Heron Therapeutics : January 11, 2021 Corporate Presentation

Heron Therapeutics

Update

January 11, 2021

Forward-Looking Statements

This presentation contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. We caution investors that forward-looking statements are based on management's expectations and assumptions as of the date of this presentation, and involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those associated with: adjustments to the preliminary fourth-quarter 2020 and full-year 2020 net product sales for the CINV franchise in connection with the completion of the financial closing procedures and an audit for the 2020 fiscal year; risks associated with achieving the full-year 2021 net product sales guidance for the CINV franchise; whether the FDA approves the NDA for HTX-011; the timing of the commercial launch of HTX-011 in the U.S.; the timing of the commercial launch of ZYNRELEF in Europe; the timing of Health Canada's NDS review process for HTX-011; whether Health Canada issues a Notice of Compliance for the NDS for HTX-011; the timing and results of studies for HTX-011, the HTX-034 development program, and the PONV development program; the expected future balances of Heron's cash, cash equivalents and short- term investments; the expected duration over which Heron's cash, cash equivalents and short-term investments balances will fund its operations; the extent of the impact of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic on our business; and other risks and uncertainties identified in the Company's filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only on their stated date, and we take no obligation to update or revise these statements except as may be required by law.

2

Corporate Updates

Strong Financial Positioning

• Preliminary Q4 2020 net product sales for CINV franchise of ~$20.3 Million
• Preliminary full-year 2020 net product sales for CINV franchise of ~$88.3 Million
• • Versus Guidance of $85 Million
• Full-year2021 net product sales guidance for CINV franchise of $130-$145 Million
• Preliminary 2020 year-end cash balance of ~$208.5 Million

Clinical/Regulatory Updates

• HTX-011 - New Drug Application for postoperative pain management is under review in the US
• • May 12, 2021 PDUFA Date
• HTX-034 - Preliminary results from Phase 1b bunionectomy study shows pain reduction through 96 hours with 45.5% of patients opioid-free through day 15
• HTX-019 - Preliminary results from Phase 1 study of low dose IV injection demonstrated bioequivalence to approved oral aprepitant

3	40 mg dose for prevention of postoperative nausea and vomiting

Investment Areas

Heron Pipeline

PRECLINICAL		CLINICAL		NDA		APPROVED

CINV*

SUSTOL®

(granisetron)	US FDA Approved for CINV Prevention*
extended-release injection

Preliminary 2020 net product sales for CINV franchise of ~$88.3M

CINVANTI®
(aprepitant)	US FDA Approved for CINV Prevention*
injectable emulsion

PONV*	HTX-019
(aprepitant)
injectable emulsion

IND active for PONV	NDA planned for 4Q2021
BE Demonstrated to Oral Aprepitant

▪ Fast Track and Breakthrough Therapy

MANAGEMENT	HTX-011
(bupivacaine/meloxicam)
HTX-034
(bupivacaine/meloxicam/
PAIN
aprepitant)

Marketing Applications Under Review in the U.S.

and Canada, and Approved in EU

Under Investigation for

Postoperative

Pain via Local Application

designations granted by FDA

• US NDA: resubmitted 11/12/2020; PDUFA goal date 05/12/2021
• • Exposure data for excipients submitted to support reproductive toxicology studies; impurity specification lowered
  • No issues related to clinical efficacy or safety, or manufacturing
• EU MAA: ZYNRELEF™ Authorized by
  European Commission

	*CINV: Chemotherapy-induced nausea and vomiting. SUSTOL® (granisetron) extended-releaseinjection 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) or anthracycline and cyclophosphamide (AC) combination chemotherapy regimens. CINVANTI® (aprepitant) injectable emulsion, in combination with other
	antiemetic agentsis 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) including high-dose cisplatin as a single-dose
4	regimen, delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC) as a single-dose regimen, and nausea and vomiting associated with initial and repeat courses of MEC
as a 3-day regimen. CINVANTI has not been studied for treatment of established nausea and vomiting.

HTX-011,HTX-034 and HTX-019 are investigational new drugs and are not approved by the FDA

NDA Resubmitted Based on Guidance at Type A

Meeting

• Pharmacokinetic data generated for 3 excipients in toxicology animals and patients receiving HTX-011 400 mg in TKA and C-section studies
• Cmax of excipients at doses administered in reproductive toxicology studies are >50- to >200-fold higher than observed in patients receiving highest dose of HTX-011
• • Substantially higher exposures observed in toxicology species validates acceptability of submitted studies
  • Submitted pharmacokinetic data expected to address 3 of the 4 issues in CRL
• Fourth CRL issue addressed by lowering impurity specification for final drug product to FDA agreed upon level
• FDA has acknowledged Class 2 resubmission with 6-month review clock: PDUFA goal date of 05/12/2021

5

DMSO: Animal Pharmacokinetics (PK) vs Human Plasma

Levels in TKA Study

DMSO Cmax in toxicology animals 106- to 129-fold higher than humans

Animal PK NOAEL Dose Level

Human PK (HTX-011 400 mg)

6	Note: Mean Plasma Concentration Time Profiles of DMSO in Pregnant Rats and Rabbits (1,000 mg/kg/day DMSO via Oral
	Administration) and in Humans (HTX-011 400 mg/12 mg via Installation into the Surgical Site)

Maleic Acid: Animal Pharmacokinetics vs Human Plasma

Levels in TKA Study

Maleic Acid Cmax in toxicology animals >50-fold higher than humans

Rabbit PK NOAEL Dose Level

Human PK (HTX-011 400 mg)

7	Note: Mean Plasma Concentration Time Profiles of Maleic Acid in Pregnant (20 mg/kg/day Maleic Acid via Oral Administration) and in Humans
(HTX-011 400 mg/12 mg via Installation into the Surgical Site)

Triacetin: Animal Pharmacokinetics vs Human

Plasma Levels in TKA Study

Triacetin Cmax in toxicology animals >200-fold higher than humans

Rat PK NOAEL Dose Level

Human PK (HTX-011 400 mg)

	Note: Mean Plasma Concentration Time Profiles of Triacetin in Rats (1,000 mg/kg Triacetin via Oral Administration) and in Humans (HTX-011
8	400 mg/12 mg via Installation into the Surgical Site)

HTX-011 Commercialization

Advancing Pain Management

9	HTX-011 is an investigational new drug and not approved by the FDA

Established Platform With Experienced Teams in Place

We are prepared for the potential launch of HTX-011. Critical teams are already

in place, with extensive experience in successful hospital launches.

	Payer
GPO		Key Account
	Management

Trade and	Backbone
Distribution	Infrastructure
Commercial
Leadership
Regulatory	Medical
and	Science
Compliance	Liaisons
Pharmaco-	Marketing
vigilance	and Sales

10

Existing Platform Advantages

Strong KOL relationships

Successful hospital and pain management launch experience

IDN/hospital/ASC expertise and relationships Reimbursement infrastructure in place

GPO contracts in place

Full-line wholesaler agreements and 3PL in place Safety monitoring structure in place

Proven compliant execution

Robust systems in place and pressure tested for launch

A Proven Track Record of Hospital Launch Success

Achieved >40% Market Share From Entrenched Competitor

• Heron launched CINVANTI in January 2018
• Achieved significant market share, in a very short time period
• Outstanding execution:
• • Superior pricing and contracting
  • Providing 340B discount
  • Differentiated product attributes
  • Rapid formulary adoption
  • Accelerated account pull-through
  • Trade and reimbursement expertise

		CINV Hospital Share/Units
120.000			119,922
110.000		Hospital Share
100.000		Hospital Units	102,990
90.000			88,228
80.000
70.000			66,983
60.000			43%
50.000	52,906	37%

32%

40.000

We will leverage the success and experience gained from CINVANTI as we enter the postoperative pain management landscape with HTX-011.

26%

30.000		28,178	21%
20.000
10.000	8,832	12%

307 4%

0

2018-Q1

2018-Q2

2018-Q32018-Q42019-Q12019-Q2

2019-Q32019-Q4

11 Source: IMS DDD12.25.20, 867 1.5.21

HTX-011 Is Well Positioned on Core Drivers to Create

Fast Access and Uptake

Heron is positioned for a successful launch

• High Awareness with key formulary decision makers
• Outperforms both branded and generic competition on every important core attribute for a LA
• • Reduction in Severe Pain
  • Elimination of Opioid Discharge Prescriptions
  • 72 Hour Duration

HTX-011 Aided Awareness P&T Decision Makers

93%

68%

Pharm*

C-Suite

Source: Company-sponsored ATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the attributes for which we are developing HTX-011

12 *Pharmacists were required to be involved in formulary decisions to qualify for the survey

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Is Well Positioned on Core Drivers to Create

Fast Access and Uptake

Importance of Core Attributes in Selecting a LA

Top 2 Boxes

Reduction in severe postoperative pain

92%

Ability to reduce or eliminate discharge	84%
opioid prescriptions

Ease of use / administration

79%

72-hour duration of effect

73%

Foundation for multi-modal analgesia

62%

Mean Product Rating on Core Attributes

1-5 Scale

On-Q

Bupivacaine

Exparel

HTX-011

4.1

4.0

4.1

4.2

3	3.9	5

Source: Company-sponsored ATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the

13 attributes for which we are developing HTX-011

HTX-011 is an investigational new drug and not approved by the FDA

Large Body of Peer-Reviewed Data for Launch

• Published Peer-Reviewed Manuscripts
• • EPOCH 1 (301), Regional Anesthesia & Pain Medicine
  • EPOCH 2 (302), Hernia
  • Hernia Follow-on (215), Surgery
  • EPOC TKA (209), Journal of Arthroplasty
  • Mechanism of Action, Regional Anesthesia & Pain Medicine
  • Truven HEOR (Opioid Naïve Users), Journal of Managed Care & Specialty Pharmacy
• Accepted for publication:
• • Bunion (218), J. Am Podiatric Med Assoc (JAPMA)
  • Truven HEOR, JMCP (Persistent Opioid Users)
• 38 posters and abstracts have been accepted and presented at key

Congresses*

*Includes congress publications from 2016-2020 based on Preclinical and Phase 2 studies (2016-2017) and Phase 3, Phase 3 Follow-On and Retrospective studies (2018-2020). 2020 congress publications include video/audio presentations at virtual congresses.

14	HTX-011 is an investigational new drug and not approved by the FDA

In 2019 Branded Use Grew to Over $1B, however, 2020 has been Impacted by COVID 19

	$1,693M
Local Anesthetics
$63M
On-Q	$143M
Exparel	$403M

Ofirmev$472M

$ 1 Billion

in Branded Drug Utilization +14%

COVID IMPACT: FY 20 vs 19
Product	Pack	%	WAC	%
	Units	Change	Change
Bupivacaine	14.7M	11%	$31.7M	12%
Ropivacaine	1.9M	7%	$48.5M	40%
Exparel	1.3M	-4%	$386.7M	-4%
OFIRMEV	8.4M	-23%	$400.3M	-15%
Opioids	150.7M	-3%	$649.1M	6%

Opioids$612M

2019

On-Q sales are estimated at ~$150M (down mid-single digits) / Avanos Earnings Call 11/05/19

15 Source: SHA Symphony Health Drug Data FY 2019, SHA Symphony Health Drug Data through 12-25-2020 - FY data forecasted

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Competitive Position Across Settings of Care

14	Hospital Inpatient 47%
(6.6M procedures)
MILLION	• Bundled in DRG
Target
• 56% (3.7M) of inpatient
Procedures
	procedures are done in
	340B hospitals

OVERALL TOTAL

Hospital Outpatient 43% (6.0M procedures)

• 16% (1.0M) have Medicare reimbursement
  (3-yearpass-through)
• 57% (3.4M) eligible for
  340B discount
• Multiple SKUs - lower average costs

Ambulatory Surgical Centers 9% (1.3M procedures)

• 17% (0.2M) eligible for Medicare reimbursement
  at ASP + 6%
• Multiple SKUs - lower average costs

• HTX-011has lower acquisition cost benefit over bundled branded products
• Only HTX-011 will have HOPD reimbursement - 3-year pass-through
• Only HTX-011 will offer 340B pricing

52% of the opportunity lends itself to favorable reimbursement and access

Source: Heron estimate for procedure volume by site of care based on 2018 DRG Claims (data 2017) / DRG revised Claims Data 2020 (data 2017).

16	HTX-011 is an investigational new drug and not approved by the FDA

Market Dynamics are Shifting in Favor of HTX-011 and Will Accelerate Outpatient Growth

New CMS OPPS* Rules

• CMS will eliminate the Inpatient Procedure Only (IPO) list over 3 years starting in CY 2021
• • In CY 2021 266 musculoskeletal-related procedures will be removed from (IPO)
• CMS will continue to package non-opioid pain management products in the hospital outpatient setting but products will remain unpackaged in ASC setting at ASP plus 6 percent.
• CMS indicated they will consider outpatient unbundling with real world peer reviewed evidence of opioid prescription elimination

	HOPD*	ASC
	Reimbursement	Reimbursement
Market Size	~6.0M Procedures	~1.3M Procedures
HTX-011	YES	YES
3 year pass-through
Exparel	NO	YES

*OPPS: Outpatient Perspective Payment System, HOPD: Hospital Outpatient Department

Source: Heron estimate for procedure volume by site of care based on 2018 DRG Claims (data 2017) / DRG revised Claims Data 2020 (data 2017).

17

HTX-011 is an investigational new drug and not approved by the FDA

Impact of Previous CMS Rule Change on TKA

Outpatient Moved from 4% of TKA Procedures to 46% in Less Than 3 Years

120
	January 1, 2018 CMS
100	98%	removes TKA from IPO list
80		84%
				74%
60
							54%
								46%
40
					26%
20		16%
	2%
0
20	18		9	2020 YTD
	2017	2018	2019	2020
				Inpatient		Outpatient

18 Source: LexisNexis Procedure data full year 2017, 2018, 2019, 2020 data January - 12/27/20

HTX-011 is an investigational new drug and not approved by the FDA

Physicians and Pharmacists Surveyed Believe HTX-011 Will Grow the Local Anesthetics Market

With the option of using Product Z available, respondents preferred using a local anesthetic 7% more of the time across their procedures

% of time LA used - all procedures

84%

77%

Product Z

in Combo

Product Z

Alone

Pre-HTX-011

With HTX-011

All Procedures

Across all 4 specialty groups, respondents

indicate a preference for using HTX-011 (either alone or in combination*) in ~60% of procedures.

HTX-011 Usage by Specialty Group

62%	62%	61%	56%
22%	24%	18%	23%
40%	38%	43%	33%
Soft tissue	Plastic	OB/GYN	Ortho

Source: Company-sponsored ATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the attributes for which we are developing HTX-011

19 * Used in combination with other local anesthetics (LA); for example, where another LA is used as a nerve block

HTX-011 is an investigational new drug and not approved by the FDA

Highly Focused Launch Approach: Targeting the Top 2 Specialties - Orthopedics and General Surgeons

~14M Target Procedures

Initial Targets

Highest-volume procedures in 2 major specialties

• ~6.0M Orthopedic procedures
• ~4.5M General surgery procedures
• ~2.6M OB/GYN procedures
• ~900K Plastic surgery procedures

• Ortho and general surgeons account for 10.5M procedures or 75% of the 14M initial targets
• Ortho and general surgeons account for 82% of Exparel market utilization
• Ortho surgeons are heavy influencers (P&T, new drugs, profitability) across all settings of care

Source: DRG Claims Analysis, 2016 and 2019

20	HTX-011 is an investigational new drug and not approved by the FDA

General Surgeons: HTX-011 Expected to Take Share from Other Treatment Options, With the Most Significant Being from Generic LAs

Anticipated Local Anesthetic Use - Soft Tissue Procedures

5%

8%

3%

4%

21%

66%

Pre HTX-011

9%		Personal Mix
		On-Q

22%			Exparel
	62%		Generic LAs
		HTX-011

Post HTX-011

Source: Company-sponsored ATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the attributes for which we are developing HTX-011

21

HTX-011 is an investigational new drug and not approved by the FDA

Orthopedic Surgeons: HTX-011 Expected to Take Share from Other Treatment Options, With the Most Significant Being from Generic LAs

Anticipated Local Anesthetic Use - Orthopedic Procedures

		3%
			6%
5%	11%	10%			Personal Mix
					On-Q
18%	66%	26%	56%		Exparel

Generic LAs

HTX-011

Pre HTX-011

Post HTX-011

Source: Company-sponsored ATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the attributes for which we are developing HTX-011

22

HTX-011 is an investigational new drug and not approved by the FDA

Across All Customers Surveyed, HTX-011 is Expected to Take Share from Both Exparel and Generic LAs

Usage of Products Pre/Post HTX-011 Introduction

	(All Procedures)
9%		4%
Personal Mix	3%
4%	On-Q	10%

Exparel

21%

26%

Generic LA

66%

HTX-01158%

Pre HTX-011

Post HTX-011

While generic LA usage appears to decline by 40 percentage points, 40% of HTX-011 preference includes use in combination with another local anesthetic - the majority of which will be generic LAs.

% of HTX-011 Usage Alone vs. In Combo

HTX-011

Combo

40%HTX-011 alone

60%

23	Source: Company-sponsoredATU Study July 2020 - Survey of 386 surgeons, anesthesiologists, pharmacists, NP/Pas of potential use of an approved product with the attributes
for which we are developing HTX-011

HTX-011 is an investigational new drug and not approved by the FDA

Highly Focused Launch Approach: 3 Primary Hospital Targets Using $570M in Branded Pain Drugs

				340B %	Target		Branded Utilization
	Hospitals	Procedures
Hospital Targets
	1,305	54%	8.3M	66%	$573.9M	76%
Target 1	486		3.2M		$259.2M
340B + Branded	100%	38%	45%
Target 2	450	0%	2.4M	29%	$250.1M	44%
Non-340B + Branded
Target 3	369	50%	2.7M	33%	$64.6M	11%
Large-Procedure Volume
			ASCs	Target		Brand Utilization
			Procedures
ASCs Targets		559	615K	47%	$16.9M		24%

24 Source: Symphony Drug Market - 2017-2019 / LexisNexis Procedure Data August 2019 YTD and DRG Claims Data 2018

HTX-011 is an investigational new drug and not approved by the FDA

Profiled and Prioritized Fastest Moving Launch Accounts

$875M	$353M	$591M
Total Hospital & ASC	Green/Yellow	Targeted Hospital & ASC
Branded Annual WAC*	Branded Annual WAC*	Branded WAC*

0-3 Months

When will the account order post commercial availability of HTX-011

4-8 Months

When will the account order post commercial availability of HTX-011

			Target	Branded
	#	340B %	Procedures	Utilization
Hospitals	722	49%	4.6M	$337M
ASC	445		466K	$16M

Source: Symphony Drug Market - 2017-2019 / LexisNexis Procedure Data August 2019 YTD

25 * Excludes ON-Q

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Ease of Use and Implementation

• Needle-freeapplication
• • Eliminates the need for up to 120 injections (as in total knee arthroplasty)1 and the time needed for aspiration and application
  • Avoids risks of inadvertent venous punctures and eliminates accidental needle sticks with local anesthetics2
• No specialized training or certification required to administer2
• 2 SKUs for different surgery requirements
• • Reducing cost per procedure
  • Minimizing waste
• Room temperature storage
• Kits fit standard OR medication carts (eg. Pyxis™) and include all components

400 mg bupivacaine	200 mg bupivacaine
12 mg meloxicam	6 mg meloxicam
14-mL	7-mL

SKU: stock keeping unit. aKit components include single-dose glass vial, Luer lock syringe(s), vented vial spike, Luer lock applicator(s), and tip cap(s).

Source: 1. Mont MA, Beaver WB, Dysart SH, et al. J Arthroplasty. 2018;33(1):90-96.2. ZYNRELEF [instructions for use]. San Diego, CA: Heron Therapeutics Inc; 2020.

26 3. ZYNRELEF [instructions for use]. San Diego, CA: Heron Therapeutics Inc; 2020.

HTX-011 is an investigational new drug and not approved by the FDA

Market Opportunity for Zynrelef in Europe is ~15.8M Procedures of Which ~80% are Priority Procedures

15.8m 81%

priority

in-scope procedures

procedures (aggressively targeted)

.0M
4.0
	2.5M	2.4M
	2.5	2.4	1.9M
3.3M			1.9	1.6M
			1.6
(82%)	2.0M	1.9M	1.5M
	1.3M
	(81%)	(79%)
	(80%)
	(80%)

Key: 58 in-scope procedures

28 priority procedures (aggressively targeted)

33.4m.4

2.7M

(80%)

EU112

Notes: (1) In-scope procedures are those covered by current SmPC; (2) EU11 markets include Netherlands, Belgium, Luxembourg, Denmark, Sweden, Finland, Norway, Switzerland, Austria, Portugal, Ireland; (3) Based on 2018 procedure

volumes data; Sources: National IQVIA data (2018); Regional hospital episodes data from public national statistics databases (2018); ZYNRELEF is authorized in the European Union for the treatment of somatic postoperative pain from small-

27 to medium-sized surgical wounds in adults

Resource Savings and Better Pain Management are Key Value

Messages in EU5, as is Opioid Reduction, Particularly in the UK

EU5

1

2

3

Potential alleviation of staff and bed constraints is a key value driver for Zynrelef

Extended duration is a key strength to ~80% of HCPs and payers across the EU5. Demonstrating earlier discharge, reduction in length of stay and cost of care is highly compelling for payers1

ZYNRELEF's ability to better manage severe pain versus the standard of care is a highly positive value message for HCPs

Adequate treatment options for severe pain is seen as a key unmet need in Europe and for ~70% of physicians this is a key strength of ZYNRELEF

Messaging around reduction in opioid use resonates highly in the UK, where there is an opioid crisis, and is an issue of growing importance in Europe

In the UK, the majority of physicians feel there already is an opioid crisis and ~70% of HCPs and ~90% of payers see opioid-free as a strength of ZYNRELEF

In the wider EU5, risks of opioids are perceived to be lower due to strict controls and regulations, however, there is a growing recognition due to rapidly increasing opioid consumption

Notes: 1) Aside from length of stay and cost of care, resource utilization savings can also be achieved through reducing re-admissions, less staff time and effort required to manage

28 postoperative pain (e.g. reducing the need to adjust the titration of IV opioids every few hours, pressure on limited staff to manage pain for the entire recovery ward) and lowering total drug spend

There is an Opportunity in Europe to Demonstrate Significant Reductions in Hospital Length of Stay across Multiple Procedures Example: Hernia Repair (HOPE Data)

Zynrelef plus OTC analgesics resulted in patient discharged 2 to 3 hours after surgery with 95%

Average length of stay for hernia repair2

of patients opioid-free through Day 151

Opioid-free through day 15 recovery	95%
Received no opioids before discharge	95%
Received no discharge opioid	91%
prescription
Took no opioids post discharge	97%
Called site for postoperative pain (and	0%
had no opioid discharge prescription)

	2.2
	2.4
	2.5
	1.1
	1.2
	1.8
Key	Length of stay in #
of days

There is an opportunity to demonstrate significant cost savings through stay reductions for hernia repair and other procedures

Zynrelef may allow a greater number of procedures to be preformed in the outpatient setting

Notes: 1) Open inguinal hernia repair patients were treated with ZYNRELEF and a scheduled non-opioid oral over-the-counter (OTC) analgesic regimen (N = 93). 2) Two cohorts of patients were studied under Alternating or Concurrent

multimodal analgesia (MMA) regimens. Alternating regimen (N=46): OTC regimen of ibuprofen 600 mg every 6 hours (q6h) alternated 3 hours later with acetaminophen 1 g q6h. Concurrent regimen (N=47): OTC regimen of ibuprofen 600 mg and acetaminophen 1 g, taken together q6h. 3) Opioids were only prescribed at discharge for patients who rated their pain at ≥6 (NRS) or received opioid rescue medication prior to discharge. 4) Average length of stay (LOS) for 58 surgical

29 procedures Heron is initially targeted based ZYNRELEF's ability to address unmet needs and commercial considerations. In a survey of 304 physicians in EU5, 58 procedures were defined by wound size (small, medium and large), and classified by length of stay. The mean LOS was determined by market, specialty, and procedure.

Sources: 1) Data on file. Study ZYNRELEF-304. San Diego, CA: Heron Therapeutics Inc; 2019. 2) Heron Therapeutics EU Physician Survey (2020).

HTX-011 Clinical Development

Postoperative Pain

30

EPOCH 1

(Bunionectomy)

and Follow-on

Study

Not actual health care provider.

31

EPOCH 1 Follow-on:HTX-011 + OTC Acetaminophen and Ibuprofen Kept Pain in the MiId Range Through 72 Hours

10

9

8

7

Pain Intensity 6

Score* 5

(Mean ± SE)

4

3

2

1

0

32

EPOCH 1 & EPOCH 1 Follow-OnCross-Study Comparison

EPOCH 1: Saline Placebo (N=100)

Severe pain ≥ 7

EPOCH 1: Bupivacaine HCI 50 mg (N=155)

EPOCH 1: HTX-011 60 mg (N=157)

Mild pain (0-4)

EPOCH 1 Follow-on:HTX-011 ≤ 60 mg + OTC (N=31)

0

12

24

36

48

60

72

Time (hour)

Using Numeric Rating Scale (NRS) with window worst observation carried forward (wWOCF)

OTC = Over the counter analgesic regimen of ibuprofen 600 mg q6h alternating 3 hours later with acetaminophen 1000 mg q6h

EPOCH 1: Reg Anesth Pain Med. 2019;44:700-706. EPOCH 1 Follow-on accepted for publication in J. Am Podiatric Med Assoc (JAPMA)

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Significantly Reduced the Proportion of Patients Experiencing Severe Pain and Increased Proportion of Opioid-Free Patients

EPOCH 1 (Bunionectomy)

EPOCH 1 Follow-on

	100%
%	80%
Opioid-free60%			p < 0.0001
Through
72 Hours	40%			p = 0.0001
	20%				28.7%
		2.0%	11.0%
	0%
		Saline	Bupivacaine	HTX-011
			Placebo	HCI 50 mg	60 mg
			N=100	N=155	N=157

77.4%	100% of subjects opioid
	free through 72 hours
	remained opioid free
	through Day 28
	Percent of Patients With Severe
	Pain at Any Time Through 72 hours
	HTX-011 + OTC	29%
	HTX-011	53.5%
	Saline Placebo	83.0%
	p<0.0001
	Bupivacaine	75.5%
	p<0.0001

HTX-011

≤ 60 mg + OTC

N=31

OTC = Over the counter analgesic regimen of ibuprofen 600 mg q6h alternating 3 hours later with acetaminophen 1000 mg q6h

33

HTX-011 is an investigational new drug and not approved by the FDA

EPOCH 2

(Herniorrhaphy)

and Follow-on

Study

Not actual health care provider.

34

EPOCH 2 Follow-on:HTX-011 + OTC Acetaminophen and Ibuprofen Kept Pain in the MiId Range Through 72 Hours

10

9

8

7

Mean 6

Pain Intensity 5

Score

(SE) 4

3

2

1

0

0

EPOCH 2 & EPOCH 2 Follow-OnCross-Study Comparison

Severe pain (≥ 7)

EPOCH 2: Saline Placebo (N=82)

EPOCH 2: Bupivacaine HCI 75 mg (N=172)

EPOCH 2: HTX-011 300 mg (N=164)

EPOCH 2 Follow-on:HTX-011 300 mg + OTC (N=33)

										Mild pain (0-4)
12	24	36	48	60	72

Time (hour)

OTC = Over the counter analgesic regimen of ibuprofen 600 mg q6h alternating 3 hours later with acetaminophen 1000 mg q6h

35 EPOCH 2: published online Hernia. doi: 10.1007/s10029-019-02023-6. EPOCH 2-Follow-on: Surgery. doi: 10.1016/j.surg.2020.06.036

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Significantly Reduced the Proportion of Patients Experiencing Severe Pain and Increased Proportion of Opioid-Free Patients

100%

80%

• 60%
  Opioid-free

Through

72 Hours 40%

20%

0%

EPOCH 2 (Herniorrhaphy)

p < 0.0001

p = 0.0486

51.2%

40.1%

22.0%

Saline	Bupivacaine	HTX-011
Placebo	HCI 75 mg	300 mg

EPOCH 2 Follow-on

90.9%	93% of subjects opioid
	free through 72 hours
	remained opioid free
	through Day 28
	Percent of Patients With Severe
	Pain at Any Time Through 72 hours
	HTX-011 + OTC	15.2%
	HTX-011	48.8%
	Saline Placebo	81.7%
	p<0.0001
	Bupivacaine	60.5%
	p=0.0372

HTX-011

300 mg + OTC

N=82

N=172

N=164

N=33

OTC = Over the counter analgesic regimen of ibuprofen 600 mg q6h alternating 3 hours later with acetaminophen 1000 mg q6h

36

HTX-011 is an investigational new drug and not approved by the FDA

HOPE-1: Real World Evidence of Opioid- Free Recovery Post Inguinal Herniorrhaphy with HTX-011 + OTC Analgesics

HOPE-1: Near Total Opioid-Free Recovery with HTX-011 + OTC

Complete Opioid-Free Recovery

Received an Opioid Predischarge

Received an Opioid Prescription

Took an Opioid Post Discharge

Call Backs if Discharged Without

an Opioid Prescription

Satisfied, Very Satisfied, Extremely

Satisfied With Medication

95%

5%

9% (10 pills)

3% (all patients had received predischarge opioid)

0%

93%

N=93 in initial pilot program

Presented at the American Society of Health-System Pharmacists (ASHP) Midyear 2019 Congress, December 8-12, 2019, Las Vegas, NV.

38

HTX-011 is an investigational new drug and not approved by the FDA

Study 306

Total Knee

Arthroplasty

(TKA)

Not actual health care provider.

39

Study 306 TKA: HTX-011 + Generic Non-Opioid Analgesics* Kept Pain in the MiId Range Through 72 Hours With Low Opioid Consumption and Up to 26% Opioid-Free

Severe Pain (≥ 7)

Mild Pain (0-4)

• Cohort 1 patients received oral acetaminophen 1000 mg every 8 hours (maximum 3000 mg/d) and oral celecoxib 200 mg every 12 hours for 72 hours. Mont doi: 10.1016/j.arth.2017.07.024
• Cohort 4 patients received over the counter analgesic regimen of acetaminophen 1000 mg q8h and ibuprofen 600 mg q6h for 72 hours

40 LOCF for missing pain data

HTX-011 is an investigational new drug and not approved by the FDA

Cross-Study Comparison of Day 1 in Study 306 and Exparel PILLAR Study (Dysart 2019)

Cross-Study Comparison of 0 - 24	Study 306		PILLAR Study
Hour Results in TKA Using Pillar-
HTX-011 +	HTX-011 +		Exparel +	Bupivacaine1
Based MMA and the Same Analysis1
APAP + celecoxib	APAP + ibuprofen		Bupivacaine1
		(N = 69)
	(Cohort 1, n=51)	(Cohort 4, n=19)		(N = 70)
AUC0-24 VAS Pain 2	59.8	62.1		98.5	121.6
Opioid-Free	21.6%	47.4%		17.1%	1.4%
Mean Opioid Consumption MME (SD)	10.6 (9.25)	5.9 (7.95)		45.5 (35.01)	56.8 (38.26)
Log-transformed Geometric Mean	0.54	0.01		3.5	38.5
Opioid Consumption MME
Discharge Ready in 24 hours Based
68.6%	73.7%		Not shown	Not shown
MPADSS > 9
			1.	https://doi.org/10.1016/j.arth.2018.12.026.
			2. Assumes LOCF as publication does not
				describe any correction for opioid use

Disclaimer

This is a cross-study comparison of Study 306 to the PILLAR Study of Exparel plus bupivacaine; these comparisons do not imply a clinical benefit of HTX-011 over Exparel

41

HTX-011 is an investigational new drug and not approved by the FDA

Cross-Study Comparison of 48 Hour Results From Study 306 and Exparel Pillar Study (Mont 2017)

Comparison of 48 Hr Results in TKA	Study 306	PILLAR Study
Using Pillar-Based MMA and the	HTX-011 +	HTX-011 +	Exparel +	Bupivacaine1
Same Analysis1	APAP + celecoxib	APAP + ibuprofen	Bupivacine1
(N = 69)
	(Cohort 1, n=51)	(Cohort 4, n=19)	(N = 70)
Mean AUC12-48 VAS Pain	145.4	125.7	180.8	209.3
Opioid-Free	11.8%	26.3%	10%	0%
Mean Opioid Consumption (MME )	19.4 ( Median=15.8)	13.0 (Median = 5.0)	Not Shown	Not Shown
Log-transformed Geometric Mean
3.0	0.3	18.7	84.9
Opioid Consumption MME
< 20 MME @ 48 hr	58.8%	73.7%	18.6%	4.4%
> 20 and < 220 MME @ 48hr	41.2%	26.3%	78.6%	87%
> 220 MME @ 48 hr	0	0	2.9%	8.7%
DID NOT Receive a Discharge
76.5%	68.4%	Not Shown	Not Shown
Prescription for Opioids
			1. Mont doi: 10.1016/j.arth.2017.07.024

Disclaimer

This is a cross-study comparison of Study 306 to the PILLAR Study of Exparel plus bupivacaine; these comparisons do not imply a clinical benefit of HTX-011 over Exparel

42

HTX-011 is an investigational new drug and not approved by the FDA

HTX-011 Safety Summary

HTX-011 was generally well tolerated across all Phase 2 and Phase 3 studies with no clinically meaningful differences from placebo and bupivacaine in:

• Overall adverse events
• The incidence of serious adverse events
• Premature discontinuations due to adverse events
• Potential local anesthetic systemic toxicity (LAST) adverse events
• Potential wound healing related adverse events
• No deaths on HTX-011 (one on bupivacaine)

43

HTX-011 is an investigational new drug and not approved by the FDA

HTX-034 Development

Next Generation Product for Postoperative Pain

44

In Addition to Changes in pH, Inflammation From Surgery Modifies Pain Pathways and Can Produce Hyperalgesia

Local tissue damage activates a variety of cells,	Peripheral mediators of inflammation
which release inflammatory mediators1,2

HTX-034, an investigational non-opioid, is a fixed- dose combination, extended-release solution of the local anesthetic bupivacaine, the nonsteroidal anti- inflammatory drug meloxicam and aprepitant, an additional agent targeting the inflammatory process that further potentiates the activity of bupivacaine

Aprepitant

Macrophage	Mast cell	Tissue damage
		Platelets
		Immune cells

Inflammation

Mediators

Substance P

CGRP

Nociceptor Receptors

	References: 1. Woolf CJ. Pain: moving from symptom control toward mechanism-specific pharmacologic management. Ann Intern Med. 2004;140(6):441-451.2.
45	Basbaum AI, Bautista DM, Scherrer G, Julius D. Cellular and molecular mechanisms of pain. Cell. 2009;139(2): 267-284.

HTX-034 is an investigational new drug and not approved by the FDA

Aprepitant Has Been Shown to Significantly Reduce Postoperative Pain Medications and Lower Pain After Laparoscopic Gynecological Procedures*

VAS Pain Scale

	12
	10
	p>0.05
Scale	8
4
VASPain
	6

2

0

PlaceboAprepitant

	Acute Pain (0-2 hrs)		Delayed Pain (2-24 hrs)

Pain Medications (mg)

Postoperative Pain Medications

30

25

20

15

p<0.05

10

5

0

PlaceboAprepitant

Diclofenac		Pentazocine

46 *Published results from Kakuta N, et al. J Med Invest 58:246-251;2011 (n=64)

HTX-034 Produces Complete Elimination of Pain Through

7 Days in Pig Postoperative Pain Model

Withdrawal Force (g)

47

Saline Placebo		Liposomal Bupivacaine		HTX-011		HTX-034 (Cohort 1)		HTX-034 (Cohort 2)

60.0

50.0

40.0

30.0

20.0

10.0

0.0

1h	3h	5h
Day	Day 1	Day	Day	Day	Day	Day	Day
-1		2	3	4	5	6	7

Data from multiple animal experiments using a validated postoperative pain model in pigs from Castle et al, 2013 EPJ

HTX-011 & HTX-034 are investigational new drugs and not approved by the FDA

HTX-034 21.7 mg Produced Greater Pain Reduction and Lower Opioid Use than HTX-011 30 mg in Study 208 or HTX-011 60 mg in Study 301

• These cross-study comparisons confirm that addition of aprepitant in HTX-034 enhanced the activity of bupivacaine in the formulation
• 45.5% of patients receiving HTX-034 21.7 mg opioid-free through Day 15 without scheduled MMA
• Phase 2 will begin 1Q2021

HTX-034 21.7 mg vs HTX-011 30 mg	HTX-034 21.7 mg vs Matched Bupivacaine and HTX-011 60
	mg
		Opioid Use	HTX-034HTX-011	HTX-011
		Through 72 hrs	21.7 mg	30 mg	60 mg
		Median MME	2.5 mg	17 mg	12.5 mg
		Opioid-Free	45.5%	16.7%	28.7%

48

HTX-034 Phase 1b Safety Summary

HTX-034 was well tolerated with no:

• Clinically meaningful differences in adverse events
• Serious adverse events
• Premature discontinuations due to adverse events
• Local anesthetic systemic toxicity (LAST)
• Wound healing related adverse events

49

HTX-019 for Postoperative Nausea and Vomiting (PONV)

50

HTX-019 is an investigational new drug for PONV and not approved by the FDA

PONV

• PONV is a large market ~20x the size of CINV
• HTX-019has significant potential advantages over oral aprepitant and fosaprepitant
• IND active, BE to oral aprepitant demonstrated and 505(b)(2) NDA for PONV prevention planned for Q4 2021
• Several hundred million dollar a year potential market opportunity, taking the majority of the oral aprepitant market and use in high risk procedures

51

HTX-019 is an investigational new drug for PONV and not approved by the FDA

Aprepitant Efficacy - Large Differential in Vomiting Episodes

Compared to Ondansetron*

• of patients with No Vomiting

Aprepitant 40 mg p.o. Aprepitant1 125 mg p.o. Ondansetron 4 mg i.v.

Hours post surgery

Figure 5. Kaplan-Meier curves for the time to first vomiting during the 48 h following surgery. The time to first vomiting was delayed by aprepitant; P 0.001 based on the log-rank test.

Aprepitant delayed the time to first vomiting episode compared with ondansetron.

52 *Published results from Gan TJ, et al. Ambul Anesth. 2007; 1082-89.

2020 Cochrane Meta-Analysis Concluded That Aprepitant is the Most Effective Drug for PONV*

Approximately 100 fewer patients vomiting per 1000

53 *Weibel S, Rücker G, Eberhart LHJ, Pace NL, Hartl HM, Jordan OL, et al. Cochrane Database of Systematic Reviews. 2020

PONV Market is >20X the size of the CINV Market

PONV ~53M Treatments vs. ~2.5M CINV Treatments

Patient Population & Market Size

DiagnosticsPatients by PONV RiskSurgeries

~26M		24%	~39M
US Diagnostic	46%	High	US Surgical
Risk
Low
Procedures at Risk of		Procedures at Risk of
Risk	29%
PONV in 2020	PONV in 2020

Mod

Risk

• Approximately 65M diagnostic and surgical procedures are at risk of resulting in PONV in the US
• More than half of these patients are at moderate to high risk of PONV

Prophylaxis PatientsPONV Rescue Patients

~13M

~35M	PONV Rescue Patients
	in 2020
PONV Prophylaxis Patients in 2020	~5M
	2nd Line Rescue in 2020

54 Source: PONV quantitative survey DRG June 2020

Target ~ 14M Surgical Procedures Where

PONV is High Clinical Concern

~39M Surgical Procedures that Could Result in PONV

Key Surgical Types where Postoperative Emesis could be Clinically Concerning

Abdominal (GI and OB)

As vomiting directly involves the gastrointestinal tract, emesis can directly injure surgical sites that involve this organ system

CV / CT

Retching and vomiting can lead to transient increases in blood pressure which can result in damage/disruption of arterial surgical sites

Cranial

Intracranial pressure increases during emesis, cranial surgeries, such as craniotomy, are at elevated risk of poor outcomes due to PONV

~14M

"High Clinical Concern" Procedures in 2020

(36% of all Surgical Procedures)

~5M Clinically Concerning Cases of PONV

(35% of patients undergoing these procedures may develop PONV despite prophylaxis)

HCPs are more likely to take an aggressive approach managing PONV in cases where

postoperative emesis could have a negative impact on the patient's clinical outcomes

55 Source: PONV quantitative survey DRG June 2020

Oral Aprepitant is Already Rapidly Growing

with No Promotion, Product Limitations and High Acquisition Cost

Oral Aprepitant - 40MG

613K

471K

362K

300K 302K

220K

135K

2017	2018	2019	2020	2021	2022	2023
2021-2023 Projected Totals

• Oral Aprepitant volume is growing rapidly at premium price despite no promotion
• • Q2'20 WAC ~ $88/capsule
  • Acquisition cost: $43 - $64 per capsule1
• ~ 1,100 current ordering accounts2

• HTX-019advantages vs. Oral Aprepitant
• • Flexible 30-second IVP vs. oral administration
  • Onset of action - 5 minutes vs. 1 to 3 hours
  • Heron product promotion efforts
• Strategic fit with HTX-011
• • Same commercial organization
  • Same Hospital & ASC targets
  • Same surgeon, anesthesiology & pharmacy targets
• More convenient formulations of NK-1 class are needed based on existing PONV guidelines

56 Source: 1 Banner Health, 2 IQVIA DDD Non-Retail data Q4'20

HTX-019 is an investigational new drug for PONV and not approved by the FDA

HTX-019 for PONV is Ideal Strategic Fit for Heron

• Large market ~ 14M target surgical procedures with significant unmet need for more convenient formulations of NK-1 class drugs
• Potential Significant Advantages of HTX-019
• • 30-secondIV Push injection with immediate onset of action
  • Aprepitant is the most effective therapeutic agent for emesis
  • 505(b)(2) regulatory pathway for existing asset
  • Existing contract manufacturers
• Synergies with HTX-011 commercial organization
• • Same target accounts and target audiences
  • Capacity & access advantages of adding a 2nd product to promote
  • Minimal incremental investment will improve ROI

57

HTX-019 is an investigational new drug for PONV and not approved by the FDA

CINV Commercial Products

58

2020 CINV Franchise Outlook

CINVANTI®

• Cinvanti continues to have the best overall profile compared to the other available
  NK1 antagonists and is completely differentiated from generic fosaprepitant with the 2-min IV Push administration
• Generic fosaprepitant entered the market in September 2019 and let to reduced sales of CINVANTI in 2020; however, we believe the impact of the arbitrage is substantially over, with customers returning to CINVANTI beginning in 1Q2021

SUSTOL®

• The Aloxi arbitrage is over and Heron has implemented an innovative strategy to refresh the value of SUSTOL
• The ASP for SUSTOL was reset January 2021, which should allow for increased sales

CINV Franchise

• Preliminary 2020 net product sales for CINV franchise of ~$88.3M compared to guidance of $85M, which was increased from $70M - $80M
• 2021 net sales guidance for CINV franchise: $130M - $145M

59

Heron's CINV Portfolio Has Generated Over $340M Since Inception,

CINV Franchise Sales Will Return to Growth in 2021 & Beyond

• Launch of generic Emend IV in September 2019 resulted in declining CINVANTI sales
• Clinic-basedpractices are much faster to take advantage of the arbitrage, but are expected to return to CINVANTI post-arbitrage in early 2021
• SUSTOL sales continue to be low due to the Refresh Program and should rebound in 1Q2021

CINV portfolio net sales by quarter

$42.6M

$36.7M

$34.8M

$31.6M

CINVANTI

$28.8M

SUSTOL

$25.4M

$36.4M

$22.7M

$19.8M

$33.2M

$20.0M

$20.3M

$17.3M

$23.4M

$28.0M

$34.4M

$11.6M

$11.2M

$16.4M

$25.2M

$22.5M

$19.8M

$20.0M

$5.2M

$6.4M

$6.1M

$3.4M

$5.4M

$3.6M

$3.5M

$6.26M

$0.4M

$0.2M

$0.1M

$0.3M

$0.1M

60

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Note: SUSTOL sales from Q4 2016- Q4 2017 of $32.05M not shown in graph

CINVANTI - Hospital Share/Units Were Down in 1Q20 Through 3Q20 Due to the Emend IV Generic Arbitrage, but Began to Rebound in 4Q

130K

Hospital Share

Hospital Units

120K

120K

113K

+5%

110K

103K

99K

95K

100K

91K

88K

90K

Units

80K

70K

67K

43%

40%

37%

Pack

60K

53K

35%

34%

33%

32%

50K

40K

26%

28K

30K

21%

20K

9K

12%

10K

0K

4%

0K

2018-Q1

2018-Q2

2018-Q3

2018-Q4

2019-Q1

2019-Q2

2019-Q3

2019-Q4

2020-Q1

2020-Q2

2020-Q3

2020-Q4

61 Source:867 1.5.21, : IMS DDD Q4'20 though 12.25.20 with final week projected

CINVANTI - Clinic Share/Units Declined in 1Q20 Through 3Q20 Due to the Emend IV Generic Arbitrage, but Began to Rebound in 4Q

100K

Clinic

Share

Clinic Units

95K

95K

90K

90K

86K

85K

77K

80K

75K

71K

70K

65K

57K

Units

60K

52K

+9%

55K

50K

44K

Pack

42K

45K

40K

39K

40K

35K

52%

52%

54%

30K

22K

45%

25K

37%

43%

20K

30%

15K

26%

24%

23%

24%

10K

16%

5K

0K

2018-Q1

2018-Q2

2018-Q3

2018-Q4

2019-Q1

2019-Q2

2019-Q3

2019-Q4

2020-Q1

2020-Q2

2020-Q3

2020-Q4

62 Source:867 1.5.21, IMS DDD Q4'20 though 12.25.20 with final week projected

The NK1 Market Has Grown 43% Since the Launch of CINVANTI

				+43%		1.9M
						1.8M	0.1M
						0.1M
			1.5M						AKYNZEO VIAL
			0.0M				0.6M		CINVANTI
1.3M		0.3M			0.7M			EMEND

FOSAPREPITANT

0.4M

1.3M

0.9M

0.9M

		0.1M
2017	2018	2019	2020

63 Source: IMS DDD Q4'20 though 12.25.20 with final week projected

Financial Summary

Heron ended 2020 with cash, cash equivalents and short-term investments of ~$208.5 million.

SummaryStatement of Operations and Net Cash Used in Operations	Three Months Ended	Nine Months Ended
(In thousands, except per share amounts)	September 30, 2020	September 30, 2020
Net product sales	$	19,965	$	68,033
Operating expenses1		78,349		234,900
Other income, net		156		1,870
Net loss1	$	(58,228)	$ (164,997)
Net loss per share2	$	(0.64)	$	(1.82)
Net cash used in operations	$	(42,054)	$ (132,266)
Condensed Balance Sheet Data			September 30, 2020
(In thousands)
Cash, cash equivalents and short-term investments			$	258,146
Accounts receivable, net			$	33,654
Total assets			$	390,023
Total stockholders' equity			$	277,147

Common shares outstanding as of September 30, 2020 totaled 90.9 million.

64	1	Includes $11.1 million and $34.2 million of non-cash,stock-based compensation expense for the three and nine months ended September 30, 2020, respectively.
2	Based on 90.8 million and 90.7 million weighted-average common shares outstanding for the three and nine months ended September 30, 2020, respectively.

Key Catalysts in Pain Management & CINV Franchises

	HTX-011 & HTX-034 for	CINVANTI ® and	HTX-019 for PONV
		Postoperative Pain	SUSTOL® for CINV
• CRL received 26 June 2020	• 2020 net product sales of •	Bioequivalence of HTX-
	•	NDA resubmitted; PDUFA	~$88.3M compared to	019 32 mg to oral
		goal date of 05/12/2021	guidance of $85M for	aprepitant 40 mg
•	EU Centralised Procedure	CINV franchise (raised	achieved in Phase 1
	•	European Commission	from $70M - $80M)	study
		Authorization received	•	5050(b)(2) NDA for
	•	UK Authorization received		PONV planned for
•	Canadian NDS		4Q2021

• Responses to questions in process

• Promising HTX-034 Phase 1b	• 2021 net sales guidance	• Potential approval in
bunionectomy results	for CINV franchise:
2H2022
• Phase 2 will start 1Q	$130M - $145M

65

HTX-011,HTX-034 and HTX-019 are investigational new drugs and not approved by the FDA