What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-04 compared with 2026-04-30 · 596 added, 372 removed, 1077 unchanged (47% of the section changed)

9 unchanged sentences

Inventories, net 134,575 152,863

Assets held for sale 67,337 —

Prepaid expenses and other current assets 29,852 32,618

12 unchanged sentences

Lease liabilities 10,298 9,839

Liabilities held for sale 705 —

Total current liabilities 122,011 120,590

9 unchanged sentences

5,000,000 shares authorized;

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

none issued and outstanding at June 30, 2026 and December 31, 2025

Common stock, par value $ 0.001 ;

250,000,000 shares authorized;

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

48,840,889 shares issued and 39,822,298 shares outstanding at June 30, 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 June 30, 2026 and December 31, 2025, respectively

( 227,013 ) ( 176,565 )

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Net product sales $ 190,493 $ 180,347 $ 367,869 $ 347,941

6 unchanged sentences

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

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

Other operating expenses, net 7,594 634 5,317 6,470

Total operating expenses 188,132 172,600 358,606 339,533

4 unchanged sentences

Other, net ( 34 ) ( 10,739 ) ( 169 ) ( 6,338 )

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 $ 2,916 $ 4,812

Net income per common share:

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

Total other expense, net ( 1,712 ) ( 10,426 ) ( 3,616 ) ( 3,710 )

Income (loss) before income taxes 2,555 ( 1,927 ) 7,553 6,779

Income tax benefit (expense) 2,098 ( 2,920 ) 16 ( 6,814 )

Net income (loss) $ 4,653 $ ( 4,847 ) $ 7,569 $ ( 35 )

Net income (loss) per common share:

Basic and diluted net income (loss) per common share $ 0.12 $ ( 0.11 ) $ 0.19 $ ( 0.00 )

Weighted average common shares outstanding:

5 unchanged sentences

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

Three Months Ended

Net income $ 2,916 $ 4,812

June 30, Six Months Ended

2026 2025 2026 2025

Net income (loss) $ 4,653 $ ( 4,847 ) $ 7,569 $ ( 35 )

Other comprehensive income (loss):

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

Net unrealized gain (loss) on investments, net of tax 15 ( 45 ) ( 42 ) ( 131 )

Foreign currency translation adjustments ( 229 ) 2,756 ( 1,044 ) 3,850

Total other comprehensive (loss) income ( 214 ) 2,711 ( 1,086 ) 3,719

Comprehensive income $ 2,044 $ 5,820

Comprehensive income (loss) $ 4,439 $ ( 2,136 ) $ 6,483 $ 3,684

See accompanying notes to condensed consolidated financial statements.

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

4 unchanged sentences

Common Shares Treasury Shares Common Stock Treasury Stock Total

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

Exercise of stock options 28 — — — 457 — — 457

Vested restricted stock units 559 — 1 — ( 1 ) — — —

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 157 ) — — — ( 3,493 ) — — ( 3,493 )

Common stock issued under employee stock purchase plan 83 — — — 1,722 — — 1,722

Stock-based compensation — — — — 14,958 — — 14,958

Other comprehensive loss (Note 10) — — — — — — ( 214 ) ( 214 )

Net income — — — — — 4,653 — 4,653

Balance at June 30, 2026 48,841 ( 9,019 ) $ 49 $ ( 227,013 ) $ 1,087,452 $ ( 191,753 ) $ 3,241 $ 671,976

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

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

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

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

Common stock issued under employee stock purchase plan 101 — — — 1,569 — — 1,569

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

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

Other comprehensive income (Note 10) — — — — — — 2,711 2,711

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

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

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 5

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(In thousands)

Number of Shares Outstanding Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Common Shares Treasury Shares Common Stock Treasury Stock Total

Balance at December 31, 2025 47,891 ( 6,774 ) $ 48 $ ( 176,565 ) $ 1,064,623 $ ( 199,322 ) $ 4,327 $ 693,111

2 unchanged sentences

Common stock withheld for employee withholding tax liabilities on vested restricted stock units ( 367 ) — — — ( 7,848 ) — — ( 7,848 )

Common stock issued under employee stock

purchase plan 83 — — — 1,722 — — 1,722

Stock-based compensation — — — — 28,497 — — 28,497

2 unchanged sentences

Net income — — — — — 7,569 — 7,569

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

Balance at June 30, 2026 48,841 ( 9,019 ) $ 49 $ ( 227,013 ) $ 1,087,452 $ ( 191,753 ) $ 3,241 $ 671,976

Number of Shares Outstanding Additional

6 unchanged sentences

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

Common stock issued under employee stock purchase plan 101 — — — 1,569 — — 1,569

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

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

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

Net 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

Net loss — — — — — ( 35 ) — ( 35 )

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

See accompanying notes to condensed consolidated financial statements.

4 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

Operating activities:

Net income $ 2,916 $ 4,812

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

Net income (loss) $ 7,569 $ ( 35 )

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

Release of valuation allowance on deferred tax assets ( 6,397 ) —

Investment impairment — 11,000

Deferred taxes 5,644 2,149

1 unchanged sentence

Amortization of debt issuance costs and debt discount 1,154 1,739

Amortization of cloud computing arrangements 663 186

Stock-based compensation 28,497 30,025

15 unchanged sentences

Sales of available-for-sale investments 39,500 140,416

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

Purchase of convertible notes receivable investment — ( 1,250 )

Net cash provided by investing activities 31,200 36,534

Financing activities:

Proceeds from exercises of stock options 459 —

Proceeds from shares issued under employee stock purchase plan 1,722 1,569

Payment of employee withholding taxes on restricted stock unit vests ( 7,848 ) ( 5,466 )

Purchase of treasury stock, inclusive of broker fees ( 50,045 ) ( 50,039 )

Excise taxes paid on treasury stock repurchases ( 1,336 ) —

Repayment of Term loan A facility — ( 6,563 )

2 unchanged sentences

Effect of exchange rate changes on cash and cash equivalents 38 204

Net (decrease) increase in cash and cash equivalents ( 14,239 ) 6,836

Net increase in cash and cash equivalents 47,330 23,710

Cash and cash equivalents, beginning of period 158,545 276,774

Cash and cash equivalents, end of period $ 205,875 $ 300,484

See accompanying notes to condensed consolidated financial statements.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 7

PACIRA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In thousands)

Six Months Ended

Supplemental cash flow information:

3 unchanged sentences

Fixed assets included in accounts payable and accrued liabilities $ 1,506 $ 1,431

Excise tax on share repurchases included in accrued liabilities $ 403 $ —

Excise tax on treasury stock repurchases included in accrued liabilities $ 403 $ 354

See accompanying notes to condensed consolidated financial statements.

13 unchanged sentences

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

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

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 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.

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.

In February 2025, the Company acquired the remaining 81 percent equity interest that it did not already own 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.

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 two commercialized 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.

The Company divested iovera ® °, a handheld cryoanalgesia device that delivers immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve, to Zimmer, Inc., or Zimmer, a subsidiary of Zimmer Biomet Holdings, Inc.

on July 31, 2026.

For more information, see Note 3, Assets and Liabilities Held for Sale .

NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 unchanged sentences

Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”).

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 financial statements at June 30, 2026, and for the three and six-month periods ended June 30, 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.

5 unchanged sentences

| Q2 2026 Quarterly Report on Form 10-Q | 9

Assets and Liabilities Held for Sale

Assets and liabilities available for sale and expected to be sold within one year are classified as either assets or liabilities held for sale on the condensed consolidated balance sheets at the lower of their carrying value or fair value less any costs to sell.

Any loss, or gain up until any previously recorded loss, is recognized in the period in which the held for sale criteria are met.

The Company will recognize contingent consideration related to the sale of a business as a gain contingency.

Under this policy, contingent consideration is excluded from the initial measurement of gain or loss upon the divestiture of a business and is recognized in earnings when the contingency is resolved and the consideration becomes realizable.

In June 2026, the Company agreed to divest its cryoanalgesia business—including iovera°—to Zimmer and reclassified certain of its assets and liabilities to assets and liabilities held for sale.

For more information, refer to Note 3, Assets and Liabilities Held for Sale .

Stock-Based Compensation

1 unchanged sentence

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.

The expense is recognized over a 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.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Largest wholesaler 30 % 31 % 31 % 32 %

2 unchanged sentences

Total 76 % 78 % 78 % 79 %

Recent Accounting Pronouncements Not Adopted as of March 31, 2026

Recent Accounting Pronouncements Not Adopted as of June 30, 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 .

11 unchanged sentences

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

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 10

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

10 unchanged sentences

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

Early adoption is permitted at any time prior to the effective date and should be applied either 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— ASSETS AND LIABILITIES HELD FOR SALE

In June 2026, the Company and Pacira CryoTech, Inc.—its wholly-owned subsidiary (the “Subsidiary”)—entered into a Stock and Asset Purchase Agreement (the “Purchase Agreement”) with Zimmer, a subsidiary of Zimmer Biomet Holdings, Inc.

Pursuant to the Purchase Agreement, the Company agreed to divest to Zimmer (i) all of the issued and outstanding capital stock of the Subsidiary and (ii) certain assets and liabilities of the Company and certain of its subsidiaries relating to the Company’s handheld cryoanalgesia devices and related products—including iovera° (the “Transaction”)—for up to $ 140.0 million, including an upfront payment of $ 70.0 million, subject to customary adjustments for cash, accounts receivable, indebtedness, transaction expenses and inventory.

In June 2026, the iovera° assets and liabilities included in the Purchase Agreement were reclassified to assets and liabilities held for sale due to meeting the required held for sale criteria.

As of June 30, 2026, assets held for sale of $ 67.3 million consisted of $ 53.3 million of intangible assets, $ 9.8 million of inventory, $ 3.7 million of accounts receivable and $ 0.5 million of fixed assets, net of depreciation.

As of June 30, 2026, liabilities held for sale of $ 0.7 million consisted of accrued expenses.

The Company determined that the held for sale disposal group was not impaired because its fair value less the cost to sell exceeded its carrying value.

The Purchase Agreement provides for potential contingent consideration of up to an additional $ 70.0 million in the aggregate, payable upon the achievement of the following revenue-based milestones (in each case, excluding any net revenue previously applied towards the achievement of any other milestone threshold) up to and through the period ending December 31, 2031:

• If net revenue from the sale of the current version of iovera° available for sale to end users as of the closing date of the Transaction (the “Business Products”) during any of the five (5) calendar year periods commencing on January 1, 2027 through December 31, 2031 (each an “Applicable Milestone Period”) equals or exceeds $ 50.0 million, the Company will receive $ 18.5 million.

• If net revenue from the sale of the Business Products during any Applicable Milestone Period equals or exceeds $ 60.0 million, the Company will receive $ 23.5 million.

• If net revenue from the sale of the Business Products during any Applicable Milestone Period equals or exceeds $ 70.0 million, the Company will receive $ 28.0 million.

• If net revenue from the sale of the Business Products during any single year equals or exceeds the sum of any two or more milestones, then the highest applicable milestone payment shall be paid with respect to such year.

The Company determined that execution of the Purchase Agreement did not qualify as discontinued operations since it did not have a major effect on the Company’s operations and financial results.

The Transaction closed on July 31, 2026 in which the Company received cash of $ 73.6 million, after customary purchase price adjustments.

The $ 70.0 million of additional contingent milestones will be recognized in the period if and when they are each earned.

As part of the Transaction, there are $ 2.2 million of transaction bonuses payable to certain employees of the Company that were hired by Zimmer at close that the Company will record as an expense in the third quarter of 2026.

The $ 2.2 million of transaction bonuses will be paid by Zimmer.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 11

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.

Upon the close of the Transaction on July 31, 2026, the Company entered into a transitional services arrangement, pursuant to which the Company will provide recordkeeping and other services;

a development and commercialization agreement, pursuant to which both parties intend to continue the label expansion of iovera° in the field of spasticity through United States Food and Drug Administration, or FDA, approval;

and a sublease agreement, all of which are expected to operate through 2028.

NOTE 4— REVENUE

1 unchanged sentence

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.

and consist of EXPAREL, ZILRETTA, 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.

In June 2026, the Company entered into the Purchase Agreement with Zimmer to divest iovera°.

The Transaction closed on July 31, 2026, and as such, the Company will no longer recognize revenue associated with iovera° after this date.

For additional information, see Note 3, Assets and Liabilities Held for Sale .

The Company does not consider revenue from sources other than sales of EXPAREL and ZILRETTA to be material sources of its consolidated revenue.

11 unchanged sentences

The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved.

Chargebacks for fees and discounts represent the estimated obligations resulting from contractual commitments to sell products to Department of Veteran Affairs hospitals, participating GPO members, 340B qualified entities and other contracted customers at prices lower than the list price.

Chargebacks for fees and discounts represent the estimated obligations resulting from contractual commitments to sell products to Department of Veterans Affairs hospitals, participating GPO members, 340B qualified entities and other contracted customers at prices lower than the list price.

The 340B Drug Discount Program is a U.S.

6 unchanged sentences

The adequacy of these provisions is reviewed on a quarterly basis.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 12

Accounts Receivable

4 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.

6 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Net product sales:

1 unchanged sentence

ZILRETTA 32,648 31,334 59,415 54,672

iovera° 6,176 5,123

6,806 5,588 12,982 10,711

Bupivacaine liposome injectable suspension 3,216 508 4,375 3,112

Total net product sales $ 190,493 $ 180,347 $ 367,869 $ 347,941

(1) In June 2026, the Company entered into the Purchase Agreement with Zimmer to divest iovera°.

The Transaction closed on July 31, 2026, after which the Company will no longer recognize revenue associated with iovera°.

For more information, see Note 3, Assets and Liabilities Held for Sale .

NOTE 5— INVENTORIES

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

March 31, December 31,

June 30, December 31,

Raw materials $ 28,160 $ 43,335

2 unchanged sentences

Total $ 134,575 $ 152,863

In June 2026, $ 9.8 million of inventories related to iovera°, comprised of $ 5.6 million of raw materials, $ 1.2 million of work-in-process and $ 3.0 million of finished goods, were reclassified to assets held for sale in conjunction with entering into the Purchase Agreement with Zimmer.

For more information, see Note 3, Assets and Liabilities Held for Sale .

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 13

NOTE 6— FIXED ASSETS

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

March 31, December 31,

June 30, December 31,

Machinery and equipment $ 162,840 $ 163,144

6 unchanged sentences

Fixed assets, net $ 130,277 $ 140,690

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 June 2026, $ 0.5 million of fixed assets related to iovera°, comprised of $ 0.5 million of machinery and equipment, net, along with nominal amounts of computer equipment and software, net, and office furniture and equipment, net, were reclassified to assets held for sale in conjunction with entering into the Purchase Agreement with Zimmer.

Depreciation on these fixed assets ceased being recorded at the time the assets were classified as held for sale.

For more information, see Note 3, Assets and Liabilities Held for Sale .

For the three and six months ended June 30, 2026, depreciation expense was $ 7.0 million and $ 14.0 million, respectively.

For the three and six months ended June 30, 2025, depreciation expense was $ 13.0 million and $ 19.8 million, respectively.

The Company recognized $ 5.5 million of accelerated depreciation expense during the three and six months ended June 30, 2025 as a result of decommissioning its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego, California.

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

As of June 30, 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 $ 38.0 million and $ 41.9 million, respectively.

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.

As of June 30, 2026 and December 31, 2025, the Company had asset retirement obligations of $ 4.1 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 7— LEASES

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.

In April 2025, the Company moved its principal executive offices and corporate headquarters to Brisbane, California and in June 2026, the Company entered into a new lease in Brisbane, California to retain this office through 2036.

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.

1 unchanged sentence

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 an R&D lab and offices in Luckenwalde, Germany.

As part of the GQ Bio Acquisition in February 2025, the Company assumed GQ Bio’s European offices that include a research and development 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.

In June 2026, the Company entered into the Purchase Agreement with Zimmer to divest iovera°.

The Transaction closed on July 31, 2026, upon which the Company also entered into a sublease agreement through 2028.

For more information, see Note 3, Assets and Liabilities Held for Sale .

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 14

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

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Fixed lease costs $ 3,188 $ 3,232 $ 6,323 $ 6,534

3 unchanged sentences

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

Three Months Ended

Six Months Ended

Cash paid for operating lease liabilities, net of lease incentives $ 6,466 $ 6,458

5 unchanged sentences

Weighted average discount rate 6.98 % 6.91 %

Pacira BioSciences, Inc.

| 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

2026 (remaining nine months) $ 9,505

2026 (remaining six months) $ 6,284

Thereafter 8,020

2 unchanged sentences

Total operating lease liabilities $ 48,993

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 15

NOTE 8— GOODWILL AND INTANGIBLE ASSETS

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

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

As of June 30, 2026 and December 31, 2025, the goodwill balance was $ 19.6 million and $ 20.2 million, respectively.

The change in the goodwill balance from December 31, 2025 was due to $ 0.6 million in foreign currency translation adjustments.

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(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.

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

(now a subsidiary of Vectura Group plc, a subsidiary of Molex Asia Holdings Ltd.) in 2007, the acquisition of MyoScience, Inc.

(the “MyoScience Acquisition”) in 2019 and the Flexion Acquisition in 2021.

Accumulated goodwill impairment charges through June 30, 2026 were $ 163.2 million.

Intangible Assets

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

In June 2026, $ 53.2 million, net, of developed technologies and a nominal amount of customer relationships related to iovera° from the MyoScience Acquisition were reclassified to assets held for sale in conjunction with entering into the Purchase Agreement with Zimmer.

Amortization on these intangible assets ceased being recorded at the time the assets were classified as held for sale.

For more information, see Note 3, Assets and Liabilities Held for Sale .

Intangible assets, net, as of June 30, 2026 are summarized as follows (dollar amounts in thousands):

June 30, 2026 Gross Carrying Value Accumulated Amortization Intangible Assets, Net Weighted-Average Useful Lives

Developed technologies $ 480,000 $ ( 228,085 ) $ 251,915 9 years, 9 months

Customer relationships 90 ( 63 ) 27 10 years

Total finite-lived intangible assets, net 590,090 ( 270,596 ) 319,494

Acquired IPR&D (1)

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Total intangible assets, net $ 513,569 $ ( 228,085 ) $ 285,484

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

(1) The change in the gross carrying value compared to December 31, 2025 reflects the impact of foreign currency translation adjustments related to the IPR&D acquired from the GQ Bio Acquisition.

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

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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 March 31, 2026 and 2025.

Amortization expense on intangible assets was $ 14.3 million for both the three months ended June 30, 2026 and 2025.

Amortization expense on intangible assets was $ 28.6 million for both the six months ended June 30, 2026 and 2025.

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 $ 24.7 million for the remaining six months of 2026, $ 49.4 million each year from 2027 to 2030, and $ 29.5 million in 2031 .

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 16

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 9— ACCRUED EXPENSES

Accrued expenses consist of the following (in thousands):

March 31, December 31,

June 30, December 31,

Accrued selling, general and administrative expenses $ 26,080 $ 17,429

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Total $ 93,499 $ 95,601

In June 2026, $ 0.7 million of accrued expenses related to iovera°, comprised of $ 0.5 million of other accrued operating expenses and $ 0.2 million of product returns and wholesaler services, were reclassified to liabilities held for sale in conjunction with entering into the Purchase Agreement with Zimmer.

For more information, see Note 3, Assets and Liabilities Held for Sale .

NOTE 10— DEBT

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

March 31, December 31,

June 30, December 31,

2.125 % Convertible senior notes due May 2029

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

March 31, December 31,

June 30, December 31,

2.125 % convertible senior notes due May 2029

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Total debt, net of deferred financing costs $ 282,124 $ 281,189

As of March 31, 2026, the 2029 Notes had a market price of $967 per $1,000 principal amount.

As of June 30, 2026, the 2029 Notes had a market price of $999 per $1,000 principal amount.

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

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

(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.

| Q2 2026 Quarterly Report on Form 10-Q | 17

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;

(ii) 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;

(iii) upon the occurrence of specified corporate events;

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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.

As of June 30, 2026, the conditions for conversion were not met.

Upon conversion, holders will receive the principal amount of their 2029 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 50 consecutive trading days during the observation period (as more fully described in the 2029 Indenture).

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

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

While the 2029 Notes are currently classified on the Company’s condensed consolidated balance sheet at June 30, 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.

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

As of June 30, 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 %.

Upon entering into the Credit Agreement, the Company borrowed $ 101.0 million under the Revolving Credit Facility, of which $ 81.0 million is outstanding as of June 30, 2026 after the Company made repayments of $ 10.0 million during the six months ended June 30, 2026 and $ 10.0 million during the year ended December 31, 2025.

As of June 30, 2026, borrowings under the Revolving Credit Facility consisted entirely of term SOFR borrowings at an approximate all-in rate of 6.72 %.

2028 Term Loan A Facility

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Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Contractual interest expense $ 3,045 $ 3,823 $ 6,167 $ 7,685

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Capitalized interest (Note 6)

— — — ( 149 )

Total $ 3,622 $ 4,695 $ 7,321 $ 9,275

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

The carrying 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.

The carrying amount of equity investments and convertible notes receivable without readily determinable fair values included in investments and other assets on the consolidated balance sheet are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 20

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

At June 30, 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 $ 81,000 $ — $ 81,000 $ —

(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.

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $ 25.37 per share on June 30, 2026, compared to a conversion price of $ 39.56 per share.

At June 30, 2026, as the conversion price was above the stock price, the requirements for conversion have not been met.

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

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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.

For the equity investments as of June 30, 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):

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7,750 2,500 10,250

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

Balance at March 31, 2026

— No activity for the six months ended June 30, 2026 —

Balance at June 30, 2026

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

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

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

These gains were included in the condensed consolidated statement of cash flows for the six months ended June 30, 2025 within other net gains .

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.

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Acquisition-Related Contingent Consideration

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 has recognized a contingent consideration liability related to the Flexion Acquisition in the amount of $ 17.5 million and $ 18.1 million as of June 30, 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 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 %.

During the three months ended June 30, 2026, the Company recognized contingent consideration charges of $ 1.7 million due to revisions to the latest discount rates.

During the six months ended June 30, 2026, the Company recognized contingent consideration gains of $ 0.6 million due to a reduction in its sales forecast through the milestone expiration date of December 31, 2030, partially offset by revisions to the latest discount rates.

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

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

At June 30, 2026, the weighted average discount rate was 7.8 %.

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

Assumption Ranges Utilized as of

March 31, 2026

June 30, 2026

Discount rates 7.6 % to 8.1 %

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Fair value adjustments and accretion ( 614 )

Balance at March 31, 2026

Balance at June 30, 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.

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.

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 June 30, 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.

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| Q2 2026 Quarterly Report on Form 10-Q | 22

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

March 31, 2026 Investments

The following summarizes the Company’s available-for-sale investments at June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026 Investments

Losses Fair Value

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

At March 31, 2026, there were no investments available for sale that were materially less than their amortized cost.

At June 30, 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 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.

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

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Such amounts may exceed federally-insured limits.

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

As of June 30, 2026, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 32 %, 27 % and 17 %, which excludes the amounts that were reclassified to assets held for sale in conjunction with entering into the Purchase Agreement with Zimmer (for more information, see Note 3, Assets and Liabilities Held for Sale ).

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 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.

As of June 30, 2026, the allowance for credit losses on the Company’s accounts receivable was not material.

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

Pacira BioSciences, Inc.

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Foreign currency translation adjustments — ( 1,044 ) ( 1,044 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 55 $ 3,186 $ 3,241

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Foreign currency translation adjustments — 3,850 3,850

Balance at March 31, 2025

Balance at June 30, 2025

$ 59 $ 4,003 $ 4,062

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

(1) Net of a nominal tax benefit for both the six months ended June 30, 2026 and 2025, respectively.

Share Repurchase Program

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

During the 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.

During the six months ended June 30, 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 June 30, 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 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.

In addition to the Company’s share repurchase plan, during the six months ended June 30, 2026, the Company withheld 366,650 shares of common stock to cover employee tax withholding obligations of $ 7.8 million for vested restricted stock units.

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 program.

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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 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 703,390 shares remained available for issuance as of June 30, 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.

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Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Cost of goods sold $ 1,809 $ 1,682 $ 3,452 $ 3,398

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Equity Awards

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

The following tables contain information about the Company’s stock option, RSU and PSU activity for the six months ended June 30, 2026:

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

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Expired ( 432,996 ) 44.61

Outstanding at March 31, 2026

Outstanding at June 30, 2026

6,123,370 $ 39.79

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Forfeited ( 355,041 ) — 26.00

Unvested at March 31, 2026

Unvested at June 30, 2026

4,845,091 202,112 $ 24.43

The weighted average fair value of stock options granted during the three months ended March 31, 2026 was $ 11.53 per share.

The weighted average fair value of stock options granted during the six months ended June 30, 2026 was $ 12.58 per share.

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

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

Black-Scholes Weighted Average Assumptions Six Months Ended June 30, 2026

Expected dividend yield None

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Employee Stock Purchase Plan

The Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31.

In June 2026, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP.

The ESPP was amended to increase the number of shares of common stock that may be sold under the ESPP by an additional 800,000 shares, bringing the total amount of shares reserved for issuance under the ESPP to 1,800,000 , of which 869,062 shares remained available for issuance as of June 30, 2026, and extended the term of the ESPP such that it will now expire on June 9, 2036.

The ESPP features two six-month offering periods per year, running from January 1 st to June 30 th and July 1 st to December 31 st .

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

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

During the six months ended June 30, 2026, 82,837 shares were purchased and issued through the ESPP.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 26

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.

NOTE 14— NET INCOME (LOSS) PER COMMON SHARE

Basic 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 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 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 (loss) 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 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):

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 six mon ths ended June 30, 2026 and 2025 (in thousands, except per common share amounts):

Three Months Ended

Net income $ 2,916 $ 4,812

June 30, Six Months Ended

2026 2025 2026 2025

Net income (loss) $ 4,653 $ ( 4,847 ) $ 7,569 $ ( 35 )

Weighted average common shares outstanding—basic 39,462 45,459 39,961 45,867

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Dilutive effect of RSUs 808 — 623 —

Dilutive effect of ESPP share options — 4

Weighted average common shares outstanding—diluted 40,300 45,459 40,605 45,867

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):

Net income (loss) per common share:

Basic and diluted net income (loss) per common share $ 0.12 $ ( 0.11 ) $ 0.19 $ ( 0.00 )

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):

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Weighted average number of stock options 5,956 6,858 6,029 6,921

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NOTE 15— INCOME TAXES

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

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

Three Months Ended

Income before income taxes:

June 30, Six Months Ended

2026 2025 2026 2025

Income (loss) before income taxes:

Domestic $ 5,946 $ ( 4,214 ) $ 10,113 $ 6,459

Foreign ( 3,391 ) 2,287 ( 2,560 ) 320

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

Income tax expense $ 2,082 $ 3,894

Total income (loss) before income taxes $ 2,555 $ ( 1,927 ) $ 7,553 $ 6,779

Income tax benefit (expense) $ 2,098 $ ( 2,920 ) $ 16 $ ( 6,814 )

Effective tax rate ( 82 ) % ( 152 ) % — % 101 %

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 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.

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 Company’s effective tax rate for the three and six months ended June 30, 2026 was primarily impacted by the reversal of its U.K.

operating subsidiary’s valuation allowance, partially offset by costs related to non-deductible stock-based compensation and non-deductible executive compensation.

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

valuation allowance.

During the second quarter of 2026, the Company recorded a discrete benefit of $ 6.4 million resulting from a change in judgment regarding future-year realizability of deferred tax assets in its U.K.

operations, primarily related to fixed asset temporary differences.

The reduction reflects management’s conclusion, based on all available positive and negative evidence, that realization of the U.K.

deferred tax assets is more likely than not.

As a result, the discrete benefit significantly reduced the Company’s effective tax rate for the three and six months ending June 30, 2026.

In June 2026, the Company entered into the Purchase Agreement with Zimmer to divest the Company’s iovera° business.

The Transaction closed on July 31, 2026.

The parties agreed to treat the transaction as a deemed asset sale for U.S.

federal income tax purposes through an election under Section 338(h)(10) of the Internal Revenue Code.

As the Transaction closed subsequent to June 30, 2026, the income tax effects of the transaction, including changes in the valuation allowance for capital-loss carryforwards, were not recognized in the income tax provisions for the three and six months ending June 30, 2026.

For more information on the divestiture of iovera°, see Note 3, Assets and Liabilities Held for Sale .

As of both June 30, 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 June 30, 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 June 30, 2026 and December 31, 2025, the Company had income taxes receivable and prepaid income taxes of $ 8.4 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”).

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| Q2 2026 Quarterly Report on Form 10-Q | 28

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):

NOTE 16— OTHER OPERATING EXPENSES, NET

Other operating expenses, net for the six months ended June 30, 2026 and 2025 are summarized below (in thousands):

Three Months Ended

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

June 30, Six Months Ended

2026 2025 2026 2025

Divestiture-related expenses $ 5,931 $ — $ 5,931 $ —

Contingent consideration charges (gains) 1,663 ( 357 ) ( 614 ) ( 3,032 )

Acquisition-related expenses — 991 — 2,502

Legal settlement — — — 7,000

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

Total other operating expenses, net $ 7,594 $ 634 $ 5,317 $ 6,470

Divestiture-Related Expenses

The Company recognized divestiture-related expenses of $ 5.9 million during the three and six months ended June 30, 2026, primarily related to third-party services and legal fees associated with divesting iovera° to Zimmer.

For more information, see Note 3, Assets and Liabilities Held for Sale .

Flexion Acquisition Contingent Consideration

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.

The Company recognized contingent consideration charges of $ 1.7 million and gains of $ 0.6 million during the three and six months ended June 30, 2026, respectively.

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

See Note 11, 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.

Acquisition-Related Expenses

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.

The Company recognized acquisition-related expenses of $ 1.0 million and $ 2.5 million during the three and six months ended June 30, 2025, respectively, 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 three months ended March 31, 2025 related to the patent infringement suits against the eVenus ANDA Filers (as defined below).

The Company recognized $ 7.0 million of costs during the six months ended June 30, 2025 related to the patent infringement suits against the eVenus ANDA Filers (as defined below).

For more information, see Note 17, Commitments and Contingencies.

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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 trial was conducted in September 2023.

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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

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| 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.

The $ 5.2 million payment received was accounted for as a recovery of losses and recorded against selling, general and administrative expense in the six months ended June 30, 2025 within the condensed consolidated statement of operations, consistent 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 United States Food and Drug Administration, or FDA, an Abbreviated New Drug Application, or ANDA, with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic bupivacaine liposome injectable suspension in the U.S.

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

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

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

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

This legal settlement cost was recorded within other operating expenses, net in the six months ended June 30, 2025 in the Company’s condensed consolidated statement of operations.

The WhiteOak Group and Qilu Pharmaceutical Litigations

In October 2025, the Company 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 ANDA to the FDA seeking authorization from the FDA to manufacture, use or sell a generic version of EXPAREL in the U.S.

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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.

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

On January 23, 2026 and February 5, 2026, Qilu and WhiteOak, respectively, each answered the complaint and asserted affirmative

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defenses and counterclaims asserting, inter alia, invalidity, unenforceability and non-infringement.

On June 24, 2026, WhiteOak amended their answer to assert counterclaims for inequitable conduct.

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

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

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

The Company filed a motion to dismiss the complaint, and in February 2026, the suit was dismissed with prejudice.

An appeal was filed in March 2026 which was voluntarily dismissed with prejudice in May 2026.

Shareholder Derivative Action

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

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

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

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

The suit was voluntarily dismissed without prejudice in May 2026.

Research Development Foundation

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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 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 July 2025, the Company received a $ 28.3 million cash payment for which $ 23.1 million was recorded within other operating 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.

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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.

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

The Company will manufacture EXPAREL and LG Chem will be responsible for securing regulatory approvals in the licensed territories.

LG Chem has filed for marketing authorization in South Korea and plans to do so in Thailand in the second half of 2026.

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| Q2 2026 Quarterly Report on Form 10-Q | 31

Johnson & Johnson MedTech

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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

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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 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 has received notification from both the FDA and EMA that its pediatric studies requirement had been waived for the indications of brachial plexus interscalene nerve block, lower extremity nerve block, sciatic nerve block in the popliteal fossa and adductor canal block indications to produce postsurgical regional analgesia in pediatric patients.

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

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

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.

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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.

Also in 2017, in an agreement between The Baylor College of Medicine, or BCM, and GQ Bio, the Company (through the

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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.

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NOTE 18— SEGMENT INFORMATION

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Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Revenues $ 192,399 $ 181,099 $ 369,775 $ 350,022

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

Divestiture and acquisition-related expenses (2)

6,516 2,098 7,396 3,960

Changes in the fair value of contingent consideration 1,663 ( 357 ) ( 614 ) ( 3,032 )

Legal settlement — — — 7,000

Decommissioning of manufacturing suite — 6,521 — 6,521

Total operating expenses 188,132 172,600 358,606 339,533

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 $ 2,916 $ 4,812

Total other expense, net ( 1,712 ) ( 10,426 ) ( 3,616 ) ( 3,710 )

Income (loss) before income taxes 2,555 ( 1,927 ) 7,553 6,779

Income tax benefit (expense) 2,098 ( 2,920 ) 16 ( 6,814 )

Net income (loss) $ 4,653 $ ( 4,847 ) $ 7,569 $ ( 35 )

(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.

(2) During the three and six months ended June 30, 2026, the Company recognized $ 5.9 million of divestiture-related expenses, primarily related to third-party services and legal fees, which were recorded to other operating expenses, net in the condensed consolidated statement of operations.

In February 2025, the Company acquired the remaining 81 % of GQ Bio that it did not already own.

During the three and six months ended June 30, 2025, the Company incurred acquisition-related expenses of $ 1.0 million and $ 2.5 million, respectively, mainly related to third-party services and legal fees associated with the acquisition of GQ Bio, which were recorded to other operating expenses, net in the condensed consolidated statement of operations.

As part of the purchase agreement, $ 7.8 million of expense will be recognized and paid over three years pursuant to a key employee holdback agreement in increments of 50 %, 30 % and 20 %, respectively.

This resulted in $ 0.6 million and $ 1.5 million recognized within research and development in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively, and $ 1.1 million and $ 1.5 million for the three and six months ended June 30, 2025, respectively.

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.

As of June 30, 2026 and December 31, 2025, the Company’s long-lived assets were primarily located in the U.S.

( 81 % and 83 %, respectively), and, to a lesser extent, Germany ( 10 % and 9 %) and the U.K.

( 9 % and 8 %).

For information on the Company’s fixed assets, refer to Note 6, Fixed Assets .

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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:

the ability to realize the anticipated benefits of the divestiture of iovera ® °;

the ability of Zimmer, Inc., or Zimmer (a subsidiary of Zimmer Biomet Holdings, Inc.), to unlock the full potential of iovera°;

'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.

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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;

risks associated with divestitures;

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

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

the rate and degree of market acceptance of EXPAREL, ZILRETTA and iovera°;

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, but not limited to, PCRX-201 (enekinragene inzadenovec) and PCRX-2002;

the commercial success of EXPAREL, ZILRETTA and iovera°;

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

the rate and degree of market acceptance of EXPAREL and ZILRETTA;

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

our plans to expand the use of EXPAREL and ZILRETTA to additional indications and opportunities, and the timing and success of any related clinical trials for EXPAREL, ZILRETTA, and any of our other product candidates, including, but not limited to, PCRX-201 (enekinragene inzadenovec) and PCRX-2002;

the commercial success of EXPAREL and ZILRETTA;

the related timing and success of U.S.

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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, 2025 (the “2025 Annual Report”) 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”);

Item 1A in this Quarterly Report on Form 10-Q;

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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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 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.

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

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

We are also advancing two Phase 2 clinical programs—PCRX-201 (enekinragene inzadenovec), a novel, locally administered gene therapy for the treatment of 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 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.

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;

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

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

expand and enhance our commercial manufacturing efficiencies;

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and support legal matters.

In July 2026, we completed the divestiture of iovera°, a handheld cryoanalgesia device that delivers immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve, to Zimmer, Inc., a subsidiary of Zimmer Biomet Holdings, Inc.

For more information, see Note 3, Assets and Liabilities Held for Sale , to our condensed consolidated financial statements included herein.

Global Economic Conditions, Inflation and Tariffs

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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.

In particular, EXPAREL and ZILRETTA are manufactured into finished dosage 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 the European Union, or E.U., or Switzerland.

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

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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.

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

and a 10% tariff on products imported from the U.K.

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

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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.

As a result, we expect tariffs will impact our products and/or their ingredients imported into the U.S.

However, tariff rates can change quickly and unexpectedly.

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

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| Q2 2026 Quarterly Report on Form 10-Q | 35

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.

and development activities.

The previous imposition of tariffs and 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.

We currently expect that tariffs will have a negative impact on gross margins.

We are currently evaluating the magnitude of this impact but are unable to quantify the expected impact with specificity at this time due to the rapidly changing political policy environment.

There has been significant volatility in U.S.

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Recent Highlights

• 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 June 2026, we entered into a Stock and Asset Purchase Agreement with Zimmer to divest iovera° for up to $140.0 million, including an upfront payment of $70.0 million and potential contingent consideration of up to an additional $70.0 million in the aggregate, payable upon the achievement of revenue-based milestones up to and through the period ending December 31, 2031 (the “Transaction”).

The Transaction closed on July 31, 2026, in which we received cash of $73.6 million, after customary purchase price adjustments.

Going forward, we will collaborate with Zimmer on advancing the iovera° spasticity program with an opportunity for us to receive incremental compensation assuming successful completion of a registrational study and subsequent regulatory approval.

We also entered into a customary transition services agreement with Zimmer in connection with the closing.

We believe this transaction advances our transition into an innovative biopharmaceutical company and aligns with our 5x30 strategy and that Zimmer’s global scale, established expertise commercializing medical devices and commitment to significantly expanding access can unlock the full potential of iovera° to benefit more patients and providers globally.

For more information, see Note 3, Assets and Liabilities Held for Sale , to our condensed consolidated financial statements included herein.

• In June 2026, Thomas Wiggans was elected by stockholders to our board of directors.

Wiggans brings with him more than 40 years of leadership experience across commercial operations, corporate strategy and executive management within the global life sciences industry, as well as significant experience leading biopharmaceutical companies through successful acquisitions.

Wiggans has served as chief executive officer of four biopharmaceutical companies with successful exits through acquisition or strategic transactions, and most notably co-founded Dermira, Inc.

in 2010 and was its chief executive officer and chairman until its acquisition by Eli Lilly in 2020.

Wiggans was concurrently appointed to the People and Compensation Committee and Nominating, Governance and Sustainability Committee of our board of directors.

• In July 2026, we announced that UnitedHealthcare—the largest health insurer in the U.S.

with approximately 40 million covered lives—now provides separate reimbursement for EXPAREL across outpatient settings, including hospital outpatient departments and ambulatory surgery centers.

This update enables EXPAREL to be reimbursed outside of the surgical bundle for eligible UnitedHealthcare members, representing an additional step in expanding access to non-opioid postsurgical pain management options.

With this addition, UnitedHealthcare joins a growing list of national payers, including Aetna, Cigna, TRICARE and Humana, as well as numerous regional plans that provide separate reimbursement for EXPAREL.

In total, approximately 150 million covered lives in the U.S.

now have access to separate reimbursement for EXPAREL, representing roughly half of all medically insured lives nationwide.

This ensures patients have greater access to safe, effective pain management options during and after surgery without the burden of financial barriers.

• In July 2026, we announced that we have successfully transitioned PCRX-201 (enekinragene inzadenovec), our investigational locally administered gene therapy for OA of the knee, to a U.S.-based scalable commercial manufacturing process intended to support future registrational development and commercialization.

With drug product from the new manufacturing process now available, we are currently screening subjects for Part B of our Phase 2 ASCEND study.

Enrollment in Part A of ASCEND concluded in June 2026, with topline data expected by the end of this year.

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| Q2 2026 Quarterly Report on Form 10-Q | 36

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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| Q1 2026 Quarterly Report on Form 10-Q | 32

• 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;

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

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

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

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

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

iovera° Clinical Benefits

There is a growing body of clinical data demonstrating success with iovera° treatment for a wide range of chronic pain conditions.

Some of our strongest data relates directly to the improvement of OA pain of the knee.

In a pivotal trial evaluating iovera° for knee OA pain, the majority of the patients suffering from OA pain of the knee experienced pain relief up to 150 days after being treated with iovera°.

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

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

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).

• Patients who were administered iovera° were far less likely to take opioids six weeks after surgery.

The number of patients taking opioids six weeks after total knee arthroplasty, or TKA, in the control group was three times the number of patients taking opioids in the cryoanalgesia group (14 percent vs.

44 percent, p<0.01).

• Patients in the iovera° group demonstrated a statistically significant reduction in pain scores from their baseline pain scores at 72 hours (p<0.05) and at 12 weeks (p<0.05).

We believe these data validate iovera° as a clinically meaningful non-opioid alternative for patients with knee OA as well as those undergoing TKA, and that iovera° offers the opportunity to provide patients with non-opioid pain control well in advance of any necessary surgical intervention through a number of key product attributes:

• iovera° is safe and effective with immediate pain relief that can last for months as the nerve regenerates over time;

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

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

• iovera° is a convenient handheld device with a single-use procedure-specific Smart Tip;

• iovera° can be delivered precisely using imaging guidance or an anatomical landmark.

A study published in 2021 that included 267 patients undergoing TKA (169 who underwent cryoneurolysis with iovera° compared to 98 patients who did not receive iovera° treatment) showed that patients who were treated with iovera° had 51% lower daily morphine milligram equivalents during their hospital stay and a 22% lower mean pain score versus those who were not.

In addition, the iovera° group had greater function at discharge, a shorter length of hospital stay and received significantly fewer opioids, including discharge prescriptions at week 2 and week 6 after surgery.

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

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

Millions of Americans suffer from chronic low back pain.

It often leads to poor quality of life, disability, lost wages, and persistent prescription opioid use.

The first phase of the launch is underway with an initial focus on spine key opinion leaders to gather insights and feedback before expanding to a broader targeted audience.

A pilot randomized control trial evaluating iovera° versus radiofrequency ablation for the treatment of lower back pain showed that iovera° had significantly greater improvements in pain and disability and required fewer injections over a year.

Beyond treatment for pain, observational data has been presented at multiple congresses showing effectiveness of iovera° for the treatment of upper limb spasticity over 90 days by targeting motor nerves.

We are advancing a registration trial to evaluate the efficacy and safety of iovera° for treating spasticity.

Innovations in Genicular Outcomes Registry (IGOR)

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

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

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

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

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

In addition, the IGOR registry is tracking outcomes for OA and TKA related to our product candidates PCRX-201 and PCRX-2002.

The Osteoarthritis Market

OA is the most common form of arthritis.

It is also called degenerative joint disease and occurs most frequently in the hands, hips and knees.

It is also called degenerative joint disease and occurs most frequently in the knees, hips, hands and spine.

With OA, the cartilage within a joint begins to break down and the underlying bone begins to change.

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

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| Q1 2026 Quarterly Report on Form 10-Q | 34

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.

Clinicians have the flexibility to individualize OA knee pain treatment with ZILRETTA based on patient factors and preference, physician training, site of care and reimbursement considerations.

The Unmet Need in Osteoarthritis of the Knee

OA knee pain has a significant impact on patients’ health and quality of life.

Patients report being unable to engage in basic everyday tasks, such as climbing stairs, getting in and out of a car or participating in social activities.

The pain associated with OA of the knee can impact individuals’ ability to sleep, work and exercise, resulting in serious impacts on overall patient health and quality of life.

The patient journey for OA knee pain often spans decades, and requires ongoing management across multiple stages of disease progression.

Current treatments target symptoms through lifestyle modifications, physical therapy and pharmacological treatments, such as over-the-counter or prescription nonsteroidal anti-inflammatory drugs (NSAIDS) and intraarticular corticosteroids or HA.

Ultimately, late-stage disease often leads to surgical intervention, such as TKA.

The lack of available safe and novel disease modifying treatments for OA of the knee highlights the high unmet need.

population ages, the number of OA patients is increasing, and trends in recent years towards younger onset of disease mean that in the absence of a disease modifying therapy for OA, more patients will likely progress to disability and TKA.

This would become an increasing burden not only for these patients, but for the healthcare system as well.

On the basis of the high prevalence of OA, its associated morbidity and excess mortality and the lack of therapies that can reverse, slow or stop the degenerative processes of OA, in 2018 the FDA recognized OA as a serious disease with significant unmet medical need.

ZILRETTA has demonstrated significant, durable relief of OA knee pain out to three months and, as such, is addressing an important unmet need among patients, physicians and healthcare payers.

In addition, we are advancing a Phase 2 clinical study of our lead clinical asset, PCRX-201 (enekinragene inzadenovec), in moderate to severe knee OA as discussed below.

The HCAd Vector Platform

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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.

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

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

Clinical Development Programs

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PCRX-201 was well tolerated, with efficacy observed through at least 52 weeks at all doses and cohorts.

The highest level of efficacy was achieved in the co-administered steroid group, which showed a greater percentage of patients with at least a 50% improvement in Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) pain and stiffness scores, as well as a meaningful improvement in Knee Injury and Osteoarthritis Outcomes Score (KOOS) functional assessment.

In all 3 doses, over 70% of patients saw a 50% or greater improvement in pain compared to baseline at week 16 and 78.

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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.

We are currently screening subjects for Part B of the Phase 2 ASCEND study.

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 expect to report topline results from Part A of the ASCEND study before the end of 2026.

We expect to report topline twelve-month data 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

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

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

We also recently received an important validation of our PCRX-201 program with the acceptance of a Phase 1 manuscript for publication.

The publication will appear in the Annals of the Rheumatic Diseases , a world-leading peer-reviewed rheumatology journal.

The paper highlights the encouraging results from the 72-patient Phase 1 study supporting further development of PCRX-201.

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Other HCAd Product Candidates

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These include Investigational New Drug (IND) enabling studies of PCRX-1002 for Dry Eye Disease and PCRX-1003 for Degenerative Disc Disease.

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 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.

We are also advancing a preclinical program for PCRX-1001 in canine OA, recently completed a pilot safety study and our pilot efficacy study is now initiating.

We believe this indication offers significant out-licensing potential.

In November 2025, we announced an exclusive worldwide license agreement with AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, for the development and commercialization of PCRX-2002 (previously known by AmacaThera as AMT-143).

PCRX-2002 is a long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain.

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

PCRX-2002 is administered via instillation at the time of the surgery and utilizes 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, PCRX-2002 demonstrated sustained release of ropivacaine through 14 days.

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

We expect to initiate a Phase 2 program in bunionectomy later this year in Canada.

Pacira BioSciences, Inc.

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Our current product portfolio and internal product candidate pipeline, along with anticipated milestones over the next 12 to 18 months, are summarized in the table below

Global Expansion

In January 2026, we 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.

We will receive a contractually stated price and tiered royalties on future commercial sales by LG Chem in its licensed territories.

We will manufacture EXPAREL and LG Chem will be responsible for securing regulatory approvals in the licensed territories.

LG Chem has filed for marketing authorization in South Korea and plans to do so in Thailand in the second half of 2026.

We currently expect that revenue under this partnership will begin in 2027 and extend into the mid-2040s.

Pacira BioSciences, Inc.

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Results of Operations

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

Comparison of the Three and Six Months Ended June 30, 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.

and consist of EXPAREL, ZILRETTA 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.

In June 2026, we entered into a Stock and Asset Purchase Agreement with Zimmer to divest iovera°.

Net product sales of iovera° will be recognized through the completion of the Transaction on July 31, 2026, after which we will no longer recognize revenue associated with iovera°.

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

Three Months Ended

March 31, % Increase / (Decrease)

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Net product sales:

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Total revenues $ 192,399 $ 181,099 6% $ 369,775 $ 350,022 6%

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

EXPAREL revenue increased 3% and 4% in the three and six months ended June 30, 2026 versus 2025, respectively.

Components of the increase included a 4% and 6% increase in gross vial volume in the three and six months ended June 30, 2026 versus 2025, respectively, partially offset by a shift in product mix, and a less than 1% lower net selling price in both periods, as group purchasing organization contracting discounts more than offset a price increase.

ZILRETTA revenue increased 4% and 9% in the three and six months ended June 30, 2026 versus 2025, respectively, due to respective 2% and 6% increases in kit volume and 2% and 3% increases in net selling price primarily due to price increases, partially offset by higher customer discounting.

Net product sales of iovera° increased 22% and 21% in the three and six months ended June 30, 2026 versus 2025, respectively, driven by increases in Smart Tip volume of 19% and 23%, partially offset by decreases in Smart Tip net selling price of 2% and 3%.

In June 2026, we entered into a Stock and Asset Purchase Agreement with Zimmer to divest iovera° for up to $140.0 million, including an upfront payment of $70.0 million.

In July 2026, we received an upfront payment of $73.6 million from the closing of the Transaction that divested iovera° to Zimmer, consisting of an upfront payment of $70.0 million and $3.6 million of adjustments for cash, accounts receivable, indebtedness, transaction expenses and inventory.

The Transaction closed on July 31, 2026, after which we will no longer recognize revenue associated with iovera°.

For more information, see Note 3, Assets and Liabilities Held for Sale , to our condensed consolidated financial statements included herein.

Bupivacaine liposome injectable suspension revenue increased by more than 100% and 41% in the three and six months ended June 30, 2026 versus 2025, respectively, due to supply price increases and the timing of orders placed by our commercial partner for veterinary use.

The related royalties also increased by more than 100% and decreased 8% in the three and six months ended June 30, 2026 versus 2025, 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 six months ended June 30, 2026 and 2025 (in thousands):

June 30, 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 (1,524) (7,441) (13,075) (97,778) (1,329) (121,147)

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 June 30, 2026 $ 2,165 $ 1,740 $ 6,171 $ 7,643 $ 2,114 $ 19,833

June 30, 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 (267) (6,838) (11,320) (76,113) (1,815) (96,353)

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

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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.

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

Total reductions of gross product sales from sales-related allowances and accruals were $124.1 million and $96.7 million, or 25.2% and 21.7% of gross product sales, for the six months ended June 30, 2026 and 2025, respectively.

The overall 3.5% 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 and increased product returns due to weather-related disruptions in the first quarter of 2026.

Cost of Goods Sold

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Three Months Ended

March 31, % Increase / (Decrease)

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

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Cost of goods sold (exclusive of amortization of acquired intangible assets) $ 44,164 $ 40,866 8% $ 80,577 $ 75,172 7%

Gross margin 77 % 77 % 78 % 79 %

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.

Gross margin was flat and decreased one percentage point in the three and six months ended June 30, 2026 versus 2025, respectively, 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.

This was substantially offset by fewer inventory reserves and less downtime in the current year.

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 PCRX-2002 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.

Product development and manufacturing capacity expansion expenses include development costs for our products, which include personnel, research equipment, materials and contractor costs for process development and product candidates, development costs related to significant scale-ups of our manufacturing capacity and facility costs for our research space.

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.

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

Product development expenses include development costs for our products, which include personnel, research equipment, materials and contractor costs for process development and product candidates, and facility costs for our research space.

Regulatory and other expenses include regulatory activities related to unapproved products and indications, medical information and scientific communication expenses, expenses related

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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 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.

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 product development.

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

Three Months Ended

March 31, % Increase / (Decrease)

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Clinical and preclinical development $ 10,794 $ 14,119 (24)% $ 23,664 $ 26,726 (11)%

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

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

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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.

Total R&D expense increased 7% and 8% in the three and six months ended June 30, 2026 versus 2025, respectively.

Clinical and preclinical development expense decreased 24% and 11% in the three and six months ended June 30, 2026 versus 2025, respectively, primarily due to the completion of patient enrollment in Part A of our PCRX-201 Phase 2 ASCEND trial for knee OA, the ZILRETTA Shoulder OA trial, the iovera° Spasticity trial, as well as completion of an EXPAREL Phase 1 trial for intrathecal administration.

Additional reductions were driven by fewer Investigator Initiated Trial (IIT) milestones achieved.

In the three months ended June 30, 2026 versus 2025, these decreases were partially offset by start-up expenses related to the PCRX-2002 Phase 2 bunionectomy trial.

For the six months ended June 30, 2026 versus 2025, these decreases were also partially offset by ongoing enrollment in cohort 2 of our EXPAREL pediatric trial.

Product development expense increased 48% and 36% in the three and six months ended June 30, 2026 versus 2025, respectively, due to continued investment in our HCAd platform, primarily for the PCRX-201 program.

In addition, we recorded $0.6 million and $1.5 million in the three and six months ended June 30, 2026, respectively, related to a key employee holdback from the GQ Bio Acquisition.

Regulatory and other expense increased 31% and 28% in the three and six months ended June 30, 2026 versus 2025, respectively, due to increased headcount within the function, as well as additional subjects enrolled in the IGOR registry study.

Stock-based compensation expense increased 8% in the three months ended June 30, 2026 versus 2025 primarily due to the acceleration of stock-based compensation awards related to a terminated employee.

Stock-based compensation decreased 5% in the six months ended June 30, 2026 versus 2025 primarily due to the forfeiture of equity awards in the current periods.

Selling, General and Administrative Expenses

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

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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

March 31, % Increase / (Decrease)

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Sales and marketing $ 52,117 $ 50,964 2% $ 110,283 $ 106,535 4%

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% of total revenues 48 % 49 % 50 % 50 %

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.

| 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.

Total selling, general and administrative expense increased 4% and 6% in the three and six months ended June 30, 2026 versus 2025, respectively.

Sales and marketing expense increased 2% and 4% in the three and six months ended June 30, 2026 versus 2025, respectively.

The increase in the six months ended June 30, 2026 was driven by expanding our market access and reimbursement teams to strengthen our key commercial capabilities and execute on commercial payer separate reimbursement for EXPAREL.

General and administrative expense increased 11% and 17% in the three and six months ended June 30, 2026 versus 2025, respectively, primarily driven by a 2025 recovery of $5.2 million in legal expenses related to litigation pertaining to the acquisition of MyoScience, Inc., third party investor relations advisory services, as well as increased headcount in our business development, procurement and legal departments.

The three months ended June 30, 2026 included additional costs 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 typically have incurred in the absence of a contested election.

Stock-based compensation expense decreased 7% and 6% for the three and six months ended June 30, 2026 versus 2025, respectively, primarily due to the prior year equity compensation related to our former Chief Executive Officer whose post-employment consulting services ceased in August 2025.

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

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For more information, see Note 17, 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

March 31, % Increase / (Decrease)

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Amortization of acquired intangible assets $ 14,322 $ 14,322 —% $ 28,644 $ 28,644 —%

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.

(in 2019), we acquired intangible assets consisting of developed technology intangible assets and customer relationships.

In June 2026, $53.2 million, net, of developed technologies and a nominal amount of customer relationships related to iovera° from the acquisition of MyoScience, Inc.

were reclassified to assets held for sale in conjunction with entering into the Purchase Agreement with Zimmer.

Amortization on these intangible assets ceased being recorded at the time the assets were classified as held for sale.

As such, the amount of amortization of acquired intangible assets will decrease during the second half of 2026,

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| Q2 2026 Quarterly Report on Form 10-Q | 45

assuming no changes in the gross carrying value of our remaining intangible assets.

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

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):

Other Operating Expenses (Gains), Net

The following table provides a summary of the costs related to the other operating expenses, net during the periods indicated, including percent changes (dollar amounts in thousands):

Three Months Ended

March 31, % Increase / (Decrease)

Contingent consideration gains $ (2,277) $ (2,675) (15)%

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Divestiture-related expenses $ 5,931 $ — N/A $ 5,931 $ — N/A

Contingent consideration charges (gains) 1,663 (357) N/A (614) (3,032) (80)%

Acquisition-related expenses — 991 (100)% — 2,502 (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.

Legal settlement — — N/A — 7,000 (100)%

Total other operating expenses, net $ 7,594 $ 634 100+% $ 5,317 $ 6,470 (18)%

Total other operating expenses, net significantly increased in the three months ended June 30, 2026 versus 2025.

Total other operating expenses, net decreased 18% in the six months ended June 30, 2026 versus 2025.

During the three and six months ended June 30, 2026, we recognized divestiture-related expenses of $5.9 million, primarily related to third-party services and legal fees associated with divesting iovera°.

For more information, see Note 3, Assets and Liabilities Held for Sale, to our condensed consolidated financial statements included herein.

During the three months ended June 30, 2026, we recognized contingent consideration charges of $1.7 million due to revisions to the latest discount rates.

During the six months ended June 30, 2026, we recognized contingent consideration gains of $0.6 million due to a reduction in our sales forecast through the milestone expiration date of December 31, 2030, partially offset by revisions to the latest discount rates.

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

During the three and six months ended June 30, 2025, we recognized acquisition-related expenses of $1.0 million and $2.5 million, respectively, primarily related to third-party services and legal fees associated with the GQ Bio Acquisition.

During the six months ended June 30, 2025, we recognized legal settlement costs of $7.0 million related to the settlement of 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.

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| 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):

For more information on these events, see Note 11, Financial Instruments, Note 16, Other Operating Expenses (Gains), Net and Note 17, Commitments and Contingencies, to our condensed consolidated financial statements included herein.

Other Expense, Net

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

Three Months Ended

March 31, % Increase / (Decrease)

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Interest income $ 1,944 $ 5,008 (61)% $ 3,874 $ 11,903 (67)%

Interest expense (3,622) (4,695) (23)% (7,321) (9,275) (21)%

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.

Other, net (34) (10,739) (100)% (169) (6,338) (97)%

Total other expense, net $ (1,712) $ (10,426) (84)% $ (3,616) $ (3,710) (3)%

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| Q2 2026 Quarterly Report on Form 10-Q | 46

During the three and six months ended June 30, 2026, total other expense, net was $1.7 million and $3.6 million, respectively.

During the three and six months ended June 30, 2025, total other expense, net was $10.4 million and $3.7 million, respectively.

Interest income decreased 61% and 67% in the three and six months ended June 30, 2026 versus 2025, respectively, 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 23% and 21% in the three and six months ended June 30, 2026 versus 2025, respectively, primarily due to lower outstanding debt principal driven by the repayment of the 2025 Notes (as defined herein) in the third quarter of 2025.

For more information, see Note 10, Debt , to our condensed consolidated financial statements included herein.

The $4.4 million of other net income during the three months ended March 31, 2025 was primarily due to a realized gain associated with a previously acquired equity investment in GQ Bio that increased in fair value resulting from the GQ Bio Acquisition.

The $10.7 million and $6.3 million other net loss during the three and six months ended June 30, 2025, respectively, was primarily driven by an impairment of an equity investment and convertible note receivable totaling $11.0 million.

For the six months ended June 30, 2025, the other net loss was partially offset by a realized gain associated with a previously acquired equity investment in GQ Bio that increased in fair value resulting from the GQ Bio Acquisition.

For more information, see Note 11, Financial Instruments , to our condensed consolidated financial statements included herein.

Income Tax Expense

Income Tax Benefit (Expense)

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

Three Months Ended

March 31, % Increase / (Decrease)

Income before income taxes $ 4,998 $ 8,706 (43)%

Income tax expense $ 2,082 $ 3,894 (47)%

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

June 30, % Increase / (Decrease)

2026 2025 2026 2025

Income (loss) before income taxes $ 2,555 $ (1,927) N/A $ 7,553 $ 6,779 11%

Income tax benefit (expense) $ 2,098 $ (2,920) N/A $ 16 $ (6,814) (100)%

Effective tax rate (82) % (152) % 0 % 101 %

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.

We recorded income tax benefits of $2.1 million and less than $0.1 million for the three and six months ended June 30, 2026, respectively.

We recorded income tax expense of $2.9 million and $6.8 million for the three and six months ended June 30, 2025, respectively.

The effective tax rates of (82)% and 0% for the three and six months ended June 30, 2026, respectively, differed from the U.S.

statutory rate of 21% primarily due to the reversal of our U.K.

operating subsidiary’s valuation allowance, partially offset by costs related to non-deductible executive compensation and non-deductible stock-based compensation.

The effective tax rates of (152)% and 101% for the three and six months ended June 30, 2025, respectively, differed from the U.S.

statutory rate of 21% primarily due to costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S.

valuation allowance.

During the second quarter of 2026, a discrete benefit of $6.4 million was recorded resulting from a change in judgment regarding future-year realizability of deferred tax assets in our U.K.

operations, primarily related to fixed asset temporary differences.

The reduction reflects our conclusion, based on all available positive and negative evidence, that realization of the U.K.

deferred tax assets is more likely than not.

The discrete benefit significantly reduced our effective tax rate for the three and six months ended June 30, 2026.

In June 2026, we entered into a Stock and Asset Purchase Agreement with Zimmer to divest our iovera° business.

The Transaction closed on July 31, 2026.

Both parties agreed to treat the transaction as a deemed asset sale for U.S.

federal income tax purposes through an election under Section 338(h)(10) of the Internal Revenue Code.

For more information, see Note 3, Assets and Liabilities Held for Sale , to our condensed consolidated financial statements included herein.

Pacira BioSciences, Inc.

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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.

in November 2021 and GQ Bio in February 2025 to further develop PCRX-201 and establish our HCAd platform, as well as completing other strategic acquisitions of companies, products and product candidates.

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 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.

As of June 30, 2026, we had an accumulated deficit of $191.8 million, cash and cash equivalents and available-for-sale investments of $251.0 million and working capital of $493.2 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):

Three Months Ended

Six Months Ended

Condensed Consolidated Statements of Cash Flows Data:

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Effect of exchange rate changes on cash and cash equivalents 38 204

Net (decrease) increase in cash and cash equivalents $ (14,239) $ 6,836

Net increase in cash and cash equivalents $ 47,330 $ 23,710

Operating Activities

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.

During the six months ended June 30, 2026, net cash provided by operating activities was $83.1 million, compared to $47.5 million during the six months ended June 30, 2025.

The increase of $35.7 million was primarily attributable to an initiative to increase inventory days on hand in 2025 and was partially offset by 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 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).

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| Q1 2026 Quarterly Report on Form 10-Q | 43

During the six months ended June 30, 2026, net cash provided by investing activities was $31.2 million, which reflected $35.6 million of inflows from available-for-sale investment sales (net of purchases), partially offset by $4.1 million of capital expenditures.

During the six months ended June 30, 2025, net cash provided by investing activities was $36.5 million, which reflected $65.7 million of inflows from available-for-sale investment sales (net of purchases), partially offset by $16.7 million related to the cash consideration for the GQ Bio Acquisition (net of cash acquired), as well as $11.2 million of capital expenditures for manufacturing product fill lines and the build-out of our new corporate headquarters in Brisbane, California.

Financing Activities

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;

During the six months ended June 30, 2026, net cash used in financing activities was $67.0 million, which primarily consisted of $50.0 million in repurchases of common stock under a $300.0 million share repurchase program;

$10.0 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.

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 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.

$7.8 million to withhold shares of common stock to cover employee tax withholding obligations on restricted stock unit vests, as well as $1.3 million of excise taxes paid on repurchases of our common stock.

Partially offsetting these uses were proceeds of $1.7 million from the issuance of common stock through our ESPP and $0.5 million from the exercise of stock options.

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 48

During the six months ended June 30, 2025, net cash used in financing activities was $60.5 million, which primarily consisted of $50.0 million in purchases of treasury stock under the then-new $300.0 million share repurchase program authorized by our board of directors in April 2025, $6.6 million of voluntary prepayments associated with the TLA Term Loan, as well as $5.5 million to withhold shares of common stock to cover employee tax withholding obligations on restricted stock unit vests.

There were also $1.6 million of proceeds from the issuance of common stock through our ESPP.

See Note 10, Debt , to our condensed consolidated financial statements included herein for further discussion of the TLA Term Loan and the Revolving Credit Facility.

For more information on our share repurchase program, see Note 12, Stockholders' Equity , to our condensed consolidated financial statements included herein.

2029 Convertible Senior Notes

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The 2029 Notes mature on May 15, 2029.

At March 31, 2026, all $287.5 million of principal was outstanding on the 2029 Notes.

At June 30, 2026, all $287.5 million of principal was outstanding on the 2029 Notes.

See Note 10, Debt , to our condensed consolidated financial statements included herein for further discussion.

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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 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.

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| Q1 2026 Quarterly Report on Form 10-Q | 44

As of June 30, 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 $81.0 million is outstanding as of June 30, 2026.

We made repayments of $10.0 million during the six months ended June 30, 2026.

Future Capital Requirements

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See Note 11, Financial Instruments , to our condensed consolidated financial statements included herein for more information;

Pacira BioSciences, Inc.

| Q2 2026 Quarterly Report on Form 10-Q | 49

• the impact of global economic conditions—including the impact of inflation and tariffs—on our products, material and labor costs, supply chain, longer lead-times, an inability to procure a sufficient supply of materials, our operating expenses and our business strategy;

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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°;

• the costs and our ability to successfully continue to expand the commercialization of EXPAREL and ZILRETTA;

• the cost and timing of expanding and maintaining our manufacturing facilities and capabilities;

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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 shares 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 withheld to cover employee tax withholding obligations on restricted stock unit vests.

We may require additional debt or equity financing to meet our future operating and capital requirements.

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Contractual Obligations

There have been no material changes in our contractual obligations relating to our indebtedness, lease obligations and purchase obligations from those reported in our 2025 Annual Report.

In June 2026, we entered into a new lease obligation in Brisbane, California of approximately $8.0 million to retain our principal executive offices and corporate headquarters through 2036.

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 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.

| 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