CARY, N.C. , Aug. 8, 2025 Heron Therapeutics, Inc. (Nasdaq: HRTX) ("Heron" or the "Company"), a commercial-stage biotechnology company, today announced the completion of a comprehensive capital restructuring designed to enhance the Company's financial flexibility, reduce total debt, and support long-term growth. The multi-faceted refinancing transaction consisted of the following key components: A new senior credit facility with Hercules Capital, Inc. (NYSE: HTGC), due in 2030, which provides $110.0 million in committed capital at closing and an additional $40.0 million in two $20.0 million tranches available upon achievement of certain milestones, to be drawn at the Company's discretion; An exchange agreement with the existing holder of Heron's 1.5% senior convertible notes due 2026 to retire outstanding principal, including repayment of approximately $125.0 million in cash and conversion of $25.0 million into common stock; Issuance and sale of $35.0 million of new 5.0% senior convertible notes due 2031; and A private placement with select investors for $27.7 million in gross proceeds through the issuance of common and preferred equity.