Benzinga | May 10, 2021 01:24PM EDT

Heron Stock Trading Higher After Q1 Earnings, Ahead Of HTX-011 Decision Scheduled This Week

* Heron Therapeutics Inc (NASDAQ: HRTX) posted Q1 oncology care net product sales of $20 million, compared to $25.4 million a year ago, due to reduced cancer screening procedures and new patient treatment starts as a result of the pandemic.

* Heron believes that the number of patients receiving cancer treatment will begin to return to normal levels after the vaccine rollout.

* Pipeline Highlights: HTX-011 marketing application for postoperative pain is under review, with a PDUFA goal date of May 12. In March, the company initiated an expanded Phase 2 study of HTX-034 to treat postoperative pain in patients undergoing bunionectomy. Marketing application submission for HTX-019 to prevent postoperative nausea and vomiting in adults is planned for late 2021. See Benzinga's FDA Calendar

* The company held cash and equivalents of $166.5 million, which will be sufficient to fund its operations into 2022. It used $41.9 million in operating cash flow.

* Guidance: For FY2021, the company sees product sales for the oncology care franchise of $130 million - $145 million.

* Price Action: HRTX shares are up 9.4% at $18.20 during the market trading hours on the last check Monday.