Company: PCRX
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041219
Chunk: 92

Company: Pacira BioSciences, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 92
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 weighted-average common shares outstanding during 2022, 2023 and 2024. We believe our three-year average annual burn rate and current equity overhang is reasonable given our rapid growth, widespread granting of equity awards and judicious use of equity to finance our growth.

98 | investor.pacira.com

TABLE OF CONTENTS Executive Compensation

| ​ |     | ​ | ​ | We Judiciously Used Our Equity to Finance Growth, Resulting in Less Dilution to Stockholders | ​ |

We also believe we have been very judicious in our use of equity to finance our growth through the issuance of non-dilutive convertible senior notes and credit agreements for both a single-advance Term Loan A and Term Loan B. As a result, we have not made a follow-on public offering of equity since April 2014. Our rapid revenue growth coupled with our prudent expense management (in part through a heavy emphasis on equity over cash compensation) has allowed us to avoid issuing common stock to finance our growth and operations; preventing dilution of our stockholders but limiting the absolute number of equity awards we can issue to induce new hires, award key employees for extraordinary performance, promote executives, and further incentivize and retain employees to fuel our rapid growth. This careful use of equity has led to a relatively low number of issued and outstanding shares, which we believe artificially inflates our burn rates and equity overhang. We believe that not issuing equity since 2014 to finance our growth and the effective execution of our EXPAREL, ZILRETTA, and iovera° growth strategy should not be held against us in connection with overhang and burn rate calculations. Furthermore, as part of our private offering of our 2029 Notes, we concurrently entered into privately-negotiated capped call transactions which are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2029 Notes, the number of shares of the Company’s common stock underlying the 2029 Notes. As of April 1, 2025, we ranked 20 th out of 21 companies in our peer group in terms of total shares of common stock outstanding, and our 46.3 million shares outstanding was approximately 38% of the peer group average, as outlined below:

| Company Name                    | ​ | ​ | Ticker 
 Symbol | ​ | ​ |   |   |       | Share CountAs of April 1, 2025(millions) | ​ |
|:--------------------------------|:--|