Heron Therapeutics announces appointment of Thomas Cusack to Board of Directors. Heron Therapeutics (Nasdaq: HRTX) appointed Thomas Cusack to its Board of Directors effective October 27, 2025. His appointment was made pursuant to a Cooperation Agreement with Rubric Capital dated August 8, 2025. Cusack brings more than 20 years of experience in investment management and corporate finance, including service as a Managing Director at Starboard Value from 2011 - 2025, a fund cited with approximately $9 billion assets under management. His background includes roles in M&A at Barclays Capital and Lehman Brothers and a B.S. in Finance & Accounting from NYU Stern. The company said the appointment will add governance and investment-management expertise to the board as Heron pursues its commercial-stage objectives. * Director with 20+ years of investment management experience * Starboard background: served 2011 - 2025 at a fund with ~$9 billion AUM * Appointment effective October 27, 2025 under a formal cooperation agreement * Appointment arose from a Cooperation Agreement with Rubric Capital dated August 8, 2025 CARY, N.C., Oct. 29, 2025 (GLOBE NEWSWIRE) - Heron Therapeutics, Inc. (Nasdaq: HRTX) ("Heron" or the "Company"), a commercial-stage biotechnology company, today announced the appointment of Thomas Cusack to its Board of Directors. Mr. Cusack has extensive experience in matters related to corporate finance, investment management, and corporate governance. Mr. Cusack was appointed to the Board pursuant to the Cooperation Agreement entered into between the Company and Rubric Capital Management LP, dated as of August 8, 2025. Mr. Cusack was appointed as a director of Heron as of October 27, 2025. Mr. Cusack has more than 20 years of experience in investment management and corporate finance. Most recently, from 2011 to 2025, he served as a Managing Director of Starboard Value LP, a New York-based investment fund with approximately $9 billion in assets under management known for its active approach to investing in public companies. In this capacity, Mr. Cusack played a central role in evaluating investment opportunities, developing new operating strategies, and working closely with boards and management teams to improve performance and corporate governance. Prior to his tenure at Starboard Value, from 2006 to 2011, he was an investment banker at Barclays Capital and Lehman Brothers focusing on Mergers & Acquisitions within the Technology, Media, & Telecom sectors. Mr. Cusack holds a B.S. in Finance & Accounting from the Leonard N. Stern School of Business at New York University. "We are pleased to welcome Tom to Heron's Board of Directors," said Craig Collard, Chief Executive Officer of Heron. "Tom will undoubtedly bring a wealth of perspective to benefit our efforts to build momentum at Heron." Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard-of-care for acute care and oncology patients. For more information, visit www.herontx.com. This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, 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 Heron takes no obligation to update or revise these statements except as may be required by law. Ira Duarte Executive Vice President, Chief Financial Officer Heron Therapeutics, Inc. [email protected] 858-251-4400 Who is Thomas Cusack and when was he appointed to Heron Therapeutics (HRTX) board? Thomas Cusack, an investment-management executive, was appointed to the Heron board effective October 27, 2025. Why was Thomas Cusack added to Heron Therapeutics (HRTX) board on October 27, 2025? His appointment was made pursuant to a Cooperation Agreement with Rubric Capital dated August 8, 2025 and aims to add corporate finance and governance expertise. What experience does new Heron (HRTX) director Thomas Cusack bring from Starboard Value? Cusack served as a Managing Director at Starboard Value from 2011 - 2025, participating in investment evaluation, operating strategy development, and board collaboration; the fund is cited with about $9 billion AUM. Does Thomas Cusack have M&A experience relevant to Heron (HRTX)? Yes; Cusack worked in Mergers & Acquisitions at Barclays Capital and Lehman Brothers from 2006 - 2011. How might the October 27, 2025 board appointment affect Heron Therapeutics (HRTX) governance? The appointment introduces an experienced investor-director and reflects a governance change implemented under the Aug 8, 2025 cooperation agreement with Rubric Capital.

The multi-faceted refinancing transaction consisted of the following key components:

Heron Therapeutics announced strategic financial initiatives to boost growth, including a $150M loan and a $27.7M private placement. These efforts are part of a capital restructuring that reduced total debt from $175M to $145M. Heron's Q2 2025 results showed $37.2M in net revenue, with strong growth in its acute care products. Despite positive earnings, financial instability and bearish technical indicators affect the stock's outlook. The latest analyst rating is a Buy with a $5.00 price target.