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HRTX

Heron Therapeutics, Inc.

HRTX

Heron Therapeutics, Inc. • NASDAQ
$1.16 ▲ 3.57% (+0.04)
Market Cap $183.21 M
52w High $2.68
52w Low $1.00
Dividend Yield 0%
P/E -12.89
Volume 521.87K
Outstanding Shares 157.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $38.213M ▲ $26.922M ▼ $-17.495M ▼ -45.783% ▼ $-0.1 ▼ $-13.98M ▼
Q2-2025 $37.2M ▼ $28.98M ▲ $-2.381M ▼ -6.401% ▼ $-0.02 ▼ $-1.026M ▼
Q1-2025 $38.903M ▼ $27.292M ▲ $2.635M ▼ 6.773% ▼ $0.017 ▼ $3.705M ▼
Q4-2024 $40.781M ▲ $26.38M ▼ $3.663M ▲ 8.982% ▲ $0.024 ▲ $8.734M ▲
Q3-2024 $32.81M $27.81M $-4.848M -14.776% $-0.032 $-3.877M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $55.487M ▲ $248.95M ▲ $234.065M ▼ $14.885M ▲
Q2-2025 $40.633M ▼ $232.09M ▼ $259.348M ▼ $-27.258M ▲
Q1-2025 $50.679M ▼ $235.752M ▲ $264.205M ▼ $-28.453M ▲
Q4-2024 $59.283M ▼ $233.147M ▲ $266.798M ▲ $-33.651M ▲
Q3-2024 $70.89M $220.777M $260.782M $-40.005M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.495M ▼ $1.331M ▲ $11.858M ▲ $13.363M ▲ $26.552M ▲ $1.331M ▲
Q2-2025 $-2.381M ▼ $-10.868M ▼ $7.334M ▲ $781K ▲ $-2.753M ▲ $-11.076M ▼
Q1-2025 $2.635M ▼ $-8.87M ▲ $2.273M ▼ $64K ▼ $-6.533M ▼ $-8.979M ▲
Q4-2024 $3.663M ▲ $-11.78M ▼ $11.418M ▲ $423K ▲ $61K ▼ $-12.418M ▼
Q3-2024 $-4.848M $3.371M $3.97M $14K $7.355M $2.94M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
C I N V A N T I
C I N V A N T I
 $50.00M ▲$30.00M ▼$20.00M ▼$20.00M ▲
S U S T O L
S U S T O L
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Z Y N R E L E F
Z Y N R E L E F
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly but steadily rising over the last five years, and gross margins look reasonably healthy for a small biotech with commercial products. The big shift is on the bottom line: losses have been shrinking each year, moving from heavy red ink toward something much closer to break‑even in the most recent period. That suggests the existing products are gaining traction and operating discipline is improving, but the company is not yet consistently profitable and still depends on further revenue growth and cost control to get there.

Balance Sheet

Balance Sheet The balance sheet shows a company that has leaned more on borrowing over time while its cash cushion has narrowed. Total assets have drifted down, and shareholder equity has flipped from positive to negative, which reflects years of accumulated losses and the debt load. In plain terms, the financial foundation is thinner than it used to be, leaving less room for major setbacks and making access to capital an important ongoing consideration.

Cash Flow

Cash Flow Heron has been burning cash for several years, but the rate of burn has improved meaningfully more recently. Operating cash outflows have narrowed as revenues rise and expenses are better contained, and capital spending is very light, so most cash use is from day‑to‑day operations rather than big investments. Still, the business has not yet turned into a self‑funding, cash‑generating operation, so continued progress on cash break‑even remains a key risk and watch point.

Competitive Edge

Competitive Edge Heron competes in focused niches within oncology supportive care and acute care, rather than across the entire biotech landscape. Its main edge comes from its proprietary long‑acting delivery platform and several clearly differentiated products that address pain control and nausea around surgery and chemotherapy. The company has meaningful patent protection and some barriers to entry around formulation know‑how, which support pricing and positioning. At the same time, it faces powerful entrenched competitors, hospital budget constraints, and heavy dependence on a small number of products, so execution in sales, reimbursement, and clinical adoption is critical.

Innovation and R&D

Innovation and R&D The company’s innovation story centers on its Biochronomer delivery technology and the four approved drugs built on it, rather than on a broad pipeline of early‑stage assets. Recent strategy has shifted from discovery toward maximizing and refining what is already on the market, such as improving administration (for example, a planned prefilled syringe presentation) and expanding use in existing indications. This focus can help reduce R&D spending and speed the path toward profitability, but it also means fewer new shots on goal; longer‑term growth is heavily tied to how far Heron can push these existing products and incremental enhancements rather than entirely new therapies.

Summary

Heron Therapeutics has moved from being a pure development‑stage biotech toward a more commercially driven company, with gradually rising sales and narrowing losses as its products gain adoption. Financially, it is still in a fragile phase: the balance sheet is stretched, cash flows are negative but improving, and the business is not yet self‑sustaining. Competitively, Heron holds a defensible position in specific hospital and oncology support markets thanks to differentiated, patent‑protected products and an opioid‑sparing value proposition, but relies heavily on a small portfolio and strong commercial execution. The main tension for observers is whether revenue growth and operating improvements can outpace ongoing cash needs and balance‑sheet pressure, given a relatively narrow innovation pipeline beyond current products and line extensions.

NEWS

November 4, 2025 · 8:00 AM UTC

Heron Therapeutics Announces Q3 2025 Financial Results and Highlights Commercial Progress

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October 29, 2025 · 5:58 PM UTC

Heron Therapeutics Announces Appointment of Thomas Cusack to Board of Directors

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October 21, 2025 · 4:20 PM UTC

Heron Therapeutics to Report Third Quarter 2025 Financial Results on Tuesday, November 4, 2025

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