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Item 1. Financial Statements

2025-08-05 compared with 2025-05-08 · 641 added, 409 removed, 1074 unchanged (49% of the section changed)

36 unchanged sentences

5,000,000 shares authorized;

none issued and outstanding at March 31, 2025 and December 31, 2024

none issued and outstanding at June 30, 2025 and December 31, 2024

Common stock, par value $ 0.001 ;

250,000,000 shares authorized;

47,120,647 shares issued and 46,283,407 shares outstanding at March 31, 2025 and 47,077,844 shares issued and 46,240,604 shares outstanding at December 31, 2024

Treasury stock, at cost, 837,240 shares at March 31, 2025 and December 31, 2024, inclusive of excise tax

47,690,595 shares issued and 44,897,766 shares outstanding at June 30, 2025 and 47,077,844 shares issued and 46,240,604 shares outstanding at December 31, 2024

Treasury stock, at cost, inclusive of excise tax and broker fees, 2,792,829 and 837,240 shares at June 30, 2025 and December 31, 2024, respectively

( 75,515 ) ( 25,121 )

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net product sales $ 180,347 $ 176,387 $ 347,941 $ 342,211

6 unchanged sentences

Amortization of acquired intangible assets 14,322 14,322 28,644 28,644

Contingent consideration gains, acquisition-related expenses, restructuring and other 6,187 1,903

Contingent consideration (gains) charges, acquisition-related expenses, restructuring and other 634 2,735 6,470 4,638

Total operating expenses 172,600 149,783 339,533 303,688

Income from operations 8,499 28,240 10,489 41,452

Other income (expense):

Other (expense) income:

Interest income 5,008 4,749 11,903 8,652

Interest expense ( 4,695 ) ( 3,884 ) ( 9,275 ) ( 7,200 )

Gain on early extinguishment of debt — 7,518 — 7,518

Other, net ( 10,739 ) ( 39 ) ( 6,338 ) ( 198 )

Total other income, net 6,716 428

Income before income taxes 8,706 13,640

Total other (expense) income, net ( 10,426 ) 8,344 ( 3,710 ) 8,772

(Loss) income before income taxes ( 1,927 ) 36,584 6,779 50,224

Income tax expense ( 2,920 ) ( 17,698 ) ( 6,814 ) ( 22,359 )

Net income $ 4,812 $ 8,979

Net income per common share:

Basic and diluted net income per common share $ 0.10 $ 0.19

Net (loss) income $ ( 4,847 ) $ 18,886 $ ( 35 ) $ 27,865

Net (loss) income per common share:

Basic net (loss) income per common share $ ( 0.11 ) $ 0.41 $ ( 0.00 ) $ 0.60

Diluted net (loss) income per common share $ ( 0.11 ) $ 0.39 $ ( 0.00 ) $ 0.58

Weighted average common shares outstanding:

5 unchanged sentences

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

Three Months Ended

Net income $ 4,812 $ 8,979

June 30, Six Months Ended

2025 2024 2025 2024

Net (loss) income $ ( 4,847 ) $ 18,886 $ ( 35 ) $ 27,865

Other comprehensive income (loss):

2 unchanged sentences

Total other comprehensive income (loss) 2,711 ( 47 ) 3,719 ( 142 )

Comprehensive income $ 5,820 $ 8,884

Comprehensive (loss) income $ ( 2,136 ) $ 18,839 $ 3,684 $ 27,723

See accompanying notes to condensed consolidated financial statements.

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024

(In thousands)

4 unchanged sentences

Common Shares Treasury Shares Common Stock Treasury Stock Total

Balance at December 31, 2024 47,078 ( 837 ) $ 47 $ ( 25,121 ) $ 1,009,435 $ ( 206,356 ) $ 343 $ 778,348

Balance at March 31, 2025 47,121 ( 837 ) $ 47 $ ( 25,121 ) $ 1,023,808 $ ( 201,544 ) $ 1,351 $ 798,541

Vested restricted stock units 669 — 1 — — — — 1

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 200 ) — — — ( 5,286 ) — — ( 5,286 )

Common stock issued under employee stock

purchase plan 101 — — — 1,569 — — 1,569

Stock-based compensation — — — — 15,472 — — 15,472

Purchase of treasury stock, inclusive of excise tax and broker fees — ( 1,956 ) — ( 50,394 ) — — — ( 50,394 )

Other comprehensive income (Note 11) — — — — — — 2,711 2,711

Net income — — — — — 4,812 — 4,812

Net loss — — — — — ( 4,847 ) — ( 4,847 )

Balance at June 30, 2025 47,691 ( 2,793 ) $ 48 $ ( 75,515 ) $ 1,035,563 $ ( 206,391 ) $ 4,062 $ 757,767

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

Balance at March 31, 2024 46,517 — $ 47 $ — $ 989,780 $ ( 97,817 ) $ 152 $ 892,162

Common Stock Additional

Vested restricted stock units 381 — — — — — — —

Common stock withheld for employee withholding tax liabilities on vested restricted stock units — — — — ( 378 ) — — ( 378 )

Common stock issued under employee stock

purchase plan 56 — — — 1,364 — — 1,364

Stock-based compensation — — — — 12,524 — — 12,524

Purchase of treasury stock, inclusive of excise tax — ( 837 ) — ( 25,121 ) — — — ( 25,121 )

Purchase of capped call transaction, net of tax — — — — ( 20,112 ) — — ( 20,112 )

Other comprehensive loss (Note 11) — — — — — — ( 47 ) ( 47 )

Net income — — — — — 18,886 — 18,886

Balance at June 30, 2024 46,954 ( 837 ) $ 47 $ ( 25,121 ) $ 983,178 $ ( 78,931 ) $ 105 $ 879,278

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 7

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(In thousands)

Number of Shares Outstanding Additional

Capital Accumulated

1 unchanged sentence

Comprehensive

Shares Amount Total

Common Shares Treasury Shares Common Stock Treasury Stock Total

Balance at December 31, 2024 47,078 ( 837 ) $ 47 $ ( 25,121 ) $ 1,009,435 $ ( 206,356 ) $ 343 $ 778,348

1 unchanged sentence

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 210 ) — — — ( 5,467 ) — — ( 5,467 )

Common stock issued under employee stock

purchase plan 101 — — — 1,569 — — 1,569

Stock-based compensation — — — — 30,025 — — 30,025

Purchase of treasury stock, inclusive of excise tax and broker fees — ( 1,956 ) — ( 50,394 ) — — — ( 50,394 )

Other comprehensive income (Note 11) — — — — — — 3,719 3,719

Net loss — — — — — ( 35 ) — ( 35 )

Balance at June 30, 2025 47,691 ( 2,793 ) $ 48 $ ( 75,515 ) $ 1,035,563 $ ( 206,391 ) $ 4,062 $ 757,767

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

Balance at December 31, 2023 46,481 — $ 46 $ — $ 976,633 $ ( 106,796 ) $ 247 $ 870,130

Vested restricted stock units 417 — 1 — — — — 1

Common stock withheld for employee withholding tax liabilities on vested restricted stock units — — — — ( 382 ) — — ( 382 )

Common stock issued under employee stock

purchase plan 56 — — — 1,364 — — 1,364

Stock-based compensation — — — — 25,675 — — 25,675

Purchase of treasury stock, inclusive of excise tax — ( 837 ) — ( 25,121 ) — — — ( 25,121 )

Purchase of capped call transaction, net of tax — — — — ( 20,112 ) — — ( 20,112 )

Other comprehensive loss (Note 11) — — — — — — ( 142 ) ( 142 )

Net income — — — — — 27,865 — 27,865

Balance at March 31, 2024 46,517 $ 47 $ 989,780 $ ( 97,817 ) $ 152 $ 892,162

Balance at June 30, 2024 46,954 ( 837 ) $ 47 $ ( 25,121 ) $ 983,178 $ ( 78,931 ) $ 105 $ 879,278

See accompanying notes to condensed consolidated financial statements.

4 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

Operating activities:

Net income $ 4,812 $ 8,979

Adjustments to reconcile net income to net cash provided by operating activities:

Net (loss) income $ ( 35 ) $ 27,865

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Deferred taxes 2,149 15,998

2 unchanged sentences

Amortization of debt discount 45 47

Gain on early extinguishment of debt — ( 7,518 )

Stock-based compensation 30,025 25,675

Changes in contingent consideration ( 3,032 ) ( 2,297 )

Impairment of investment 11,000 —

Other net (gains) losses ( 5,887 ) 109

12 unchanged sentences

Sales of available-for-sale investments 140,416 79,462

Net cash used in investing activities ( 25,629 ) ( 15,530 )

Purchases of debt investments ( 1,250 ) —

Net cash provided by (used in) investing activities 36,534 ( 30,745 )

Financing activities:

Proceeds from shares issued under employee stock purchase plan 1,569 1,364

Payment of employee withholding taxes on restricted stock unit vests ( 5,466 ) ( 382 )

Purchase of treasury stock, inclusive of broker fees ( 50,039 ) ( 25,000 )

Proceeds from 2029 convertible senior notes — 287,500

Repayment of 2024 convertible senior notes — ( 8,641 )

Repayment of 2025 convertible senior notes — ( 190,994 )

Repayment of Term loan A facility ( 6,563 ) ( 5,625 )

Net cash used in financing activities ( 2,994 ) ( 2,817 )

Purchase of capped call transactions — ( 26,709 )

Payment of debt issuance and financing costs — ( 9,350 )

Net cash (used in) provided by financing activities ( 60,499 ) 22,163

Effect of exchange rate changes on cash and cash equivalents 204 —

Net increase in cash and cash equivalents 23,710 93,755

1 unchanged sentence

Cash and cash equivalents, end of period $ 300,484 $ 247,053

See accompanying condensed notes to consolidated financial statements.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 9

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In thousands)

Six Months Ended

Supplemental cash flow information:

Cash paid for interest $ 7,687 $ 6,988

Net cash paid (received) for income taxes $ 286 $ ( 245 )

Net cash paid for income taxes $ 8,233 $ 4,667

Non-cash investing and financing activities:

Fixed assets included in accounts payable and accrued liabilities $ 1,431 $ 604

Excise tax on share repurchases included in accrued liabilities $ 354 $ 121

See accompanying notes to condensed consolidated financial statements.

11 unchanged sentences

ZILRETTA is the first and only extended-release, intra-articular (meaning in the joint) injection indicated for the management of osteoarthritis, or OA, knee pain.

In April 2019, the Company added iovera ® ° to its commercial offering with the acquisition of MyoScience, Inc., or MyoScience (the “MyoScience Acquisition”).

In April 2019, the Company added iovera ® ° to its commercial offering with the acquisition of MyoScience, Inc.

(the “MyoScience Acquisition”).

The iovera° system is a handheld cryoanalgesia device that delivers immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve.

The Company is also advancing the development of PCRX-201 (enekinragene inzadenovec), a novel, locally administered gene therapy for the treatment of osteoarthritis, or OA, of the knee.

The Company is also advancing the development of PCRX-201 (enekinragene inzadenovec), a novel, locally administered gene therapy for the treatment of OA of the knee.

PCRX-201 is the lead program from the Company’s proprietary high-capacity adenovirus, or HCAd, vector platform, which enables local administration of genetic medicines and has the potential to unlock gene therapy for large prevalent diseases affecting millions of people.

In February 2025, the Company acquired the remaining 81 percent equity interest in GQ Bio Therapeutics GmbH, or GQ Bio (the “GQ Bio Acquisition”), a privately-held biopharmaceutical company, which included the novel HCAd platform, a preclinical portion of HCAd-based assets and research and development talent.

In February 2025, the Company acquired the remaining 81 percent equity interest in GQ Bio Therapeutics GmbH, or GQ Bio (the “GQ Bio Acquisition”), a privately-held biopharmaceutical company, which included the novel HCAd platform, a preclinical portfolio of HCAd-based assets and research and development talent.

For more information on the GQ Bio Acquisition, see Note 3, GQ Bio Therapeutics Acquisition .

Pacira is subject to risks common to companies in similar industries and stages, including, but not limited to, competition from larger companies and potential generic entrants, reliance on revenue from three products, reliance on a limited number of wholesalers, reliance on a limited number of manufacturing sites, new technological innovations, dependence on key personnel, reliance on third-party service providers and sole source suppliers, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity.

Pacira is subject to risks common to companies in similar industries and stages, including, but not limited to, competition from larger companies and potential generic entrants, reliance on revenue from three products, reliance on a limited number of wholesalers, reliance on a limited number of manufacturing sites, new technological innovations, dependence on key personnel, reliance on third-party service providers and sole source suppliers, tariffs, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity.

NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 unchanged sentences

Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).

The condensed consolidated financial statements at March 31, 2025, and for the three-month periods ended March 31, 2025 and 2024, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP.

The condensed consolidated financial statements at June 30, 2025, and for the three and six-month periods ended June 30, 2025 and 2024, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP.

The condensed consolidated balance sheet at December 31, 2024 is derived from the audited consolidated financial statements included in the Company’s 2024 Annual Report.

The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements.

The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current presentation.

Intercompany accounts and transactions have been eliminated in consolidation.

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Largest wholesaler 31 % 34 % 32 % 35 %

9 unchanged sentences

Refer to Note 17, Segment Information , for more information.

Recent Accounting Pronouncements Not Adopted as of March 31, 2025

Recent Accounting Pronouncements Not Adopted as of June 30, 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures .

8 unchanged sentences

NOTE 3— GQ BIO THERAPEUTICS ACQUISITION

On February 25, 2025, Pacira Therapeutics, Inc., a wholly-owned subsidiary of the Company, entered into a securities purchase agreement to acquire the remaining 81 % of GQ Bio for $ 30.3 million, net of working capital adjustments.

On February 27, 2025, Pacira Therapeutics, Inc., a wholly-owned subsidiary of the Company, executed a securities purchase agreement to acquire the remaining 81 % of GQ Bio for $ 30.6 million, net of working capital adjustments.

Prior to the GQ Bio Acquisition, the Company owned approximately 19 % of GQ Bio.

Included in the securities purchase agreement are payments of $ 7.8 million related to employee compensation to be recognized over three years pursuant to a key employee holdback agreement.

During the three months ended March 31, 2025, the Company expensed $ 0.3 million within contingent consideration gains, acquisition-related expenses, restructuring and other within the condensed consolidated statement of operations.

Included in the securities purchase agreement are payments of $ 7.8 million related to two employees’ payments to be recognized over three years pursuant to a key employee holdback agreement in increments of 50 %, 30 % and 20 % at each year’s respective anniversary.

During the three and six months ended June 30, 2025, the Company accrued key employee holdback expenses of $ 1.1 million and $ 1.5 million, respectively.

The key employee holdback is subject to continued employment, and therefore the accrued payments are recognized as research and development expense within the condensed consolidated statements of operations.

GQ Bio was a privately-held biopharmaceutical company with a novel, high-capacity, local-delivery platform that makes genetic medicines more efficient and enables the use of large and multiple gene constructs.

9 unchanged sentences

Settlement of previously invested note receivable 5,322

Settlement of pre-existing receivable 1,055

Purchase price consideration of 81 % of GQ Bio

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Amounts Recognized at the Acquisition Date

(as Previously

Reported) (a)

Measurement Period Adjustments (b)

Amounts Recognized at the Acquisition Date

(as Adjusted)

ASSETS ACQUIRED

17 unchanged sentences

Total fair value of the GQ Bio Acquisition $ 38,660 $ 231 $ 38,891

(a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.

(b) Represents an adjustment to a deferred tax liability, unrecorded liabilities related to pre-acquisition expenses that were paid by the Company in 2025.

The acquired identifiable IPR&D assets were valued from a market participants’ perspective using a multi-period excess earnings methodology (income approach).

5 unchanged sentences

However, the Company is considering certain tax elections that would allow for the future deduction of the acquired goodwill and IPR&D intangible asset.

During the three months ended March 31, 2025, GQ Bio did not earn any revenue and the operating loss attributable to GQ Bio was considered nominal.

During the six months ended June 30, 2025, GQ Bio did not earn any revenue.

NOTE 4— REVENUE

6 unchanged sentences

As such, the following disclosure is limited to revenue associated with net product sales of EXPAREL and ZILRETTA.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 14

Net Product Sales

1 unchanged sentence

EXPAREL is delivered directly to the end-user without the wholesaler ever taking physical possession of the product.

The Company primarily sells ZILRETTA to specialty distributors and specialty pharmacies, who then subsequently resell

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 12

ZILRETTA to physicians, clinics and certain medical centers or hospitals.

The Company primarily sells ZILRETTA to specialty distributors and specialty pharmacies, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals.

The Company also contracts directly with healthcare providers and intermediaries such as group purchasing organizations, or GPOs.

30 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net product sales:

6 unchanged sentences

The components of inventories, net are as follows (in thousands):

March 31, December 31,

June 30, December 31,

Raw materials $ 40,932 $ 50,800

2 unchanged sentences

Total $ 148,163 $ 125,282

In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego, California, and reduced its workforce accordingly.

As a result, the Company reserved $ 1.0 million of raw materials during the six months ended June 30, 2025.

For more information, see Note 18, Subsequent Events .

NOTE 6— FIXED ASSETS

Fixed assets, net, summarized by major category, consist of the following (in thousands):

March 31, December 31,

June 30, December 31,

Machinery and equipment $ 173,729 $ 160,643

$ 160,290 $ 160,643

Leasehold improvements 97,408 86,034

86,663 86,034

Computer equipment and software 25,232 23,473

24,792 23,473

Office furniture and equipment 1,952 1,952

Construction in progress 9,632 27,996

30,529 27,996

Total 307,953 300,098

1 unchanged sentence

Fixed assets, net $ 155,178 $ 167,169

(1) In April 2025, subsequent to the three months ended March 31, 2025, a ZILRETTA fill line at the Company’s manufacturing facility in Swindon, UK, was placed into service, for which approximately $ 23.1 million was reclassified from construction in progress to machinery and equipment, leasehold improvements and computer equipment and software.

For the three months ended March 31, 2025 and 2024, depreciation expense was $ 6.8 million and $ 4.1 million, respectively.

For the three months ended March 31, 2025 and 2024, there was $ 0.1 million and $ 0.7 million of capitalized interest on the construction of manufacturing sites, respectively.

As of March 31, 2025 and December 31, 2024, total fixed assets, net, includes manufacturing process equipment and leasehold improvements located outside of the U.S.

For the three months ended June 30, 2025 and 2024, depreciation expense was $ 13.0 million and $ 4.5 million, respectively.

For the three months ended June 30, 2025 and 2024, there was none and $ 0.7 million of capitalized interest on the construction of manufacturing sites, respectively.

For the six months ended June 30, 2025 and 2024, depreciation expense was $ 19.8 million and $ 8.6 million, respectively.

For the six months ended June 30, 2025 and 2024, there was $ 0.1 million and $ 1.4 million of capitalized interest on the construction of manufacturing sites, respectively.

As of June 30, 2025 and December 31, 2024, total fixed assets, net, includes manufacturing process equipment and leasehold improvements located outside of the U.S.

in the amount of $ 50.1 million and $ 51.1 million, respectively.

As of March 31, 2025 and December 31, 2024, the Company had asset retirement obligations of $ 4.3 million and $ 4.2 million, respectively, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 16

As of both June 30, 2025 and December 31, 2024, the Company had asset retirement obligations of $ 4.2 million, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements.

In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego and reduced its workforce accordingly.

As a result, the Company recognized $ 5.5 million of accelerated depreciation expense during the six months ended June 30, 2025.

For more information, see Note 18, Subsequent Events .

NOTE 7— LEASES

The Company leases all of its facilities, including its EXPAREL and iovera° handpiece manufacturing facility at its Science Center Campus in San Diego, California.

The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services for the use of their manufacturing facility in Swindon, U.K.

In 2025, the Company moved its principal executive offices to Brisbane, California.

The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services in Swindon, U.K.

for the production of EXPAREL and ZILRETTA.

A portion of the associated monthly base fees have been allocated to the lease components based on a relative fair value basis.

The Company’s European offices were assumed as part of the GQ Bio Acquisition in February 2025 and include an administrative office in Hamburg, Germany, a research and development lab and offices in Luckenwalde, Germany and an administrative office in each of Eupen and Liège, Belgium.

As a result of the GQ Bio Acquisition, the Company recorded new operating right of use assets and lease liabilities in the amount of $ 1.4 million.

The Company had been recognizing sublease income for laboratory space leased in Woburn, Massachusetts and a portion of office space leased in Burlington, Massachusetts, respectively, from leases that were assumed as part of the Flexion Acquisition.

As part of the GQ Bio Acquisition in February 2025, the Company’s European offices were assumed and include a research and development lab and offices in Luckenwalde, Germany and administrative offices in Hamburg, Germany and each of Eupen and Liège, Belgium.

The Company had been recognizing sublease income for laboratory space leased in Woburn, Massachusetts from leases that were assumed as part of the Flexion Acquisition.

In February 2024, the lease and sublease term concluded for the laboratory space in Woburn, Massachusetts.

2 unchanged sentences

Total operating lease expense, net is as follows (in thousands):

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Fixed lease costs $ 3,232 $ 3,460 $ 6,534 $ 6,957

3 unchanged sentences

Supplemental cash flow information related to operating leases is as follows (in thousands):

Three Months Ended

Six Months Ended

Cash paid for operating lease liabilities, net of lease incentives $ 6,458 $ 6,429

9 unchanged sentences

Year Aggregate Minimum

2025 (remaining nine months) $ 9,567

2025 (remaining six months) $ 6,388

Thereafter 6,384

11 unchanged sentences

Foreign currency adjustments 2,201

Balance at March 31, 2025 $ 21,520

Balance at June 30, 2025 $ 20,300

Intangible Assets

Intangible assets, net, consists of the in-process research and development, or IPR&D, from the GQ Bio Acquisition and Flexion Acquisition, developed technology from the Flexion Acquisition and MyoScience Acquisition and customer relationships from the MyoScience Acquisition are summarized as follows (dollar amounts in thousands):

March 31, 2025 Gross Carrying Value Foreign currency adjustments Accumulated Amortization Intangible Assets, Net Weighted-Average Useful Lives

June 30, 2025 Gross Carrying Value Foreign Currency Adjustments Accumulated Amortization Intangible Assets, Net Weighted-Average Useful Lives

Developed technologies $ 590,000 $ — $ ( 227,574 ) $ 362,426 10 years, 5 months

9 unchanged sentences

Total intangible assets, net $ 624,956 $ ( 198,986 ) $ 425,970

Amortization expense on intangible assets was $ 14.3 million for both the three months ended March 31, 2025 and 2024.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 18

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $ 43.0 million for the remaining nine months of 2025, $ 57.3 million each year from 2026 to 2030, $ 37.4 million in 2031, $ 7.9 million in 2032 and $ 2.2 million in 2033.

Amortization expense on intangible assets was $ 14.3 million for both the three months ended June 30, 2025 and 2024.

Amortization expense on intangible assets was $ 28.6 million for both the six months ended June 30, 2025 and 2024.

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $ 28.6 million for the remaining six months of 2025, $ 57.3 million each year from 2026 to 2030, $ 37.4 million in 2031, $ 7.9 million in 2032 and $ 2.2 million in 2033.

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):

March 31, December 31,

June 30, December 31,

Term loan A facility maturing March 2028 (1)

$ 97,828 $ 104,211

2.125 % Convertible senior notes due May 2029

3 unchanged sentences

Total $ 580,492 $ 585,321

(1) In July 2025, the Company repaid the indebtedness outstanding under its TLA Credit Agreement (as defined below) and terminated the TLA Credit Agreement concurrently with its entry into the Revolving Credit Facility (as defined below), as discussed in Note 18, Subsequent Events .

(2) The 0.750 % Convertible senior notes matured and were repaid on August 1, 2025.

Revolving Credit Facility

On July 3, 2025, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, retire the indebtedness outstanding under its single-advance term loan A facility and provide ongoing working capital.

The Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate commitment amount of $ 300.0 million, with a letter of credit sublimit of $ 10.0 million and swingline loan sublimit of $ 15.0 million.

Upon entering into the Credit Agreement, the Company borrowed $ 101.0 million under the Revolving Credit Facility.

For more information, see Note 18, Subsequent Events .

2028 Term Loan A Facility

On March 31, 2023, the Company entered into a credit agreement (as amended and/or restated to date, the “TLA Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders, to refinance the indebtedness outstanding under the Company’s then-existing TLB Credit Agreement (as defined and discussed below).

The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30 % discount and provides for a single-advance term loan A facility in the principal amount of $ 150.0 million, which is secured by substantially all of the Company’s and any subsidiary guarantor’s assets.

Subject to certain conditions, the Company may, at any time, on one or more occasion, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.

The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30 % discount and provided for a single-advance term loan A facility in the principal amount of $ 150.0 million, which was secured by substantially all of the Company’s and any subsidiary guarantor’s assets.

The net proceeds of the TLA Term Loan were approximately $ 149.6 million after deducting an original issue discount of $ 0.4 million.

On May 8, 2024, the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders entered into a first amendment (the “First TLA Amendment”) to the TLA Credit Agreement.

The First TLA Amendment, among other things, permits the Company’s share repurchase program and the Capped Call Transactions (as defined and described below).

The total debt composition of the TLA Term Loan is as follows (in thousands):

March 31, December 31,

The First TLA Amendment, among other things, permitted the Company’s share repurchase program and the Capped Call Transactions (as defined and described below).

The total debt composition of the TLA Term Loan was as follows (in thousands):

June 30, December 31,

Term loan A facility maturing March 2028 (1)

$ 98,750 $ 105,313

Deferred financing costs ( 686 ) ( 821 )

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Total debt, net of debt discount and deferred financing costs $ 97,828 $ 104,211

The TLA Term Loan matures on March 31, 2028 and the TLA Credit Agreement requires quarterly repayments of principal in the amount of $ 2.8 million which commenced on June 30, 2023, increasing to $ 3.8 million commencing March 31, 2025, with a remaining balloon payment of approximately $ 85.3 million due at maturity.

Due to voluntary principal prepayments, the Company is not required to make further principal payments until December 2026, although the Company retains the option to do so.

The TLA Credit Agreement requires the Company to, among other things, maintain (i) a Senior Secured Net Leverage Ratio (as defined in the TLA Credit Agreement), determined as of the last day of each fiscal quarter, of no greater than 3.00 to 1.00 and (ii) a Fixed Charge Coverage Ratio (as defined in the TLA Credit Agreement), determined as of the last day of each fiscal quarter, of no less than 1.50 to 1.00.

The TLA Credit Agreement requires the Company to maintain an unrestricted cash and cash equivalents balance of at least $ 300.0 million ($ 500.0 million less a $ 200.0 million prepayment of the 2025 Notes in the year ended December 31, 2024) less any additional prepayments of the 2025 Notes (as defined below) at any time from 91 days prior to the maturity date through the earlier of (i) the latest maturity date of the 2025 Notes and (ii) the date on which there is no outstanding principal amount of the 2025 Notes.

The TLA Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions.

As of March 31, 2025, the Company was in compliance with all financial covenants under the TLA Credit Agreement.

The Company may elect to borrow either (i) alternate base rate borrowings or (ii) term benchmark borrowings or daily simple SOFR (as defined in the TLA Credit Agreement) borrowings.

Each term loan borrowing that is an alternate base rate

(1) In July 2025, the Company repaid the indebtedness outstanding under the TLA Credit Agreement and terminated it concurrently with its entry into the Revolving Credit Facility, as discussed in Note 18, Subsequent Events .

The TLA Term Loan was scheduled to mature on March 31, 2028 and the TLA Credit Agreement required quarterly repayments of principal in the amount of $ 2.8 million which commenced on June 30, 2023 and increased to $ 3.8 million on March 31, 2025, with an originally stated balloon payment of approximately $ 85.3 million due at maturity.

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| Q2 2025 Form 10-Q | Page 19

borrowing bears interest at a rate per annum equal to (i) the Alternate Base Rate (as defined in the TLA Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 2.00 % to 2.75 %.

Each term loan borrowing that is a term benchmark borrowing or daily simple SOFR borrowing bears interest at a rate per annum equal to (i) the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as each is defined in the Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 3.00 % to 3.75 %.

During the three months ended March 31, 2025, the Company made $ 2.8 million of voluntary principal prepayments.

The Company could elect to borrow either (i) alternate base rate borrowings or (ii) term benchmark borrowings or daily simple SOFR (as defined in the TLA Credit Agreement) borrowings.

Each term loan borrowing that was an alternate base rate borrowing bore interest at a rate per annum equal to (i) the Alternate Base Rate (as defined in the TLA Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 2.00 % to 2.75 %.

Each term loan borrowing that was a term benchmark borrowing or daily simple SOFR borrowing bears interest at a rate per annum equal to (i) the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as each is defined in the Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 3.00 % to 3.75 %.

During the six months ended June 30, 2025, the Company made $ 6.6 million of voluntary principal prepayments.

During the year ended December 31, 2024, the Company made $ 11.3 million of voluntary principal prepayments.

As of March 31, 2025, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.40 %.

As of June 30, 2025, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.43 %.

As of June 30, 2025, the Company was in compliance with all financial covenants under the TLA Credit Agreement.

In July 2025, the Company repaid the indebtedness outstanding under its TLA Credit Agreement and terminated the TLA Credit Agreement concurrently with its entry into the Revolving Credit Facility, which will result in a loss on extinguishment of debt of approximately $ 0.9 million.

For more information, see Note 18, Subsequent Events .

Convertible Senior Notes Due 2029

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The total debt composition of the 2029 Notes is as follows (in thousands):

March 31, December 31,

June 30, December 31,

2.125 % convertible senior notes due May 2029

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Holders may convert their 2029 Notes prior to the close of business on the business day immediately preceding November 15, 2028, only if certain circumstances are met, including, but not limited to, if during the previous calendar quarter, the last reported sales price of the Company’s common stock was greater than 130 % of the conversion price then applicable for at least 20 out of the last 30 consecutive trading days of the quarter.

During the quarter ended March 31, 2025, the conditions for conversion were not met.

During the quarter ended June 30, 2025, the conditions for conversion were not met.

On or after November 15, 2028, until the close of business on the second scheduled trading day immediately preceding May 15, 2029, holders may convert their 2029 Notes at any time.

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The initial conversion price of the 2029 Notes represents a premium of approximately 32.5 % to the closing sale price of $ 29.86 per share of the Company’s common stock on the Nasdaq Global Select Market on May 9, 2024, the date that the Company priced the private offering of the 2029 Notes.

As of March 31, 2025, the 2029 Notes had a market price of $973 per $1,000 principal amount.

As of June 30, 2025, the 2029 Notes had a market price of $979 per $1,000 principal amount.

In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation.

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Prior to the close of business on the business day immediately preceding November 15, 2028, the 2029 Notes are convertible only under the following circumstances:

(1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is equal to or greater than 130 % of the conversion price on each applicable trading day;

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| Q2 2025 Form 10-Q | Page 20

the immediately preceding calendar quarter is equal to or greater than 130 % of the conversion price on each applicable trading day;

(2) during the five business-day period after any five consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

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or (4) upon a Company redemption.

On or after November 15, 2028,

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| Q1 2025 Form 10-Q | Page 18

until the close of business on the second scheduled trading day immediately preceding May 15, 2029, holders of the 2029 Notes may convert all or a portion of their 2029 Notes, at any time.

On or after November 15, 2028, until the close of business on the second scheduled trading day immediately preceding May 15, 2029, holders of the 2029 Notes may convert all or a portion of their 2029 Notes, at any time.

No sinking fund is provided for the 2029 Notes.

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Upon the occurrence of a “make-whole fundamental change” (as defined in the 2029 Indenture), subject to a limited exception for certain cash mergers, holders may require the Company to repurchase all or a portion of their 2029 Notes for cash at a price equal to 100 % of the principal amount of the 2029 Notes to be repurchased plus any accrued and unpaid interest.

While the 2029 Notes are currently classified on the Company’s condensed consolidated balance sheet at March 31, 2025 as long-term debt, the future convertibility and resulting balance sheet classification of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods.

While the 2029 Notes are currently classified on the Company’s condensed consolidated balance sheet at June 30, 2025 as long-term debt, the future convertibility and resulting balance sheet classification of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods.

In the event that the holders of the 2029 Notes have the election to convert the 2029 Notes at any time during the prescribed measurement period, the 2029 Notes would then be considered a current obligation and classified as such.

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(formerly Wells Fargo Bank, N.A.), or 2025 Indenture, with respect to the 2025 Notes.

The 2025 Notes accrue interest at a fixed rate of 0.750 % per year, payable semiannually in arrears on February 1 st and August 1 st of each year.

The 2025 Notes mature on August 1, 2025.

The 2025 Notes accrued interest at a fixed rate of 0.750 % per year, which was payable semiannually in arrears on February 1 st and August 1 st of each year.

In May 2024, the Company used part of the net proceeds from the issuance of the 2029 Notes to repurchase $ 200.0 million aggregate principal amount of the 2025 Notes in privately negotiated transactions at a discount for $ 191.4 million in cash (including accrued interest).

The partial repurchase of the 2025 Notes resulted in a $ 7.5 million gain on early extinguishment of debt during the year ended December 31, 2024.

The 2025 Notes matured and were repaid on August 1, 2025.

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| Q2 2025 Form 10-Q | Page 21

The total debt composition of the 2025 Notes is as follows (in thousands):

March 31, December 31,

The total debt composition of the 2025 Notes was as follows (in thousands):

June 30, December 31,

0.750 % convertible senior notes due August 2025

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Total debt, net of deferred financing costs $ 202,397 $ 201,776

On August 1, 2025, the 2025 Notes matured and the Company settled the remaining outstanding principal balance of $ 202.5 million in cash.

Holders were able to convert their 2025 Notes at any time prior to the close of business on the business day immediately preceding February 3, 2025, only under the following circumstances:

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(iii) upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of the Company’s assets;

or (iv) if the Company calls the 2025 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

or (iv) if the Company called the 2025 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

These conditions for conversion were not met prior to February 3, 2025.

As of February 3, 2025, until the close of business on the second scheduled trading day immediately preceding August 1, 2025, holders may convert their 2025 Notes at any time.

Upon conversion, holders will receive the principal amount of their 2025 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 40 consecutive trading days during the observation period (as more fully described in the 2025 Indenture).

For both the principal and excess conversion value, holders may receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s option.

The initial conversion rate for the 2025 Notes is 13.9324 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $ 71.78 per share of the Company’s common stock.

The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest.

The initial conversion price of the 2025 Notes represents a premium of approximately 32.5 % to the closing sale price of $ 54.17 per share of the Company’s common stock on the Nasdaq Global Select Market on July 7, 2020, the date that the Company priced the private offering of the 2025 Notes.

As of March 31, 2025, the 2025 Notes had a market price of $986 per $1,000 principal amount.

In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation.

Upon the receipt of conversion requests, the settlement of the 2025 Notes will be paid pursuant to the terms of the 2025 Indenture.

In the event that all of the 2025 Notes are converted, the Company would be required to repay the remaining $ 202.5 million in principal value and any conversion premium in any combination of cash and shares of its common stock (at the Company’s option).

Since August 1, 2023 (but, in the case of a redemption of less than all of the outstanding 2025 Notes, no later than the 40 th scheduled trading day immediately before the maturity date), the Company may redeem for cash all or part of the 2025 Notes if the last reported sale price (as defined in the 2025 Indenture) of the Company’s common stock has been at least 130 % of the conversion price then in effect for (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related notice of redemption and (ii) the trading day immediately before the date the Company sends such notice.

The redemption price will equal the sum of (i) 100 % of the principal amount of the 2025 Notes being redeemed, plus (ii) accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date.

In addition, calling the 2025 Notes for redemption will constitute a “make-whole fundamental change” (as defined in the 2025 Indenture) and will, in certain circumstances, increase the conversion rate applicable to the conversion of such notes if it is converted in connection with the redemption.

No sinking fund is provided for the 2025 Notes.

As of February 3, 2025, until the close of business on the second scheduled trading day immediately preceding August 1, 2025, holders could have converted their 2025 Notes at any time.

Upon conversion, holders would have received the principal amount of their 2025 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 40 consecutive trading days during the observation period (as more fully described in the 2025 Indenture).

For both the principal and excess conversion value, holders could have received cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s option.

The initial conversion rate for the 2025 Notes was 13.9324 shares of common stock per $1,000 principal amount, which was equivalent to an initial conversion price of $ 71.78 per share of the Company’s common stock.

The initial conversion price of the 2025 Notes represented a premium of approximately 32.5 % to the closing sale price of $ 54.17 per share of the Company’s common stock on the Nasdaq Global Select Market on July 7, 2020, the date that the Company priced the private offering of the 2025 Notes.

As of June 30, 2025, the 2025 Notes had a market price of $993 per $1,000 principal amount.

Convertible Senior Notes Due 2024 Assumed from the Flexion Acquisition

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(formerly Wells Fargo Bank, N.A.), as trustee (the “Flexion Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 19, 2021, between Flexion and the Flexion Trustee.

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| Q1 2025 Form 10-Q | Page 20

payable semi-annually on May 1 st and November 1 st of each year.

Interest was payable semi-annually on May 1 st and November 1 st of each year.

Upon the Flexion Acquisition, the principal was assumed and recorded at fair value by the Company.

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The remaining principal of $ 8.6 million was repaid at maturity on May 1, 2024.

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| Q2 2025 Form 10-Q | Page 22

Interest Expense

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Contractual interest expense $ 3,823 $ 3,797 $ 7,685 $ 7,108

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The fair value of the Company’s acquisition-related contingent consideration is reported at fair value on a recurring basis (Level 3).

The carrying amounts of equity investments and convertible notes receivable without readily determinable fair values have not been adjusted for either an impairment or upward or downward adjustments based on observable transactions.

The carrying amount of equity investments and convertible notes receivable without readily determinable fair values are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments.

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| Q2 2025 Form 10-Q | Page 23

At March 31, 2025, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):

At June 30, 2025, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):

Carrying Value Fair Value Measurements Using

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$ 202,397 $ — $ 201,113 $ —

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $ 24.85 per share on March 31, 2025, compared to a conversion price of $ 39.56 per share.

At March 31, 2025, as the conversion price was above the stock price, the requirements for conversion have not been met.

(2) As of February 3, 2025, the 2025 Notes may be converted at any time until the close of business on the second scheduled trading day immediately preceding August 1, 2025.

The maximum conversion on the principal that could have been due on the 2025 Notes is 2.8 million shares of the Company’s common stock, which assumes no increase in the conversion rate for certain corporate events.

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $ 23.90 per share on June 30, 2025, compared to a conversion price of $ 39.56 per share.

At June 30, 2025, as the conversion price was above the stock price, the requirements for conversion have not been met.

(2) The 0.750 % Convertible senior notes matured and were repaid on August 1, 2025.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Equity and Convertible Note Investments

The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments.

The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):

The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments as follows (in thousands):

Equity Investments Convertible Notes Receivable Total

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15,877 11,898 27,775

Purchases — 1,250 1,250

Impairment ( 4,000 ) ( 7,000 ) ( 11,000 )

Realized gain of prior investments (1)

3 unchanged sentences

Foreign currency adjustments ( 39 ) — ( 39 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 7,750 $ 2,500 $ 10,250

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See Note 3, GQ Bio Therapeutics Acquisition , for information on the GQ Bio Acquisition.

During the three and six months ended June 30, 2025, an impairment of an equity investment and convertible note receivable totaling $ 11.0 million was recorded in other, net in the condensed consolidated statements of operations.

In June 2025, the Company invested $ 1.3 million in a convertible note receivable related to one of its existing early-stage strategic investments.

Acquisition-Related Contingent Consideration

The Company has recognized contingent consideration related to the Flexion Acquisition in the amount of $ 17.6 million and $ 20.2 million as of March 31, 2025 and December 31, 2024, respectively.

The Company has recognized contingent consideration related to the Flexion Acquisition in the amount of $ 17.2 million and $ 20.2 million as of June 30, 2025 and December 31, 2024, respectively.

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| Q2 2025 Form 10-Q | Page 24

The Company’s contingent consideration obligations are recorded at their estimated fair values and are revalued each reporting period if and until the related contingencies are resolved.

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These inputs include, as applicable, estimated forecasts of revenue and costs and the discount rates used to calculate the present value of estimated future payments.

Significant changes may increase or

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| Q1 2025 Form 10-Q | Page 22

decrease the probabilities of achieving the related commercial and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated forecasts.

Significant changes may increase or decrease the probabilities of achieving the related commercial and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated forecasts.

In November 2021, the Company completed the Flexion Acquisition, which provided for contingent consideration related to contingent value rights that were issued to Flexion shareholders and certain equity award holders which could aggregate up to a total of $ 372.3 million if certain regulatory and commercial milestones are met.

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The Company’s obligation to make milestone payments is limited to those milestones achieved through December 31, 2030, and are to be paid within 60 days of the end of the fiscal quarter of achievement.

During the three months ended March 31, 2025, the Company recognized contingent consideration gains of $ 2.7 million due to revisions to the latest discount rates.

During the three months ended March 31, 2024, the Company recognized gains of $ 3.8 million due to adjustments to long-term forecasts which reduced the probability of meeting the sales-based contingent consideration milestones by December 31, 2030, the expiration date for achieving the milestones.

These adjustments were recorded within contingent consideration gains, acquisition-related expenses, restructuring and other in the condensed consolidated statements of operations.

At March 31, 2025, the weighted average discount rate was 8.2 %.

During the three and six months ended June 30, 2025, the Company recognized contingent consideration gains of $ 0.4 million and $ 3.0 million, respectively, due to revisions to the latest discount rates.

During the three months ended June 30, 2024, the Company recognized a contingent consideration charge of $ 1.5 million primarily due to revisions to the latest discount rates.

During the six months ended June 30, 2024, the Company recognized a contingent consideration gain of $ 2.3 million primarily due to an adjustment reflecting the probability of achieving the remaining regulatory milestone under the Flexion Acquisition by the milestone expiration date.

These adjustments were recorded within contingent consideration (gains) charges, acquisition-related expenses, restructuring and other in the condensed consolidated statements of operations.

At June 30, 2025, the weighted average discount rate was 7.9 %.

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:

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Utilized as of

March 31, 2025

June 30, 2025

Discount rates 7.6 % to 8.2 %

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Fair value adjustments and accretion ( 3,032 )

Balance at March 31, 2025

Balance at June 30, 2025

Available-for-Sale Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper and corporate, federal agency, government and Yankee bonds with maturities greater than three months, but less than one year.

Net unrealized gains and losses (excluding credit losses, if any) from the Company’s short-term investments are reported in other comprehensive income.

At March 31, 2025 and December 31, 2024, all of the Company’s short-term and noncurrent investments are classified as available-for-sale investments and are determined to be Level 2 instruments, with the exception of U.S.

Net unrealized gains and losses (excluding credit losses, if any) from the Company’s short-term investments are reported in other comprehensive (loss) income.

At June 30, 2025 and December 31, 2024, all of the Company’s short-term investments are classified as available-for-sale investments and are determined to be Level 2 instruments, with the exception of U.S.

government bonds, which are measured at fair value using standard industry models with observable inputs.

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| Q2 2025 Form 10-Q | Page 25

The following summarizes the Company’s short-term available-for-sale investments at March 31, 2025 and December 31, 2024 (in thousands):

March 31, 2025 Investments

The following summarizes the Company’s short-term available-for-sale investments at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 Investments

Losses Fair Value

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Total $ 207,692 $ 209 $ ( 60 ) $ 207,841

At March 31, 2025, there were no investments available for sale that were materially less than their amortized cost.

At June 30, 2025, there were no investments available for sale that were materially less than their amortized cost.

The Company elects to recognize its interest receivable separate from its available-for-sale investments.

At March 31, 2025 and December 31, 2024, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $ 0.4 million and $ 0.5 million, respectively.

At June 30, 2025 and December 31, 2024, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $ 0.4 million and $ 0.5 million, respectively.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term available-for-sale investments and accounts receivable.

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Such amounts may exceed federally-insured limits.

As of March 31, 2025, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 36 %, 21 % and 19 %.

As of June 30, 2025, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 34 %, 21 % and 16 %.

At December 31, 2024, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 34 %, 18 % and 16 %.

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Allowances for credit losses on the Company’s accounts receivable are maintained based on historical payment patterns, current and estimated future economic conditions, aging of accounts receivable and its write-off history.

As of March 31, 2025 and December 31, 2024, there were $ 0.4 million of allowances for credit losses on the Company’s accounts receivable.

As of June 30, 2025 and December 31, 2024, there were $ 0.5 million and $ 0.4 million of allowances for credit losses on the Company’s accounts receivable, respectively.

Pacira BioSciences, Inc.

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Foreign currency translation adjustments — 3,850 3,850

Balance at March 31, 2025

Balance at June 30, 2025

$ 59 $ 4,003 $ 4,062

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Foreign currency translation adjustments — 18 18

Balance at March 31, 2024

Balance at June 30, 2024

$ ( 36 ) $ 141 $ 105

(1) Net of a nominal tax benefit for both the three months ended March 31, 2025 and 2024 .

(1) Net of a nominal and $ 0.1 million tax benefit for each of the six months ended June 30, 2025 and 2024.

Share Repurchase Programs

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The share repurchase program may be suspended or discontinued at any time by the Company and has an expiration date of December 31, 2026.

During the six months ended June 30, 2025, the Company repurchased 1,955,589 shares of its common stock through open market transactions for $ 50.4 million which included less than $ 0.1 million of broker fees and was inclusive of $ 0.4 million of accrued excise tax.

Refer to Part II Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report on Form 10-Q for more information.

Repurchases of the Company’s common stock are accounted for at cost and recorded as treasury stock.

The excise tax on repurchases of the Company’s common stock is recorded as a cost of acquiring treasury stock.

Reissued treasury stock will be accounted for at average cost.

The broker fees incurred and excise tax on repurchases of the Company’s common stock are recorded as a cost of acquiring treasury stock.

Any reissued treasury stock will be accounted for at average cost.

Gains or losses on reissued treasury stock arising from the difference between the average cost and the fair value of the award will be recorded in additional paid-in capital.

In addition to the Company’s share repurchase plan, during the six months ended June 30, 2025, the Company withheld 210,108 shares of its common stock to cover employee tax withholding obligations on restricted stock unit vests for $ 5.5 million.

All shares of common stock withheld to cover employee tax withholding obligations are retired and are done so pursuant to the terms of the Company’s stock incentive plans and related equity grant agreements rather than the Company’s share repurchase plan.

Pacira BioSciences, Inc.

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The Pacira BioSciences, Inc.

Amended and Restated 2011 Stock Incentive Plan, or 2011 Plan, was originally adopted by its board of directors and approved by its stockholders in June 2011 and was amended and restated in June 2014, June 2016, June 2019, June 2021 and June 2023.

The June 2025 amendment and restatement and approval by the Company’s stockholders increased the number of shares of common stock authorized for issuance as equity awards under the 2011 Plan by 2,500,000 shares, which allows for the granting of incentive stock options, non-statutory stock options, restricted stock units and other stock-based awards.

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In January 2025, the board of directors, upon the recommendation of the P&C Committee, adopted the Pacira BioSciences, Inc.

Amended and Restated 2014 Inducement Plan (as amended and restated to date, the “Inducement Plan”) to add an additional 785,000 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the Inducement Plan to 2,310,000 , of which 465,007 shares remain available for issuance as of March 31, 2025, and extend the term of the Inducement Plan such that it will now expire on January 18, 2035.

Amended and Restated 2014 Inducement Plan (as amended and restated to date, the “Inducement Plan”) to add an additional 785,000 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the Inducement Plan to 2,310,000 , of which 250,007 shares remain available for issuance as of June 30, 2025, and extend the term of the Inducement Plan such that it will now expire on January 18, 2035.

The Inducement Plan allows for the granting of nonstatutory stock options, restricted stock awards and other stock-based awards, and was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules.

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Cost of goods sold $ 1,682 $ 1,259 $ 3,398 $ 2,387

1 unchanged sentence

Selling, general and administrative 11,383 8,848 21,979 16,833

Contingent consideration gains, acquisition-related expenses, restructuring and other — 2,235

Contingent consideration (gains) charges, acquisition-related expenses, restructuring and other — 492 — 2,727

Total $ 15,472 $ 12,524 $ 30,025 $ 25,675

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Equity Awards

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the three months ended March 31, 2025:

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the six months ended June 30, 2025:

Stock Options Number of

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Expired ( 414,815 ) 55.29

Outstanding at March 31, 2025

Outstanding at June 30, 2025

6,842,361 41.12

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Forfeited ( 108,615 ) 28.77

Unvested at March 31, 2025

Unvested at June 30, 2025

4,294,947 28.05

The weighted average fair value of stock options granted during the three months ended March 31, 2025 was $ 13.88 per share.

The weighted average fair value of stock options granted during the six months ended June 30, 2025 was $ 13.81 per share.

The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:

Black-Scholes Weighted Average Assumption Three Months Ended March 31, 2025

Black-Scholes Weighted Average Assumption Six Months Ended June 30, 2025

Expected dividend yield None

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Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85 % of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is lesser.

During the three months ended March 31, 2025, no shares were purchased and issued through the ESPP.

NOTE 13— NET INCOME PER COMMON SHARE

Basic net income per common share is calculated by dividing the net income attributable to common shares by the weighted average number of common shares outstanding during the period.

Diluted net income per common share is calculated by dividing the net income attributable to common shares by the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

During the six months ended June 30, 2025, 100,728 shares were purchased and issued through the ESPP.

NOTE 13— NET (LOSS) INCOME PER COMMON SHARE

Basic net (loss) income per common share is calculated by dividing the net (loss) income attributable to common shares by the weighted average number of common shares outstanding during the period.

Diluted net (loss) income per common share is calculated by dividing the net (loss) income attributable to common shares by the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the vesting of RSUs and the purchase of shares from the ESPP (using the treasury stock method), if applicable.

Potential common shares associated with convertible senior notes are treated under the if-converted method.

Adjustments are made to the diluted net income per common share calculation as if the Company had converted the convertible senior notes on the first day of each period presented.

Adjustments are made to the diluted net (loss) income per common share calculation as if the Company had converted the convertible senior notes on the first day of each period presented.

Adjustments to the numerator are made to add back the interest expense associated with the convertible senior notes on a post-tax basis.

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| Q2 2025 Form 10-Q | Page 29

Potential common shares are excluded from the diluted net income per common share computation to the extent they would be antidilutive.

The following table sets forth the computation of basic and diluted net income per common share for the three mon ths ended March 31, 2025 and 2024 (in thousands, except per common share amounts):

Potential common shares are excluded from the diluted net (loss) income per common share computation to the extent they would be antidilutive.

The following table sets forth the computation of basic and diluted net (loss) income per common share for the three and six mon ths ended June 30, 2025 and 2024 (in thousands, except per common share amounts):

Three Months Ended

Net income—basic $ 4,812 $ 8,979

June 30, Six Months Ended

2025 2024 2025 2024

Net (loss) income—basic $ ( 4,847 ) $ 18,886 $ ( 35 ) $ 27,865

2025 Notes if-converted method adjustment — 762 — 1,790

Adjusted net income—diluted $ 4,812 $ 10,008

Adjusted net (loss) income—diluted $ ( 4,847 ) $ 19,648 $ ( 35 ) $ 29,655

Weighted average common shares outstanding—basic 45,459 46,174 45,867 46,337

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2025 Notes if-converted method adjustment — 4,122 — 4,865

Dilutive effect of stock options 20 1

Dilutive effect of RSUs — 239 — 162

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Net income per common share:

Basic and diluted net income per common share $ 0.10 $ 0.19

The following table summarizes the outstanding stock options, RSUs, ESPP share options and convertible senior notes that were excluded from the diluted net income per common share calculation because the effects of including these potential shares were antidilutive in the periods presented (in thousands):

Basic net (loss) income per common share $ ( 0.11 ) $ 0.41 $ ( 0.00 ) $ 0.60

Diluted net (loss) income per common share $ ( 0.11 ) $ 0.39 $ ( 0.00 ) $ 0.58

The following table summarizes the outstanding stock options, RSUs, ESPP share options and convertible senior notes that were excluded from the diluted net (loss) income per common share calculation because the effects of including these potential shares were antidilutive in the periods presented (in thousands):

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Weighted average number of stock options 6,858 7,311 6,921 7,486

2025 Notes if-converted method adjustment 2,821 —

2025 Notes 2,821 — 2,821 —

Weighted average number of RSUs 4,703 1,304 4,417 1,267

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NOTE 14— INCOME TAXES

Income (loss) before income taxes and income tax expense are as follows (dollar amounts in thousands):

(Loss) income before income taxes and income tax expense are as follows (dollar amounts in thousands):

Three Months Ended

Income (loss) before income taxes:

June 30, Six Months Ended

2025 2024 2025 2024

(Loss) income before income taxes:

Domestic $ ( 4,214 ) $ 36,996 $ 6,459 $ 50,653

Foreign 2,287 ( 412 ) 320 ( 429 )

Total income before income taxes $ 8,706 $ 13,640

Total (loss) income before income taxes $ ( 1,927 ) $ 36,584 $ 6,779 $ 50,224

Income tax expense $ 2,920 $ 17,698 $ 6,814 $ 22,359

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| Q2 2025 Form 10-Q | Page 30

The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date domestic operating re sults, adjusted for certain discrete tax items.

The Company’s effective tax rate for the three months ended March 31, 2025 was primarily impacted by costs related to non-deductible executive compensation, non-deductible stock-based compensation and a non-U.S.

valuation allowance, partially offset by tax credits.

The Company’s effective tax rate for the three months ended March 31, 2024 includes costs related to non-deductible stock-based compensation and non-deductible executive compensation, partially offset by tax credits and a fair value adjustment for contingent consideration.

As of both March 31, 2025 and December 31, 2024, the Company had an income tax payable balance of $ 5.1 million that was included in other liabilities within the condensed consolidated balance sheet.

As of March 31, 2025 and December 31, 2024, the Company has $ 1.5 million and $ 0.7 million, respectively, of current income taxes payable that is included in accrued expenses within the condensed consolidated balance sheet.

NOTE 15— CONTINGENT CONSIDERATION GAINS, ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER

Contingent consideration gains, acquisition-related expenses, restructuring and other for the three months ended March 31, 2025 and 2024 summarized below (in thousands):

The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date operating re sults, adjusted for certain discrete tax items.

The Company’s effective tax rate for the three and six months ended June 30, 2025 was primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S.

valuation allowance.

The Company’s effective tax rate for the three and six months ended June 30, 2024 include costs related to non-deductible stock-based compensation, primarily related to expired stock options, and non-deductible executive compensation, partially offset by tax credits

As of both June 30, 2025 and December 31, 2024, the Company had an income tax payable balance of $ 5.1 million that was included in other liabilities within the condensed consolidated balance sheet.

As of June 30, 2025 and December 31, 2024, the Company had $ 0.9 million and $ 0.7 million, respectively, of current income taxes payable that is included in accrued expenses within the condensed consolidated balance sheet.

The income tax provision for the year ended December 31, 2025 may be impacted by recent federal legislation known as the One Big Beautiful Bill Act.

See Note 18, Subsequent Events , for more information.

NOTE 15— CONTINGENT CONSIDERATION (GAINS) CHARGES, ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER

Contingent consideration (gains) charges, acquisition-related expenses, restructuring and other for the six months ended June 30, 2025 and 2024 summarized below (in thousands):

Three Months Ended

Contingent consideration gains $ ( 2,675 ) $ ( 3,806 )

June 30, Six Months Ended

2025 2024 2025 2024

Contingent consideration (gains) charges $ ( 357 ) $ 1,509 $ ( 3,032 ) $ ( 2,297 )

Restructuring charges — 996 — 6,531

Acquisition-related expenses 991 230 2,502 404

Accrued key employee holdback 351 —

Legal settlement — — 7,000 —

Total contingent consideration gains, acquisition-related expenses, restructuring and other $ 6,187 $ 1,903

Total contingent consideration (gains) charges, acquisition-related expenses, restructuring and other $ 634 $ 2,735 $ 6,470 $ 4,638

Flexion Acquisition Contingent Consideration

The Company recognized gains of $ 2.7 million and $ 3.8 million related to contingent consideration d uring the three months ended March 31, 2025 and 2024, respectively.

The Company recognized gains of $ 0.4 million and $ 3.0 million related to contingent consideration arising from the Flexion Acquisition during the three and six months ended June 30, 2025, respectively.

The Company recognized $ 1.5 million of charges and $ 2.3 million of gains related to contingent consideration during the three and six months ended June 30, 2024, respectively.

See Note 10, Financial Instruments , for information regarding the method and key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

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The restructuring plan included:

(i) reshaping the Company’s executive team, (ii) reallocating efforts and resources from the Company’s ex-U.S.

and certain early-stage development programs to its commercial portfolio in the U.S.

market and (iii) reprioritizing investments to focus on commercial readiness for the implementation of separate Medicare reimbursement for EXPAREL at average sales price plus 6 percent in outpatient settings and iovera° up to an additional $ 255.85 when providers administer iovera° in ambulatory surgical centers and outpatient settings beginning in January 2025 as part of the Non-Opioids Prevent Addiction In the Nation (“NOPAIN”) Act and broader commercial initiatives in key areas, such as strategic national accounts, marketing and market access and reimbursement.

The Company recognized $ 5.5 million of restructuring charges for the three months ended March 31, 2024 related to employee termination benefits, such as the acceleration of share-based compensation, severance, and, to a lesser extent, other employment-related termination costs, as well as contract termination costs.

(i) reshaping the executive team, (ii) reallocating efforts and resources from its ex-U.S.

and certain early-stage development programs to its U.S.

commercial portfolio in the U.S.

market and (iii) reprioritizing investments to enhance key commercial capabilities and expand EXPAREL utilization.

The Company recognized $ 1.0 million and $ 6.5 million of restructuring charges for the three and six months ended June 30, 2024, respectively, related to employee termination benefits, such as the acceleration of share-based compensation, severance, and, to a lesser extent, other employment-related termination costs, as well as contract termination costs.

Pacira BioSciences, Inc.

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Cash payments made / settled ( 1,095 ) ( 1,689 ) ( 2,784 )

Balance at March 31, 2025 $ 412 $ — $ 412

Balance at June 30, 2025 $ 140 $ — $ 140

(1) During the year ended December 31, 2024, there was $ 3.6 million of employee termination benefits related to share-based compensation excluded from the table above as they are non-cash and recorded against additional paid-in capital.

In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego, California and reduced its workforce accordingly.

Refer to Note 18, Subsequent Events , for information on this restructuring.

Acquisition-Related Expenses

The Company recognized acquisition-related expenses of $ 1.5 million during the three months ended March 31, 2025 .

These costs primarily relate to legal fees and third-party services related to the GQ Bio Acquisition.

The Company recognized acquisition-related expenses of $ 1.0 million and $ 2.5 million during the three and six months ended June 30, 2025, respectively.

These costs primarily related to third-party services and legal fees associated with the GQ Bio Acquisition.

See Note 3, GQ Bio Therapeutics Acquisition , for more information.

The Company recognized acquisition-related expenses of $ 0.2 million during the three months ended March 31, 2024 .

The Company recognized acquisition-related expenses of $ 0.2 million and $ 0.4 million during the three and six months ended June 30, 2024, respectively.

These costs primarily related to vacant and underutilized Flexion leases that were assumed from the Flexion Acquisition.

Legal Settlement

The Company recognized $ 7.0 million of costs during the three months ended March 31, 2025 related to the legal settlement of the patent infringement suits against eVenus, Jiangsu Hengrui and Fresenius (each as defined below).

The Company recognized $ 7.0 million of costs during the six months ended June 30, 2025 related to the legal settlement of the patent infringement suits against eVenus, Jiangsu Hengrui and Fresenius (each as defined below).

For more information, see Note 16, Commitments and Contingencies.

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In August 2020, the Company and its subsidiary, Pacira CryoTech, Inc.

(“Pacira CryoTech”), filed a lawsuit in the Court of Chancery of the State of Delaware against Fortis Advisors LLC (“Fortis”), solely in its capacity as representative for the former securityholders of MyoScience, and certain other defendants, seeking declaratory judgment with respect to certain terms of the merger agreement for the MyoScience Acquisition (the “MyoScience Merger Agreement”), specifically related to the achievement of certain milestone payments under the MyoScience Merger Agreement.

and certain other defendants, seeking declaratory judgment with respect to certain terms of the merger agreement for the MyoScience Acquisition (the “MyoScience Merger Agreement”), specifically related to the achievement of certain milestone payments under the MyoScience Merger Agreement.

In October 2020, Fortis filed an answer and counterclaim against the Company and Pacira CryoTech seeking to recover certain milestone payments under the MyoScience Merger Agreement.

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In January 2025, the Court issued its decision, finding that the disputed milestones were not met and therefore granted judgment to the Company in full.

In March 2025, the Company filed a motion to recover attorneys fees, and the parties subsequently agreed to settle the amount of expenses owed to the Company, whereby Fortis agreed to pay the Company $ 5.2 million and waived its rights to appeal the decision.

A final judgment and order was entered in April 2025.

The $ 5.2 million payment received was accounted for as a recovery of losses and recorded against selling, general and administrative expense in the three months ended March 31, 2025 within the condensed consolidated statement of operations, consistent to where the previous losses were recorded.

In March 2025, the Company filed a motion to recover attorney fees, and the parties subsequently agreed to settle the amount of expenses owed to the Company, whereby Fortis agreed to pay the Company $ 5.2 million and waived its rights to appeal the decision.

A final judgment and order was

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 32

entered in April 2025.

The $ 5.2 million payment received was accounted for as a recovery of losses and recorded against selling, general and administrative expense in the six months ended June 30, 2025 within the condensed consolidated statement of operations, consistent to where the previous expenses were recorded.

eVenus Pharmaceutical Laboratories Litigations

In October 2021, December 2021 and March 2024, the Company received Notice Letters advising that eVenus Pharmaceutical Laboratories, Inc., or eVenus, of Princeton, New Jersey, submitted to the United States Food and Drug Administration, or FDA, an Abbreviated New Drug Application, or ANDA with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic bupivacaine liposome injectable suspension in the U.S.

In October 2021, December 2021, April 2023 and May 2024, the Company received Notice Letters advising that eVenus Pharmaceutical Laboratories, Inc., or eVenus, of Princeton, New Jersey, submitted to the United States Food and Drug Administration, or FDA, an Abbreviated New Drug Application, or ANDA with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic bupivacaine liposome injectable suspension in the U.S.

prior to the expiration of certain of the Company’s U.S.

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In addition, in recognition of the Company’s expected savings with respect to, among other things, the avoidance of fees, costs, time and resources associated with continuing the litigations, the Company paid the ANDA filers $ 7.0 million.

This legal settlement cost was recorded within contingent consideration gains, acquisition-related expenses, restructuring and other in the three months ended March 31, 2025 in the Company’s condensed consolidated statement of operations.

This legal settlement cost was recorded within contingent consideration (gains) charges, acquisition-related expenses, restructuring and other in the six months ended June 30, 2025 in the Company’s condensed consolidated statement of operations.

Argentum Request for Ex Parte Reexamination of ‘495 Patent

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Specifically, Argentum alleged that claims 1, 7 and 8 of the ‘495 patent are obvious and cite to U.S.

9,585,838 and the Physician’s Desk Reference in support of its allegation.

The Company is unable to predict the outcome of this proceeding at this time.

9,585,838 (the ‘838 patent) and the Physician’s Desk Reference in support of its allegation.

In response, the Company submitted rebuttal evidence, certain claim amendments, and new claims.

Claim 7 was withdrawn from the reexamination due to the finality of the judgment in the eVenus litigation, and claim 1 was canceled.

The USPTO agreed with the Company’s position and issued a Notice of Intent to Issue Ex Parte Reexamination Certificate on June 23, 2025, which indicated the allowability of amended claim 8 and new claims 23-110.

Claims 2-6 and 9-22 of the ‘495 Patent were not subject to reexamination.

The Company expects the Reexamination Certificate to issue in the second half of the year.

Securities Class Action

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The case is in the pleadings stage and the Company is unable to predict the outcome of this litigation at this time.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 33

Shareholder Derivative Action

On June 16, 2025, a Shareholder Derivative suit, Young v.

Lee, et al, was filed in the District of New Jersey (25-cv-11841).

The complaint alleges that certain officers and members of the Company’s board of directors breached their fiduciary duties by making materially false and misleading statements and/or concealed material adverse facts concerning EXPAREL patents.

The Company has not yet been served, and the Company is unable to predict the outcome of this litigation at this time.

Research Development Foundation

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Thereafter, RDF asserted that the issuance of that patent extends the Company’s royalty obligations under the agreement until 2041.

The Company believes that the royalty period under the agreement ended on December 24, 2021 with the expiration of its U.S.

Because of the disagreement over the interpretation of the agreement, in December 2021, the Company filed a declaratory judgment

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 31

lawsuit in the U.S.

The Company believes that the royalty period under the agreement ended on December 24, 2021 with the expiration of the ‘838 patent.

Because of the disagreement over the interpretation of the agreement, in December 2021, the Company filed a declaratory judgment lawsuit in the U.S.

District Court for the District of Nevada (21-cv-02241).

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In August 2023, the U.S.

District Court, District of Nevada granted the Company’s motion for partial summary judgment in respect to the Company’s claim for a declaration that it no longer owes royalties for EXPAREL made under its 45-liter manufacturing process as of December 24, 2021.

A trial as to whether royalties were owed on EXPAREL made under the Company’s enhanced, larger-scale manufacturing process was conducted in September 2024.

In April 2025, the Court issued judgment in favor of the Company.

As a result, the low single-digit royalty that the Company had been paying RDF is eliminated, and the Company is seeking repayment of up to $ 23.1 million, plus interest, from RDF, representing the royalties that the Company paid to RDF under protest on the collection of revenues of EXPAREL that occurred after December 24, 2021.

As the repayment has not yet been realized, the Company has not recognized this subsequent event.

As a result, the low single-digit royalty that the Company had been paying RDF is eliminated, and the Company sought repayment of up to $ 23.1 million, plus interest, from RDF, representing the royalties that the Company paid to RDF under protest on the collection of revenues of EXPAREL that occurred after December 24, 2021.

In June 2025, the U.S.

District Court for the District of Nevada issued judgment in favor of the company declaring that RDF is required to repay Pacira $ 23.1 million in royalties on EXPAREL sales that were previously paid under protest.

The Nevada Court also awarded Pacira an additional interest payment of $ 5.2 million in statutory interest on the royalties paid under protest.

In July 2025, the Company received the $ 28.3 million cash payment and will recognize the amount in its condensed consolidated financial statements in the third quarter of 2025 when the cash related to the judgment was received by the Company.

Other Commitments and Contingencies

Johnson & Johnson MedTech

In July 2025, the Company entered into a co-promotion agreement (the “J&J Agreement”), with Johnson & Johnson MedTech, or J&J MedTech, to market and promote the use of ZILRETTA for OA knee pain in the U.S.

J&J MedTech’s specialized early intervention sales force will extend the reach of ZILRETTA beyond orthopedic practices, into multiple new physician specialties, including sports medicine, osteopathy, pain management and rheumatology.

Under the J&J Agreement, J&J MedTech is the exclusive third-party co-promoter for ZILRETTA in the U.S.

The initial term of the J&J Agreement extends through 2031 with an option to extend under mutual agreement.

The Company will continue to recognize all revenue from sales of ZILRETTA.

As compensation for its promotional efforts, for the first 12 months of the J&J Agreement the Company will pay J&J MedTech a minimum monthly commission.

For the remaining term of the agreement, Pacira will pay a tier-based commission with higher commission percentages earned at higher annual ZILRETTA sales levels.

J&J MedTech will receive a tiered commission ranging from low single digits to double digits.

The Company and J&J MedTech have mutual termination rights under the J&J Agreement, subject to certain terms, conditions and advance notice requirements, provided that the Company or J&J MedTech generally may not terminate the J&J Agreement, without cause, within one year of the effective date of the J&J Agreement.

The Company also has additional unilateral termination rights under certain circumstances.

The J&J Agreement contains customary representations, warranties, covenants and confidentiality provisions, as well as mutual indemnification obligations.

J&J MedTech is also subject to certain obligations and restrictions, including required compliance with certain laws and regulations and the Company’s policies, in connection with fulfilling their obligations under the J&J Agreement.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 34

Pediatric Trial Commitments

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The Company is still working with the FDA, EMA and Medicines and Healthcare Regulatory Agency (MHRA) to finalize the regulatory pathways for its remaining pediatric commitments.

The Company has successfully completed Part 1 of a pediatric study in children aged two to less than six years of age.

As a result, the Company is implementing Part 2 of the pediatric study in children aged six months to less than two years of age using the same dosage that was utilized in Part 1.

Contingent Milestone Payments

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In February 2024, the FDA granted a Regenerative Medicine Advanced Therapy (RMAT) designation to PCRX-201 for the treatment of OA pain of the knee.

Purchase Obligations

In July 2025, the Company entered into a non-cancelable contractual commitment of approximately $ 4.0 million and $ 5.5 million in 2025 and 2026, respectively.

NOTE 17— SEGMENT INFORMATION

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The CODM uses this measure to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 32

There are significant expense categories and amounts that are regularly provided to the CODM.

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The table below reconciles the significant expense categories provided to the CODM to the Company’s expenses as disclosed under GAAP (in thousands):

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 35

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Revenues $ 181,099 $ 178,023 $ 350,022 $ 345,140

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Total operating expenses 172,600 149,783 339,533 303,688

Total other income, net 6,716 428

Income before income taxes 8,706 13,640

Total other (expense) income, net ( 10,426 ) 8,344 ( 3,710 ) 8,772

(Loss) income before income taxes ( 1,927 ) 36,584 6,779 50,224

Income tax expense ( 2,920 ) ( 17,698 ) ( 6,814 ) ( 22,359 )

Net income $ 4,812 $ 8,979

Net (loss) income $ ( 4,847 ) $ 18,886 $ ( 35 ) $ 27,865

For information on the Company’s fixed assets located outside of the U.S., refer to Note 6, Fixed Assets .

NOTE 18— SUBSEQUENT EVENTS

Revolving Credit Facility

On July 3, 2025, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, refinance the indebtedness outstanding under the Company’s TLA Credit Agreement and provide ongoing working capital.

The credit facility is secured by substantially all of the Company’s and each subsidiary guarantor’s assets and is scheduled to mature on July 3, 2030, subject to certain exceptions set forth in the Credit Agreement.

Subject to certain conditions, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of any existing class of term loans by requesting one or more incremental term facilities in an aggregate principal amount not to exceed the greater of $ 225.0 million and 100 % of Consolidated Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) (as defined in the Credit Agreement).

Each revolving loan borrowing which is an alternate base rate borrowing will bear interest at a rate per annum equal to (i) a base rate, plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) ranging from 1.50 % to 2.25 %.

Each revolving loan borrowing which is a term benchmark borrowing or daily simple SOFR (as defined in the Credit Agreement) borrowing will bear interest at a rate per annum equal to (i) a forward-looking term rate based on SOFR or a rate determined by reference to the daily simple SOFR, plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 2.50 % to 3.25 %.

The Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions.

The Company incurred financing fees of approximately $ 2.1 million which will be recorded as a noncurrent other asset on the Company’s condensed consolidated balance sheet in the third quarter of 2025.

The financing fees will be amortized over the term of the Credit Agreement.

Upon entering into the Credit Agreement, the Company borrowed $ 101.0 million under the Revolving Credit Facility.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 36

Termination of the 2028 Term Loan A Facility

On July 3, 2025, the Company used a portion of the $ 300.0 million of Revolving Credit Facility to repay the remaining indebtedness outstanding under the TLA Credit Agreement, which consisted of $ 98.8 million and its final interest payment of $ 0.1 million, and terminated the TLA Credit Agreement.

The Company did not incur any prepayment penalties or fees in connection with the termination of the TLA Credit Agreement.

The prepayment resulted will result in a loss on extinguishment of debt of approximately $ 0.9 million which will be recognized during the three months ended September 30, 2025.

Maturity and Repayment of the Convertible Senior Notes Due 2025

On August 1, 2025, the 2025 Notes matured and the Company settled the remaining outstanding principal balance of $ 202.5 million in cash.

Restructuring

On July 9, 2025, as a result of improving manufacturing efficiencies for EXPAREL, the Company instituted a reduction in force at the Company’s Science Center Campus in San Diego, California.

The Company’s enhanced efficiencies are the result of its multi-year investment in two large-scale 200+ liter batch manufacturing suites located in San Diego and Swindon, U.K., which commenced commercial production in 2024 and 2021, respectively.

The Company’s two large-scale manufacturing suites are capable of producing bulk EXPAREL volumes that are approximately four-fold greater than the Company’s first-generation 45-liter batch manufacturing process.

The Company believes these larger manufacturing suites provide ample capacity for meeting the growing demand and improving gross margins for EXPAREL through a meaningfully more favorable cost structure and manufacturing yields versus the 45-liter batch process.

As a result, the Company decommissioned its 45-liter EXPAREL batch manufacturing suite located in San Diego and reduce its workforce accordingly.

The reduction impacted 71 employees or approximately 8 % of the Company’s total workforce.

The Company currently estimates that it will recognize pre-tax employee termination benefit charges during the three months ended September 30, 2025, in a range of approximately $ 2.4 million to $ 2.8 million cash-based charges, under Accounting Standards Codification 420 — Liabilities for Exit or Restructuring Activities.

These employee termination benefits consist of garden leave under California employment law, severance, healthcare benefits, and, to a lesser extent, other one-time termination benefits.

This reduction in the workforce is subject to local regulatory requirements which the Company expects to recognize the majority in the third quarter of 2025.

In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur in connection with the workforce reduction.

As noted in Note 5, Inventories , and Note 6, Fixed Assets , the Company reserved $ 1.0 million of inventory and recognized $ 5.5 million of accelerated depreciation expense during the six months ended June 30, 2025 associated with the decommission of the 45-liter manufacturing assets.

In July 2025, federal legislation known as the One Big Beautiful Bill Act (the “OBBBA”) was enacted, resulting in changes to U.S.

federal income tax law.

Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

In accordance with Accounting Standards Codification 740, Income Taxes , the Company is required to recognize the effect of the tax law changes in the period of enactment, such as remeasuring its estimated U.S.

deferred tax assets and liabilities.

The Company is in the process of assessing the impacts from the OBBBA on its income tax positions and its consolidated financial statements.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 37

MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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This Quarterly Report on Form 10-Q and certain other communications made by us contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, including, without limitation, statements related to:

'5x30', our growth and business strategy, our future outlook, our intellectual property and patent terms, our growth and future operating results and trends, our plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, including our plans with respect to the repayment of our indebtedness, anticipated product portfolio, development programs, development of products, strategic alliances, plans with respect to the Non-Opioids Prevent Addiction in the Nation (“NOPAIN”) Act and any other statements that are not historical facts.

'5x30', our growth and business strategy, our future outlook, our intellectual property and patent terms, our future growth potential and future financial and operating results and trends, our plans, objectives, expectations (financial or otherwise) and intentions, including our plans with respect to the repayment of our indebtedness, anticipated product portfolio and product development programs, strategic alliances, plans with respect to the Non-Opioids Prevent Addiction in the Nation (“NOPAIN”) Act, the expected cost savings and benefits of a July 2025 reduction in force and any other statements that are not historical facts.

For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement.

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risks associated with acquisitions, such as the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur;

our manufacturing and supply chain, global and United States, or U.S., economic conditions (including inflation and rising interest rates), and our business, including our revenues, financial condition, cash flows and results of operations;

our manufacturing and supply chain, global and United States, or U.S., economic conditions (including tariffs, inflation and rising interest rates), and our business, including our revenues, financial condition, cash flows and results of operations;

the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL ® (bupivacaine liposome injectable suspension), ZILRETTA ® (triamcinolone acetonide extended-release injectable suspension) and iovera ® °;

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the size and growth of the potential markets for EXPAREL, ZILRETTA and iovera° and our ability to serve those markets;

our plans to expand the use of EXPAREL, ZILRETTA and iovera° to additional indications and opportunities, and the timing and success of any related clinical trials for EXPAREL, ZILRETTA and iovera°;

the commercial success of EXPAREL, ZILRETTA and iovera°;

the related timing and success of United States Food and Drug Administration, or FDA, supplemental New Drug Applications, or sNDAs, and premarket notification 510(k)s;

the related timing and success of U.S.

Food and Drug Administration, or FDA, supplemental New Drug Applications, or sNDAs, and premarket notification 510(k)s;

the related timing and success of European Medicines Agency, or EMA, Marketing Authorization Applications, or MAAs;

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These factors include items mentioned herein and the matters discussed and referenced in Part I-Item 1A.

“Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) and in other reports as filed with the SEC.

Unless the context requires otherwise, references to “Pacira,” the “Company,” “our,” “us” and “we” in this Quarterly Report on Form 10-Q refer to Pacira BioSciences, Inc.

“Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) and in other reports filed with the SEC.

Unless the context requires otherwise, references to “Pacira,” the “Company,” the “Registrant,” “our,” “us” and “we” in this Quarterly Report on Form 10-Q refer to Pacira BioSciences, Inc.

and its subsidiaries.

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Pacira’s mission is to deliver innovative, non-opioid pain therapies to transform the lives of patients.

Our long-acting, local analgesic EXPAREL ® (bupivacaine liposome injectable suspension) utilizes our unique pMVL drug delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time.

Our long-acting, local analgesic EXPAREL utilizes our unique pMVL drug delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time.

In the U.S., EXPAREL is a long-acting, non-opioid option proven to manage postsurgical pain.

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We drop-ship EXPAREL directly to end-users based on orders placed to wholesalers or directly to us, and there is no product held by wholesalers.

With the acquisition of Flexion Therapeutics, Inc., or Flexion, in November 2021 (the “Flexion Acquisition”), we acquired ZILRETTA ® (triamcinolone acetonide extended-release injectable suspension), the first and only extended-release, intra-articular, or IA, injectable therapy that can provide major relief for osteoarthritis, or OA, knee pain for three months and has the potential to become an alternative to hyaluronic acid, platelet rich plasma injections or other early intervention treatments.

With the acquisition of MyoScience, Inc., or MyoScience, in April 2019 (the “MyoScience Acquisition” ) , we acquired iovera° ® , a handheld cryoanalgesia device used to deliver a precise, controlled application of cold temperature to targeted nerves, which we sell directly to end users.

With the acquisition of Flexion Therapeutics, Inc.

in November 2021 (the “Flexion Acquisition”), we acquired ZILRETTA, the first and only extended-release, intra-articular, or IA, injectable therapy that can provide major relief for osteoarthritis, or OA, knee pain for three months and has the potential to become an alternative to hyaluronic acid, platelet rich plasma injections or other early intervention treatments.

With the acquisition of MyoScience, Inc.

in April 2019 (the “MyoScience Acquisition” ) , we acquired iovera°, a handheld cryoanalgesia device used to deliver a precise, controlled application of cold temperature to targeted nerves, which we sell directly to end users.

EXPAREL, ZILRETTA and iovera° are highly complementary products as long-acting, non-opioid therapies that alleviate pain.

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Direct and indirect effects of global economic conditions have in the past, and may continue to, negatively impact our business, financial condition and results of operations.

Such impacts may include the effect of prolonged periods of inflation or the imposition of tariffs, which could, among other things, result in higher costs for labor, raw materials, equipment and other goods and services;

Such impacts may include the effect of prolonged periods of inflation or the imposition of tariffs, which could, among other things, result in higher costs for raw materials, equipment and other goods and services;

cause patients to defer or cancel medical procedures, thereby adversely impacting our revenues;

and negatively impact our suppliers which could result in longer lead-times or the inability to secure a sufficient supply of materials.

There has been no material impact related to tariffs to date.

The current macroeconomic environment remains dynamic and subject to rapid and possibly material changes.

Additional negative impacts may also arise that we are unable to foresee.

The nature and extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted.

and negatively impact our suppliers which could result in longer lead-times or the inability to procure a sufficient supply of materials.

While there has been no material impact on our business related to tariffs to date, the current macroeconomic environment remains dynamic and subject to rapid and possibly material changes.

For instance, the U.S.

government may in the future pause, reimpose or increase tariffs and foreign governments have, and in the future may, impose retaliatory trade protection measures.

Our business may be impacted by ongoing risks associated with global macroeconomic conditions, including international relations and trade disputes.

For example, and most notably for us, the active pharmaceutical ingredient for both EXPAREL and ZILRETTA are sourced from outside the U.S.

In July 2025, the U.S.

and the European Union, or E.U., agreed to a trade deal that sets a 15% tariff on imports from the E.U., including branded pharmaceuticals, subject to Section 232 of the Trade Expansion Act of 1962.

Such tariffs imposed by the U.S.

and/or other countries that are currently in effect, or anticipated to take effect in the future, could increase our manufacturing and operating expenses in future periods, including the cost to deliver our products to commercial markets, the cost to source raw materials for the manufacturing of our products and the cost of materials used in our research and development activities.

The imposition of future tariffs impacting our industry, the magnitude of response by other countries to such tariffs and the length of time such tariffs are in effect may also increase uncertainty and adversely impact our business.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 39

Recent Highlights

• In April 2025, we, along with our operating subsidiary Pacira Pharmaceuticals, Inc., settled our litigations with Fresenius Kabi USA, LLC, eVenus Pharmaceuticals Laboratories, Inc.

and Jiangsu Hengrui Pharmaceuticals Co., Ltd., (together, the “Fresenius Parties”), related to patents for EXPAREL.

As part of the settlement, the Fresenius Parties will be enjoined from marketing a generic bupivacaine liposome injectable suspension before the expiration of the patents-in-suit, except as provided for in the settlement, as we have agreed to provide the Fresenius Parties with a license to our patents required to manufacture and sell certain volume-limited amounts of a generic bupivacaine liposome injectable suspension in the U.S.

beginning on a confidential date in early 2030.

In addition, we have agreed to provide the Fresenius Parties with a license to our patents required to manufacture and sell an unlimited quantity of a generic bupivacaine liposome injectable suspension in the U.S.

beginning on a confidential date in 2039.

The license will permit entry of a generic bupivacaine liposome injectable suspension before the July 2, 2044 expiration date of the last-to-expire Orange Book-listed patents for EXPAREL.

For more information, see Note 16, Commitments and Contingencies , to our condensed consolidated financial statements included herein.

• In July 2025, we entered into a credit agreement with Wells Fargo Bank, National Association, as administrative agent, swingline lender and an issuing bank, and certain lenders (the “Credit Agreement”), to, among other things, refinance the $100.0 million indebtedness outstanding under our existing term loan A credit facility and provide ongoing working capital.

The Credit Agreement provides for a senior secured revolving credit facility in an aggregate commitment amount of $300.0 million, with a letter of credit sublimit of $10.0 million and swingline loan sublimit of $15.0 million (the “Revolving Credit Facility”).

The Revolving Credit Facility is secured by substantially all of our and each of our subsidiary guarantor’s assets and matures on July 3, 2030, subject to certain exceptions set forth in the Credit Agreement.

For more information, see Note 9, Debt , to our condensed consolidated financial statements included herein.

• During the second quarter of 2025, the U.S.

Patent and Trademark Office, or USPTO, issued U.S.

12,318,483 (the ‘483 patent), claiming composition of EXPAREL manufactured by an enhanced process from our large-scale batch process in San Diego, California, which demonstrated a more consistent stability profile as measured by an in-vitro release assay (IVRA).

In addition, the USPTO also issued U.S.

12,296,047 (the ‘047 patent), claiming EXPAREL composition.

We now have 20 EXPAREL patents listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”).

The ‘047 patent expires in January 2041 and the ‘483 patent expires in July 2044.

In addition, we secured a favorable reexamination result of U.S.

11,033,495 (the ‘495 patent) from the USPTO.

The ‘495 patent will be reissued with amended claims that strengthen the patent.

• In June 2025, we presented three-year safety and efficacy data of PCRX-201 following a single IA injection for moderate to severe knee OA at the European Alliance of Associations for Rheumatology (EULAR) Annual Congress in Barcelona, Spain.

The data show that a single intra-articular injection of PCRX-201 was well tolerated and produced sustained improvements in pain, stiffness, and function through three years in patients with moderate-to-severe OA of the knee.

The open-label, Phase 1 trial investigated the safety and efficacy of PCRX-201 administered by ultrasound-guided intra-articular injection in 72 patients aged 30 to 80 who remained in the trial for three years.

• In July 2025, we announced a strategic collaboration with Johnson & Johnson MedTech, or J&J MedTech, to significantly expand the market reach of ZILRETTA, leveraging J&J MedTech’s specialized early intervention sales force to co-promote ZILRETTA to existing and new customers.

This agreement is expected to significantly expand access and extend reach across a large portion of the seven million IA knee injections administered to patients annually in the U.S.

Science Center Campus Reduction in Force

In July 2025, as a result of improving manufacturing efficiencies for EXPAREL, we instituted a reduction in force at our Science Center Campus in San Diego, California.

Our enhanced efficiencies were the result of our multi-year investment in two large-scale 200+ liter batch manufacturing suites located in San Diego and Swindon, United Kingdom, which commenced commercial production in 2024 and 2021, respectively.

Our two large-scale manufacturing suites are capable of producing bulk EXPAREL volumes that are approximately four-fold greater than our first-generation 45-liter batch manufacturing process, and we believe these larger manufacturing suites provide ample capacity for meeting the growing demand and improving gross margins for EXPAREL through a meaningfully more favorable cost structure and manufacturing yields versus the 45-liter batch process.

As a result, and after careful consideration, we decided to decommission our 45-liter EXPAREL batch manufacturing suite located in San Diego and reduce our workforce accordingly.

The reduction impacted 71 employees or approximately 8% of our total workforce.

We currently estimate that we will recognize pre-tax charges to our third quarter 2025 financial results of approximately $2.4 million to $2.8 million related to employee termination benefits, consisting of garden leave and severance, healthcare benefits, and, to a lesser extent, other one-time termination benefits and other costs.

In June 2025, we reserved $1.0 million of inventory and recognized $5.5 million of accelerated depreciation expense associated with the decommissioning of the 45-liter manufacturing assets.

This reduction in the workforce is subject to local regulatory requirements and we expect to recognize the majority of these charges in the third quarter of 2025.

The reduction in the workforce is anticipated to lead to an annual reduction in operating expenses of approximately $13.0 million, which does not reflect the one-time expenses associated with the workforce reduction.

In addition, we may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur in connection with the workforce reduction.

For more information, see Note 18, Subsequent Events, to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 40

• In April 2025, the U.S.

District Court, District of Nevada issued judgment in our favor that royalties were not owed to the Research Development Foundation, or RDF, on EXPAREL manufactured under our enhanced, larger-scale manufacturing process.

As a result, this judgment means that the low single-digit royalty that we had been paying RDF is eliminated, thus directly benefitting our cost of goods sold and gross margin.

Additionally, we are seeking repayment of up to $23.1 million, plus interest, from RDF, representing the royalties that we paid to RDF under protest on the collection of revenues of EXPAREL that occurred after December 24, 2021, the expiration date of U.S.

• In April 2025, we announced that the first patient was dosed in our Phase 2 ASCEND study evaluating the safety and efficacy of PCRX-201 for the treatment of OA of the knee.

The two-part, multicenter ASCEND study will involve approximately 135 patients, 45 to 80 years old with painful OA of the knee at a Kellgren-Lawrence (K-L) Grade of 2, 3 or 4.

The primary endpoint is the number and percent of treatment-emergent adverse events, adverse events of special interest, and serious adverse events for PCRX-201 plus steroid pretreatment versus saline plus steroid pretreatment from Week 1 through Week 52.

The study’s secondary and exploratory endpoints include efficacy assessments such as changes in pain and physical function from baseline at Weeks 38 and 52.

• In March 2025, the United States Patent and Trademark Office issued U.S.

12,251,468 (the ‘468 patent) claiming EXPAREL composition made by our large-scale batch process in San Diego, California, which demonstrated a more consistent and stable multivesicular liposome as measured by an in vitro release assay (IVRA).

The ‘468 patent marks the 18 th EXPAREL patent listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”) and additional patents are expected to be forthcoming.

The ‘468 patent has an expiration date of July 2, 2044.

• In February 2025, Pacira Therapeutics, Inc., our wholly-owned subsidiary, entered into a securities purchase agreement to acquire the remaining 81 percent of GQ Bio that we did not already own for $30.3 million, net of working capital adjustments.

The transaction builds upon our previous investments in GQ Bio, as well as the two companies’ partnership for the development of a commercially scalable manufacturing process for PCRX-201 and other products utilizing GQ Bio’s HCAd gene therapy vector platform.

We intend to maintain GQ Bio’s operations and invest in its HCAd gene therapy vector platform and innovative products built on the platform, leveraging our clinical, regulatory and commercial capabilities.

We believe the transaction provides us with substantial expected financial benefits by eliminating our obligations for up to $64.0 million in potential future milestone payments, including a $4.5 million milestone payment that would have been due upon the initiation of the Phase 2 ASCEND clinical trial of PCRX-201.

For more information, see Note 3, GQ Bio Therapeutics Acquisition , to our condensed consolidated financial statements included herein.

In the U.S., EXPAREL is currently indicated for local analgesia via infiltration in patients aged six years and older and regional analgesia via interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa, and adductor canal block in adults.

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In Europe, EXPAREL is approved as a brachial plexus block or femoral nerve block for treatment of post-operative pain in adults, and as a field block for treatment of somatic post-operative pain from small- to medium-sized surgical wounds in adults and children aged six years and older.

EXPAREL Label Expansion

• Expanding utilization in lower extremity nerve block indications.

In February 2024, we launched EXPAREL in two key lower extremity nerve blocks—namely an adductor canal block and a sciatic nerve block in the popliteal fossa.

We believe these two key nerve blocks will expand EXPAREL utilization within surgeries of the knee, lower leg, and foot and ankle procedures.

The launch is supported by two successful head-to-head Phase 3 studies in which EXPAREL demonstrated four days of superiority to bupivacaine.

• Pediatrics.

We have launched a Phase 1 pharmacokinetic study of EXPAREL as a single-dose post-surgical infiltration administration in patients under six years of age.

If successful, we expect this study, followed by a Phase 3 registration study, will support expansion of the EXPAREL labels in the U.S., European Union, or E.U., and United Kingdom, or U.K.

We are also discussing with the FDA, EMA and the Medicines and Healthcare Products Regulatory Agency (MHRA) our regulatory strategy for EXPAREL administered as a nerve block in the pediatric setting.

We received notification from the FDA that our pediatric studies requirement had been waived for the indications of brachial plexus interscalene and lower extremity nerve block to produce postsurgical regional analgesia in pediatric patients.

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 36

We are currently advancing a registration program for EXPAREL in pediatric patients under six years of age.

EXPAREL Clinical Benefits

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Based on the clinical data from our Phase 3 and Phase 4 clinical studies as well as data from retrospective health outcomes studies, EXPAREL significantly reduces opioid usage while improving postsurgical pain management.

ZILRETTA is the first and only extended-release, intra-articular therapy for OA knee pain.

ZILRETTA employs a proprietary microsphere technology combining triamcinolone acetonide, or TA, a commonly administered, immediate-release corticosteroid, with a poly lactic-co-glycolic acid, or PLGA, matrix to provide extended pain relief.

PLGA is a proven extended-release delivery vehicle that is metabolized to carbon dioxide and water as it releases drug in the intra-articular space and is used in other approved drug products and surgical devices.

The ZILRETTA microspheres slowly and continuously release triamcinolone acetonide into the knee to provide significant pain relief for 12 weeks, with some people experiencing pain relief through 16 weeks.

We have successfully completed Part 1 of a pediatric study in children aged two to less than six years of age.

We are implementing Part 2 of the pediatric study in children aged six months to less than two years of age using the same dosage that was utilized in Part 1.

ZILRETTA is the first and only extended-release, single-shot corticosteroid IA injection therapy for OA knee pain.

ZILRETTA employs a proprietary, extended-release microsphere technology combining triamcinolone acetonide, or TA, a commonly administered, immediate-release corticosteroid, with a poly lactic-co-glycolic acid, or PLGA, matrix to provide extended pain relief.

PLGA is a proven extended-release delivery vehicle that is metabolized to carbon dioxide and water as it releases drug in the IA space and is used in other approved drug products and surgical devices.

The ZILRETTA microspheres slowly and continuously release TA into the knee to provide significant pain relief for 12 weeks, with some people experiencing pain relief through 16 weeks.

ZILRETTA was approved by the FDA in October 2017 and launched in the U.S.

shortly thereafter.

We believe ZILRETTA’s extended-release profile may also provide effective treatment for OA pain of the shoulder and we are advancing a Phase 3 registration study to evaluate the safety and efficacy of ZILRETTA for the management of OA pain of the shoulder.

We are advancing a Phase 3 registration study to evaluate the safety and efficacy of ZILRETTA for the management of OA pain of the shoulder.

If the study is successful, we plan to seek approval to expand the ZILRETTA label to include OA pain of the shoulder.

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ZILRETTA combines TA with a proprietary, extended-release microsphere technology to administer extended therapeutic concentrations in the joint and persistent analgesic effect.

Based on the strength of its pivotal and other clinical trials, we believe that ZILRETTA represents an important treatment option for the millions of patients in the U.S.

Based on the strength of both its pivotal and other clinical trials, we believe that ZILRETTA represents an important treatment option for the millions of patients in the U.S.

in need of safe and effective extended relief from OA knee pain.

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We believe that ZILRETTA has the potential to become the corticosteroid of choice given its safety and efficacy profile, and the fact that it is the first and only extended-release corticosteroid on the market.

In September 2021, the American Association of Orthopaedic Surgeons, or AAOS, updated its evidence-based clinical practice guidelines, finding ZILRETTA can improve patient outcomes over traditional immediate-release corticosteroids.

The iovera° system is a non-opioid handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature to targeted nerves.

It is FDA 510(k) cleared in the U.S., has a CE mark in the E.U.

and is cleared for marketing in Canada for the blocking of pain.

We believe the iovera° system is highly complementary to EXPAREL and ZILRETTA as a non-opioid therapy that alleviates pain using a non-pharmacological nerve block to disrupt pain signals being transmitted to the brain from the site of injury or surgery.

It is also indicated for the relief of pain and symptoms associated with arthritis of the knee for up to 90 days.

In August 2021, the American Association of Orthopaedic Surgeons, or AAOS, updated its evidence-based clinical practice guidelines, finding ZILRETTA can improve patient outcomes over traditional immediate-release corticosteroids.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 41

The iovera° system is a non-opioid, handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature to targeted nerves.

It is FDA 510(k) cleared in the U.S., has a CE mark in the E.U., and is cleared for marketing in Canada for the blocking of pain.

We believe that iovera° is highly complementary to EXPAREL and ZILRETTA as a non-opioid therapy that alleviates pain using a non-pharmacological nerve block to disrupt pain signals being transmitted to the brain from the site of injury or surgery.

It is also indicated for the relief of pain and symptoms associated with arthritis of the knee for up to 90 days.

iovera° Clinical Benefits

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Surgical intervention is typically a last resort for patients suffering from knee OA pain.

Treatment with iovera° has also demonstrated effectiveness for managing pain associated with knee replacements.

Treatment with iovera° has demonstrated effectiveness for managing pain associated with knee replacements.

Specifically, findings demonstrated reductions in opioids, including:

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In September 2021, the AAOS updated its evidence-based clinical practice guidelines, reporting that denervation therapy—including cryoneurolysis—may reduce knee pain and improve function in patients with symptomatic OA of the knee.

We are currently sponsoring a prospective, real-world registry called the Innovations in Genicular Outcomes Registry, or iGOR, which is a patient-focused registry governed in collaboration with a steering committee of scientific experts that evaluates clinical, economic- and health-related patient-reported outcomes in patients who have received any treatment for knee OA pain, including TKA, for a minimum of 18 months.

A unique feature of iGOR is that if patients receive additional treatments for OA, data capture resets so outcomes of their treatment journey can be followed over multiple years.

Unlike in clinical studies, treatment decisions in iGOR are decided by physicians and patients in a shared decision-making manner rather than being driven by treatment assignment, so that outcomes are truly those from real-world applications.

The iGOR registry is tracking outcomes of iovera°, ZILRETTA and EXPAREL, as well as comparator treatments.

Early outcomes from iGOR have shown that patients who receive iovera° prior to undergoing TKA have less pain, improved function and improved sleep for six months after surgery versus patients who do not receive iovera°.

In December 2024, we received FDA clearance to market a new iovera° Smart Tip designed to access the medial branch nerves to manage chronic low back pain.

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| Q2 2025 Form 10-Q | Page 42

Innovations in Genicular Outcomes Registry (IGOR)

We are currently sponsoring a prospective, real-world registry called the Innovations in Genicular Outcomes Registry, or IGOR, which is a patient-focused registry governed in collaboration with a steering committee of scientific experts that evaluates clinical, economic- and health-related patient-reported outcomes in patients who have received any treatment for knee OA pain, including TKA, for a minimum of 18 months.

A unique feature of IGOR is that if patients receive additional treatments for OA, data capture resets so that outcomes of their treatment journey can be followed over multiple years.

Unlike in clinical studies, treatment decisions in IGOR are decided by physicians and patients in a shared decision-making manner rather than being driven by treatment assignment, so that outcomes are truly those from real-world applications.

The IGOR registry is tracking outcomes of iovera°, ZILRETTA and EXPAREL, as well as comparator treatments.

Early outcomes from IGOR have shown that patients who receive iovera° prior to undergoing TKA experience less pain, improved function and improved sleep for six months after surgery versus patients who do not receive iovera°.

The Osteoarthritis Market

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Clinicians have the flexibility to individualize OA knee pain treatment with either ZILRETTA or a drug-free nerve block with iovera° based on patient factors and preference, physician training, site of care and reimbursement considerations.

The HCAd Platform

The HCAd Vector Platform

Our proprietary HCAd vector platform solves many of the challenges in the field of genetic medicine that have prevented its utilization in treating common diseases like OA.

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Lower dose levels and efficient delivery of genes into cells means that thousands of doses can be produced in a single batch.

As a result, any therapies built on the HCAd platform are expected to have a commercially attractive and viable cost of goods profile.

As a result, we expect that any therapies built on the HCAd platform would have a commercially attractive and viable cost of goods profile.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 43

Clinical Development Programs

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Subjects are randomly assigned to a treatment dose group and stratified by K-L Grade, a semiquantitative method for evaluating the severity of OA on a scale of 0-4.

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 39

ASCEND will evaluate two doses of PCRX-201, Dose A is 1.4 x 10 10 genome copies and Dose B is 1.4 x 10 11 genome copies.

Patients are being randomized 1:1:1 to Dose A, Dose B or saline.

All cohorts will receive concurrent pretreatment with an intraarticular corticosteroid (methylprednisolone 40 mg), a technique common in gene therapy dosing to improve tolerability and gene transfer.

All cohorts will receive concurrent pretreatment with an IA corticosteroid (methylprednisolone 40 mg), a technique common in gene therapy dosing to improve tolerability and gene transfer.

Part A of the study will randomize approximately 45 patients and Part B will randomize approximately 90 patients.

The drug product used in Part B of the study will be manufactured using our newly developed, suspension-based batch manufacturing process intended for commercial scale-up.

Pacira expects to report topline results from Part A of the study before the end of 2026.

We have surpassed 50% enrollment in Part A of the study, and we expect to complete enrollment in Part A of the study before the end of 2025 and report results from a pre-specified interim analysis before the end of 2026.

For both Parts A and B of the study, the primary endpoint is the number and percent of treatment-emergent adverse events, adverse events of special interest, and serious adverse events for PCRX-201 plus steroid pretreatment versus saline plus steroid pretreatment from Week 1 through Week 52.

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Biomarkers, including structural endpoints, as well as immunogenicity and biodistribution will also be evaluated and all subjects will be followed for 5 years.

In February 2024, the FDA granted PCRX-201 a Regenerative Medicine Advanced Therapy, or RMAT, designation.

Established under the 21 st Century Cures Act, RMAT designation is a dedicated program designed to expedite the development and review processes for promising therapies, including genetic therapies, that are intended to treat, modify, reverse or cure a serious or life-threatening disease or condition, and for which preliminary clinical evidence indicates that the drug or therapy has the potential to address an unmet medical need.

RMAT designation provides the benefits of intensive FDA guidance on efficient drug development, including the ability for early interactions with the FDA to discuss surrogate or intermediate endpoints, potential ways to support accelerated approval and satisfy post-approval requirements, potential priority review of the Biologics License Application and other opportunities to expedite development and review.

PCRX-201 is the first gene therapy product candidate to receive RMAT designation for OA.

PCRX-201 was also granted Advanced Therapy Medicinal Products (ATMP) designation by the European Medicines Agency in May 2023.

External Innovation

In parallel to our internal clinical programs, we are pursuing innovative acquisition targets that are complementary to EXPAREL, ZILRETTA and iovera° and are of great interest to the surgical and anesthesia audiences we are already calling on today.

We are using a combination of strategic investments, in-licensing and acquisition transactions to buildout a pipeline of innovation to improve patients’ journeys along the neural pain pathway.

The strategic investments we have made to support promising early-stage platforms are summarized below:

Company Development Stage Description of Platform Technology Potential Therapeutic Areas

CarthroniX, Inc.

Phase 1-Ready CX-011, a small molecule modulator of gp130 formulated as an IA injection designed to slow joint degeneration by mediating IL-6 cytokines Knee OA

Genascence Corporation Phase 1b Adeno-associated virus (AAV) based gene therapy engineered to deliver Interleukin-1 Receptor Antagonist (IL-1Ra) to target cells in joint(s) Knee OA

Spine BioPharma, LLC Phase 3 SB-01, a 7-amino acid chain peptide that binds to and induces down regulation of transforming growth factor, beta 1 (TGFβ1) Degenerative disc disease (DDD)

PCRX-201 has received Regenerative Medicine Advanced Therapy, or RMAT, designation from the FDA and Advanced Therapy Medicinal Products, or ATMP, designation from the EMA.

RMAT and ATMP are regulatory programs designed to expedite the development and review processes for promising therapies targeting a significant unmet need with preliminary clinical evidence indicating that the therapy has the potential to offer a major advantage over existing treatments.

Pacira BioSciences, Inc.

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Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Net product sales consist of sales of (i) EXPAREL in the U.S., E.U., and U.K.;

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Net product sales consist of sales of (i) EXPAREL in the U.S., E.U., and the United Kingdom;

(ii) ZILRETTA in the U.S.;

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Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Net product sales:

6 unchanged sentences

Total revenues $ 181,099 $ 178,023 2% $ 350,022 $ 345,140 1%

EXPAREL revenue increased 3% in the three months ended March 31, 2025 versus 2024.

Components of the increase included a 3% increase in gross vial volume, which was partially offset by a shift in product mix.

EXPAREL revenue was also positively impacted by a 1% increase in net selling price per unit related to a January 2025 price increase, partially offset by increases in sales-related allowances as a result of group purchasing organization contracting.

ZILRETTA revenue decreased 10% in the three months ended March 31, 2025 versus 2024 due to an 11% decrease in kit volume.

Our ZILRETTA volume was impacted by the restructuring of our field-based team in the fourth quarter of 2024, as our existing sales force was realigned to focus on EXPAREL and a new sales team was hired to support ZILRETTA.

This transition impacted first quarter sales as ZILRETTA is a promotionally sensitive product.

The decrease was partially offset by a 1% increase in net selling price per unit set in January 2025.

The increase in net selling price per unit is related to a 4% increase in gross selling price per unit, partially offset by higher sales-related allowances.

Net product sales of iovera° increased 2% in the three months ended March 31, 2025 versus 2024 primarily due to a 1% increase in Smart Tip net selling price per unit.

Bupivacaine liposome injectable suspension revenue increased 3% and its related royalties increased 3% in the three months ended March 31, 2025 versus 2024, respectively, primarily due to the sales mix of vial sizes and the timing of orders placed for veterinary use.

The following tables provide a summary of activity with respect to our sales-related allowances and accruals related to EXPAREL and ZILRETTA for the three months ended March 31, 2025 and 2024 (in thousands):

March 31, 2025 Returns

EXPAREL revenue increased 4% in both the three and six months ended June 30, 2025 versus 2024.

Components of the increase included a 6% and 4% increase in gross vial volume in the three and six months ended June 30, 2025 versus 2024, respectively, which was partially offset by a shift in product mix.

EXPAREL revenue was also positively impacted by a 1% increase in net selling price per unit in both the three and six months ended June 30, 2025 versus 2024, related to a January 2025 price increase, partially offset by increases in sales-related allowances as a result of group purchasing organization contracting.

ZILRETTA revenue increased 2% in the three months ended June 30, 2025 versus 2024 due to a 4% increase in net selling price per unit, partially offset by a 2% decrease in kit volume.

ZILRETTA revenue decreased 3% in the six months ended June 30, 2025 versus 2024 due to a 6% decrease in kit volume, partially offset by a 3% increase in net selling price per unit.

Both periods’ increase in net selling price per unit is related to a 4% increase in gross selling price per unit, partially offset by higher sales-related allowances.

ZILRETTA volume was impacted by the onboarding of a new field-based team to support ZILRETTA after realigning our existing sales force to focus on EXPAREL.

This transition impacted sales in 2025 as ZILRETTA is a promotionally sensitive product.

Net product sales of iovera° decreased 2% and was flat in the three and six months ended June 30, 2025 versus 2024, respectively, driven by decreases in Smart Tip net selling prices per unit of 7% and 3%, partially offset by increases in Smart Tip volume of 4% and 2%.

Bupivacaine liposome injectable suspension revenue decreased 84% and 45% in the three and six months ended June 30, 2025 versus 2024, respectively, due to timing of orders placed.

Its related royalties decreased 54% and 29% in the three and six months ended June 30, 2025 versus 2024, respectively, primarily due to both the timing of orders placed for veterinary use and the sales mix of vial sizes.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 46

The following tables provide a summary of activity with respect to our sales-related allowances and accruals related to EXPAREL and ZILRETTA for the six months ended June 30, 2025 and 2024 (in thousands):

June 30, 2025 Returns

Allowances Prompt

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Payments (267) (6,838) (11,320) (76,113) (1,815) (96,353)

Balance at March 31, 2025 $ 1,675 $ 1,416 $ 4,018 $ 3,717 $ 1,398 $ 12,224

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 42

March 31, 2024 Returns

Balance at June 30, 2025 $ 2,035 $ 1,388 $ 4,744 $ 4,794 $ 1,705 $ 14,666

June 30, 2024 Returns

Allowances Prompt

5 unchanged sentences

Payments (664) (6,287) (9,850) (55,058) (715) (72,574)

Balance at March 31, 2024 $ 1,769 $ 1,278 $ 3,404 $ 5,350 $ 1,478 $ 13,279

Total reductions of gross product sales from sales-related allowances and accruals were $44.9 million and $34.3 million, or 21.1% and 17.1% of gross product sales, for the three months ended March 31, 2025 and 2024, respectively.

Balance at June 30, 2024 $ 2,218 $ 1,220 $ 3,832 $ 5,345 $ 1,794 $ 14,409

Total reductions of gross product sales from sales-related allowances and accruals were $96.7 million and $73.1 million, or 21.7% and 17.6% of gross product sales, for the six months ended June 30, 2025 and 2024, respectively.

The overall 4.1% increase in sales-related allowances and accruals as a percentage of gross product sales was primarily related to accruals as a result of higher chargeback-related allowances from expanded contracting efforts.

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Cost of goods sold primarily relates to the costs to produce, package and deliver our products to customers.

These expenses include labor, raw materials, manufacturing overhead and occupancy costs, depreciation of facilities, royalty payments, quality control and engineering.

These expenses include labor, raw materials, manufacturing overhead and occupancy costs, depreciation of facilities, quality control and engineering.

In 2024, the cost of royalty payments were also a component of cost of goods sold.

The following table provides information regarding our cost of goods sold and gross margin during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Cost of goods sold $ 40,866 $ 44,262 (8)% $ 75,172 $ 91,678 (18)%

Gross margin 77 % 75 % 79 % 73 %

Gross margin increased eight percentage points in the three months ended March 31, 2025 versus 2024 primarily due to lower ZILRETTA and EXPAREL inventory reserves and improved product costs due to higher volumes manufactured in order to enhance the level of inventory on hand.

In April 2025, the U.S.

District Court, District of Nevada, concluded we were no longer obligated to pay royalties to RDF for EXPAREL manufactured under our enhanced, larger-scale manufacturing process.

As a result, during the three months ended March 31, 2025, EXPAREL did not incur royalty expense.

Gross margin increased two and six percentage points in the three and six months ended June 30, 2025 versus 2024, respectively, primarily due to lower EXPAREL inventory reserves and improved EXPAREL and ZILRETTA product costs due to higher volumes manufactured in order to enhance the level of inventory on hand.

These increases were partially offset by accelerated depreciation of fixed assets impacted by the decommissioning of our 45-liter EXPAREL batch manufacturing suite at our Science Center Campus in San Diego, California.

For more information, see Note 18, Subsequent Events , to our condensed consolidated financial statements included herein.

Additionally, in April 2025, the U.S.

District Court, District of Nevada, concluded we were no longer obligated to pay royalties to the Research Development Foundation for EXPAREL manufactured under our enhanced, larger-scale manufacturing process.

As a result, during the six months ended June 30, 2025, no royalty expense was incurred on net product sales of EXPAREL.

For more information, see Note 16, Commitments and Contingencies , to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 47

Research and Development Expenses

Research and development expenses primarily consist of costs related to clinical trials and related outside services, product development and other research and development costs, including trials that we are conducting to generate new data for EXPAREL, ZILRETTA and iovera°, clinical trials for PCRX-201 and stock-based compensation expense.

Research and development, or R&D, expenses primarily consist of costs related to clinical trials and related outside services, product development and other R&D costs, including trials that we are conducting to generate new data for EXPAREL, ZILRETTA and iovera°, clinical trials for PCRX-201 and stock-based compensation expense.

Clinical and preclinical development expenses include costs for clinical personnel, clinical trials performed by third-parties, toxicology studies, materials and supplies, database management and other third-party fees.

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Stock-based compensation expense relates to the costs of stock option grants, awards of restricted stock units, or RSUs, and our employee stock purchase plan, or ESPP.

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 43

The following table provides a breakout of our research and development expenses during the periods indicated, including percent changes (dollar amounts in thousands):

The following table provides a breakout of our R&D expenses during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Clinical and preclinical development $ 14,119 $ 8,172 73% $ 26,726 $ 14,518 84%

1 unchanged sentence

Regulatory and other 2,646 2,923 (9)% 5,062 5,617 (10)%

Key employee holdback 1,107 — N/A 1,458 — N/A

Stock-based compensation 2,407 1,925 25% 4,648 3,728 25%

1 unchanged sentence

% of total revenues 16 % 11 % 15 % 11 %

Total research and development expense increased 39% in the three months ended March 31, 2025 versus 2024.

Clinical and preclinical development expense increased 99% in the three months ended March 31, 2025 versus 2024 due to start-up expenses related to the PCRX-201 Phase 2 ASCEND trial for knee OA, ongoing site start-up and enrollment in a ZILRETTA shoulder trial, an EXPAREL pediatric trial and an iovera° spasticity trial, as well as additional headcount to support clinical initiatives.

Total R&D expense increased 39% and 40% in the three and six months ended June 30, 2025 versus 2024, respectively.

Clinical and preclinical development expense increased 73% and 84% in the three and six months ended June 30, 2025 versus 2024, respectively, due to ongoing site start-up expenses and enrollment in the PCRX-201 Phase 2 ASCEND trial for knee OA, a ZILRETTA shoulder trial, an EXPAREL pediatric trial and an iovera° spasticity trial, as well as additional personnel to support clinical initiatives.

We expect to continue investing in our clinical and preclinical development programs throughout 2025.

Product development expense increased 9% in the three months ended March 31, 2025 versus 2024, primarily attributable to investing into our preclinical product pipeline.

Product development expense increased 8% and 9% in the three and six months ended June 30, 2025 versus 2024, respectively, attributable to investing in our HCAd platform, primarily for the PCRX-201 program.

These increases were partially offset by the completion of pre-commercial scale-up activities of our enhanced, larger-scale EXPAREL manufacturing capacity at our Science Center Campus in San Diego, California, which the FDA approved in February 2024 and was placed into service in July 2024.

Regulatory and other expense decreased 10% in the three months ended March 31, 2025 versus 2024 due to a realignment of medical communication activities, partially offset by additional sites related to our iGOR registry study.

Stock-based compensation expense increased 24% in the three months ended March 31, 2025 versus 2024 primarily due to increased headcount in research and development personnel as well as the shifting of our annual equity grant to the first quarter in 2025.

Regulatory and other expense decreased 9% and 10% in the three and six months ended June 30, 2025 versus 2024, respectively, due to a realignment of medical communication activities, partially offset by additional sites related to the IGOR registry study.

During the three and six months ended June 30, 2025, we accrued $1.1 million and $1.5 million, respectively, related to a key employee holdback.

As part of the GQ Bio Acquisition, $7.8 million related to two employees’ payments will be recognized over three years pursuant to a key employee holdback agreement in increments of 50%, 30% and 20% at each year’s respective anniversary.

Stock-based compensation expense increased 25% in each of the three and six months ended June 30, 2025 versus 2024, primarily due to increased R&D personnel as well as the shifting of our annual equity grant to the first quarter in 2025.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 48

Selling, General and Administrative Expenses

Sales and marketing expenses primarily consist of compensation and benefits for our sales force and personnel that support our sales, marketing, medical and scientific affairs operations, expenses related to communicating the health outcome benefits of our products, investments in provider-level market access and patient reimbursement support and educational programs for our customers.

Sales and marketing expenses primarily consist of compensation and benefits for our sales force and personnel that support our sales, marketing, medical and scientific affairs operations, expenses related to health outcome communications, provider-level market access, patient reimbursement support and customer educational programs.

General and administrative expenses consist of compensation and benefits for legal, finance, regulatory activities related to approved products and indications, compliance, information technology, human resources, business development, executive management and other supporting personnel.

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Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Sales and marketing $ 50,964 $ 39,047 31% $ 106,535 $ 78,482 36%

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% of total revenues 49 % 38 % 50 % 41 %

Total selling, general and administrative expense increased 20% in the three months ended March 31, 2025 versus 2024.

Pacira BioSciences, Inc.

| Q1 2025 Form 10-Q | Page 44

Sales and marketing expense increased 41% in the three months ended March 31, 2025 versus 2024 driven by investing in programs to drive awareness and education for our customers and enhance our marketing, market access and reimbursement teams and value creation for the implementation of separate Medicare reimbursement for EXPAREL at average sales price plus 6 percent in hospital outpatient department, or HOPD, settings and iovera° at up to an additional $255.85 when providers began administering iovera° in ambulatory surgery centers and HOPD settings in January 2025 as part of the NOPAIN Act.

Total selling, general and administrative expense increased 30% and 25% in the three and six months ended June 30, 2025 versus 2024, respectively.

Sales and marketing expense increased 31% and 36% in the three and six months ended June 30, 2025 versus 2024, respectively, driven by investing in programs to drive awareness and education for our customers and enhance our marketing, market access and reimbursement teams and value creation to enhance key commercial capabilities and expand EXPAREL utilization.

We also expanded the size of our sales force in the second half of 2024 in order to better extend our reach on each of our commercial products.

General and administrative expense decreased 16% in the three months ended March 31, 2025 versus 2024 primarily driven by a recovery of legal expenses in 2025 and higher compensatory costs associated with the transition to our new Chief Executive Officer recorded in the first quarter of 2024.

Stock-based compensation expense increased 33% for the three months ended March 31, 2025 versus 2024 primarily due to equity grants provided to new executive officers as well as the shifting of our annual equity grant to the first quarter in 2025.

General and administrative expense increased 30% and 4% in the three and six months ended June 30, 2025 versus 2024, respectively, primarily driven by third-party investor relations advisory services, as well as an increased headcount in the business development, legal and information technology departments.

In addition, the increase in the six months ended June 30, 2025 versus 2024 was partially offset by a recovery of legal expenses in the first quarter of 2025.

Stock-based compensation expense increased 29% and 31% for the three and six months ended June 30, 2025 versus 2024, respectively, primarily due to equity grants provided to new executive officers as well as the shifting of our annual equity grant to the first quarter starting in 2025.

Amortization of Acquired Intangible Assets

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Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Amortization of acquired intangible assets $ 14,322 $ 14,322 —% $ 28,644 $ 28,644 —%

1 unchanged sentence

For more information, see Note 8, Goodwill and Intangible Assets , to our condensed consolidated financial statements included herein.

Contingent Consideration Gains, Acquisition-related Expenses, Restructuring and Other

The following table provides a summary of the costs related to the contingent consideration gains, acquisition-related expenses, restructuring and other during the periods indicated, including percent changes (dollar amounts in thousands):

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 49

Contingent Consideration (Gains) Charges, Acquisition-related Expenses, Restructuring and Other

The following table provides a summary of the costs related to the contingent consideration (gains) charges, acquisition-related expenses, restructuring and other during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

March 31, % Increase / (Decrease)

Contingent consideration gains $ (2,675) $ (3,806) (30)%

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Contingent consideration (gains) charges $ (357) $ 1,509 N/A $ (3,032) $ (2,297) 32%

Restructuring charges — 996 (100)% — 6,531 (100)%

Acquisition-related expenses 991 230 100+% 2,502 404 100+%

Accrued key employee holdback 351 — N/A

Legal settlement 7,000 — N/A

Total contingent consideration gains, acquisition-related expenses, restructuring and other $ 6,187 $ 1,903 100% +

Total contingent consideration gains, acquisition-related expenses, restructuring and other included net charges of $6.2 million and $1.9 million in the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, we recognized a contingent consideration gain of $2.7 million primarily due to revisions to the latest discount rates.

During the three months ended March 31, 2024, we recognized a contingent consideration gain of $3.8 million primarily due to an adjustment reflecting the probability of achieving the remaining Flexion regulatory milestone by December 31, 2030, the expiration date.

During the three months ended March 31, 2024, we recognized restructuring charges of $5.5 million related to employee termination benefits, such as the acceleration of share-based compensation, severance, and, to a lesser extent, other employment-related termination costs, as well as contract termination costs.

Legal settlement — — N/A 7,000 — N/A

Total contingent consideration (gains) charges, acquisition-related expenses, restructuring and other $ 634 $ 2,735 (77)% $ 6,470 $ 4,638 39%

Total contingent consideration (gains) charges, acquisition-related expenses, restructuring and other included net charges that decreased 77% in the three months ended June 30, 2025 versus 2024.

Total contingent consideration (gains) charges, acquisition-related expenses, restructuring and other included net charges that increased 39% in the six months ended June 30, 2025 versus 2024.

During the three and six months ended June 30, 2025, we recognized contingent consideration gains of $0.4 million and $3.0 million, respectively, primarily due to revisions to the latest discount rates.

During the three months ended June 30, 2024, we recognized a contingent consideration charge of $1.5 million primarily due to revisions to the latest discount rates.

During the six months ended June 30, 2024, we recognized a contingent consideration gain of $2.3 million primarily due to an adjustment reflecting the probability of achieving the remaining regulatory milestone under the Flexion Acquisition by the milestone expiration date.

During the three and six months ended June 30, 2024, we recognized restructuring charges of $1.0 million and $6.5 million, respectively, related to employee termination benefits, such as the acceleration of share-based compensation, severance, and, to a lesser extent, other employment-related termination costs, as well as contract termination costs.

During the three and six months ended June 30, 2025, we recognized acquisition-related expenses of $1.0 million and $2.5 million, respectively, primarily related to third-party services and legal fees associated with the GQ Bio Acquisition.

During the six months ended June 30, 2025, we recognized legal settlement costs of $7.0 million related to the settlement of the patent infringement suits against Fresenius Kabi USA, LLC, eVenus Pharmaceuticals Laboratories, Inc.

and Jiangsu Hengrui Pharmaceuticals Co., Ltd.

For more information, see Note 3, GQ Bio Therapeutics Acquisition , Note 10, Financial Instruments, Note 15, Contingent Consideration (Gains) Charges, Acquisition-related Expenses, Restructuring and Other and Note 16, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 50

During the three months ended March 31, 2025, we recognized acquisition-related expenses of $1.5 million primarily related to legal expenses and third-party consulting fees associated with the GQ Bio Acquisition.

During the three months ended March 31, 2025, we recognized legal settlement costs of $7.0 million related to the settlement of the patent infringement suits against the Fresenius Parties.

For more information, see Note 3, GQ Bio Therapeutics Acquisition , Note 10, Financial Instruments, Note 15, Contingent Consideration Gains, Acquisition-related Expenses, Restructuring and Other and Note 16, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Other Income, Net

Other (Loss) Income, Net

The following table provides information regarding other income, net during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Interest income $ 5,008 $ 4,749 5% $ 11,903 $ 8,652 38%

Interest expense (4,695) (3,884) 21% (9,275) (7,200) 29%

Other, net 4,401 (159) N/A

Total other income, net $ 6,716 $ 428 100% +

During the three months ended March 31, 2025 and 2024, we recognized total other income, net of $6.7 million and $0.4 million, respectively.

Interest income increased 77% in the three months ended March 31, 2025 versus 2024 due to higher overall investment balances as well as interest realized on a GQ Bio note receivable investment we had made prior to the GQ Bio Acquisition.

The 38% increase in interest expense during the three months ended March 31, 2025 versus 2024 was primarily driven by issuing the 2029 Notes (as defined below) in May 2024, partially offset by lower outstanding principal associated with the TLA Term Loan (as defined below).

Gain on early extinguishment of debt — 7,518 (100)% — 7,518 (100)%

Other, net (10,739) (39) 100+% (6,338) (198) 100+%

Total other (loss) income, net $ (10,426) $ 8,344 N/A $ (3,710) $ 8,772 N/A

Total other loss, net was $10.4 million and $3.7 million in the three and six months ended June 30, 2025, respectively.

Total other income, net was $8.3 million and $8.8 million in the three and six months ended June 30, 2024, respectively.

Interest income increased 5% and 38% in the three and six months ended June 30, 2025 versus 2024, respectively, due to higher overall investment balances as well as interest realized on a GQ Bio note receivable investment we had made prior to the GQ Bio Acquisition.

Interest expense increased 21% and 29% in the three and six months ended June 30, 2025 versus 2024, respectively, primarily due to issuing the 2029 Notes (as defined below) in May 2024, partially offset by lower outstanding principal associated with the TLA Term Loan (as defined below).

For more information, see Note 9, Debt , to our condensed consolidated financial statements included herein.

The $4.4 million of other net income during the three months ended March 31, 2025 was primarily due to a realized gain associated with a previously acquired equity investment in GQ Bio that increased in fair value resulting from the GQ Bio Acquisition.

For more information, see Note 3, GQ Bio Therapeutics Acquisition , to our condensed consolidated financial statements included herein.

In the three and six months ended June 30, 2024, we recognized a $7.5 million gain on early extinguishment of debt in conjunction with the repurchase of $200.0 million principal of our 2025 Notes (as defined below).

The partial repurchase of the 2025 Notes was completed with our net proceeds from the issuance of the 2029 Notes.

The $10.7 million and $6.3 million other net loss during the three and six months ended June 30, 2025 was primarily driven by an impairment of an equity investment and convertible note receivable totaling $11.0 million.

For the six months ended June 30, 2025, the other net loss was partially offset by a realized gain associated with a previously acquired equity investment in GQ Bio that increased in fair value resulting from the GQ Bio Acquisition.

For more information, see Note 10, Financial Instruments , and Note 3, GQ Bio Therapeutics Acquisition , to our condensed consolidated financial statements included herein.

Income Tax Expense

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Three Months Ended

March 31, % Increase / (Decrease)

June 30, % Increase / (Decrease) Six Months Ended

June 30, % Increase / (Decrease)

2025 2024 2025 2024

Income tax expense $ 2,920 $ 17,698 (84)% $ 6,814 $ 22,359 (70)%

Effective tax rate (152) % 48 % 101 % 45 %

The effective tax rates were 45% and 34% for the three months ended March 31, 2025 and 2024, respectively.

The effective tax rates were (152)% and 101% for the three and six months ended June 30, 2025, respectively.

The effective tax rates were 48% and 45% for the three and six months ended June 30, 2024, respectively.

Income tax expense represents the estimated annual effective tax rate applied to the year-to-date operating results adjusted for certain discrete tax items.

The effective tax rate for the three months ended March 31, 2025 is primarily impacted by costs related to non-deductible executive compensation, non-deductible stock-based compensation and a non-US valuation allowance, partially offset by tax credits.

The effective tax rate for the three and six months ended June 30, 2025 is primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S.

valuation allowance.

The effective tax rates for the three and six months ended June 30, 2024 include costs related to non-deductible stock-based

Pacira BioSciences, Inc.

| Q2 2025 Form 10-Q | Page 51

The effective tax rate for the three months ended March 31, 2024 include costs related to non-deductible stock-based compensation and non-deductible executive compensation, partially offset by tax credits and a fair value adjustment for contingent consideration.

compensation, primarily related to expired stock options, and non-deductible executive compensation, partially offset by tax credits.

Liquidity and Capital Resources

Since our inception in 2006, we have devoted most of our cash resources to manufacturing, research and development and selling, general and administrative activities related to the development and commercialization of EXPAREL.

Since our inception in 2006, we have devoted most of our cash resources to manufacturing, R&D and selling, general and administrative activities related to the development and commercialization of EXPAREL.

In addition, we acquired ZILRETTA as part of the Flexion Acquisition in November 2021 and iovera° as part of the MyoScience Acquisition in April 2019.

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We have financed our operations primarily with the proceeds from the sale of convertible senior notes and other debt, common stock, product sales and collaborative licensing and milestone revenue.

As of March 31, 2025, we had an accumulated deficit of $201.5 million, cash and cash equivalents and available-for-sale investments of $493.6 million and working capital of $445.2 million.

As of June 30, 2025, we had an accumulated deficit of $206.4 million, cash and cash equivalents and available-for-sale investments of $445.9 million and working capital of $432.4 million.

We expect that our cash and cash equivalents and available-for-sale investments on hand will be adequate to cover our short-term liquidity needs, and that we would be able to access other sources of financing should the need arise.

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The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated (in thousands):

Three Months Ended

Six Months Ended

Condensed Consolidated Statements of Cash Flows Data:

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Financing activities (60,499) 22,163

Effect of exchange rate changes on cash and cash equivalents 204 —

Net increase in cash and cash equivalents $ 23,710 $ 93,755

Operating Activities

During the three months ended March 31, 2025, net cash provided by operating activities was $35.5 million, compared to $49.1 million during the three months ended March 31, 2024.

The decrease of $13.6 million was attributable to an increase in produced inventory days on hand and increased operating expenses driven by investing in programs to drive awareness and education for our customers and enhance our marketing, market access and reimbursement teams as well as increased clinical and preclinical expenses as we continue to invest in our pipeline development, partially offset by improvements in gross margin.

During the six months ended June 30, 2025, net cash provided by operating activities was $47.5 million, compared to $102.3 million during the six months ended June 30, 2024.

The decrease of $54.9 million was attributable to increased operating expenses driven by investing in programs to drive awareness and education for our customers and enhance our marketing, market access and reimbursement teams as well as increased clinical and preclinical expenses as we continue to invest in our pipeline development and a higher investment in inventory, partially offset by improvements in gross margin.

Investing Activities

During the three months ended March 31, 2025, net cash used in investing activities was $25.6 million, which reflected $16.7 million related to the cash consideration for the GQ Bio Acquisition (net of cash acquired), $8.5 million of capital expenditures for manufacturing product fill lines and the build-out of our new corporate headquarters in Brisbane, California, as well as $0.4 million of outflows from available-for-sale investment purchases (net of sales).

During the three months ended March 31, 2024, net cash used in investing activities was $15.5 million, which reflected $12.7 million of outflows from available-for-sale investment purchases (net of sales), as well as $2.8 million of capital expenditures for manufacturing product fill lines and for an EXPAREL capacity expansion project at our Science Center Campus in San Diego, California.

During the six months ended June 30, 2025, net cash provided by investing activities was $36.5 million, which reflected $65.7 million of inflows from available-for-sale investment sales (net of purchases), partially offset by $16.7 million related to the cash consideration for the GQ Bio Acquisition (net of cash acquired), as well as $11.2 million of capital expenditures for manufacturing product fill lines and the build-out of our new corporate headquarters in Brisbane, California,

During the six months ended June 30, 2024, net cash used in investing activities was $30.7 million, which reflected $26.3 million of outflows from available-for-sale investment purchases (net of sales), as well as $4.4 million of capital expenditures for manufacturing product fill lines and for an EXPAREL capacity expansion project at our Science Center Campus in San Diego, California.

Financing Activities

During the three months ended March 31, 2025, net cash used in financing activities was $3.0 million, which primarily consisted of a $2.8 million voluntary prepayment associated with the TLA Term Loan.

During the three months ended March 31, 2024, net cash used in financing activities was $2.8 million for a voluntary prepayment of TLA Term Loan principal.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion of the TLA Term Loan.

During the six months ended June 30, 2025, net cash used in financing activities was $60.5 million, which primarily consisted of $50.0 million in purchases of treasury stock under a new $300.0 million share repurchase program authorized by our board of directors in April 2025, $6.6 million voluntary prepayments associated with the TLA Term Loan, as well as $5.5 million to withhold shares of common stock to cover employee tax withholding obligations on restricted stock unit vests.

For more information, see Note 11, Stockholders' Equity , to our condensed consolidated financial statements included herein and Part II Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report on Form 10-Q.

There were also $1.6 million of proceeds from the issuance of common stock through our ESPP.

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During the six months ended June 30, 2024, net cash provided by financing activities was $22.2 million, which primarily consisted of $287.5 million in proceeds from the issuance of the 2029 Notes.

We used the majority of the proceeds from the 2029 Notes to make a partial repurchase of the 2025 Notes in the amount of $191.0 million, enter into a capped call transaction for $26.7 million, repurchase $25.0 million of treasury stock, and pay debt issuance and financing costs of $9.4 million.

Additionally, we paid the remaining $8.6 million of 3.375% convertible senior notes due 2024 assumed from the Flexion Acquisition upon their maturity and made $5.6 million of voluntary prepayments associated with the TLA Term Loan.

There were also $1.4 million of proceeds from the issuance of common stock through our ESPP.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion of the TLA Term Loan.

Revolving Credit Facility

On July 3, 2025, we entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, refinance the indebtedness outstanding under our TLA Credit Agreement (as defined below) and provide ongoing working capital.

The Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate commitment amount of $300.0 million, with a letter of credit sublimit of $10.0 million and swingline loan sublimit of $15.0 million.

The credit facility is secured by substantially all of our and each subsidiary guarantor’s assets and matures on July 3, 2030, subject to certain exceptions set forth in the Credit Agreement.

Subject to certain conditions, we may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of any existing class of term loans by requesting one or more incremental term facilities in an aggregate principal amount not to exceed the greater of $225.0 million and 100% of Consolidated EBITDA (as defined in the Credit Agreement).

Each revolving loan borrowing which is an alternate base rate borrowing will bear interest at a rate per annum equal to (i) a base rate, plus (ii) a spread based on our Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) ranging from 1.50% to 2.25%.

Each revolving loan borrowing which is a term benchmark borrowing or daily simple SOFR (as defined in the Credit Agreement) borrowing will bear interest at a rate per annum equal to (i) a forward-looking term rate based on SOFR or a rate determined by reference to the daily simple SOFR, plus (ii) a spread based on our Senior Secured Net Leverage Ratio ranging from 2.50% to 3.25%.

The Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions.

Upon entering into the Credit Agreement, we borrowed $101.0 million under the Revolving Credit Facility.

2028 Term Loan A Facility

On March 31, 2023, we entered into a credit agreement (as amended to date, the “TLA Credit Agreement”) to refinance the indebtedness outstanding under our TLB Credit Agreement (as defined and discussed below).

The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30% discount and provides for a single-advance term loan A facility in the principal amount of $150.0 million, which is secured by substantially all of our and any subsidiary guarantor’s assets and matures on March 31, 2028.

We may elect to borrow either (i) alternate base rate borrowings or (ii) term benchmark borrowings or daily simple SOFR (as defined in the TLA Credit Agreement) borrowings.

On March 31, 2023, we entered into a credit agreement (as amended to date, the “TLA Credit Agreement”).

The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30% discount and provides for a single-advance term loan A facility in the principal amount of $150.0 million, which was secured by substantially all of our and any subsidiary guarantor’s assets.

We could elect to borrow either (i) alternate base rate borrowings or (ii) term benchmark borrowings or daily simple SOFR (as defined in the TLA Credit Agreement) borrowings.

Each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to (i) the Alternate Base Rate (as defined in the TLA Credit Agreement), plus (ii) a spread based on our Senior Secured Net Leverage Ratio ranging from 2.00% to 2.75%.

Each term loan borrowing which is a term benchmark borrowing or daily simple SOFR borrowing bears interest at a rate per annum equal to (i) the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as each is defined in the TLA Credit Agreement), plus (ii) a spread based on our Senior Secured Net Leverage Ratio ranging from 3.00% to 3.75%.

During the three months ended March 31, 2025, we made $2.8 million of voluntary principal prepayments.

During the six months ended June 30, 2025, we made $6.6 million of voluntary principal prepayments.

During the year ended December 31, 2024, we made $11.3 million of voluntary principal prepayments.

As of March 31, 2025, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.40%.

The TLA Credit Agreement requires us to, among other things, maintain (i) a Senior Secured Net Leverage Ratio (as defined in the TLA Credit Agreement), determined as of the last day of each fiscal quarter, of no greater than 3.00 to 1.00 and (ii) a Fixed Charge Coverage Ratio (as defined in the TLA Credit Agreement), determined as of the last day of each fiscal quarter, of no less than 1.50 to 1.00.

The TLA Credit Agreement requires us to maintain an unrestricted cash and cash equivalents balance of at least $300.0 million ($500.0 million less a $200.0 million prepayment of the 2025 Notes in the year ended December 31, 2024) less any additional prepayments of the 2025 Notes (as defined below) at any time from 91 days prior to the maturity date through the earlier of (i) the latest maturity date of the 2025 Notes and (ii) the date on which there is no outstanding principal amount of the 2025 Notes.

The TLA Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions.

As of March 31, 2025, we were in compliance with all financial covenants under the TLA Credit Agreement.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion.

As of June 30, 2025, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.43%.

As of June 30, 2025, we were in compliance with all financial covenants under the TLA Credit Agreement.

In July 2025, we repaid the indebtedness outstanding under our TLA Credit Agreement and terminated the TLA Credit Agreement concurrently with our entry into the Revolving Credit Facility, which resulted in a loss on extinguishment of debt of approximately $0.9 million.

The TLA Credit Agreement had a maturity date of March 31, 2028.

For more information, see Note 9, Debt , and Note 18, Subsequent Events , to our condensed consolidated financial statements included herein for further discussion.

Pacira BioSciences, Inc.

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2029 Convertible Senior Notes

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The 2029 Notes mature on May 15, 2029.

At March 31, 2025, all $287.5 million of principal was outstanding on the 2029 Notes.

At June 30, 2025, all $287.5 million of principal was outstanding on the 2029 Notes.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion.

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In July 2020, we completed a private placement of $402.5 million in aggregate principal amount of our 0.750% convertible senior notes due 2025, or 2025 Notes, and entered into an indenture with respect to the 2025 Notes.

The 2025 Notes accrue interest at a fixed rate of 0.750% per annum, payable semiannually in arrears on February 1 st and August 1 st of each year.

The 2025 Notes mature on August 1, 2025.

The 2025 Notes accrued interest at a fixed rate of 0.750% per annum, which was payable semiannually in arrears on February 1 st and August 1 st of each year.

In May 2024, we used part of the net proceeds from the issuance of the 2029 Notes to repurchase $200.0 million aggregate principal amount of the 2025 Notes in privately negotiated transactions at a discount for $191.4 million in cash (including accrued interest).

The partial repurchase of the 2025 Notes resulted in a $7.5 million gain on early extinguishment of debt.

At March 31, 2025, the outstanding principal on the 2025 Notes was $202.5 million.

At June 30, 2025, the outstanding principal on the 2025 Notes was $202.5 million, and on August 1, 2025, the 2025 Notes matured and we settled the remaining outstanding principal balance of $202.5 million in cash.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion.

Future Capital Requirements

We believe that our existing cash and cash equivalents, available-for-sale investments and cash received from product sales will be sufficient to enable us to fund our operating expenses, capital expenditure requirements and payment of the interest and principal on our TLA Term Loan, 2025 Notes and 2029 Notes through the next 12 months.

We believe that our existing cash and cash equivalents, available-for-sale investments and cash received from product sales will be sufficient to enable us to fund our operating expenses, capital expenditure requirements and payment of the interest and principal on our Revolving Credit Facility and 2029 Notes through the next 12 months.

Our future use of operating cash and capital requirements will depend on many forward-looking factors, including, but not limited to:

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| Q1 2025 Form 10-Q | Page 48

• the cost and timing of the potential milestone payments to former Flexion stockholders, which could be up to an aggregate of $372.3 million if certain regulatory and commercial milestones are met.

• the cost and timing of the potential milestone payments to former Flexion Therapeutics, Inc.

stockholders, which could be up to an aggregate of $372.3 million if certain regulatory and commercial milestones are met.

See Note 10, Financial Instruments , to our condensed consolidated financial statements included herein for more information;

• the impact of global economic conditions—including the impact of inflation and tariffs—on our products, material and labor costs, supply chain, longer lead-times, an inability to secure a sufficient supply of materials, our operating expenses and our business strategy;

• the timing of and extent to which the holders of our 2025 Notes and 2029 Notes elect to convert their 2025 Notes and 2029 Notes, the timing of principal and interest payments on our TLA Term Loan and the timing and impact of increases to the variable interest rate on our TLA Term Loan borrowings in accordance with the terms of the TLA Credit Agreement;

• the impact of global economic conditions—including the impact of inflation and tariffs—on our products, material and labor costs, supply chain, longer lead-times, an inability to procure a sufficient supply of materials, our operating expenses and our business strategy;

• the timing of and extent to which the holders of our 2029 Notes elect to convert their 2029 Notes, and the amount of borrowings and interest payments on our Revolving Credit Facility;

• the costs and our ability to successfully continue to expand the commercialization of EXPAREL, ZILRETTA and iovera°;

• the cost and timing of expanding and maintaining our manufacturing facilities;

• the cost and timing of expanding and maintaining our manufacturing facilities and capabilities;

• the cost and timing of additional strategic investments, including additional investments under existing agreements;

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• the extent to which we acquire or invest in products, businesses and technologies;

• the timing and the number of shares of our common stock repurchased through our $300.0 million share repurchase program announced in April 2025, which has an expiration date of December 31, 2026.

For more information, see Note 11, Stockholders' Equity , to our condensed consolidated financial statements included herein.

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• the timing and the number of shares of our common stock either repurchased through our $300.0 million share repurchase program announced in April 2025, which has an expiration date of December 31, 2026 or withheld to cover employee tax withholding obligations on restricted stock unit vests.

We may require additional debt or equity financing to meet our future operating and capital requirements.

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Contractual Obligations

There have been no material changes in our contractual obligations relating to our indebtedness, lease obligations and purchase obligations from those reported in our 2024 Annual Report.

In July 2025, we entered into a non-cancelable contractual commitment of approximately $4.0 million and $5.5 million in 2025 and 2026, respectively.

Except as set forth above, there have been no material changes in our contractual obligations relating to our indebtedness, lease obligations and purchase obligations from those reported in our 2024 Annual Report.

For more information on our contractual obligations and commercial commitments, see Part II, Item 7 in our 2024 Annual Report .

Pacira BioSciences, Inc.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements