This page shows Heron Therapeutics Inc (HRTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Heron Therapeutics Inc has an operating margin of -1.6%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 19/100, suggesting thin profitability after operating expenses. This is up from -8.0% the prior year.
Heron Therapeutics Inc's revenue grew 7.4% year-over-year to $154.9M, a solid pace of expansion. This earns a growth score of 46/100.
Heron Therapeutics Inc has elevated debt relative to equity (D/E of 16.85), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Heron Therapeutics Inc's current ratio of 2.48 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.
While Heron Therapeutics Inc generated -$27.6M in operating cash flow, capex of $317K consumed most of it, leaving -$27.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Heron Therapeutics Inc generates a -140.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Heron Therapeutics Inc passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Heron Therapeutics Inc generates $1.37 in operating cash flow (-$27.6M OCF vs -$20.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Heron Therapeutics Inc earns $-0.3 in operating income for every $1 of interest expense (-$2.5M vs $9.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Heron Therapeutics Inc generated $154.9M in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Heron Therapeutics Inc's EBITDA was -$224K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 97.5% from the prior year.
Heron Therapeutics Inc reported -$20.2M in net income in fiscal year 2025. This represents a decrease of 48.7% from the prior year.
Heron Therapeutics Inc earned $-0.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.
Cash & Balance Sheet
Heron Therapeutics Inc generated -$27.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.2% from the prior year.
Heron Therapeutics Inc held $28.6M in cash against $0 in long-term debt as of fiscal year 2025.
Heron Therapeutics Inc had 189M shares outstanding in fiscal year 2025. This represents an increase of 23.8% from the prior year.
Margins & Returns
Heron Therapeutics Inc's gross margin was 73.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Heron Therapeutics Inc's operating margin was -1.6% in fiscal year 2025, reflecting core business profitability. This is up 6.3 percentage points from the prior year.
Heron Therapeutics Inc's net profit margin was -13.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.
Heron Therapeutics Inc's ROE was -140.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Heron Therapeutics Inc invested $12.4M in research and development in fiscal year 2025. This represents a decrease of 25.5% from the prior year.
Heron Therapeutics Inc invested $317K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 81.4% from the prior year.
HRTX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $40.6M+6.2% | $38.2M+2.7% | $37.2M-4.4% | $38.9M-4.6% | $40.8M+24.3% | $32.8M-8.9% | $36.0M+3.9% | $34.7M |
| Cost of Revenue | $11.1M-6.7% | $11.9M+20.9% | $9.9M+16.6% | $8.5M-17.3% | $10.2M+8.1% | $9.5M-10.1% | $10.5M+24.6% | $8.4M |
| Gross Profit | $29.5M+12.1% | $26.3M-3.8% | $27.3M-10.2% | $30.4M-0.4% | $30.6M+30.8% | $23.4M-8.4% | $25.5M-2.7% | $26.2M |
| R&D Expenses | $3.7M+8.0% | $3.5M+18.3% | $2.9M+28.7% | $2.3M-28.3% | $3.2M-28.8% | $4.5M+0.7% | $4.4M-3.8% | $4.6M |
| SG&A Expenses | $13.5M-3.8% | $14.0M-3.4% | $14.5M+13.9% | $12.7M+4.6% | $12.1M-1.8% | $12.4M-11.0% | $13.9M-7.1% | $15.0M |
| Operating Income | $38K+100.9% | -$4.1M-150.0% | -$1.6M-151.9% | $3.2M-24.4% | $4.2M+193.6% | -$4.5M+30.8% | -$6.4M-34.3% | -$4.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.0M+83.1% | -$17.5M-634.8% | -$2.4M-190.4% | $2.6M-28.1% | $3.7M+175.6% | -$4.8M+47.5% | -$9.2M-192.2% | -$3.2M |
| EPS (Diluted) | N/A | $-0.10-400.0% | $-0.02-300.0% | $0.01 | N/A | $-0.03+50.0% | $-0.06-200.0% | $-0.02 |
HRTX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $255.9M+2.8% | $248.9M+7.3% | $232.1M-1.6% | $235.8M+1.1% | $233.1M+5.6% | $220.8M+1.2% | $218.1M+0.1% | $217.9M |
| Current Assets | $238.1M+3.8% | $229.4M+8.8% | $210.9M-0.9% | $212.8M+1.8% | $209.0M+7.1% | $195.2M+2.1% | $191.2M+2.8% | $185.9M |
| Cash & Equivalents | $28.6M-33.5% | $43.1M+160.8% | $16.5M-14.3% | $19.3M-25.3% | $25.8M+0.2% | $25.7M+40.0% | $18.4M-10.1% | $20.4M |
| Inventory | $92.7M+32.4% | $70.0M-4.0% | $73.0M+28.2% | $56.9M+7.1% | $53.2M+15.7% | $46.0M+7.2% | $42.9M+0.9% | $42.5M |
| Accounts Receivable | $89.6M+10.5% | $81.0M+1.4% | $79.9M+1.5% | $78.7M-0.2% | $78.9M+17.7% | $67.0M-9.0% | $73.7M+12.8% | $65.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $241.5M+3.2% | $234.1M-9.7% | $259.3M-1.8% | $264.2M-1.0% | $266.8M+2.3% | $260.8M+1.8% | $256.1M+1.8% | $251.7M |
| Current Liabilities | $96.1M+7.1% | $89.7M-65.3% | $258.6M+192.0% | $88.6M-3.2% | $91.5M+6.9% | $85.5M+6.5% | $80.3M+6.6% | $75.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $14.3M-3.7% | $14.9M+154.6% | -$27.3M+4.2% | -$28.5M+15.4% | -$33.7M+15.9% | -$40.0M-5.4% | -$37.9M-12.4% | -$33.8M |
| Retained Earnings | -$1.9B-0.2% | -$1.9B-0.9% | -$1.9B-0.1% | -$1.9B+0.1% | -$1.9B+0.2% | -$1.9B-0.3% | -$1.9B-0.5% | -$1.9B |
HRTX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2M-790.0% | $1.3M+112.2% | -$10.9M-22.5% | -$8.9M+24.7% | -$11.8M-449.5% | $3.4M+173.2% | -$4.6M+51.6% | -$9.5M |
| Capital Expenditures | $0 | $0-100.0% | $208K+90.8% | $109K-82.9% | $638K+48.0% | $431K | N/A | N/A |
| Free Cash Flow | -$9.2M-790.0% | $1.3M+112.0% | -$11.1M-23.4% | -$9.0M+27.7% | -$12.4M-522.4% | $2.9M | N/A | N/A |
| Investing Cash Flow | -$5.5M-146.0% | $11.9M+61.7% | $7.3M+222.7% | $2.3M-80.1% | $11.4M+187.6% | $4.0M+93.8% | $2.0M+60.3% | $1.3M |
| Financing Cash Flow | $219K-98.4% | $13.4M+1611.0% | $781K+1120.3% | $64K-84.9% | $423K+2921.4% | $14K-97.2% | $492K+4372.7% | $11K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HRTX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.6%+3.8pp | 68.8%-4.7pp | 73.5%-4.8pp | 78.3%+3.3pp | 74.9%+3.7pp | 71.2%+0.4pp | 70.8%-4.8pp | 75.6% |
| Operating Margin | 0.1%+10.8pp | -10.7%-6.3pp | -4.4%-12.5pp | 8.1%-2.1pp | 10.2%+23.8pp | -13.6%+4.3pp | -17.9%-4.1pp | -13.8% |
| Net Margin | -7.3%+38.5pp | -45.8%-39.4pp | -6.4%-13.2pp | 6.8%-2.2pp | 9.0%+23.8pp | -14.8%+10.9pp | -25.6%-16.5pp | -9.1% |
| Return on Equity | -20.6%+96.9pp | -117.5% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.1%+5.9pp | -7.0%-6.0pp | -1.0%-2.1pp | 1.1%-0.4pp | 1.6%+3.8pp | -2.2%+2.0pp | -4.2%-2.8pp | -1.5% |
| Current Ratio | 2.48-0.1 | 2.56+1.7 | 0.82-1.6 | 2.40+0.1 | 2.290.0 | 2.28-0.1 | 2.38-0.1 | 2.47 |
| Debt-to-Equity | 16.85+1.1 | 15.72+25.2 | -9.51-0.2 | -9.29-1.4 | -7.93-1.4 | -6.52+0.2 | -6.75+0.7 | -7.45 |
| FCF Margin | -22.6%-26.1pp | 3.5%+33.3pp | -29.8%-6.7pp | -23.1%+7.4pp | -30.4%-39.4pp | 9.0% | N/A | N/A |
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Frequently Asked Questions
What is Heron Therapeutics Inc's annual revenue?
Heron Therapeutics Inc (HRTX) reported $154.9M in total revenue for fiscal year 2025. This represents a 7.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Heron Therapeutics Inc's revenue growing?
Heron Therapeutics Inc (HRTX) revenue grew by 7.4% year-over-year, from $144.3M to $154.9M in fiscal year 2025.
Is Heron Therapeutics Inc profitable?
No, Heron Therapeutics Inc (HRTX) reported a net income of -$20.2M in fiscal year 2025, with a net profit margin of -13.0%.
What is Heron Therapeutics Inc's EBITDA?
Heron Therapeutics Inc (HRTX) had EBITDA of -$224K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Heron Therapeutics Inc's gross margin?
Heron Therapeutics Inc (HRTX) had a gross margin of 73.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Heron Therapeutics Inc's operating margin?
Heron Therapeutics Inc (HRTX) had an operating margin of -1.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Heron Therapeutics Inc's net profit margin?
Heron Therapeutics Inc (HRTX) had a net profit margin of -13.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Heron Therapeutics Inc's return on equity (ROE)?
Heron Therapeutics Inc (HRTX) has a return on equity of -140.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Heron Therapeutics Inc's free cash flow?
Heron Therapeutics Inc (HRTX) generated -$27.9M in free cash flow during fiscal year 2025. This represents a -15.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Heron Therapeutics Inc's operating cash flow?
Heron Therapeutics Inc (HRTX) generated -$27.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Heron Therapeutics Inc's total assets?
Heron Therapeutics Inc (HRTX) had $255.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Heron Therapeutics Inc's capital expenditures?
Heron Therapeutics Inc (HRTX) invested $317K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Heron Therapeutics Inc spend on research and development?
Heron Therapeutics Inc (HRTX) invested $12.4M in research and development during fiscal year 2025.
What is Heron Therapeutics Inc's current ratio?
Heron Therapeutics Inc (HRTX) had a current ratio of 2.48 as of fiscal year 2025, which is generally considered healthy.
What is Heron Therapeutics Inc's debt-to-equity ratio?
Heron Therapeutics Inc (HRTX) had a debt-to-equity ratio of 16.85 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Heron Therapeutics Inc's return on assets (ROA)?
Heron Therapeutics Inc (HRTX) had a return on assets of -7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Heron Therapeutics Inc's cash runway?
Based on fiscal year 2025 data, Heron Therapeutics Inc (HRTX) had $28.6M in cash against an annual operating cash burn of $27.6M. This gives an estimated cash runway of approximately 12 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Heron Therapeutics Inc's Piotroski F-Score?
Heron Therapeutics Inc (HRTX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Heron Therapeutics Inc's earnings high quality?
Heron Therapeutics Inc (HRTX) has an earnings quality ratio of 1.37x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Heron Therapeutics Inc cover its interest payments?
Heron Therapeutics Inc (HRTX) has an interest coverage ratio of -0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Heron Therapeutics Inc?
Heron Therapeutics Inc (HRTX) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.