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    Clara Dong • Jefferies

    Clara Dong, Ph.D., is a Biotechnology Equity Research Senior Associate at Jefferies, specializing in research coverage of biotechnology companies, including HUTCHMED. She regularly publishes investment analysis and research reports for institutional investors, working closely with senior analysts to cover a range of biotech firms. Clara holds a doctorate degree and leverages her scientific expertise to analyze industry trends and provide in-depth equity research. Her career at Jefferies began after completing advanced academic training, bringing rigorous scientific credentials to her role, though detailed performance metrics and prior professional positions are not publicly available.

    Clara Dong's questions to Heron Therapeutics Inc (HRTX) leadership

    Clara Dong's questions to Heron Therapeutics Inc (HRTX) leadership • Q2 2025

    Question

    Asked for details on the Zenerlef 400mg transition's impact on Q2 revenue, its expected normalization timeline, and the role of the new J-code in reimbursement, particularly in conjunction with the NO PAIN Act.

    Answer

    The company explained that the Zenerlef transition caused a temporary inventory drawdown at wholesalers in Q2 but end-user demand continued to grow. They expect wholesaler ordering to normalize in Q3. The new J-code is viewed as a long-term positive, simplifying reimbursement and improving access, especially as commercial payers begin to follow CMS's lead under the NO PAIN Act, though an immediate impact is not expected.

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    Clara Dong's questions to Heron Therapeutics Inc (HRTX) leadership • Q2 2025

    Question

    Clara Dong inquired about the ZINRELEF 400mg transition, its specific revenue impact in Q2, and the timeline for normalization. She also asked about the role the new J-code will play in reimbursement alongside the NO PAIN Act and its potential impact on adoption.

    Answer

    COO Mark Hensley clarified that the ZINRELEF transition led to a wholesaler inventory drawdown that impacted Q2 net sales by approximately $400,000, but he expects ordering patterns to normalize in Q3. CEO Craig Collard added that while the new J-code is not an immediate catalyst, it is more universally recognized by payers than the previous C-code, which will simplify reimbursement and support broader adoption long-term as commercial payers align with the NO PAIN Act.

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