What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-30 compared with 2025-11-06 · 547 added, 921 removed, 902 unchanged (62% of the section changed)

3 unchanged sentences

(In thousands, except share and per share amounts)

September 30,

2026 December 31,

18 unchanged sentences

Lease liabilities 9,818 9,839

Current portion of long-term debt, net — 201,776

Total current liabilities 108,787 120,590

9 unchanged sentences

5,000,000 shares authorized;

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

none issued and outstanding at March 31, 2026 and December 31, 2025

Common stock, par value $ 0.001 ;

250,000,000 shares authorized;

47,735,248 shares issued and 42,965,902 shares outstanding at September 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, 4,769,346 and 837,240 shares at September 30, 2025 and December 31, 2024, respectively

48,328,201 shares issued and 39,309,610 shares outstanding at March 31, 2026 and 47,890,777 shares issued and 41,116,739 shares outstanding at December 31, 2025

Treasury stock, at cost, inclusive of excise tax and broker fees, 9,018,591 and 6,774,038 shares at March 31, 2026 and December 31, 2025, respectively

( 227,013 ) ( 176,565 )

6 unchanged sentences

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 2

| Q1 2026 Quarterly Report on Form 10-Q | 2

PACIRA BIOSCIENCES, INC.

2 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net product sales $ 177,376 $ 167,594

2 unchanged sentences

Operating expenses:

Cost of goods sold 34,278 38,864 109,450 130,542

Cost of goods sold (exclusive of amortization of acquired intangible assets) 36,413 34,306

Research and development 28,072 25,342

1 unchanged sentence

Amortization of acquired intangible assets 14,322 14,322

Goodwill impairment — 163,243 — 163,243

Contingent consideration charges (gains), acquisition-related expenses, restructuring and other 6,791 ( 1,766 ) 13,261 2,872

Other operating (gains) expenses, net ( 2,277 ) 6,187

Total operating expenses 170,474 166,933

Income (loss) from operations 6,362 ( 139,527 ) 16,851 ( 98,075 )

Income from operations 6,902 1,990

Other income (expense):

1 unchanged sentence

Interest expense ( 3,699 ) ( 4,580 )

(Loss) gain on early extinguishment of debt ( 983 ) — ( 983 ) 7,518

Other, net ( 135 ) 4,401

Total other income (expense), net 3,162 671 ( 548 ) 9,443

Income (loss) before income taxes 9,524 ( 138,856 ) 16,303 ( 88,632 )

Total other (expense) income, net ( 1,904 ) 6,716

Income before income taxes 4,998 8,706

Income tax expense ( 2,082 ) ( 3,894 )

Net income (loss) $ 5,432 $ ( 143,466 ) $ 5,397 $ ( 115,601 )

Net income (loss) per common share:

Basic and diluted net income (loss) per common share $ 0.12 $ ( 3.11 ) $ 0.12 $ ( 2.50 )

Net income $ 2,916 $ 4,812

Net income per common share:

Basic and diluted net income per common share $ 0.07 $ 0.10

Weighted average common shares outstanding:

3 unchanged sentences

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 3

| Q1 2026 Quarterly Report on Form 10-Q | 3

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income (loss) $ 5,432 $ ( 143,466 ) $ 5,397 $ ( 115,601 )

Net income $ 2,916 $ 4,812

Other comprehensive income (loss):

Net unrealized gain (loss) on investments, net of tax 29 597 ( 102 ) 437

Net unrealized loss on investments, net of tax ( 57 ) ( 86 )

Foreign currency translation adjustments ( 815 ) 1,094

Total other comprehensive income 61 573 3,780 431

Comprehensive income (loss) $ 5,493 $ ( 142,893 ) $ 9,177 $ ( 115,170 )

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 4

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In thousands)

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

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

Exercise of stock options 1 — — — 12 — — 12

Vested restricted stock units 43 — — — ( 1 ) — — ( 1 )

Common stock withheld for employee withholding tax liabilities on vested restricted stock units — — — — ( 7 ) — — ( 7 )

Stock-based compensation — — — — 13,978 — — 13,978

Purchase of treasury stock, inclusive of excise tax and broker fees — ( 1,976 ) — ( 50,028 ) — — — ( 50,028 )

Other comprehensive income (Note 11) — — — — — — 61 61

Net income — — — — — 5,432 — 5,432

Balance at September 30, 2025 47,735 ( 4,769 ) $ 48 $ ( 125,543 ) $ 1,049,545 $ ( 200,959 ) $ 4,123 $ 727,214

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

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

Vested restricted stock units 31 — — — — — — —

Common stock withheld for employee withholding tax liabilities on vested restricted stock units — — — — ( 32 ) — — ( 32 )

Stock-based compensation — — — — 13,230 — — 13,230

Other comprehensive income (Note 11) — — — — — — 573 573

Net loss — — — — — ( 143,466 ) — ( 143,466 )

Balance at September 30, 2024 46,985 ( 837 ) $ 47 $ ( 25,121 ) $ 996,376 $ ( 222,397 ) $ 678 $ 749,583

Total other comprehensive (loss) income ( 872 ) 1,008

Comprehensive income $ 2,044 $ 5,820

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 5

| Q1 2026 Quarterly Report on Form 10-Q | 4

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(In thousands)

8 unchanged sentences

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 210 ) — — — ( 4,355 ) — — ( 4,355 )

Common stock issued under employee stock

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

Stock-based compensation — — — — 13,539 — — 13,539

Purchase of treasury stock, inclusive of excise tax and broker fees — ( 2,245 ) — ( 50,448 ) — — — ( 50,448 )

Other comprehensive income (Note 11) — — — — — — 3,780 3,780

Other comprehensive loss (Note 11) — — — — — — ( 872 ) ( 872 )

Net income — — — — — 2,916 — 2,916

Balance at September 30, 2025 47,735 ( 4,769 ) $ 48 $ ( 125,543 ) $ 1,049,545 $ ( 200,959 ) $ 4,123 $ 727,214

Balance at March 31, 2026 48,328 ( 9,019 ) $ 48 $ ( 227,013 ) $ 1,073,809 $ ( 196,406 ) $ 3,455 $ 653,893

Number of Shares Outstanding Additional

6 unchanged sentences

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 10 ) — — — ( 181 ) — — ( 181 )

Common stock issued under employee stock

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

Stock-based compensation — — — — 14,553 — — 14,553

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 income (Note 11) — — — — — — 1,008 1,008

Net loss — — — — — ( 115,601 ) — ( 115,601 )

Balance at September 30, 2024 46,985 ( 837 ) $ 47 $ ( 25,121 ) $ 996,376 $ ( 222,397 ) $ 678 $ 749,583

Net income — — — — — 4,812 — 4,812

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

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 6

| Q1 2026 Quarterly Report on Form 10-Q | 5

PACIRA BIOSCIENCES, INC.

1 unchanged sentence

(In thousands)

Nine Months Ended

September 30,

Three Months Ended

Operating activities:

Net income (loss) $ 5,397 $ ( 115,601 )

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

Goodwill impairment — 163,243

Indefinite-lived intangible asset impairment 25,866 —

Investment impairment 11,000 —

Net income $ 2,916 $ 4,812

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

Deferred taxes 1,730 1,397

Depreciation of fixed assets and amortization of intangible assets 21,331 21,168

Amortization of debt issuance costs 2,320 2,284

Amortization of debt discount 101 70

Loss (gain) on early extinguishment of debt 983 ( 7,518 )

Amortization of debt issuance costs and debt discount 577 867

Stock-based compensation 13,539 14,553

Changes in contingent consideration ( 2,277 ) ( 2,675 )

Net accretion of discount on available-for-sale investments ( 570 ) ( 1,910 )

Other net gains — ( 5,887 )

4 unchanged sentences

Accounts payable ( 936 ) 2,464

Accrued expenses and income taxes payable ( 7,145 ) 12,546

Accrued expenses ( 10,305 ) 4,702

Other liabilities 3,288 1,082

5 unchanged sentences

Sales of available-for-sale investments 22,500 69,250

Purchases of debt investments ( 1,250 ) —

Net cash provided by (used in) investing activities 19,441 ( 25,629 )

1 unchanged sentence

Proceeds from exercises of stock options 2 —

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

Payment of employee withholding taxes on restricted stock unit vests ( 4,355 ) ( 181 )

Purchase of treasury stock, inclusive of broker fees ( 50,045 ) —

Proceeds from 2029 convertible senior notes — 287,500

Proceeds from Revolving Credit Facility 101,000 —

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

Repayment of 2025 convertible senior notes ( 202,487 ) ( 190,994 )

Repayment of Term loan A facility — ( 2,813 )

Repayment of Revolving Credit Facility ( 5,000 ) —

Purchase of capped call transactions — ( 26,709 )

Payment of debt issuance and financing costs ( 2,203 ) ( 9,350 )

Net cash (used in) provided by financing activities ( 317,975 ) 19,318

Net cash used in financing activities ( 59,398 ) ( 2,994 )

Effect of exchange rate changes on cash and cash equivalents 38 —

2 unchanged sentences

Cash and cash equivalents, end of period $ 144,306 $ 283,610

See accompanying condensed notes to consolidated financial statements.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 7

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In thousands)

Nine Months Ended

September 30,

Supplemental cash flow information:

6 unchanged sentences

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 8

| Q1 2026 Quarterly Report on Form 10-Q | 6

PACIRA BIOSCIENCES, INC.

5 unchanged sentences

EXPAREL utilizes the Company’s proprietary multivesicular liposome, or pMVL, drug delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time.

EXPAREL is currently indicated to produce postsurgical local analgesia via infiltration in patients aged six years and older, and postsurgical regional analgesia via an interscalene brachial plexus block in adults, a sciatic nerve block in the popliteal fossa in adults, and an adductor canal block in adults for postsurgical pain management (the safety and effectiveness of EXPAREL have not been established to produce postsurgical regional analgesia via other nerve blocks other than an interscalene brachial plexus nerve block, a sciatic nerve block in the popliteal fossa, and an adductor canal block).

EXPAREL is currently indicated to produce postsurgical local analgesia via infiltration in patients aged six years and older, and postsurgical regional analgesia in adults via (i) an interscalene brachial plexus block in adults;

(ii) a sciatic nerve block in the popliteal fossa;

or (iii) an adductor canal block in adults for postsurgical pain management (the safety and effectiveness of EXPAREL have not been established to produce postsurgical regional analgesia via other nerve blocks other than an interscalene brachial plexus nerve block, a sciatic nerve block in the popliteal fossa, and an adductor canal block).

In November 2021, the Company acquired Flexion Therapeutics, Inc., or Flexion (the “Flexion Acquisition”), and added ZILRETTA ® (triamcinolone acetonide extended-release injectable suspension) to its product portfolio.

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.

(the “MyoScience Acquisition”).

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

The Company is also advancing two Phase 2 clinical programs—PCRX-201 (enekinragene inzadenovec), a novel, locally administered gene therapy for OA of the knee, and PCRX-2002, a complementary, long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain control.

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 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, tariffs, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity.

4 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, 2025 (the “2025 Annual Report”).

The condensed consolidated financial statements at September 30, 2025, and for the three and nine-month periods ended September 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 financial statements at March 31, 2026, and for the three-month periods ended March 31, 2026 and 2025, 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, 2025 is derived from the audited consolidated financial statements included in the Company’s 2025 Annual Report.

4 unchanged sentences

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 9

| Q1 2026 Quarterly Report on Form 10-Q | 7

Stock-Based Compensation

The Company grants performance share units, or PSUs, under its Amended and Restated 2011 Stock Incentive Plan to certain of its employees, including its executive officers.

The expense associated with these awards is recognized in the Company’s consolidated statements of operations based on their grant date fair values at the closing price of the Company’s common stock on the date of grant.

The expense is recognized over the four-year service period using graded vesting based on the Company’s interim estimates of achievement of a stated performance objective during the one year period subsequent to the grant date.

Changes in estimates are recorded on a cumulative catch-up basis.

After the one year performance period, the number of shares the employee is entitled to is fixed.

Concentration of Major Customers

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Largest wholesaler 31 % 33 %

2 unchanged sentences

Total 79 % 80 %

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures.

The ASU amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis.

The new segment disclosure requirements apply for entities with a single reportable segment.

The Company adopted the standard for its interim and annual reporting which was applied retrospectively for all prior periods presented.

The ASU’s amendment is effective for interim periods in fiscal years beginning after December 15, 2024.

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

Recent Accounting Pronouncements Not Adopted as of September 30, 2025

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

The ASU amendment addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

The ASU’s amendments are effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis.

The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses .

Recent Accounting Pronouncements Not Adopted as of March 31, 2026

In November 2024, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses .

The ASU amendment improves financial reporting by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.

1 unchanged sentence

This ASU amendment can be applied on a prospective basis or retrospectively.

The Company is currently evaluating the impact of adopting ASU 2024-03 on its footnote disclosures.

The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software .

3 unchanged sentences

The ASU’s amendments are effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

The ASU’s amendments may be adopted on a prospective, modified transition approach that is based on the status of a current project and whether software costs were capitalized before the date of adoption or retrospective basis.

The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements.

NOTE 3— GQ BIO THERAPEUTICS ACQUISITION

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 is $ 7.8 million related to two employees’ payments to be recognized and paid 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 nine months ended September 30, 2025, the Company accrued key employee

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 10

holdback expenses of $ 1.2 million and $ 2.6 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.

PCRX-201 is the lead program from this platform.

By acquiring GQ Bio, the Company benefits from further developing PCRX-201 and the cost savings associated with no longer being obligated to make milestone and royalty payments, as well as establishing a research and development engine with a dedicated workforce focused on this next-generation of genetic medicine and acquiring a portfolio of preclinical assets.

The following table reconciles the purchase price for the remaining 81 % ownership to the total fair value of the GQ Bio Acquisition (in thousands):

Fair Value of Purchase Price Consideration Amount

Cash consideration paid at closing $ 17,604

Indemnification holdback 5,676

Cash payment of GQ Bio Acquisition transaction expenses 919

Settlement of previously invested note receivable 5,322

Settlement of pre-existing receivable 1,055

Purchase price consideration of 81 % of GQ Bio

Prior 19 % equity investment ownership of GQ Bio realized upon business combination

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

The Company has accounted for the GQ Bio Acquisition using the acquisition method of accounting and, accordingly, has included the assets acquired, liabilities assumed and results of operations in its condensed consolidated financial statements from the acquisition date of February 27, 2025.

A $ 5.7 million indemnification holdback established for potential unidentified liabilities will be settled within 18 months from the acquisition date.

In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable in GQ Bio were part of the fair value of consideration exchanged.

See Note 10, Financial Instruments , for additional information.

The preliminary purchase price allocation is based on estimates, assumptions, valuations and other studies which have not yet been finalized.

Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that unknown events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation and may change the carrying value of goodwill.

The Company is finalizing its valuation of liabilities and tax analyses, and anticipates finalizing the purchase price allocation as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832), Accounting for Government Grants Received by Business Entities .

The ASU provides the recognition requirements for a government grant received, including guidance for grants related to an asset and grants related to income.

The amendments introduce two permitted approaches for asset-related grants:

a deferred income approach or a cost accumulation approach.

The guidance is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years.

Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance.

This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis.

The Company is currently evaluating the impact of adopting ASU 2025-10 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements .

The ASU is intended to update the guidance in Topic 270 by improving navigability of the required interim disclosures and establishing a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The ASU will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted at any time prior to the effective date and should be applied either

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 11

The following tables set forth the preliminary allocation of the GQ Bio Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):

Amounts Recognized at the Acquisition Date

(as Previously Reported) (a)

Measurement Period Adjustments (b)

Amounts Recognized at the Acquisition Date

(as Adjusted)

ASSETS ACQUIRED

Cash and cash equivalents $ 1,884 $ — $ 1,884

Accounts receivable 900 — 900

Prepaid expenses and other assets 120 383 503

Fixed assets 364 — 364

Right-of-use assets 1,374 — 1,374

In-process research and development (IPR&D) 22,500 — 22,500

Other noncurrent assets 56 — 56

Total assets $ 27,198 $ 383 $ 27,581

LIABILITIES ASSUMED

Accounts payable $ 1,037 $ ( 39 ) $ 998

Accrued expenses 91 191 282

Lease liabilities 1,374 — 1,374

Deferred tax liability 6,750 ( 2,664 ) 4,086

Other liabilities 49 — 49

Total liabilities 9,301 ( 2,512 ) 6,789

Total identifiable net assets acquired 17,897 2,895 20,792

Goodwill 20,763 ( 2,664 ) 18,099

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 in-process research and development, or IPR&D, assets were valued from a market participants’ perspective using a multi-period excess earnings methodology (income approach).

The IPR&D asset relates to further developing PCRX-201 and the cost savings associated with milestone and royalty payments.

The projected cash flows for this IPR&D asset were adjusted for the probability of successful development and commercialization, and were discounted at 20.0 %.

The excess of the purchase price over the fair value of identifiable net assets acquired represents goodwill.

This goodwill is primarily attributable to the value in establishing a research and development engine focused on supporting products akin to PCRX-201, assembling a dedicated workforce within a niche industry, obtained preclinical assets, as well as the synergies of merging operations.

The acquired goodwill and IPR&D intangible asset are currently not deductible for tax purposes.

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 nine months ended September 30, 2025, GQ Bio did not earn any revenue.

| Q1 2026 Quarterly Report on Form 10-Q | 8

prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements.

The Company is currently evaluating the impact of adopting ASU 2025-11 on its consolidated financial statements.

NOTE 3— REVENUE

Revenue from Contracts with Customers

The Company’s net product sales consist of (i) EXPAREL in the U.S., the European Union, or E.U., and the U.K.;

(ii) ZILRETTA in the U.S.;

(iii) iovera° in the U.S., Canada, the E.U., and the U.K.

and (iv) sales of its bupivacaine liposome injectable suspension for veterinary use.

The Company’s net product sales are primarily within the U.S.

and consist of EXPAREL, ZILRETTA, iovera° and sales of bupivacaine liposome injectable suspension for veterinary use.

Royalty revenues are related to a collaborative licensing agreement from the sale of the Company’s bupivacaine liposome injectable suspension for veterinary use.

1 unchanged sentence

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

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 12

Net Product Sales

5 unchanged sentences

EXPAREL and ZILRETTA revenue is recorded at the time the products are transferred to the customer.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, service fees, government rebates, volume rebates and chargebacks.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, service fees, government rebates, customer rebates and chargebacks.

These reserves are based on estimates of the amounts earned or to be claimed on the related sales.

16 unchanged sentences

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 9

At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good that is distinct.

3 unchanged sentences

The Company considers control to have transferred upon delivery because the customer has legal title to the asset, physical possession of the asset has been transferred, the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 13

Disaggregated Revenue

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net product sales:

6 unchanged sentences

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

September 30, December 31,

March 31, December 31,

Raw materials $ 39,814 $ 43,335

2 unchanged sentences

Total $ 150,370 $ 152,863

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 related to that equipment during the nine months ended September 30, 2025.

NOTE 5— FIXED ASSETS

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

September 30, December 31,

March 31, December 31,

Machinery and equipment $ 163,845 $ 163,144

6 unchanged sentences

Fixed assets, net $ 136,281 $ 140,690

For the three months ended September 30, 2025 and 2024, depreciation expense was $ 6.9 million and $ 6.0 million, respectively.

For the three months ended September 30, 2025 and 2024, there was none and $ 0.5 million of capitalized interest on the construction of manufacturing sites, respectively.

For the nine months ended September 30, 2025 and 2024, depreciation expense was $ 26.7 million and $ 14.6 million, respectively.

For the nine months ended September 30, 2025 and 2024, there was $ 0.1 million and $ 1.9 million of capitalized interest on the construction of manufacturing sites, respectively.

As a result, the Company recognized $ 5.5 million of accelerated depreciation expense and disposed of $ 27.3 million of fully-depreciated leasehold improvements, machinery and equipment and, to a lesser extent, computer equipment and software associated with its 45-liter EXPAREL batch

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 14

manufacturing suite during the nine months ended September 30, 2025.

The Company continues to operate its 200-liter EXPAREL batch manufacturing suite at the same facility.

As of September 30, 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 March 31, 2026 and 2025, depreciation expense was $ 7.0 million and $ 6.8 million, respectively.

As of March 31, 2026 and December 31, 2025, total fixed assets, net, includes manufacturing process equipment and leasehold improvements located outside of the U.S.

in the amount of $ 41.0 million and $ 41.9 million, respectively.

As of September 30, 2025 and December 31, 2024, the Company had asset retirement obligations of $ 3.8 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.

| Q1 2026 Quarterly Report on Form 10-Q | 10

As of March 31, 2026 and December 31, 2025, the Company had asset retirement obligations of $ 4.0 million and $ 3.9 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.

NOTE 6— 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.

In April 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.

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

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

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 and in April 2025, a lease and sublease term concluded for office space in Burlington, Massachusetts.

As part of the GQ Bio Acquisition in February 2025, the Company’s European offices were assumed and include an R&D lab and offices in Luckenwalde, Germany.

Between February 2023 and April 2025, the Company had been recognizing sublease income for a portion of office space leased in Burlington, Massachusetts that was assumed as part of the Flexion Acquisition.

The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes.

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

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Fixed lease costs $ 3,135 $ 3,302

3 unchanged sentences

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

Nine Months Ended

September 30,

Three Months Ended

Cash paid for operating lease liabilities, net of lease incentives $ 3,246 $ 3,262

Right-of-use assets recorded in exchange for lease obligations $ — $ 1,875

The Company has elected to net the amortization of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statements of cash flows.

The Company has elected to net the reduction of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statements of cash flows.

The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease.

The weighted average remaining lease terms and the weighted average discount rates are summarized as follows:

September 30,

Weighted average remaining lease term 4.10 years 5.01 years

1 unchanged sentence

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 15

| Q1 2026 Quarterly Report on Form 10-Q | 11

Maturities of the Company’s operating lease liabilities are as follows (in thousands):

Year Aggregate Minimum

2025 (remaining three months) $ 3,198

2026 (remaining nine months) $ 9,505

Thereafter 432

4 unchanged sentences

The Company’s goodwill arose from the GQ Bio Acquisition in February 2025.

As discussed below, the Company previously had goodwill resulting from the acquisition of Pacira Pharmaceuticals, Inc.

As of March 31, 2026 and December 31, 2025, the goodwill balance was $ 19.8 million and $ 20.2 million, respectively.

The change in the goodwill balance from December 31, 2025 was due to $ 0.4 million in foreign currency translation adjustments.

The Company previously had goodwill resulting from the acquisition of Pacira Pharmaceuticals, Inc.

(the Company’s California operating subsidiary) from SkyePharma Holding, Inc.

(now a subsidiary of Vectura Group plc, a subsidiary of Molex Asia Holdings Ltd.) in 2007, the MyoScience Acquisition in 2019 and the Flexion Acquisition in 2021.

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

Carrying Value

Balance at December 31, 2023 $ 163,243

Goodwill impairment ( 163,243 )

Balance at December 31, 2024 —

Goodwill arising from the GQ Bio Acquisition 18,099

Foreign currency adjustments 2,218

Balance at September 30, 2025 $ 20,317

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination and is subject to impairment testing at least annually or upon the occurrence of a triggering event that could indicate a potential impairment.

During the three months ended September 30, 2024, the U.S.

Food and Drug Administration, or FDA, approved a generic competitor to EXPAREL and a U.S.

District Court ruled that one of the Company’s patents was not valid.

The Company determined that these events, combined with a subsequent decrease in the Company’s common stock price, indicated that it was more likely than not that the fair value of goodwill may be less than its carrying value, which required the Company to perform a quantitative impairment test.

This was performed by comparing the fair value of the Company to its carrying value.

If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge up to the carrying value of goodwill.

The fair value of the Company was calculated through an income approach, in which the Company calculated the fair value based on the present value of estimated future cash flows.

Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to assume fair value.

The Company’s estimates of future cash flows consider past performance, current and anticipated market conditions, internal projections and operating plans which incorporate estimates for sales growth and future margins.

Additional assumptions include forecasted growth rates, estimated discount rates and the probability of success for the Company’s product pipeline candidate products.

The assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes.

Such assumptions are subject to change due to changing economic and competitive conditions.

The conclusion of the income approach as of September, 30, 2024 resulted in the carrying value of the Company exceeding its fair value by more than the goodwill balance.

As a result, the then-goodwill balance of $ 163.2 million was fully impaired during the three months ended September 30, 2024.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 16

Accumulated goodwill impairment charges through March 31, 2026 were $ 163.2 million.

Intangible Assets

Intangible assets, net, consists of the 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):

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

Intangible assets, net, consists of 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, 2026 Gross Carrying Value Accumulated Amortization Intangible Assets, Net Weighted-Average Useful Lives

Developed technologies $ 590,000 $ ( 270,533 ) $ 319,467 10 years, 5 months

2 unchanged sentences

Acquired IPR&D (1)

33,733 — 33,733

Total intangible assets, net $ 623,823 $ ( 270,596 ) $ 353,227

(1) The change in the gross carrying value reflects the impact of foreign currency translation adjustments related to the GQ Bio acquired IPR&D.

December 31, 2025 Gross Carrying Value Accumulated Amortization Intangible Assets, Net Weighted-Average Useful Lives

4 unchanged sentences

Total intangible assets, net $ 624,374 $ ( 256,274 ) $ 368,100

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

Amortization expense on intangible assets was $ 43.0 million for both the nine months ended September 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 $ 14.3 million for the remaining three 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.

As part of the GQ Bio Acquisition, the Company recognized $ 22.5 million of acquired IPR&D in February 2025.

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

The Company reviews its indefinite-lived intangible assets for impairment annually and whenever an event or change in circumstances arises that indicates the carrying amount of an indefinite-lived intangible asset is at risk of not being recoverable.

During the three months ended September 30, 2025, the Company determined the fair value of the ZILRETTA acquired IPR&D for the treatment of shoulder OA pain may be at risk of impairment due to revised completion timelines for clinical trials and commercial availability which directly impacted revenue forecasts, among other factors.

The Company determined that these events indicated that it was more likely than not that the fair value of the acquired IPR&D may be less than its fair value.

The impairment assessment was conducted through a recoverability test by comparing the $ 33.9 million carrying value of the asset against the fair value through a discounted cash flow model based on new facts and circumstances.

The assessment resulted in a fair value of $ 8.0 million.

An impairment of $ 25.9 million was recognized within contingent consideration charges (gains), acquisition-related expenses, restructuring and other in the consolidated statements of operations for the three and nine months ended September 30, 2025 based on the amount its previous carrying value exceeded its updated fair value.

Amortization expense on intangible assets was $ 14.3 million for both the three months ended March 31, 2026 and 2025.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 17

| Q1 2026 Quarterly Report on Form 10-Q | 12

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 2026, $ 57.3 million each year from 2027 to 2030, $ 37.4 million in 2031, $ 7.9 million in 2032 and $ 2.2 million in 2033.

NOTE 8— ACCRUED EXPENSES

Accrued expenses consist of the following (in thousands):

March 31, December 31,

Accrued selling, general and administrative expenses $ 16,409 $ 17,429

Accrued research and development expenses 7,947 6,129

Accrued production costs 10,891 9,002

Other accrued operating expenses 10,576 12,864

Compensation and benefits 25,812 37,841

Accrued interest 2,308 782

Product returns and wholesaler service fees 11,014 11,554

Total $ 84,957 $ 95,601

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

September 30, December 31,

Term loan A facility maturing March 2028 (1)

$ — $ 104,211

March 31, December 31,

2.125 % Convertible senior notes due May 2029

$ 281,656 $ 281,189

0.750 % Convertible senior notes due August 2025 (2)

Revolving Credit Facility 86,000 91,000

Total $ 367,656 $ 372,189

(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).

(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, N.A., as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, retire the indebtedness outstanding under the Company’s then-existing TLA Credit Agreement 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 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.

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

The Company incurred financing fees of approximately $ 2.1 million which are recorded as a noncurrent other asset on the Company’s condensed consolidated balance sheet.

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, of which $ 96.0 million is outstanding as of September 30, 2025 after the Company made repayments of $ 5.0 million during the nine months ended September 30, 2025.

As of September 30, 2025, borrowings under the Revolving Credit Facility consisted entirely of term SOFR borrowings at an approximate all-in rate of 6.91 %.

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.

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.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 18

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, permitted the Company’s share repurchase program and the Capped Call Transactions (as defined and described below).

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.

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 in a loss on early extinguishment of debt of approximately $ 1.0 million which was recognized during the three months ended September 30, 2025.

Prior to the TLA Credit Agreement extinguishment, the Company made voluntary principal prepayments of $ 6.6 million during the nine months ended September 30, 2025 and $ 11.3 million during the year ended December 31, 2024.

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

Term loan A facility maturing March 2028 (1)

Deferred financing costs ( 821 )

Discount on debt ( 281 )

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

Convertible Senior Notes Due 2029

2 unchanged sentences

The 2029 Notes mature on May 15, 2029.

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

September 30, December 31,

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

March 31, December 31,

2.125 % convertible senior notes due May 2029

2 unchanged sentences

Total debt, net of deferred financing costs $ 281,656 $ 281,189

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 September 30, 2025, the conditions for conversion were not met.

As of March 31, 2026, the 2029 Notes had a market price of $967 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 2029 Notes will be paid pursuant to the terms of the 2029 Indenture.

In the event that all of the 2029 Notes are converted, the Company would be required to repay the $ 287.5 million in principal value in cash, whereas any conversion premium would be required to be repaid in any combination of cash and shares of its common stock (at the Company’s option).

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:

(i) 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;

(ii) during the five business-day period after any five consecutive trading-day period (the “measurement period”) in which

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 13

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;

(iii) upon the occurrence of specified corporate events;

or (iv) upon a Company redemption.

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.

As of March 31, 2026, 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.

5 unchanged sentences

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.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 19

As of September 30, 2025, the 2029 Notes had a market price of $1,014 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 2029 Notes will be paid pursuant to the terms of the 2029 Indenture.

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;

(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;

(3) upon the occurrence of specified corporate events;

or (4) upon a Company redemption.

No sinking fund is provided for the 2029 Notes.

On or after May 17, 2027 and on or before the 50 th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2029 Notes if (i) the 2029 Notes are “freely tradable” (as defined in the 2029 Indenture) and any accrued and unpaid additional interest has been paid as of the date the Company sends the related notice of the redemption and (ii) the last reported sales price of the Company’s common stock exceeds 130 % of the conversion price then in effect for (1) 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 the redemption;

3 unchanged sentences

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 September 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.

While the 2029 Notes are currently classified on the Company’s condensed consolidated balance sheet at March 31, 2026 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.

3 unchanged sentences

The cap price of the Capped Call Transactions will initially be approximately $ 53.75 per share, representing a premium of approximately 80 % over the closing price of $ 29.86 per share of the Company’s common stock on May 9, 2024, and is subject to certain adjustments under the terms of the Capped Call Transactions.

The capped call was recorded as a reduction to additional paid-in capital at its cost of $ 26.7 million, partially offset by a $ 6.5 million deferred tax asset.

During the year ended December 31, 2024, the capped call was recorded as a reduction to additional paid-in capital at its cost of $ 26.7 million, partially offset by a $ 6.5 million deferred tax asset.

The Capped Call Transactions are separate transactions entered into by the Company with the Option Counterparties, are not part of the terms of the 2029 Notes and will not affect any holder’s rights under the 2029 Notes.

1 unchanged sentence

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 20

| Q1 2026 Quarterly Report on Form 10-Q | 14

Revolving Credit Facility

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

As of March 31, 2026, the Company was in compliance with all covenants under the Credit Agreement.

During the year ended December 31, 2025, the Company incurred financing fees of approximately $ 2.1 million which were recorded as a noncurrent other asset on the Company’s condensed consolidated balance sheet.

The financing fees are 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, of which $ 86.0 million is outstanding as of March 31, 2026 after the Company made repayments of $ 5.0 million during the three months ended March 31, 2026 and $ 10.0 million during the year ended December 31, 2025.

As of March 31, 2026, borrowings under the Revolving Credit Facility consisted entirely of term SOFR borrowings at an approximate all-in rate of 6.25 %.

2028 Term Loan A Facility

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

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

The prepayment resulted in a loss on early extinguishment of debt of approximately $ 1.0 million which was recognized during the three months ended September 30, 2025.

Prior to the TLA Credit Agreement extinguishment, the Company made voluntary principal prepayments of $ 6.6 million during the year ended December 31, 2025.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 15

Convertible Senior Notes Due 2025

In July 2020, the Company completed a private placement of $ 402.5 million in aggregate principal amount of 0.750 % convertible senior notes due 2025, or 2025 Notes, and entered into an indenture with Computershare Corporate Trust, N.A.

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

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

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.

2 unchanged sentences

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

Between February 3, 2025 and 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 the maturity of the 2025 Notes, a nominal gain on extinguishment of debt was recognized due to certain holders having converted their 2025 Notes.

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

0.750 % convertible senior notes due August 2025

Deferred financing costs ( 724 )

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

Convertible Senior Notes Due 2024 Assumed from the Flexion Acquisition

Prior to the Flexion Acquisition, in May 2017, Flexion issued an aggregate of $ 201.3 million principal amount of 3.375 % convertible senior notes due May 1, 2024 (the “Flexion 2024 Notes”), pursuant to an indenture between Flexion and Computershare Corporate Trust, N.A.

(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.

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.

On January 7, 2022, following the expiration of the offer to purchase, the Company accepted the $ 192.6 million aggregate principal amount of Flexion 2024 Notes that were validly tendered (and not validly withdrawn).

No Flexion 2024 Notes were converted in connection with the Notice.

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

Interest Expense

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Contractual interest expense $ 3,122 $ 3,862

2 unchanged sentences

Capitalized interest (Note 5)

— ( 470 ) ( 149 ) ( 1,869 )

Total $ 3,699 $ 4,580

Effective interest rate on total debt 3.77 % 2.85 %

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 21

NOTE 10— FINANCIAL INSTRUMENTS

9 unchanged sentences

The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these items.

The fair value of the Company’s convertible senior notes and its revolving line of credit are calculated utilizing market quotations from an over-the-counter trading market for these notes (Level 2).

The Revolving Credit Facility reprices within a maximum of three months due to its variable interest rate terms.

The fair value of the Company’s Revolving Credit Facility approximates carrying value (Level 2) due to its repricing feature.

The fair value of the Company’s convertible senior notes are calculated utilizing market quotations from an over-the-counter trading market for these notes (Level 2).

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

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.

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

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 16

At March 31, 2026, the carrying values and fair values of the Company’s financial assets and liabilities were as follows (in thousands):

Carrying Value Fair Value Measurements Using

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Revolving Credit Facility $ 86,000 $ — $ 86,000 $ —

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $ 25.77 per share on September 30, 2025, compared to a conversion price of $ 39.56 per share.

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

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 22

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $ 22.60 per share on March 31, 2026, compared to a conversion price of $ 39.56 per share.

At March 31, 2026, as the conversion price was above the stock price, the requirements for conversion have not been met.

Certain assets and liabilities are measured at fair value on a non-recurring basis, including assets and liabilities acquired in a business combination and long-lived assets, which would be recognized at fair value if deemed impaired or if reclassified as assets held for sale.

The fair value in these instances would be determined using Level 3 inputs.

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

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

For the equity investments as of March 31, 2026, there have not been any impairments or upward adjustments.

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):

2 unchanged sentences

$ 15,877 $ 11,898 $ 27,775

Foreign currency adjustments — ( 236 ) ( 236 )

Balance at December 31, 2024

15,877 11,898 27,775

Purchases — 1,250 1,250

5 unchanged sentences

Foreign currency adjustments ( 39 ) — ( 39 )

Balance at September 30, 2025

Balance at December 31, 2025

7,750 2,500 10,250

— No activity for the three months ended March 31, 2026 —

Balance at March 31, 2026

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

(1) In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable were part of the fair value of consideration exchanged.

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In settling the notes receivable, the Company recognized $ 1.7 million in interest income.

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

During the nine months ended September 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.

These gains were included in the condensed consolidated statement of cash flows for three months ended March 31, 2025 within other net (gains) losses .

During the year ended December 31, 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.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 17

Acquisition-Related Contingent Consideration

The Company has recognized contingent consideration related to the Flexion Acquisition in the amount of $ 17.8 million and $ 20.2 million as of September 30, 2025 and December 31, 2024, respectively.

The Company has recognized contingent consideration liability related to the Flexion Acquisition in the amount of $ 15.8 million and $ 18.1 million as of March 31, 2026 and December 31, 2025, respectively.

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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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 September 30, 2025, the Company recognized contingent consideration charges of $ 0.6 million due to revisions to the latest discount rates, partially offset by a reduction in the sales forecast through the milestone expiration date.

During the nine months ended September 30, 2025, the Company recognized contingent consideration gains of $ 2.4 million due to revisions to the latest discount rates.

During the three and nine months ended September 30, 2024, the Company recognized contingent consideration gains of $ 3.2 million and $ 5.5 million, respectively, due to adjustments reflecting the probability of achieving the remaining Flexion regulatory milestone by the milestone expiration date, partially offset by revisions to the latest discount rates.

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

At September 30, 2025, the weighted average discount rate was 7.5 %.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 23

During the three months ended March 31, 2026, the Company recognized contingent consideration gains of $ 2.3 million due a reduction in the sales forecast through the milestone expiration date of December 31, 2030 and revisions to the latest discount rates.

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.

These adjustments were recorded within other operating (gains) expenses, net in the condensed consolidated statements of operations.

At March 31, 2026, the weighted average discount rate was 8.4 %.

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

Assumption Ranges Utilized as of

September 30, 2025

March 31, 2026

Discount rates 8.3 % to 8.6 %

Probability of payment for remaining regulatory milestone 0 %

Probability of payment for remaining regulatory milestones 0 %

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):

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Fair value adjustments and accretion ( 2,277 )

Balance at September 30, 2025

Balance at March 31, 2026

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 (loss).

At September 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.

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, 2026 and December 31, 2025, all of the Company’s short-term investments are classified as available-for-sale investments and are determined to be Level 2 instruments which are measured at fair value using standard industry models with observable inputs, with the exception of U.S.

government bonds.

The fair value of the commercial paper is measured based on a standard industry model that uses the three-month U.S.

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At the time of purchase, all available-for-sale investments had an “A” or better rating by Standard & Poor’s.

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

September 30, 2025 Investments

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 18

The following summarizes the Company’s available-for-sale investments at March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026 Investments

Losses Fair Value

Asset-backed securities $ 8,520 $ 2 $ — $ 8,522

Commercial paper $ 39,965 $ 1 $ ( 42 ) $ 39,924

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Losses Fair Value

Asset-backed securities $ 21,626 $ 43 $ — $ 21,669

Commercial paper $ 54,971 $ 18 $ ( 13 ) $ 54,976

Corporate bonds 24,881 22 — 24,903

federal agency bonds 5,996 8 — 6,004

Yankee bond 5,012 13 — 5,025

Total $ 79,852 $ 40 $ ( 13 ) $ 79,879

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

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 24

At March 31, 2026, 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 September 30, 2025 and December 31, 2024, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $ 0.2 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.

At March 31, 2026 and December 31, 2025, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $ 0.1 million and $ 0.3 million, respectively.

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

The Company maintains its cash and cash equivalents with high-credit quality financial institutions.

Such amounts may exceed federally-insured limits.

As of September 30, 2025, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 33 %, 22 % and 17 %.

As of March 31, 2026, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 31 %, 28 % and 18 %.

At December 31, 2025, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 32 %, 23 % and 17 %.

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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 September 30, 2025 and December 31, 2024, there were $ 0.6 million and $ 0.4 million of allowances for credit losses on the Company’s accounts receivable, respectively.

As of March 31, 2026 and December 31, 2025, there were $ 0.8 million and $ 0.7 million of allowances for credit losses on the Company’s accounts receivable, respectively.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 19

NOTE 11— STOCKHOLDERS’ EQUITY

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Foreign currency translation adjustments — ( 815 ) ( 815 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 40 $ 3,415 $ 3,455

Net Unrealized Gain From Available-For-Sale Investments Unrealized Foreign Currency Translation Accumulated Other Comprehensive Income

Net Unrealized Gain (Loss) From Available-For-Sale Investments Unrealized Foreign Currency Translation Accumulated Other Comprehensive Income

Balance at December 31, 2024

$ 190 $ 153 $ 343

Net unrealized gain on investments, net of tax (1)

Net unrealized loss on investments, net of tax (1)

( 86 ) — ( 86 )

Foreign currency translation adjustments — 1,094 1,094

Balance at September 30, 2024

Balance at March 31, 2025

$ 104 $ 1,247 $ 1,351

(1) Net of a nominal and $ 0.1 million tax benefit for the nine months ended September 30, 2025 and 2024, respectively.

Share Repurchase Programs

On May 7, 2024, the Company announced that its Board of Directors approved a share repurchase program which authorized the Company to repurchase up to an aggregate of $ 150.0 million of its outstanding common stock.

On May 9, 2024, concurrently with the pricing of the offering of the 2029 Notes, the Company entered into separate privately negotiated agreements with certain of the initial purchasers of the 2029 Notes or their respective affiliates and/or certain other financial institutions to repurchase 837,240 shares of the Company’s common stock for a total cost of $ 25.1 million, inclusive of $ 0.1 million of accrued excise tax.

The repurchase occurred on May 10, 2024.

On April 17, 2025, the Company announced that its Board of Directors approved a new share repurchase program, which replaced the previously authorized share repurchase program and was effective immediately, which authorizes the Company to repurchase up to an aggregate of $ 300.0 million of its outstanding common stock.

(1) Net of a nominal tax benefit for both the three months ended March 31, 2026 and 2025, respectively.

Share Repurchase Program

On April 17, 2025, the Company announced that its board of directors approved a share repurchase program which authorizes the Company to repurchase up to an aggregate of $ 300.0 million of its outstanding common stock.

Repurchases under this program may be made at management’s discretion on the open market or through privately negotiated transactions, including plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

The share repurchase program may be suspended or

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 25

discontinued at any time by the Company and has an expiration date of December 31, 2026.

During the nine months ended September 30, 2025, the Company repurchased 3,932,106 shares of its common stock through open market transactions for $ 100.4 million which included $ 0.1 million of broker fees and was inclusive of $ 0.3 million of accrued excise tax.

As of September 30, 2025, $ 200.0 million remains available for future repurchases under this authorization (which excludes the broker fees and excise tax incurred).

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 on repurchases occurring during the third quarter of 2025.

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 three months ended March 31, 2026, the Company repurchased 2,244,553 shares of its common stock through open market transactions for $ 50.4 million which included less than $ 0.1 million of broker fees and $ 0.4 million of accrued excise tax.

As of March 31, 2026, $ 100.0 million remains available for future repurchases under this authorization.

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

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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 nine months ended September 30, 2025, the Company withheld 210,423 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.

In addition to the Company’s share repurchase plan, during the three months ended March 31, 2026, the Company withheld 210,148 shares of common stock to cover employee tax withholding obligations of $ 4.4 million for vested restricted stock units.

Retired shares of common stock are not available for future issuance under the Company’s stock incentive plans.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 20

NOTE 12— STOCK PLANS

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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, June 2023 and June 2025.

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.

In April 2014, the Company’s board of directors approved and adopted the Company’s 2014 Inducement Plan (the “2014 Inducement Plan”), pursuant to which awards could be made to new employees under the 2014 Inducement Plan for up to 175,000 shares of the Company’s common stock as a material inducement to such persons entering into employment with the Company.

In December 2023, the board of directors, upon recommendation of the people and compensation committee of the board of directors (the “P&C Committee”), adopted the Pacira BioSciences, Inc.

Amended and Restated 2014 Inducement Plan (as amended and restated, the “First A&R Inducement Plan”) such that, among other things, an additional 642,093 shares of the Company’s common stock were reserved for issuance.

In September 2024, 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, the “Second A&R Inducement Plan”) to add an additional 707,907 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the Inducement Plan to 1,525,000 .

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 115,107 shares remained available for issuance as of September 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.

In accordance with this rule, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the board of directors or the board of directors of any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if they are granted such award in connection with their commencement of employment with the Company or a subsidiary and such grant is an inducement material to their entering into employment with the Company or such subsidiary.

Amended and Restated 2011 Stock Incentive Plan, or 2011 Plan, was originally adopted by the Company’s 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, June 2023 and June 2025.

The 2011 Plan allows for the granting of incentive stock options, non-statutory stock options, restricted stock units, and other stock-based awards—including PSUs.

The Pacira BioSciences, Inc.

Amended and Restated 2014 Inducement Plan, or as amended and restated to date, the A&R Inducement Plan, was originally approved and adopted by the Company’s board of directors in April 2014, pursuant to which awards could be made to new employees as a material inducement to such persons entering into employment with the Company.

The A&R Inducement Plan was amended and restated in December 2023, September 2024, January 2025 and January 2026.

The January 2026 amendment and restatement added an additional 750,000 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the A&R Inducement Plan to 3,060,000 , of which 703,530 shares remained available for issuance as of March 31, 2026, and extended the term of the A&R Inducement Plan such that it will now expire on January 1, 2036.

The A&R Inducement Plan allows for the granting of nonstatutory stock options, restricted stock awards and other stock-based awards.

The A&R Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

In accordance with this rule, awards under the A&R Inducement Plan may only be made to an employee who has not previously been an employee or member of the board of directors or the board of directors or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if they are granted such award in connection with their commencement of employment with the Company or a subsidiary and such grant is an inducement material to their entering into employment with the Company or such subsidiary.

Inducement Awards

From time to time, the board of directors, upon recommendation of the P&C Committee, has approved individually negotiated grants of options and restricted stock units for certain of the Company’s officers in connection with their respective appointments, in each case, pursuant to the inducement plan in effect at such time.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 26

From time to time, the board of directors, upon recommendation of the People and Compensation Committee of the board of directors, has approved individually negotiated grants of options and restricted stock units for certain of the Company’s officers in connection with their respective appointments, in each case, pursuant to the inducement plan in effect at such time.

Stock-Based Compensation

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Cost of goods sold $ 1,643 $ 1,716

1 unchanged sentence

Selling, general and administrative 10,066 10,596

Contingent consideration charges (gains), acquisition-related expenses, restructuring and other — 790 — 3,517

Total $ 13,539 $ 14,553

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Restricted stock units 10,144 9,606

Performance share units 136 —

Employee stock purchase plan share options 251 507

Total $ 13,539 $ 14,553

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 21

Equity Awards

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

The following tables contain information about the Company’s stock option, RSU and PSU activity for the three months ended March 31, 2026:

Stock Options Number of Stock Options Weighted Average Exercise Price (Per Share)

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Expired ( 167,592 ) 44.38

Outstanding at September 30, 2025

Outstanding at March 31, 2026

6,282,144 $ 40.25

Restricted Stock Units Number of Restricted Stock Units Weighted Average Grant Date Fair Value (Per Share)

Number of Weighted Average Grant Date Fair Value (Per Share)

Stock Awards Restricted

Stock Units Performance

Unvested at December 31, 2025

3 unchanged sentences

Forfeited ( 182,266 ) — 27.56

Unvested at September 30, 2025

Unvested at March 31, 2026

5,464,619 202,112 $ 25.37

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 27

The weighted average fair value of stock options granted during the nine months ended September 30, 2025 was $ 13.73 per share.

The weighted average fair value of stock options granted during the three months ended March 31, 2026 was $ 11.53 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 Nine Months Ended September 30, 2025

Black-Scholes Weighted Average Assumption Three Months Ended March 31, 2026

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 nine months ended September 30, 2025, 100,728 shares were purchased and issued through the ESPP.

NOTE 13— NET INCOME (LOSS) PER COMMON SHARE

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

Diluted net income (loss) per common share is calculated by dividing the net income (loss) 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.

During the three months ended March 31, 2026, no shares were purchased and issued through the ESPP.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 22

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.

Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the vesting of RSUs and PSUs 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 (loss) 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 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.

Adjustments to the denominator reflect the number of shares assumed to be convertible at the beginning of the period.

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

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

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, 2026 and 2025 (in thousands, except per common share amounts):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income (loss) $ 5,432 $ ( 143,466 ) $ 5,397 $ ( 115,601 )

Net income $ 2,916 $ 4,812

Weighted average common shares outstanding—basic 40,461 46,275

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Weighted average common shares outstanding—diluted 40,910 46,526

Net income (loss) per common share:

Basic and diluted net income (loss) per common share $ 0.12 $ ( 3.11 ) $ 0.12 $ ( 2.50 )

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 28

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

Net income per common share:

Basic and diluted net income per common share $ 0.07 $ 0.10

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):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Weighted average number of stock options 6,103 6,677

3 unchanged sentences

Total 8,183 11,861

The table above does not include contingent shares associated with the 2029 Notes being convertible at a premium nor does it include PSUs as their performance targets have not yet been achieved.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 23

NOTE 14— INCOME TAXES

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Income (loss) before income taxes:

Income before income taxes:

Domestic $ 4,167 $ 10,673

Foreign 831 ( 1,967 )

Total income (loss) before income taxes $ 9,524 $ ( 138,856 ) $ 16,303 $ ( 88,632 )

Total income before income taxes $ 4,998 $ 8,706

Income tax expense $ 2,082 $ 3,894

1 unchanged sentence

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 nine months ended September 30, 2025 was primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S.

The Company’s effective tax rate for the three months ended March 31, 2026 was primarily impacted by costs related to non-deductible stock-based compensation and non-deductible executive compensation, partially offset by tax credits.

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

valuation allowance, partially offset by tax credits.

The Company’s effective tax rate for the three and nine months ended September 30, 2024 was primarily impacted by non-deductible goodwill impairment charges.

The Company’s effective tax rate for the nine months ended September 30, 2024 was additionally impacted by costs related to non-deductible stock-based compensation, mainly related to expired stock options.

As of both September 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 September 30, 2025 and December 31, 2024, the Company had $ 0.6 million and $ 0.7 million, respectively, of current income taxes payable that is included in accrued expenses within the condensed consolidated balance sheet.

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

As of both March 31, 2026 and December 31, 2025, the Company had an income taxes payable balance of $ 6.1 million that was included in other liabilities within the condensed consolidated balance sheet, related to unrecognized tax benefits.

As of both March 31, 2026 and December 31, 2025, the Company had less than $ 0.1 million of current income taxes payable that was included in accrued expenses within the condensed consolidated balance sheet.

As of March 31, 2026 and December 31, 2025, the Company had income taxes receivable and prepaid income taxes of $ 7.9 million and $ 8.2 million, respectively, which were included in prepaid expenses and other current assets within the condensed consolidated balance sheet.

The balances include a $ 4.6 million tax refund claim for estimated federal taxes made prior to the July 2025 enactment of federal legislation known as the One Big Beautiful Bill Act (the “OBBBA”).

The OBBBA resulted 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 ASC 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.

In accordance with ASC 740, Income Taxes , the Company was 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 has $ 124.6 million of a gross deferred tax asset attributed to unamortized U.S.

capitalized research and development costs as of December 31, 2024 that will be deductible on its 2025 and 2026 income tax returns.

The Company had $ 124.6 million of a gross deferred tax asset attributed to unamortized U.S.

capitalized research and development costs as of December 31, 2024, of which $ 62.3 million will be deductible on both its 2025 and 2026 income tax returns.

There are no other material impacts to the Company related to the enactment of the OBBBA.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 29

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

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

| Q1 2026 Quarterly Report on Form 10-Q | 24

NOTE 15— OTHER OPERATING (GAINS) EXPENSES, NET

Other operating (gains) expenses, net for the three months ended March 31, 2026 and 2025 are summarized below (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Contingent consideration charges (gains) $ 625 $ ( 3,244 ) $ ( 2,407 ) $ ( 5,541 )

Restructuring charges 3,728 1,193 3,728 7,724

Contingent consideration gains $ ( 2,277 ) $ ( 2,675 )

Acquisition-related expenses — 1,511

Legal settlement — 7,000

Legal judgment ( 23,148 ) — ( 23,148 ) —

Impairment of acquired IPR&D 25,866 — 25,866 —

Total contingent consideration charges (gains), acquisition-related expenses, restructuring and other $ 6,791 $ ( 1,766 ) $ 13,261 $ 2,872

Total other operating (gains) expenses, net $ ( 2,277 ) $ 6,187

Flexion Acquisition Contingent Consideration

The Company recognized charges of $ 0.6 million and gains of $ 2.4 million related to contingent consideration arising from the Flexion Acquisition during the three and nine months ended September 30, 2025, respectively.

The Company recognized gains of $ 3.2 million and $ 5.5 million related to contingent consideration during the three and nine months ended September 30, 2024, respectively.

The Company recognized contingent consideration gains of $ 2.3 million and $ 2.7 million during the three months ended March 31, 2026 and 2025, respectively, due to a decrease in the fair value of its contingent consideration liability related to the Flexion Acquisition.

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.

2025 Restructuring Charges

In July 2025, as a result of improving manufacturing efficiencies for EXPAREL, the Company instituted a reduction in force at its 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 EXPAREL batch manufacturing suites located in San Diego and Swindon, U.K., which commenced commercial production in 2024 and 2021, respectively.

These two large-scale manufacturing suites are capable of producing bulk EXPAREL volumes that are approximately four-fold greater than the Company’s 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 then-total workforce.

During both the three and nine months ended September 30, 2025, the Company recognized $ 3.7 million of employee termination benefit charges, under ASC 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.

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 nine months ended September 30, 2025 associated with the decommission of the 45-liter manufacturing assets, which was recognized as costs of goods sold in the condensed consolidated statements of operations.

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| Q3 2025 Form 10-Q | 30

The Company’s 2025 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):

Employee Termination Benefits

Balance at December 31, 2024 $ —

Charges incurred 3,728

Cash payments made / settled ( 2,772 )

Balance at September 30, 2025 $ 956

2024 Restructuring Charges

In February 2024, the Company initiated a restructuring plan designed to ensure it is well positioned for long-term growth.

The restructuring plan included:

(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 $ 1.2 million and $ 7.7 million of restructuring charges for the three and nine months ended September 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.

The Company’s 2024 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):

Employee Termination Benefits (1)

Contract Termination Costs Total

Balance at December 31, 2023 $ — $ — $ —

Charges incurred 3,220 1,709 4,929

Cash payments made / settled ( 1,985 ) ( 20 ) ( 2,005 )

Balance at December 31, 2024 1,235 1,689 2,924

Cash payments made / settled ( 1,225 ) ( 1,689 ) ( 2,914 )

Balance at September 30, 2025 $ 10 $ — $ 10

(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.

Acquisition-Related Expenses

The Company recognized an acquisition-related credit of $ 0.3 million and costs of $ 2.2 million during the three and nine months ended September 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 $ 0.3 million and $ 0.7 million during the three and nine months ended September 30, 2024, respectively.

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

The Company recognized acquisition-related expenses of $ 1.5 million during the three months ended March 31, 2025 primarily related to third-party services and legal fees associated with the GQ Bio Acquisition.

Legal Settlement

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

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

Legal Judgment

The Company recognized other income of $ 23.1 million during both the three and nine months ended September 30, 2025 upon receipt of a cash payment associated with the U.S.

District Court for the District of Nevada issuing judgment declaring that the Research Development Foundation was required to repay the Company the royalties on EXPAREL sales that the Company previously paid under protest.

The Company recognized $ 7.0 million of costs during the three months ended March 31, 2025 related to the patent infringement suits against the eVenus ANDA Filers (as defined below).

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

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 31

Impairment of Acquired IPR&D

The Company recognized an impairment of $ 25.9 million during the three and nine months ended September 30, 2025, for an acquired IPR&D intangible asset related to ZILRETTA for the treatment of OA pain of the shoulder based on the amount that its previous carrying value of $ 33.9 million exceeded its current fair value of $ 8.0 million.

See Note 8 , Goodwill and Intangible Assets , for more information.

NOTE 16— COMMITMENTS AND CONTINGENCIES

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

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.

(“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.

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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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 nine months ended September 30, 2025 within the condensed consolidated statement of operations, consistent to where the previous expenses were recorded.

The $ 5.2 million payment received was accounted for as a recovery of losses and recorded against

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 25

selling, general and administrative expense in the three months ended March 31, 2025 within the condensed consolidated statement of operations, consistent with where the previous expenses were recorded.

eVenus Pharmaceutical Laboratories Litigations

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 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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Pursuant to the settlement agreement, the eVenus ANDA Filers 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 agreement, as described below.

In settlement of all outstanding claims in the litigations, the Company agreed to provide the eVenus ANDA Filers with a license to the Company’s patents required to manufacture and sell certain volume-limited amounts of a generic bupivacaine liposome

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 32

injectable suspension in the U.S.

beginning on a confidential date that is sometime in early 2030.

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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 eVenus ANDA Filers $ 7.0 million.

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

This legal settlement cost was recorded within other operating (gains) expenses, net in the three months ended March 31, 2025 in the Company’s condensed consolidated statement of operations.

Paragraph IV Certification Notices

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Each letter alleged that EXPAREL patents listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”) are not valid, not enforceable, and/or will not be infringed by the commercial manufacture, use or sale of the proposed products described in these ANDA submissions.

The Company is currently assessing these notification letters and has 45 days from the applicable date of receipt to commence patent infringement lawsuits against these generic challengers if it believes they are infringing its intellectual property.

In the event that the Company files one or more patent infringement lawsuit(s), the FDA would enter a 30-month stay of final approval of the ANDA(s).

On November, 26, 2025, the Company filed a patent infringement suit against WhiteOak and Qilu in the U.S.

District Court of the District of Delaware (25-cv-1445) asserting infringement of U.S.

11,033,495 (the ‘495 patent), U.S.

11,819,574 (the ‘574 patent) U.S.

12,144,890 (the ‘890 patent), U.S.

12,151,024 (the ‘024 Patent), U.S.

12,156,940 (the ‘940 patent), U.S.

12,251,468 (the ‘468 Patent), U.S.

12,296,047 (the ’047 Patent), U.S.

12,318,483 (the ‘483 Patent), and U.S.

12,370,142 (the ‘142 Patent).

On January 23, 2026 and February 5, 2026, Qilu and WhiteOak, respectively, each answered the complaint and asserted affirmative defenses and counterclaims asserting, inter alia, invalidity, unenforceability and non-infringement.

The Company intends to vigorously defend its intellectual property rights relating to EXPAREL.

Argentum Request for Ex Parte Reexamination of ‘495 Patent

On October 3, 2024, Argentum Pharmaceuticals LLC, or Argentum, filed a Request for Ex Parte Reexamination of the ‘495 patent.

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

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 Reexamination Certificate in August 2025.

Securities Class Action

On January 13, 2025, Leandro Alvarez filed a putative class action on behalf of Company shareholders between August 2, 2023 and August 8, 2024 against the Company and certain of its officers, in the District Court of New Jersey (25-cv-322).

The complaint alleges that the Company made materially false and misleading statements and/or concealed material adverse facts concerning EXPAREL patents.

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

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

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 26

Shareholder Derivative Action

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The Company’s ‘495 patent was issued on June 15, 2021.

Thereafter, RDF asserted that the issuance

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 33

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 the ‘838 patent.

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 U.S.

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

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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 a $ 28.3 million cash payment for which $ 23.1 million was recorded within contingent consideration charges (gains), acquisition-related expenses, restructuring and other and $ 5.2 million was recorded within interest income in the nine months ended September 30, 2025 in the Company’s condensed consolidated statements of operations.

In May and September 2025, RDF filed two notices of appeal which are pending.

Other Commitments and Contingencies

In July 2025, the Company received a $ 28.3 million cash payment for which $ 23.1 million was recorded within other operating (gains) expenses, net and $ 5.2 million was recorded within interest income in the three months ended September 30, 2025 in the Company’s condensed consolidated statements of operations.

In May and September 2025, RDF filed two notices of appeal.

A consolidated appeal is pending.

Other Commitments, Contingencies and Commercial Partners

In January 2026, the Company and LG Chem, Ltd., or LG Chem, entered into a partnership agreement to expand access to EXPAREL in select Asian–Pacific markets.

Under the terms of the partnership, LG Chem has the exclusive rights to commercialize EXPAREL in the region.

The Company received a $ 2.0 million upfront payment that it will recognize over the license term upon commercialization and will receive a contractually stated price and tiered royalties on future commercial sales by LG Chem in its licensed territories.

The Company will manufacture EXPAREL and LG Chem will be responsible for securing regulatory approvals in the licensed territories and plans to file for marketing authorizations in South Korea and Thailand in the second half of 2026.

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.

In July 2025, the Company entered into a co-promotion agreement, with Johnson & Johnson MedTech, or J&J MedTech, (the “J&J Agreement”), 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.

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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.

For the remaining term of the agreement, Pacira will pay a tier-based commission with higher commission percentages earned

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 27

at higher annual ZILRETTA sales levels.

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

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The Company was granted deferrals for the required pediatric trials until after the indications were approved in adults.

Similarly, in Europe, the Company agreed with the European Medicines Agency, or EMA, on a Pediatric Investigation Plan as a prerequisite for submitting a Marketing Authorization Application (MAA) in the E.U.

Despite the U.K.’s withdrawal from the E.U., the agreed pediatric plan is applicable in the U.K.

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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.

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| Q3 2025 Form 10-Q | 34

The Company has successfully completed Part 1 of a pediatric study in children aged two to less than six years of age and has initiated enrollment for Part 2 of the study in children aged six months to less than two years of age using the same dosage that was utilized in Part 1.

The Company has successfully completed Part 1 of a Phase 1 pharmacokinetic pediatric study in children aged two to less than six years of age and has completed enrollment for Part 2 of the 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

Refer to Note 10, Financial Instruments , for information on potential contingent milestone payments related to the Flexion Acquisition.

PCRX-201 (enekinragene inzadenovec) is a novel, locally administered gene therapy vector platform product candidate that boosts cellular production of the anti-inflammatory protein interleukin-1 receptor antagonist (IL-1Ra) for treating OA pain in the knee and was added to the Company’s portfolio as part of the Flexion Acquisition in November 2021.

In 2017, in an agreement between The Baylor College of Medicine, or BCM, and GQ Bio, the Company (through the Flexion Acquisition) became the direct licensee of certain underlying BCM patents and other proprietary rights related to PCRX-201.

PCRX-201 (enekinragene inzadenovec) is a novel, locally administered gene therapy product candidate that boosts cellular production of the anti-inflammatory protein interleukin-1 receptor antagonist (IL-1Ra) for treating OA pain in the knee.

PCRX-201 was added to the Company’s portfolio as part of the Flexion Acquisition in November 2021.

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

Prior to the Flexion Acquisition, in 2017, Flexion entered into an agreement with GQ Bio to acquire the global rights to PCRX-201, a gene therapy product candidate.

As part of the agreement, up to an aggregate of $ 56.0 million of payments could have become due upon the achievement of certain development and regulatory milestones, including up to $ 4.5 million through initiation of a Phase 2 clinical trial and up to an additional $ 51.5 million in development and global regulatory approval milestone payments.

In February 2025, Pacira Therapeutics, Inc., a wholly-owned subsidiary of the Company, completed the GQ Bio Acquisition and acquired the remaining 81 % of GQ Bio that was not already owned by the Company.

As of the date hereof, GQ Bio is a wholly-owned subsidiary of the Company.

Also in 2017, in an agreement between The Baylor College of Medicine, or BCM, and GQ Bio, the Company (through the Flexion Acquisition) became the direct licensee of certain underlying BCM patents and other proprietary rights related to PCRX-201.

The license agreement grants the Company an exclusive, royalty-bearing, world-wide right and license under its patent and other proprietary rights directly related to PCRX-201.

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Milestone payments range from $ 0.1 million up to $ 0.6 million based on the completion of a Phase 1 FDA trial up to a Phase 3 clinical trial.

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

During the three months ended September 2025, the Company entered into a non-cancelable contractual commitment of approximately $ 2.4 million for the remaining three months of 2025 and $ 5.5 million in 2026.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 35

| Q1 2026 Quarterly Report on Form 10-Q | 28

NOTE 17— SEGMENT INFORMATION

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Revenues $ 177,376 $ 168,923

Adjusted cost of goods sold (1)

34,770 32,590

Adjusted research and development (1)

25,362 23,101

Adjusted selling and marketing (1)

58,166 55,571

Adjusted general and administrative (1)

Goodwill impairment — 163,243 — 163,243

25,712 20,609

Stock-based compensation (1)

13,539 14,553

Amortization of acquired intangible assets 14,322 14,322

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Legal settlement — 7,000

Legal judgment ( 23,148 ) — ( 23,148 ) —

Impairment of acquired IPR&D 25,866 — 25,866 —

Other 4,599 862 15,080 5,641

Total operating expenses 170,474 166,933

Total other income (expense), net 3,162 671 ( 548 ) 9,443

Income (loss) before income taxes 9,524 ( 138,856 ) 16,303 ( 88,632 )

Total other (expense) income, net ( 1,904 ) 6,716

Income before income taxes 4,998 8,706

Income tax expense ( 2,082 ) ( 3,894 )

Net income (loss) $ 5,432 $ ( 143,466 ) $ 5,397 $ ( 115,601 )

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

NOTE 18— SUBSEQUENT EVENTS

In November 2025, the Company and AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, announced an exclusive worldwide license agreement for the development and commercialization of AMT-143, a long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain.

In a Phase 1 study, AMT-143 demonstrated sustained release of ropivacaine through 14 days.

The Company and AmacaThera expect to initiate a Phase 2 program in 2026.

Under the terms of the agreement, AmacaThera will receive an upfront payment of $ 5.0 million with the potential for future development- and sales-based milestone payments and a tiered royalty on future net product sales.

Net income $ 2,916 $ 4,812

(1) The adjustments are primarily related to stock-based compensation being noted separately as a line item.

(2) During the three months ended March 31, 2026, the remaining other operating expenses relate 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 anniversar y of the GQ Bio Acquisition.

During the three months ended March 31, 2025, the remaining other operating expenses primarily related to acquisition-related charges.

The measure of segment assets is reported on the Company’s consolidated balance sheet as total assets.

Substantially all of the Company’s assets are used to support its mission in delivering innovative, non-opioid pain therapies to transform the lives of patients.

As of March 31, 2026 and December 31, 2025, the Company’s long-lived assets were primarily located in the U.S.

(both 83 %), and, to a lesser extent, Germany (both 9 %) and the U.K.

For information on the Company’s fixed assets, refer to Note 5, Fixed Assets .

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 36

| Q1 2026 Quarterly Report on Form 10-Q | 29

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, the strength and efficacy of our intellectual property protection 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.

'5x30', our growth and business strategy, our future outlook, the strength and efficacy of our intellectual property protection 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 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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Actual results may differ materially from these indicated by such forward-looking statements as a result of various important factors, including risks relating to, among others:

the failure to realize the anticipated benefits and synergies from the acquisition of GQ Bio Therapeutics GmbH;

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;

risks associated with acquisitions, such as the risk that the acquired businesses and/or assets 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 tariffs, inflation and rising interest rates), and our business, including our revenues, financial condition, cash flows and results of operations;

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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, iovera° and any of our other product candidates, including PCRX-201 (enekinragene inzadenovec);

the commercial success of EXPAREL, ZILRETTA and iovera°;

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

our plans to evaluate, develop and pursue additional product candidates utilizing our proprietary multivesicular liposome, or pMVL, drug delivery technology;

the approval of the commercialization of our products in other jurisdictions;

clinical trials in support of an existing or potential pMVL-based product;

our plans to evaluate, develop and pursue additional product candidates utilizing our proprietary high-capacity adenovirus (“HCAd”) vector platform;

the approval of the commercialization of our products in other jurisdictions (by either us or our partners);

clinical trials in support of an existing or potential HCAd-based product candidate;

our commercialization and marketing capabilities;

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assumptions associated with contingent consideration payments;

assumptions used for estimated future cash flows associated with determining the fair value of the Company and the anticipated funding or benefits of our share repurchase program.

assumptions used for estimated future cash flows associated with determining the fair value of the Company;

and the anticipated funding or benefits of our share repurchase program.

The forward-looking statements included in this Quarterly Report on Form 10-Q represent our views as of the filing date of this Quarterly Report on Form 10-Q.

Important factors could cause our actual results to differ materially from those indicated or implied by forward-looking statements, and as such we anticipate that subsequent events and developments will cause our views to change.

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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”);

Item 1A in this Quarterly Report on Form 10-Q and in other reports filed with the SEC.

“Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 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.

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Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 37

| Q1 2026 Quarterly Report on Form 10-Q | 30

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

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.

EXPAREL is the only product 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.

We are focused in two therapeutic areas as defined by the indications within our approved commercial portfolio and the indications we are pursuing within our clinical development pipeline.

One area is postsurgical pain control and the second is early intervention osteoarthritis, or OA, pain management.

EXPAREL is our long-acting, non-opioid analgesic for postsurgical pain control.

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 the only product 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.

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.

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.

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.

We drop-ship EXPAREL directly to end-users based on orders placed to wholesalers or directly to us.

ZILRETTA is our extended-release corticosteroid approved to manage OA knee pain.

With a single injection, ZILRETTA can significantly reduce knee pain for three months of relief.

ZILRETTA is a potential alternative to hyaluronic acid, platelet rich plasma injections or other early intervention treatments.

Our other commercial product—iovera°—is 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.

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

We are also advancing the two Phase 2 clinical programs—PCRX-201(enekinragene inzadenovec), a novel locally administered gene therapy for knee OA, and PCRX-2002, a complementary, long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain control.

are 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 our 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, we 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.

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

We expect to continue to pursue the expanded use of EXPAREL, ZILRETTA and iovera° in additional procedures;

progress our earlier-stage product candidate pipeline;

advance regulatory activities for EXPAREL, ZILRETTA, iovera°, PCRX-201 and our other product candidates;

invest in sales and marketing resources for EXPAREL, ZILRETTA and iovera°;

expand and enhance our manufacturing capacity for EXPAREL, ZILRETTA and iovera°;

invest in products, businesses and technologies;

We expect to continue to invest in commercial resources to expand the utilization of EXPAREL, ZILRETTA and iovera°;

advance regulatory activities for EXPAREL, ZILRETTA, iovera°, progress our clinical-stage product candidates—including PCRX-201 and PCRX-2002;

expand and enhance our commercial manufacturing efficiencies;

invest in new products, businesses and technologies through business development;

and support legal matters.

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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 raw materials, equipment and other goods and services;

Such impacts may include the effect of prolonged periods of inflation, the imposition of tariffs or increases in the prices of commodities, such as fuel, 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 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 most imports from the E.U., including branded pharmaceuticals, and effectively exempts the E.U.

from higher tariffs that may be imposed on pharmaceutical imports from other countries pursuant to a pending investigation of such imports under Section 232 of the Trade Expansion Act of 1962.

Pharmaceuticals imported from countries outside the E.U.

may face higher tariffs, including tariffs that may be imposed pursuant to the pending Section 232 investigation.

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

While we have not experienced a material impact from tariffs to date, the current macroeconomic environment remains dynamic and subject to rapid and potentially material change.

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

In particular, ZILRETTA and EXPAREL are manufactured by a contract development and manufacturing organization in the United Kingdom, or U.K., and the active pharmaceutical ingredients, or API, for both products are sourced primarily from Europe.

On April 2, 2026, the President of the U.S.

issued a proclamation under Section 232 of the Trade Expansion Act of 1962, imposing tariffs on certain pharmaceutical products imported to the U.S.

This order (the “Presidential Order”) applies to patented pharmaceutical products, associated APIs and other products classified under Harmonized Tariff Schedule (HTS) U.S.

codes listed in Annex I.

The Presidential Order imposes country-specific tariffs, including 15% tariffs on certain products imported from the European Union, or E.U., Japan, South Korea, Switzerland and Liechtenstein.

The order imposes a 10% tariff on products imported from the U.K.

with a potential reduction to 0%, subject to a future U.S.

pharmaceutical pricing agreement.

Patented pharmaceutical products imported from certain other countries may be subject to tariffs of up to 100%.

As a result of the Presidential Order, we expect tariffs to apply to the API used in EXPAREL, as well as EXPAREL and ZILRETTA product imported from the U.K.

We will continue to monitor developments and assess any potential impacts and related trade measures on our business and supply chain.

Such tariffs imposed by the U.S.

and/or other countries that are currently in effect, or may 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.

The previous imposition of tariffs and future tariffs impacting our industry, the magnitude of

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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.

There has been significant volatility in U.S.

tariff and customs policy recently, with frequent changes in rates, sudden elimination or reinstatement of exemptions, shifts in implementation dates and reversals of prior actions.

Most recently, in

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September 2025, the U.S.

Presidential administration noted it would explore imposing a 100% tariff on imports of branded or patented pharmaceutical products, unless a pharmaceutical company is building a manufacturing plant in the U.S.

This volatility makes it more difficult to forecast costs, plan our global supply chain and provide reliable financial guidance.

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We expect such volatility and uncertainty related to tariffs and customs to continue, potentially posing ongoing challenges to our operations, financial planning and investor communications.

In addition, federal agencies in the U.S.

have been operating under a government shutdown since October 1, 2025 (which has continued as of the date of this Quarterly Report on Form 10-Q).

The shutdown has impacted certain federal agencies, such as the FDA and Centers for Medicare Services, or CMS, who have furloughed staff and scaled back their operations.

While we have not yet experienced an adverse impact on our business operations due to this government shutdown, if the government shutdown continues for a prolonged period of time, or if a widespread freeze on federal funding occurs, it could significantly impact the ability of the FDA to timely review and process our regulatory submissions or negatively affect sales of our products if some of our customers do not (or perceive that they will not) receive adequate reimbursement from third-party payors or CMS.

We will continue to evaluate the impacts of the government shutdown on our business and results of operations.

The duration of the current U.S.

government shutdown is unknown, nor is the extent of potential agency backlogs once the shutdown concludes, and therefore we are unable to predict the potential impact of a prolonged government shutdown on our business or operations.

Recent Highlights

• In August 2025, the U.S.

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

12,370,142 (the ‘142 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).

We now have 21 EXPAREL patents listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”).

The ‘142 patent expires in July 2044.

• In October 2025, we presented new data from our Phase 1 clinical trial evaluating PCRX-201 (enekinragene inzadenovec), our novel gene therapy candidate for OA of the knee, at the American College of Rheumatology’s Convergence 2025 meeting.

These data demonstrated sustained efficacy from a single IA injection of PCRX-201 with improvements in pain, stiffness and function for up to three years.

Importantly, efficacy was observed across all structural severity subgroups including the most severe with a Kellgren-Lawrence (K-L) grade of 4.

In addition, investigators highlighted that pre-existing neutralizing antibodies did not affect PCRX-201’s efficacy or safety at all three dose levels tested.

Natural immune responses are a major obstacle for gene therapies, and these preliminary data indicate the potential for re-dosing.

Additionally, in November 2025, we announced the conclusion of patient enrollment in Part A of our Phase 2 ASCEND study evaluating PCRX-201 for the treatment of OA of the knee.

This milestone marks the first stage of a two-part, multicenter trial designed to evaluate the safety and efficacy of PCRX-201.

We remain on track to report results from a pre-specified interim analysis before the end of 2026.

• In November 2025, we and AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, announced an exclusive worldwide license agreement for the development and commercialization of AMT-143, a long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain.

Under the terms of the agreement, AmacaThera will receive an upfront payment of $5.0 million with the potential for future development- and sales-based milestone payments and a tiered royalty on future net product sales.

This acquisition aligns with our 5x30 growth strategy to prioritize clinical stage, derisked opportunities that are complementary to our call points in pain management.

AMT-143 is a slow-release, non-opioid local analgesic providing long-acting post-operative pain relief.

It is administered via instillation at the time of the surgery and leverages AmacaThera’s innovative hydrogel platform, a fast-gelling physical hydrogel composed of two well-established polymers enabling slow-release while minimizing systemic side effects.

It is delivered via a conventional syringe and rapidly forms a depot as it warms to body temperature.

In a Phase 1 study, AMT-143 demonstrated sustained release of ropivacaine through 14 days.

We and AmacaThera expect to initiate a Phase 2 program in 2026.

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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.

These two large-scale manufacturing suites are capable of producing bulk EXPAREL volumes that are approximately four-fold greater than our 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 then-total workforce.

As a result, during both the three and nine months ended September 30, 2025, we recognized $3.7 million of employee termination benefit charges which consist of garden leave under California employment law, severance, healthcare benefits, and, to a lesser extent, other one-time termination benefits.

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 the majority of these charges occurred 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 15, Contingent Consideration Charges (Gains), Acquisition-related Expenses, Restructuring and Other, to our condensed consolidated financial statements included herein.

• In March 2026, we announced findings from two real-world studies evaluating the economic benefits of EXPAREL in orthopedic procedures, including total knee arthroplasty, or TKA, and spinal fusion.

In both studies, EXPAREL was associated with lower total cost of care compared with ropivacaine in one study and standard of care options (non-liposomal bupivacaine) in the other, with reductions observed in both outpatient and inpatient surgical settings.

The data was presented at the Orthopaedic Research Society (ORS) 2026 Annual Meeting in Charlotte, North Carolina.

The analyses include two propensity score-matched cohort studies evaluating outcomes on surgery day and throughout 30 days of follow-up in commercial and Medicare Advantage populations.

Across both studies, EXPAREL was associated with lower total costs and reductions in select healthcare resource utilization measures.

In the spinal fusion study, these reductions were driven primarily by a shorter length of hospital stay.

• In April 2026, we presented three real-world studies supporting the economic value of EXPAREL in total hip arthroplasty, or THA, and TKA procedures performed in hospital outpatient department, or HOPD, setting at the Academy of Managed Care Pharmacy Annual 2026 Meeting in Nashville, Tennessee.

Across the analyses, EXPAREL use was associated with lower or comparable total healthcare costs and reduced opioid utilization in certain patient populations over follow-up periods of up to six months.

Select findings include:

• In one study, the use of EXPAREL for THA in HOPDs was associated with lower total healthcare costs over three and six months of post-surgical follow-up.

o More pronounced cost savings for patients with lower back pain as well as reduced opioid usage compared to patients who did not receive liposomal bupivacaine were also observed.

• In the second assessment, EXPAREL use during HOPD TKA was associated with comparable or lower healthcare costs, particularly in teaching hospitals.

• The third assessment was a three-year budget impact analysis, that found that EXPAREL use was associated with a projected cumulative absolute cost difference of $117,868 per one million members by year three compared to ropivacaine in the HOPD Commercial and Medicare Advantage settings, with higher pharmacy acquisition costs offset by reductions in total healthcare expenditures.

• In April 2026, we concluded patient enrollment in our Phase 3 registration study of ZILRETTA for OA pain of the shoulder.

We expect to report topline results later this year.

If the study is successful, ZILRETTA could be the first product with an on-label indication for OA pain of the shoulder.

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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• expands easily with saline or lactated Ringer’s solution to reach a desired volume;

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• can be administered for local analgesia via infiltration and for regional analgesia via field block, as well as brachial plexus nerve block, sciatic nerve block in the popliteal fossa and adductor canal block;

• facilitates treatment of a variety of surgical sites.

• facilitates treatment across a variety of surgical sites.

We believe EXPAREL is a key component of long-acting postsurgical pain management regimens that reduce the need for opioids.

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

We have initiated enrollment for 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.

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We have completed enrollment for 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.

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shortly thereafter.

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.

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, and concluded patient enrollment in April 2026.

If the study is successful, we plan to seek approval to expand the ZILRETTA label to include OA pain of the shoulder, which could make ZILRETTA the first product with such an on-label indication.

ZILRETTA Clinical Benefits

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Specifically, findings demonstrated reductions in opioids, including:

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• The daily morphine equivalent consumption in the per protocol group analysis was significantly lower at 72 hours (p<0.05), 6 weeks (p<0.05) and 12 weeks (p<0.05).

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• iovera° is repeatable, with no diminishing effectiveness over time and repeat use;

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• The iovera° technology does not risk damage to the surrounding tissue;

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

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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.

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• Genetic medicines based on the HCAd platform can be administered locally and have the potential for redosing at therapeutically appropriate intervals.

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Lower dose levels mean that thousands of doses can be produced in a single batch.

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All cohorts will receive concurrent pretreatment with an IA corticosteroid (methylprednisolone 40 mg).

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

We have completed patient enrollment in Part A of the study with a total of 49 patients randomized.

We expect to initiate Part B of the study around the middle of 2026.

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.

We recently achieved our enrollment target for Part A of the study and expect to report results from a pre-specified interim analysis before the end of 2026.

We expect to report topline results from Part A of the ASCEND study 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.

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.

Efficacy will be measured using the Numerical Rating Scale (NRS), WOMAC and KOOS.

Efficacy will be measured using

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the Numerical Rating Scale (NRS), WOMAC and KOOS.

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

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We also intend to conduct animal studies for PCRX-1001, which we believe has out-licensing potential for OA in dogs and other companion animals.

In November 2025, we and AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, announced an exclusive worldwide license agreement for the development and commercialization of PCRX-2002, an investigative hydrogel designed to deliver both rapid onset and a long-acting analgesia effect.

A formulation of the non-opioid analgesic ropivacaine for postsurgical pain, PCRX-2002 is a slow-release, non-opioid local analgesic providing long-acting post-operative pain relief.

It is delivered via a conventional syringe and rapidly forms a depot as it warms to body temperature.

In a Phase 1 study, PCRX-2002 demonstrated sustained release of ropivacaine through 14 days.

We and AmacaThera expect to initiate a Phase 2 program in 2026.

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Product Portfolio and Internal Pipeline

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Results of Operations

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

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

(ii) ZILRETTA in the U.S.;

(iii) iovera° in the U.S., Canada, the E.U., and the U.K.

and (iv) sales of our bupivacaine liposome injectable suspension product for veterinary use.

Royalty revenues are related to a collaborative licensing agreement from the sale of our bupivacaine liposome injectable suspension for veterinary use.

Comparison of the Three Months Ended March 31, 2026 and 2025

Our net product sales are primarily within the U.S.

and consist of EXPAREL, ZILRETTA, iovera° and sales of bupivacaine liposome injectable suspension for veterinary use.

Royalty revenues are related to the sale of bupivacaine liposome injectable suspension for veterinary use.

The following table provides information regarding our revenues during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Net product sales:

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Total revenues $ 177,376 $ 168,923 5%

EXPAREL revenue increased 6% and 5% in the three and nine months ended September 30, 2025 versus 2024, respectively.

Components of the increase included a 9% and 6% increase in gross vial volume in the three and nine months ended September 30, 2025 versus 2024, respectively, partially offset by a shift in product mix and decreases in net selling price per unit in both the three and nine months ended September 30, 2025 versus 2024.

The decrease in net selling price per unit relates to increases in sales-related allowances as a result of group purchasing organization contracting, partially offset by a January 2025 price increase.

ZILRETTA revenue increased 2% in the three months ended September 30, 2025 versus 2024 due to a 1% increase in net selling price per unit and a 1% increase in kit volume.

ZILRETTA revenue decreased 2% in the nine months ended September 30, 2025 versus 2024 due to a 4% decrease in kit volume, partially offset by a 2% 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.

For the nine months ended September 30, 2025, 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° increased 14% and 5% in the three and nine months ended September 30, 2025 versus 2024, respectively, driven by increases in Smart Tip volume of 16% and 7%, partially offset by decreases in Smart Tip net selling price of 1% and 2%.

Bupivacaine liposome injectable suspension revenue increased 64% in the three months ended and decreased 21% in the nine months ended September 30, 2025 versus 2024, respectively, due to timing of orders placed by our commercial partner for veterinary use.

Its related royalties increased 73% in the three months ended and decreased 6% in the nine months ended September 30, 2025 versus 2024, respectively, primarily due to both the timing of orders and the sales mix of vial sizes.

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

September 30, 2025 Returns Allowances Prompt Payment Discounts Service Fees Volume Rebates and Chargebacks Government Rebates Total

EXPAREL revenue increased 5% in the three months ended March 31, 2026 versus 2025.

Components of the increase included 7% increase in gross vial volume, partially offset by a shift in product mix, and approximately a 1% lower net selling price as group purchasing organization contracting discounts more than offset a price increase.

ZILRETTA revenue increased 15% in the three months ended March 31, 2026 versus 2025 due to an 11% increase in kit volume and a 3% increase in net selling price primarily due to price increases, partially offset by higher customer discounting.

Net product sales of iovera° increased 21% in the three months ended March 31, 2026 versus 2025, driven by increases in Smart Tip volume of 27%, partially offset by decreases in Smart Tip net selling price of 4%.

Bupivacaine liposome injectable suspension revenue decreased 55% in the three months ended March 31, 2026 versus 2025, due to timing of orders placed by our commercial partner for veterinary use.

Its related royalties decreased 100% in the three months ended March 31, 2026 versus 2025, due to the product mix.

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, 2026 and 2025 (in thousands):

March 31, 2026 Returns Allowances Prompt Payment Discounts Service Fees Customer Rebates and Chargebacks Government Rebates Total

Balance at December 31, 2025 $ 2,159 $ 1,574 $ 5,021 $ 6,394 $ 1,719 $ 16,867

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Payments (1,475) (3,567) (7,008) (46,638) (771) (59,459)

Balance at September 30, 2025 $ 2,080 $ 1,481 $ 4,954 $ 5,326 $ 1,674 $ 15,515

September 30, 2024 Returns Allowances Prompt Payment Discounts Service Fees Volume Rebates and Chargebacks Government

Rebates Total

Balance at March 31, 2026 $ 1,938 $ 1,756 $ 4,876 $ 6,728 $ 1,728 $ 17,026

March 31, 2025 Returns Allowances Prompt Payment Discounts Service Fees Customer Rebates and Chargebacks Government Rebates Total

Balance at December 31, 2024 $ 1,600 $ 1,308 $ 4,875 $ 4,863 $ 1,707 $ 14,353

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Payments (150) (3,276) (6,080) (36,149) (1,403) (47,058)

Balance at September 30, 2024 $ 1,302 $ 1,208 $ 3,833 $ 4,137 $ 2,040 $ 12,520

Total reductions of gross product sales from sales-related allowances and accruals were $150.0 million and $108.8 million, or 22.1% and 17.6% of gross product sales, for the nine months ended September 30, 2025 and 2024, respectively.

The overall 4.5% 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.

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

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Total reductions of gross product sales from sales-related allowances and accruals were $59.6 million and $44.9 million, or 25.1% and 21.1% of gross product sales, for the three months ended March 31, 2026 and 2025, respectively.

The overall 4.0% 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 and increased product returns due to weather-related disruptions.

Cost of Goods Sold

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Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Cost of goods sold $ 36,413 $ 34,306 6%

Gross margin 79 % 80 %

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

The increase in the three months ended September 30, 2025 versus 2024 was partially offset by higher EXPAREL product cost as a result of lower production volumes.

The increase in the nine months ended September 30, 2025 versus 2024 was 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 6, Fixed Assets , 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, or RDF, for EXPAREL manufactured under our enhanced, larger-scale manufacturing process.

As a result, during the nine months ended September 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.

| Q3 2025 Form 10-Q | 46

Gross margin decreased 1% percentage point in the three months ended March 31, 2026 versus 2025 due to higher EXPAREL product costs resulting from lower production volumes.

Production volumes were higher in the prior year in order to achieve higher inventory levels to meet increased demand.

Research and Development Expenses

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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Regulatory and other expenses include regulatory activities related to unapproved products and indications, medical information and scientific communication expenses, expenses related to our IGOR registry study and related personnel.

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.

Additionally, as part of the GQ Bio Acquisition, expenses related to a key employee holdback are also included in R&D.

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

Additionally, as part of the acquisition of GQ Bio Therapeutics GmbH, or GQ Bio, in February 2025 (the “GQ Bio Acquisition”), expenses related to a key employee holdback are also included in R&D.

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

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Clinical and preclinical development $ 12,870 $ 12,607 2%

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Regulatory and other 3,047 2,416 26%

Key employee holdback 1,151 — N/A 2,609 — N/A

Stock-based compensation 1,830 2,241 (18)%

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% of total revenues 16 % 15 %

Total R&D expense increased 36% and 38% in the three and nine months ended September 30, 2025 versus 2024, respectively.

Clinical and preclinical development expense increased 55% and 74% in the three and nine months ended September 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 and an iovera° spasticity trial, as well as additional personnel to support clinical initiatives.

For the three months ended September 30, 2025 versus 2024, these increases were partially offset by an enrollment pause in a ZILRETTA shoulder trial pending Institutional Review Board (IRB) approval of a protocol amendment, as well as an enrollment pause between cohort 1 and cohort 2 in an EXPAREL pediatric trial.

For the nine months ended September 30, 2025 versus 2024, increases include site start-up of and ongoing enrollment in the ZILRETTA shoulder trial, partially offset by the winding down of a PCRX-201 Phase 1 trial for knee OA.

Product development expense decreased 5% in the three months ended September 30, 2025 versus 2024 attributable to ZILRETTA development costs that were incurred in the prior year to develop a manufacturing fill line that was placed into service in 2025.

Product development expense increased 4% in the nine months ended September 30, 2025 versus 2024, 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.

This manufacturing suite was approved by the FDA in February 2024 and placed into service in July 2024.

Regulatory and other expense increased 57% and 7% in the three and nine months ended September 30, 2025 versus 2024, respectively, due to a realignment of medical communication activities, as well as additional subjects enrolled in the IGOR registry study.

During the three and nine months ended September 30, 2025, we accrued $1.2 million and $2.6 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.

Total R&D expense increased 11% in the three months ended March 31, 2026 versus 2025.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 47

Stock-based compensation expense increased 30% and 26% in the three and nine months ended September 30, 2025 versus 2024, respectively, primarily due to increased R&D personnel as well as the shifting of our annual equity grant to the first quarter in 2025.

| Q1 2026 Quarterly Report on Form 10-Q | 39

Clinical and preclinical development expense increased 2% in the three months ended March 31, 2026 versus 2025 due to the ongoing enrollment in our ZILRETTA shoulder trial, the EXPAREL pediatric trial and the iovera° spasticity trial, as well as increased Investigator Initiated Trial (IIT) milestones achieved, start-up expenses related to a PCRX-2002 Phase 2 program and additional personnel to support clinical initiatives.

These increases were partially offset by the completion of patient enrollment in Part A of our PCRX-201 Phase 2 ASCEND trial for knee OA and completion of an EXPAREL Phase 1 trial for intrathecal administration.

Product development expense increased 28% in the three months ended March 31, 2026 versus 2025 include investing in our HCAd platform—primarily for the PCRX-201 program.

In addition, we recorded $0.9 million in the three months ended March 31, 2026 related to a key employee holdback from the GQ Bio Acquisition.

Regulatory and other expense increased 26% in the three months ended March 31, 2026 versus 2025 due to increased publication activities which are largely health economics and outcome studies, as well as additional subjects enrolled in the IGOR registry study.

Stock-based compensation expense decreased 18% in the three months ended March 31, 2026 versus 2025 primarily due to the forfeiture of equity awards in the current period.

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 health outcome communications, provider-level market access, patient reimbursement support and customer educational programs.

Sales and marketing expenses primarily consist of compensation and benefits for our sales force and personnel that support our commercial, sales, marketing, medical and scientific affairs operations, and insights and analytics.

They also include expenses related to the commercialization of our products—including marketing, 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.

It also includes professional fees for legal, audit, tax and consulting services.

Stock-based compensation expense relates to the costs of stock option grants, RSU awards and our ESPP.

Stock-based compensation expense relates to the costs of stock option grants, awards of RSUs, PSUs and our ESPP.

The following table provides information regarding our selling, general and administrative expenses during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Sales and marketing $ 58,166 $ 55,571 5%

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% of total revenues 53 % 51 %

Total selling, general and administrative expense increased 23% and 25% in the three and nine months ended September 30, 2025 versus 2024, respectively.

Sales and marketing expense increased 35% and 36% in the three and nine months ended September 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 increased 5% in both the three and nine months ended September 30, 2025 versus 2024 primarily driven by increased headcount in the business development and other administrative departments.

In addition, the increase in the nine months ended September 30, 2025 versus 2024 was partially offset by a recovery of legal expenses in the first quarter of 2025.

Stock-based compensation expense increased 11% and 24% for the three and nine months ended September 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.

In October 2025, we received two separate Paragraph IV Certifications from two Chinese generic drug manufacturers each advising that they had submitted an Abbreviated New Drug Application to the FDA seeking authorization from the FDA to manufacture, use or sell a generic version of EXPAREL in the U.S.

We expect to incur additional legal costs to defend our intellectual property, although we cannot predict the extent of costs or the outcome of these matters at this time.

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

Total selling, general and administrative expense increased 8% in the three months ended March 31, 2026 versus 2025.

Sales and marketing expense increased 5% in the three months ended March 31, 2026 versus 2025 driven by expanding our marketing, market access and reimbursement teams to strengthen our key commercial capabilities and expand product utilization.

General and administrative expense increased 25% in the three months ended March 31, 2026 versus 2025 primarily driven by a recovery of $5.2 million in legal expenses related to litigation pertaining to the acquisition of MyoScience, Inc.

(which occurred in April 2019), during the three months ended March 31, 2025.

Stock-based compensation expense decreased 5% for the three months ended March 31, 2026 versus 2025, primarily due to the prior year equity compensation related our former Chief Executive Officer whose post-employment consulting services ceased in August 2025.

In October 2025, we received two separate Paragraph IV Certifications from two Chinese generic drug manufacturers—The WhiteOak Group, Inc., or WhiteOak, of Rockville, Maryland (a subsidiary of Zhejiang Haichang Biotechnology Co., Ltd.) and Qilu Pharmaceutical (Hainan) Co., Ltd., or Qilu—each advising that they had submitted an Abbreviated New Drug

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 48

| Q1 2026 Quarterly Report on Form 10-Q | 40

Application (ANDA) to the FDA seeking authorization from the FDA to manufacture, use or sell a generic version of EXPAREL in the U.S.

In November 2025, we filed a patent infringement suit against WhiteOak and Qilu.

As a result, we have incurred and expect to continue to incur additional legal costs to defend our intellectual property, although we cannot predict the extent of costs or the outcome of this matter at this time.

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

In addition, we expect to incur additional costs within general and administrative expenses in the second quarter of 2026 related to the solicitation of proxies in connection with a contested election of directors at our 2026 annual meeting of stockholders that we would not otherwise typically incur in the absence of a contested election.

Amortization of Acquired Intangible Assets

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Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Amortization of acquired intangible assets $ 14,322 $ 14,322 —%

As part of the Flexion Acquisition and the MyoScience Acquisition, we acquired intangible assets consisting of developed technology intangible assets and customer relationships, with estimated useful lives between 9 and 14 years.

For more information, see Note 8, Goodwill and Intangible Assets , to our condensed consolidated financial statements included herein.

Goodwill Impairment

The following table provides a summary of a goodwill impairment during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

Goodwill impairment $ — $ 163,243 (100)% $ — $ 163,243 (100)%

During the three months ended September 30, 2024, the FDA approved a generic competitor to EXPAREL and a U.S.

District Court ruled that one of our patents was not valid.

Due to these events and a subsequent decrease in our common stock price, it was determined these qualitative factors indicated it was more likely than not that the fair value of goodwill may be less than its carrying value.

Accordingly, we performed a quantitative assessment through a discounted cash flow model (or income approach), which resulted in the carrying value of the Company exceeding its fair value by more than the goodwill balance.

As a result, a goodwill impairment of $163.2 million was recorded during the three months ended September 30, 2024.

As part of the acquisitions of Flexion Therapeutics, Inc., or Flexion, (in 2021) and MyoScience, Inc.

(in 2019), we acquired intangible assets consisting of developed technology intangible assets and customer relationships, with estimated useful lives between 9 and 14 years.

For more information, see Note 7, Goodwill and Intangible Assets , to our condensed consolidated financial statements included herein.

On April 7, 2025, we, along with our operating subsidiary, Pacira Pharmaceuticals, Inc., entered into a settlement agreement with eVenus Pharmaceutical Laboratories, Inc.;

their parent company — Jiangsu Hengrui Pharmaceuticals, Co.

and Fresenius Kabi USA, LLC, with respect to this matter.

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

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 49

Contingent Consideration Charges (Gains), Acquisition-related Expenses, Restructuring and Other

The following table provides a summary of the costs related to the contingent consideration charges (gains), acquisition-related expenses, restructuring and other during the periods indicated, including percent changes (dollar amounts in thousands):

Other Operating (Gains) Expenses, Net

The following table provides a summary of the costs related to the other operating (gains) expenses, net during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

Contingent consideration charges (gains) $ 625 $ (3,244) N/A $ (2,407) $ (5,541) (57)%

Restructuring charges 3,728 1,193 100+% 3,728 7,724 (52)%

Acquisition-related expenses (280) 285 N/A 2,222 689 100+%

Legal settlement — — N/A 7,000 — N/A

Legal judgment (23,148) — N/A (23,148) — N/A

Impairment of acquired in-process research & development (IPR&D) 25,866 — N/A 25,866 — N/A

Total contingent consideration charges (gains), acquisition-related expenses, restructuring and other $ 6,791 $ (1,766) N/A $ 13,261 $ 2,872 100+%

During the three and nine months ended September 30, 2025, total contingent consideration charges (gains), acquisition-related expenses, restructuring and other included net charges of $6.8 million and $13.3 million, respectively.

During the three and nine months ended September 30, 2024, total contingent consideration charges (gains), acquisition-related expenses, restructuring and other included net gains of $1.8 million and net charges of $2.9 million, respectively.

During the three months ended September 30, 2025, we recognized contingent consideration charges of $0.6 million due revisions to the latest discount rates, partially offset by a reduction in the sales forecast through the milestone expiration date of December 31, 2030.

During the nine months ended September 30, 2025, we recognized contingent consideration gains of $2.4 million due to revisions to the latest discount rates.

During the three and nine months ended September 30, 2024, we recognized contingent consideration gains of $3.2 million and $5.5 million, respectively, primarily due to adjustments reflecting the probability of achieving the remaining Flexion regulatory milestone by the milestone expiration date, partially offset by revisions to the latest discount rates.

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 are the result of our multi-year investment in two large-scale 200+ liter EXPAREL batch manufacturing suites located in San Diego and Swindon, U.K., which commenced commercial production in 2024 and 2021, respectively.

As a result, during both the three and nine months ended September 30, 2025, we recognized $3.7 million of pre-tax employee termination benefit charges which consist of garden leave under California employment law, severance, healthcare benefits, and, to a lesser extent, other one-time termination benefits.

In February 2024, we initiated a restructuring plan to ensure that we are well positioned for long-term growth.

The restructuring plan included, among other things:

(i) reshaping our executive team;

(ii) reallocating efforts and resources from our ex-U.S.

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

and (iii) reprioritizing investments to focus on other commercial initiatives.

As a result, during the three and nine months ended September 30, 2024, we recognized restructuring charges of $1.2 million and $7.7 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 nine months ended September 30, 2025, we recognized acquisition-related expenses of $2.2 million primarily related to third-party services and legal fees associated with the GQ Bio Acquisition.

During the nine months ended September 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.

During the three and nine months ended September 30, 2025, we recognized $23.1 million in other income upon receipt of a cash payment associated with the U.S.

District Court for the District of Nevada issuing judgment declaring that RDF was

March 31, % Increase / (Decrease)

Contingent consideration gains $ (2,277) $ (2,675) (15)%

Acquisition-related expenses — 1,511 (100)%

Legal settlement — 7,000 (100)%

Other — 351 (100)%

Total other operating (gains) expenses, net $ (2,277) $ 6,187 N/A

During the three months ended March 31, 2026 and 2025, total other operating (gains) expenses, net included net gains of $2.3 million and net charges of $6.2 million, respectively.

During the three months ended March 31, 2026, we recognized contingent consideration gains of $2.3 million due to a reduction in the sales forecast reflecting the probability of achieving our remaining Flexion sales-based milestones by December 31, 2030 (the milestone expiration date), and revisions to the latest discount rates.

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, 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 eVenus Pharmaceutical Laboratories, Inc., its parent company—Jiangsu Hengrui Pharmaceuticals, Co.

Ltd., and Fresenius Kabi USA, LLC.

For more information on these events, see Note 10, Financial Instruments, Note 15, Other Operating (Gains) Expenses, Net and Note 16, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 50

required to repay us the royalties on EXPAREL sales that we previously paid under protest.

In May and September 2025, RDF filed two notices of appeal which are pending.

During both the three and nine months ended September 30, 2025, we recorded a $25.9 million in-process research and development (IPR&D) impairment associated with our ZILRETTA shoulder asset due to revised completion timelines for clinical trials and commercial availability which directly impacted revenue forecasts, among other factors.

For more information on these events, see Note 3, GQ Bio Therapeutics Acquisition , Note 8, Goodwill and Intangible Assets , Note 10, Financial Instruments, Note 15, Contingent Consideration Charges (Gains), Acquisition-related Expenses, Restructuring and Other and Note 16, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Other Income (Loss), Net

| Q1 2026 Quarterly Report on Form 10-Q | 41

Other (Expense) 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

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Interest income $ 1,930 $ 6,895 (72)%

Interest expense (3,699) (4,580) (19)%

(Loss) gain on early extinguishment of debt (983) — N/A (983) 7,518 N/A

Other, net (110) (122) (10)% (6,448) (320) 100+%

Total other income (loss), net $ 3,162 $ 671 100+% $ (548) $ 9,443 N/A

Total other income (loss), net in the three and nine months ended September 30, 2025 included net other income of $3.2 million and a net other loss of $0.5 million, respectively.

Total other income, net in the three and nine months ended September 30, 2024 was $0.7 million and $9.4 million, respectively.

Interest income increased 56% and 45% in the three and nine months ended September 30, 2025 versus 2024, respectively, due to interest income associated with the judgment surrounding the RDF legal proceeding, as well as interest realized on a GQ Bio note receivable investment we had made prior to the GQ Bio Acquisition, partially offset by lower interest rate and lower cash balances after repayment of the 2025 Notes.

For more information on the RDF legal judgment, see Note 16, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Interest expense decreased 9% in the three months ended September 30, 2025 versus 2024, primarily due to the repayment of 2025 Notes and lower interest rate Revolving Credit Facility.

Interest expense increased 14% in the nine months ended September 30, 2025 versus 2024 primarily due to the completion of a project that had incurred capitalized interest in the comparable period, as well as issuing the 2029 Notes (as defined below) in May 2024.

Other, net (135) 4,401 N/A

Total other (expense) income, net $ (1,904) $ 6,716 N/A

During the three months ended March 31, 2026 and 2025, total other (expense) income, net included other expense, net of $1.9 million and other income, net of $6.7 million, respectively.

Interest income decreased 72% in the three months ended March 31, 2026 versus 2025 due to interest realized in the prior year on a GQ Bio note receivable investment we had made prior to the GQ Bio Acquisition as well as lower overall investment balances and interest rates.

Interest expense decreased 19% in the three months ended March 31, 2026 versus 2025 primarily due to lower outstanding principal driven by the repayment of the 2025 Notes (as defined herein) in the third quarter of 2025.

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

In the three and nine months ended, September 30, 2025, we recognized a $1.0 million loss on early extinguishment of debt in conjunction with the repayment of the TLA Term Loan.

In the nine months ended September 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 $6.4 million other net loss during the nine months ended September 30, 2025 was primarily driven by an impairment of an equity investment and convertible note receivable totaling $11.0 million, 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 3, GQ Bio Therapeutics Acquisition , and Note 10, Financial Instruments , to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 51

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 10, Financial Instruments , to our condensed consolidated financial statements included herein.

Income Tax Expense

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Three Months Ended

September 30, % Increase / (Decrease) Nine Months Ended

September 30, % Increase / (Decrease)

2025 2024 2025 2024

March 31, % Increase / (Decrease)

Income before income taxes $ 4,998 $ 8,706 (43)%

Income tax expense $ 2,082 $ 3,894 (47)%

Effective tax rate 42 % 45 %

The effective tax rates were 43% and 67% for the three and nine months ended September 30, 2025, respectively.

The effective tax rates were (3)% and (30)% for the three and nine months ended September 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 and nine months ended September 30, 2025 is primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S.

We recorded income tax expense of $2.1 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively.

The effective tax rate of 42% for the three months ended March 31, 2026 differed from the U.S.

statutory rate of 21% primarily due to costs related to non-deductible executive compensation and non-deductible stock-based compensation, partially offset by tax credits.

The effective tax rate of 45% for the three months ended March 31, 2025 differed from the U.S.

statutory rate of 21% primarily due to 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 effective tax rate for the three and nine months ended September 30, 2024 was primarily impacted by non-deductible goodwill impairment charges.

The effective tax rate for the nine months ended September 30, 2024 was additionally impacted by costs related to non-deductible stock-based compensation, mainly related to expired stock options.

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 42

Liquidity and Capital Resources

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.

In addition, we acquired ZILRETTA as part of the acquisition of Flexion Therapeutics, Inc.

in November 2021 and iovera° as part of the acquisition of MyoScience, Inc.

in April 2019.

In addition, we acquired GQ Bio in February 2025 to further develop PCRX-201 and establish our HCAd platform.

We are primarily dependent on the commercial success of EXPAREL and ZILRETTA.

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 September 30, 2025, we had an accumulated deficit of $201.0 million, cash and cash equivalents and available-for-sale investments of $246.3 million and working capital of $455.7 million.

We have financed our operations primarily with the proceeds from the sale of convertible senior notes and other debt, common stock and product sales.

As of March 31, 2026, we had an accumulated deficit of $196.4 million, cash and cash equivalents and available-for-sale investments of $202.2 million and working capital of $406.2 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):

Nine Months Ended

September 30,

Three Months Ended

Condensed Consolidated Statements of Cash Flows Data:

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Net (decrease) increase in cash and cash equivalents $ (14,239) $ 6,836

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 52

Operating Activities

During the nine months ended September 30, 2025, net cash provided by operating activities was $108.3 million, compared to $156.3 million during the nine months ended September 30, 2024.

The decrease of $48.0 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 the Company receiving $28.3 million related to a legal judgment by the U.S.

District Court for the District of Nevada in the RDF legal proceeding and improvements in gross margin.

See Note 16, Commitments and Contingencies , to our condensed consolidated financial statements included herein for further discussion.

During the three months ended March 31, 2026, net cash provided by operating activities was $25.7 million, compared to $35.5 million during the three months ended March 31, 2025.

The decrease of $9.8 million was primarily attributable to fewer receipts on our accounts receivable due to the extension of payment terms in 2026 and the recovery of $5.2 million in legal expenses received in 2025.

Investing Activities

During the nine months ended September 30, 2025, net cash provided by investing activities was $80.1 million, which reflected $113.2 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 $15.1 million of capital expenditures for manufacturing product fill lines and the build-out of our new corporate headquarters in Brisbane, California.

During the nine months ended September 30, 2024, net cash used in investing activities was $82.9 million, which reflected $74.4 million of outflows from available-for-sale investment purchases (net of sales), as well as $8.5 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 three months ended March 31, 2026, net cash provided by investing activities was $19.4 million, which reflected $22.5 million of inflows from available-for-sale investment sales, partially offset by $2.7 million of capital expenditures.

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).

Pacira BioSciences, Inc.

| Q1 2026 Quarterly Report on Form 10-Q | 43

Financing Activities

During the nine months ended September 30, 2025, net cash used in financing activities was $318.0 million, which primarily consisted of the $202.5 million repayment of the 2025 Notes;

a $105.3 million repayment and extinguishment of the TLA Term Loan using $96.0 million in proceeds (net of repayments) of the Revolving Credit Facility to repay the remaining indebtedness outstanding;

$100.1 million in purchases of treasury stock under a new $300.0 million share repurchase program authorized by our board of directors in April 2025;

During the three months ended March 31, 2026, net cash used in financing activities was $59.4 million, which primarily consisted of $50.0 million in repurchases of common stock under the $300.0 million share repurchase program authorized by our board of directors in April 2025;

$5.0 million in repayments of the Revolving Credit Facility (as defined herein);

as well as $4.4 million to withhold shares of common stock to cover employee tax withholding obligations on restricted stock unit vests.

There were also $1.6 million of proceeds from the issuance of common stock through our ESPP.

For more information on our share repurchase program, 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.

During the nine months ended September 30, 2024, net cash provided by financing activities was $19.3 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 $8.4 million voluntary prepayments associated with the TLA Term Loan.

There was 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 2025 Notes, Revolving Line of Credit and the repayment and extinguishment of the TLA Term Loan.

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 term loan issued under the TLA Credit Agreement (the “TLA Term Loan”).

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion of the TLA Term Loan, 2025 Notes and the Revolving Credit Facility.

2029 Convertible Senior Notes

In May 2024, we completed a private placement of $287.5 million in aggregate principal amount of our 2.125% convertible senior notes due 2029, or 2029 Notes, and entered into an indenture with respect to the 2029 Notes.

The 2029 Notes accrue interest at a fixed rate of 2.125% per year, payable semiannually in arrears on May 15 th and November 15 th of each year.

The 2029 Notes mature on May 15, 2029.

At March 31, 2026, 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.

Revolving Credit Facility

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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).

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 53

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%.

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

As of September 30, 2025, we were in compliance with all covenants under the Credit Agreement.

Upon entering into the Credit Agreement, we borrowed $101.0 million under the Revolving Credit Facility, of which $96.0 million is outstanding as of September 30, 2025 after we made repayments of $5.0 million during the nine months ended September 30, 2025.

2028 Term Loan A Facility

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.

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.

On July 3, 2025, we 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.

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

The prepayment resulted in a loss on early extinguishment of debt of approximately $1.0 million which was recognized during the three months ended September 30, 2025.

Prior to the TLA Credit Agreement extinguishment, we made voluntary principal prepayments of $6.6 million during the nine months ended September 30, 2025 and $11.3 million during the year ended December 31, 2024.

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

2029 Convertible Senior Notes

The 2029 Notes accrue interest at a fixed rate of 2.125% per year, payable semiannually in arrears on May 15 th and November 15 th of each year.

The 2029 Notes mature on May 15, 2029.

At September 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.

2025 Convertible Senior Notes

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 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.

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

Between February 3, 2025 and 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 the maturity of the 2025 Notes, a nominal gain on extinguishment of debt was recognized due to certain holders having converted their 2025 Notes.

See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion.

As of March 31, 2026, we were in compliance with all covenants under the Credit Agreement.

Upon entering into the Credit Agreement, we borrowed $101.0 million under the Revolving Credit Facility, of which $86.0 million is outstanding as of March 31, 2026 after we made repayments of $5.0 million during the three months ended March 31, 2026.

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 54

| Q1 2026 Quarterly Report on Form 10-Q | 44

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 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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• 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.

Per the terms of the 2029 Notes, we will settle the principal in cash.

For any excess conversion value, holders may receive cash, shares of our common stock or a combination of cash and shares of our common stock, at our option;

• the costs and our ability to successfully continue to expand the commercialization of EXPAREL, ZILRETTA and iovera°;

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• the costs related to legal and regulatory matters, including those to develop and defend our intellectual property;

• the costs of performing additional clinical trials for our products and product candidates, including the additional pediatric trials required by the FDA and EMA as a condition of the approval of EXPAREL and clinical trials for PCRX-201;

• the costs for the development and commercialization of other product candidates;

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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 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.

• 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 shares 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

In the three months ended September 30, 2025, we entered into a non-cancelable contractual commitment of approximately $2.4 million for the remaining three months of 2025 and $5.5 million in 2026.

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.

There have been no material changes in our contractual obligations relating to our indebtedness, lease obligations and purchase obligations from those reported in our 2025 Annual Report.

For more information on our contractual obligations and commercial commitments, see Part II, Item 7 in our 2025 Annual Report .

Pacira BioSciences, Inc.

| Q3 2025 Form 10-Q | 55

| Q1 2026 Quarterly Report on Form 10-Q | 45

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