Company: HRTX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-060882
Chunk: 60

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 60
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 on an objective of incentivizing our Named Executive Officers to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s Named Executive Officers, for the most recently completed fiscal year, to the Company’s performance are as follows: • Total Net Revenue • ZYNRELEF and APONVIE revenue • CINVANTI and SUSTOL revenue • Operating Expense • EBITDA • Cash on hand Please see the Compensation Discussion and Analysis above regarding details on how we define Operating Expense, EBITDA and Cash on hand. Analysis of the Information Presented in the Pay Versus Performance Table We generally seek to incentivize long-term performance, and therefore do not specifically align our performance measures with “compensation actually paid” (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following description of the relationships between information presented in the Pay Versus Performance table. Cumulative TSR of the Company and Cumulative TSR of the Peer Group The TSR of the Company, assuming an initial fixed $100 investment and computed in accordance with the requirements of Item 402(v) of Regulation S-K, was $7.23, $8.03, $11.81, and $43.14 for 2021-2024, 2021-2023,

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2021-2022, and 2021, respectively. The TSR of the Company’s Peer Group (the NASDAQ Biotechnology index), assuming an initial fixed $100 investment and computed in accordance with the requirements of Item 402(v) of Regulation S-K, was $90.58, $91.84, $88.53, and $99.37 for 2021-2024, 2021-2023, 2021-2022, and 2021, respectively. A $100 investment made in the Company on the day prior to the first fiscal year reported in the Pay Versus Performance table, assuming reinvestment of all dividends, would have declined to $7.23 by the last day of the last fiscal year reported in the Pay Versus Performance table. In directional alignment, a $100 investment made in the Company’s Peer Group on the day prior to the first fiscal year reported in the Pay Versus Performance table, assuming reinvestment of all dividends, would have declined to $90.58 by the last