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Heron Therapeutics Inc Financials

HRTX
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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

Profitability Growth Leverage Liquidity Cash Flow Returns 18 / 100
Financial Profile 18/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
19

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.

Growth
46

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.

Leverage
0

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.

Liquidity
46

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.

Cash Flow
0

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.

Returns
0

Heron Therapeutics Inc generates a -140.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Weak
2/9

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.

Earnings Quality Low Quality
1.37x

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.

Interest Coverage At Risk
-0.3x

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

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Earnings & Revenue

Revenue
$154.9M
YoY+7.4%
5Y CAGR+11.8%

Heron Therapeutics Inc generated $154.9M in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.

EBITDA
-$224K
YoY+97.5%

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.

Net Income
-$20.2M
YoY-48.7%

Heron Therapeutics Inc reported -$20.2M in net income in fiscal year 2025. This represents a decrease of 48.7% from the prior year.

EPS (Diluted)
$-0.12
YoY-33.3%

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

Free Cash Flow
-$27.9M
YoY-15.2%

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.

Cash & Debt
$28.6M
YoY+11.0%
5Y CAGR-22.9%
10Y CAGR-9.2%

Heron Therapeutics Inc held $28.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
189M
YoY+23.8%
5Y CAGR+15.6%
10Y CAGR+17.9%

Heron Therapeutics Inc had 189M shares outstanding in fiscal year 2025. This represents an increase of 23.8% from the prior year.

Margins & Returns

Gross Margin
73.3%
YoY+0.1pp
5Y CAGR+14.1pp

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.

Operating Margin
-1.6%
YoY+6.3pp
5Y CAGR+255.8pp

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.

Net Margin
-13.0%
YoY-3.6pp
5Y CAGR+243.4pp

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.

Return on Equity
-140.9%
5Y CAGR-44.8pp
10Y CAGR-58.3pp

Heron Therapeutics Inc's ROE was -140.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
$12.4M
YoY-25.5%
5Y CAGR-41.0%
10Y CAGR-14.7%

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.

Share Buybacks
N/A
Capital Expenditures
$317K
YoY-81.4%
5Y CAGR-45.9%
10Y CAGR-11.6%

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

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.

Heron Therapeutics Inc (HRTX) revenue grew by 7.4% year-over-year, from $144.3M to $154.9M in fiscal year 2025.

No, Heron Therapeutics Inc (HRTX) reported a net income of -$20.2M in fiscal year 2025, with a net profit margin of -13.0%.

Heron Therapeutics Inc (HRTX) reported diluted earnings per share of $-0.12 for fiscal year 2025. This represents a -33.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Heron Therapeutics Inc (HRTX) had EBITDA of -$224K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

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.

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.

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.

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.

Heron Therapeutics Inc (HRTX) generated -$27.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Heron Therapeutics Inc (HRTX) had $255.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Heron Therapeutics Inc (HRTX) invested $317K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Heron Therapeutics Inc (HRTX) invested $12.4M in research and development during fiscal year 2025.

Heron Therapeutics Inc (HRTX) had 189M shares outstanding as of fiscal year 2025.

Heron Therapeutics Inc (HRTX) had a current ratio of 2.48 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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.

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