Heron Therapeutics Inc Financials
This page shows Heron Therapeutics Inc (HRTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Heron Therapeutics Inc has an operating margin of -8.0%, meaning the company retains $-8 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -87.1% the prior year.
Heron Therapeutics Inc's revenue grew 13.6% year-over-year to $144.3M, a solid pace of expansion. This earns a growth score of 67/100.
With a current ratio of 2.29, Heron Therapeutics Inc holds $2.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
While Heron Therapeutics Inc generated -$22.5M in operating cash flow, capex of $1.7M consumed most of it, leaving -$24.2M 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 passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Heron Therapeutics Inc generates $1.66 in operating cash flow (-$22.5M OCF vs -$13.6M 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 $-1.9 in operating income for every $1 of interest expense (-$11.5M vs $6.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Heron Therapeutics Inc generated $144.3M in revenue in fiscal year 2024. This represents an increase of 13.6% from the prior year.
Heron Therapeutics Inc's EBITDA was -$9.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 91.6% from the prior year.
Heron Therapeutics Inc generated -$24.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 59.8% from the prior year.
Heron Therapeutics Inc reported -$13.6M in net income in fiscal year 2024. This represents an increase of 87.7% from the prior year.
Heron Therapeutics Inc earned $-0.09 per diluted share (EPS) in fiscal year 2024. This represents an increase of 88.8% from the prior year.
Heron Therapeutics Inc held $25.8M in cash against $0 in long-term debt as of fiscal year 2024.
Heron Therapeutics Inc had 152M shares outstanding in fiscal year 2024. This represents an increase of 1.4% from the prior year.
Heron Therapeutics Inc's gross margin was 73.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 24.5 percentage points from the prior year.
Heron Therapeutics Inc's operating margin was -8.0% in fiscal year 2024, reflecting core business profitability. This is up 79.1 percentage points from the prior year.
Heron Therapeutics Inc's net profit margin was -9.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 77.6 percentage points from the prior year.
Heron Therapeutics Inc invested $16.7M in research and development in fiscal year 2024. This represents a decrease of 57.4% from the prior year.
Heron Therapeutics Inc invested $1.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 10.4% from the prior year.
HRTX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $38.2M+2.7% | $37.2M-4.4% | $38.9M-4.6% | $40.8M+13.2% | $36.0M+3.9% | $34.7M+1.3% | $34.2M+8.9% | $31.4M |
| Cost of Revenue | $11.9M+20.9% | $9.9M+16.6% | $8.5M-17.3% | $10.2M-2.8% | $10.5M+24.6% | $8.4M-14.6% | $9.9M-45.7% | $18.2M |
| Gross Profit | $26.3M-3.8% | $27.3M-10.2% | $30.4M-0.4% | $30.6M+19.8% | $25.5M-2.7% | $26.2M+7.7% | $24.3M+84.1% | $13.2M |
| R&D Expenses | $3.5M+18.3% | $2.9M+28.7% | $2.3M-28.3% | $3.2M-28.3% | $4.4M-3.8% | $4.6M-40.9% | $7.8M-16.0% | $9.3M |
| SG&A Expenses | $14.0M-3.4% | $14.5M+13.9% | $12.7M+4.6% | $12.1M-12.7% | $13.9M-7.1% | $15.0M+3.7% | $14.4M-9.3% | $15.9M |
| Operating Income | -$4.1M-150.0% | -$1.6M-151.9% | $3.2M-24.4% | $4.2M+164.7% | -$6.4M-34.3% | -$4.8M+53.1% | -$10.2M+59.0% | -$24.9M |
| 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 | -$17.5M-634.8% | -$2.4M-190.4% | $2.6M-28.1% | $3.7M+139.7% | -$9.2M-192.2% | -$3.2M+70.5% | -$10.7M+57.1% | -$25.0M |
| EPS (Diluted) | $-0.10-400.0% | $-0.02-300.0% | $0.01-50.0% | $0.02+133.3% | $-0.06-200.0% | $-0.02-100.0% | $-0.01+94.1% | $-0.17 |
HRTX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $248.9M+7.3% | $232.1M-1.6% | $235.8M+1.1% | $233.1M+6.9% | $218.1M+0.1% | $217.9M-2.1% | $222.5M-2.9% | $229.2M |
| Current Assets | $229.4M+8.8% | $210.9M-0.9% | $212.8M+1.8% | $209.0M+9.3% | $191.2M+2.8% | $185.9M-1.5% | $188.8M-2.7% | $194.0M |
| Cash & Equivalents | $43.1M+160.8% | $16.5M-14.3% | $19.3M-25.3% | $25.8M+40.3% | $18.4M-10.1% | $20.4M-28.7% | $28.7M-17.7% | $34.9M |
| Inventory | $70.0M-4.0% | $73.0M+28.2% | $56.9M+7.1% | $53.2M+24.0% | $42.9M+0.9% | $42.5M+0.9% | $42.1M+0.2% | $42.0M |
| Accounts Receivable | $81.0M+1.4% | $79.9M+1.5% | $78.7M-0.2% | $78.9M+7.0% | $73.7M+12.8% | $65.3M+8.6% | $60.1M-5.7% | $63.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $234.1M-9.7% | $259.3M-1.8% | $264.2M-1.0% | $266.8M+4.2% | $256.1M+1.8% | $251.7M-1.9% | $256.5M-0.2% | $257.0M |
| Current Liabilities | $89.7M-65.3% | $258.6M+192.0% | $88.6M-3.2% | $91.5M+13.9% | $80.3M+6.6% | $75.4M-5.4% | $79.7M-0.1% | $79.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $14.9M+154.6% | -$27.3M+4.2% | -$28.5M+15.4% | -$33.7M+11.3% | -$37.9M-12.4% | -$33.8M+0.6% | -$34.0M-22.3% | -$27.8M |
| Retained Earnings | -$1.9B-0.9% | -$1.9B-0.1% | -$1.9B+0.1% | -$1.9B-0.1% | -$1.9B-0.5% | -$1.9B-0.2% | -$1.9B-0.6% | -$1.9B |
HRTX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3M+112.2% | -$10.9M-22.5% | -$8.9M+24.7% | -$11.8M-155.9% | -$4.6M+51.6% | -$9.5M-487.6% | $2.5M+126.7% | -$9.2M |
| Capital Expenditures | $0-100.0% | $208K+90.8% | $109K-82.9% | $638K | N/A | N/A | $250K-68.5% | $793K |
| Free Cash Flow | $1.3M+112.0% | -$11.1M-23.4% | -$9.0M+27.7% | -$12.4M | N/A | N/A | $2.2M+122.1% | -$10.0M |
| Investing Cash Flow | $11.9M+61.7% | $7.3M+222.7% | $2.3M-80.1% | $11.4M+457.5% | $2.0M+60.3% | $1.3M+114.5% | -$8.8M+61.9% | -$23.2M |
| Financing Cash Flow | $13.4M+1611.0% | $781K+1120.3% | $64K-84.9% | $423K-14.0% | $492K+4372.7% | $11K-94.5% | $199K-99.6% | $53.8M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.8%-4.7pp | 73.5%-4.8pp | 78.3%+3.3pp | 74.9%+4.1pp | 70.8%-4.8pp | 75.6%+4.5pp | 71.1%+29.0pp | 42.1% |
| Operating Margin | -10.7%-6.3pp | -4.4%-12.5pp | 8.1%-2.1pp | 10.2%+28.1pp | -17.9%-4.1pp | -13.8%+16.0pp | -29.8%+49.5pp | -79.3% |
| Net Margin | -45.8%-39.4pp | -6.4%-13.2pp | 6.8%-2.2pp | 9.0%+34.6pp | -25.6%-16.5pp | -9.1%+22.2pp | -31.3%+48.2pp | -79.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -7.0%-6.0pp | -1.0%-2.1pp | 1.1%-0.4pp | 1.6%+5.8pp | -4.2%-2.8pp | -1.5%+3.4pp | -4.8%+6.1pp | -10.9% |
| Current Ratio | 2.56+1.7 | 0.82-1.6 | 2.40+0.1 | 2.29-0.1 | 2.38-0.1 | 2.47+0.1 | 2.37-0.1 | 2.43 |
| Debt-to-Equity | 15.72+25.2 | -9.51-0.2 | -9.29-1.4 | -7.93-1.2 | -6.75+0.7 | -7.45+0.1 | -7.55+1.7 | -9.25 |
| FCF Margin | 3.5%+33.3pp | -29.8%-6.7pp | -23.1%+7.4pp | -30.4% | N/A | N/A | 6.4%+38.2pp | -31.7% |
Note: Shareholder equity is negative (-$33.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Heron Therapeutics Inc's annual revenue?
Heron Therapeutics Inc (HRTX) reported $144.3M in total revenue for fiscal year 2024. This represents a 13.6% 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 13.6% year-over-year, from $127.0M to $144.3M in fiscal year 2024.
Is Heron Therapeutics Inc profitable?
No, Heron Therapeutics Inc (HRTX) reported a net income of -$13.6M in fiscal year 2024, with a net profit margin of -9.4%.
What is Heron Therapeutics Inc's earnings per share (EPS)?
Heron Therapeutics Inc (HRTX) reported diluted earnings per share of $-0.09 for fiscal year 2024. This represents a 88.8% 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.
What is Heron Therapeutics Inc's EBITDA?
Heron Therapeutics Inc (HRTX) had EBITDA of -$9.0M in fiscal year 2024, 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 73.2% in fiscal year 2024, 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 -8.0% in fiscal year 2024, 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 -9.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Heron Therapeutics Inc's free cash flow?
Heron Therapeutics Inc (HRTX) generated -$24.2M in free cash flow during fiscal year 2024. This represents a 59.8% 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 -$22.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Heron Therapeutics Inc's total assets?
Heron Therapeutics Inc (HRTX) had $233.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Heron Therapeutics Inc's capital expenditures?
Heron Therapeutics Inc (HRTX) invested $1.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Heron Therapeutics Inc spend on research and development?
Heron Therapeutics Inc (HRTX) invested $16.7M in research and development during fiscal year 2024.
How many shares does Heron Therapeutics Inc have outstanding?
Heron Therapeutics Inc (HRTX) had 152M shares outstanding as of fiscal year 2024.
What is Heron Therapeutics Inc's current ratio?
Heron Therapeutics Inc (HRTX) had a current ratio of 2.29 as of fiscal year 2024, 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 -7.93 as of fiscal year 2024, 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 -5.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Heron Therapeutics Inc's cash runway?
Based on fiscal year 2024 data, Heron Therapeutics Inc (HRTX) had $25.8M in cash against an annual operating cash burn of $22.5M. This gives an estimated cash runway of approximately 14 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.
Why is Heron Therapeutics Inc's debt-to-equity ratio negative or unusual?
Heron Therapeutics Inc (HRTX) has negative shareholder equity of -$33.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Heron Therapeutics Inc's Piotroski F-Score?
Heron Therapeutics Inc (HRTX) has a Piotroski F-Score of 3 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 1.66x, 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 -1.9x, 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 35 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.