes)，北國資本市場 (Northland Capital Markets)。

Congratulations on the results and the progress. It looks like the gross profit margin came in around 78.3%. I'm wondering if you can talk a little bit about how you expect that to progress through the balance of the year or if there was any anomalies. Obviously, the CINVANTI sales were higher than expected, which should be part of it. And then I have a follow-up as well.

恭喜您所取得的成果和進展。毛利率看起來在78.3%左右。請問您能否簡單談談，您預計今年餘下時間的毛利率將如何增長，或者是否存在任何異常情況。顯然，CINVANTI的銷售額高於預期，這應該是部分原因。然後我還有一個後續問題。

Okay. Thanks, Carl. Yeah, gross margin was a little higher than typical. I mean we've said all along, we thought we would be in sort of this low to mid-70s. And basically what you had happen is exactly what you said. CINVANTI sales were up.

好的。謝謝，卡爾。是的，毛利率比往年略高。我的意思是，我們一直都說，我們預計毛利率會在75%左右。基本上，實際情況正如你所說的。 CINVANTI的銷售額上升了。

And we're actually -- we've got two different manufacturers, and we're still using the manufacturer we have higher scale or larger scale. And so most of those lots came through there. As we go through the year, you're going to see us incorporate some of the lots from where we have smaller scale. And so that may come down a little bit. But again, we still should be in that sort of mid-70s range.

實際上，我們有兩家不同的製造商，我們仍在使用規模更大或更大規模的製造商。所以大部分的批次都是從那裡來。隨著時間的推移，你會看到我們整合一些規模較小的製造商的批次。所以這個數字可能會略有下降。但同樣，我們的產量應該仍然在75%左右。

Got it. And then switching gears to APONVIE as the third-line agent. Obviously, there, again, higher than expected. How do you see it progressing? And what do you see as sort of your long-term potential in terms of peak sales that's obviously referencing long term?

明白了。然後切換到APONVIE作為三線代理商。顯然，銷售額又高於預期。您如何看待它的進展？就峰值銷售額而言，您認為您的長期潛力如何？這顯然是指長期而言。

Yeah, with APONVIE we get so caught up sometimes, I think, talking about ZYNRELEF, but APONVIE is a product that once we go into a hospital system, we really don't lose these accounts. I mean they -- it's a product that works extremely well. It's extremely safe. And we continue to have good experiences with that. But the issue we've had is that we're getting a lot of formulary wins and P&T wins. So we're getting access.

是的，關於APONVIE，我們有時會陷入討論ZYNRELEF的泥潭，但APONVIE是一款產品，一旦進入醫院系統，我們就不會丟失這些帳戶。我的意思是——它是一款效果極佳的產品，非常安全。我們一直擁有良好的使用體驗。但我們遇到的問題是，我們獲得了許多處方集和藥物管理的勝利。所以我們就獲得了使用權。

But typically, where APONVIE starts is sort of like a bariatric surgery or something like that. And then what you see happen as they get more usage of the product, you typically see it sort of broaden out throughout the hospital.

但通常來說，APONVIE 的起步有點像是減重手術之類的。然後，隨著產品使用範圍的擴大，你通常會看到它在整個醫院範圍內擴展。

This is where we're trying to focus now, and this is sort of a twofold problem because as we have said all along is, the more we can integrate our CrossLink partnership, it allows our reps to get out of the OR cases and get out in the hospital and do more selling. And so as they're doing that, that should affect the APONVIE pull-through.

這正是我們目前努力關注的重點，這是一個雙重問題，因為正如我們一直強調的，我們與 CrossLink 的合作關係整合得越好，我們的銷售代表就能走出手術室，走進醫院，做更多的銷售工作。他們這樣做，應該會對 APONVIE 的推廣產生影響。

So you can imagine if I've got access with bariatric surgery, now my reps are able to go into the PACU and speak to some of those nurses and so forth and talk to the anesthesiology, we can get more pull-through and get sort of the system-wide usage with APONVIE. And so, listen, I think APONVIE is going to continue to grow. We've got a very unique safety profile and a unique MOA. And our real goal with this is to be the first choice when you go to a third-line agent.

所以你可以想像一下，如果我能獲得減肥手術的許可，我的銷售代表就能進入PACU（麻醉後重症監護室），與一些護士交流，還能與麻醉科溝通，這樣我們就能獲得更多的病人，並讓APONVIE在全系統範圍內得到應用。所以，我認為APONVIE會繼續發展。我們擁有非常獨特的安全性和獨特的MOA（行動計劃）。我們真正的目標是成為您尋求三線藥物時的首選。

And if that happens, this is a multi-hundred-million-dollar drug because there's 70 million surgeries a year that occur in the US. And so about half of that market is moderate to severe, which is sort of our sweet spot as far as patients go. And so again, we think we're going to continue to see tremendous growth. And I think it's only going to get better as we get better with our CrossLink partners and move our reps out of the kind of the OR suite.

如果真的如此，這將是一款價值數億美元的藥物，因為美國每年有7000萬例手術。因此，大約一半的市場是中度至重度的，就患者而言，這正是我們的最佳選擇。因此，我們認為我們將繼續看到巨大的成長。而且我認為，隨著我們與CrossLink合作夥伴的合作不斷加深，並將我們的銷售代表從手術室中轉移出來，情況只會越來越好。

Great. That's very helpful. And then switching back to ZYNRELEF. Considering the formulary wins and new accounts coming on, and obviously, you have a feel for the timing of that, how do you see an inflection or the timing of an inflection where ZYNRELEF, you start achieving sequential revenue growth.

太好了。這很有幫助。然後換回ZYNRELEF。考慮到處方集的勝利和新帳戶的到來，顯然你對時機有所把握，你如何看待ZYNRELEF的拐點，或者拐點的時機，屆時你將開始實現連續的收入增長。

Again, you mentioned 2% unit growth that may be related to -- somewhat related to deductible resets and such, given the fourth quarter first quarter transition. But I'm just wondering when you might expect to see that inflection and ZYNRELEF sales taking off? Thanks.

再次，您提到2%的單位增長，這可能與扣除額重置等因素有關，考慮到第四季度與第一季的過渡。但我只是想知道，您預計何時會出現這種轉折點，以及ZYNRELEF的銷售何時會開始起飛？謝謝。

Yeah. So we know currently, we have five new accounts that I think are in Michigan, North Carolina, a couple of other states that are ready to onboard. And these accounts alone are numerous amount of surgeries, not only in ortho, but obviously throughout the hospital. They're also aligned with our CrossLink partnership. So our footprints overlap with this and we have access.

是的。目前，我們已有五個新客戶，我想它們分別位於密西根州、北卡羅來納州和其他幾個州，並且已經準備好加入。光是這些客戶就擁有大量的手術，不僅在骨科，顯然也遍布整個醫院。他們也與我們的 CrossLink 合作夥伴關係保持一致。因此，我們的業務範圍與 CrossLink 重疊，並且我們擁有存取權限。

So look, we know that those accounts are in the process of onboarding. This should take place kind of June, July as getting these things fully onboard. So what I really see product beginning to change as we move into kind of later into Q3 into Q4, I think you're going to see a really different inflection, especially as we come out of the year into '26.

我們知道這些帳戶正在上線。這應該會在六月或七月左右完成，以便全面上線。所以，隨著我們進入第三季末到第四季度，我真正看到的是產品開始發生變化，我認為你會看到一個非常不同的拐點，尤其是在我們即將結束2026年之際。

And so not only do I think we'll hit consensus this year with our numbers, but I really think next -- as we move into next year, as these accounts come onboard and again, we continue to get better with our partnership with CrossLink, I think this is really going to change the direction of this product.

因此，我不僅認為我們今年的數據將達成共識，而且我真的認為，隨著我們進入明年，隨著這些帳戶的加入，以及我們與 CrossLink 的合作不斷改善，我認為這將真正改變該產品的方向。

Great, excellent, and again, congratulations on the progress and results.

太好了，太棒了，再次恭喜你所取得的進展和成果。

Thanks, Carl.

謝謝，卡爾。

I would now like to turn the call back over to Craig Collard for any closing remarks.

現在我想將電話轉回給 Craig Collard 來做最後發言。

So I just would like to thank all the employees at Heron. We had a great quarter, and we continue to execute as we move forward. And we want to thank everyone for being on the call today, and we'll see you next quarter.

所以，我只想感謝 Heron 的全體員工。我們度過了一個非常出色的季度，並且會繼續保持良好的發展勢頭。感謝大家今天參加電話會議，我們下季再見。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。現在您可以斷開連線了。