What is Heron Therapeutics, Inc.'s earnings per share (EPS)?

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) Financials

HRTX

Trailing 12 months to June 30, 2026

Revenue $151.2M +1.0% YoY

Net Income -$33.9M -2405.8% YoY

EPS (Diluted) -$0.18 -800.0% YoY

Free Cash Flow -$12.1M +58.9% YoY

Market Cap $74.2M as of Oct 13, 2026

Price / Sales 0.5x on $151.2M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 10.7x on $6.9M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HRTX SEC filings page.

Heron Therapeutics, Inc. (HRTX) reported $151.2M in revenue over the twelve months to Jun 30, 2026, up 1.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI HRTX FY2025 2026-10-03

Gross-margin expansion has nearly closed operating losses, but working-capital absorption and interest keep accounting progress from becoming cash.

In the latest year, cash conversion worsened to -$28M of operating cash flow even as operating loss narrowed to $3M. The gap coincided with inventory rising to $93M from $53M, indicating that growth consumed working capital rather than converting cleanly into cash.

Gross margin reached 73.3% in the latest year versus 48.8% in FY2023, a structural improvement in the economics of reported sales. Operating margin improved to -1.6% from -87.1%; R&D fell to $12M, so the narrowing loss reflects lower development spending alongside margin expansion, not just volume.

Shares outstanding rose to 188.5M from 152.3M, consistent with equity issuance helping restore positive equity. That equity base was only $14M, so the 16.9x debt-to-equity ratio remains mechanically high even with a 2.5x current ratio.

Financial Health Signals

Financial Health Score 46/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Heron Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Heron Therapeutics, Inc. held $46.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $27.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Heron Therapeutics, Inc. scores 46/100 among other emerging companies.

Dilution

Heron Therapeutics, Inc. had 189M shares outstanding at the end of fiscal year 2025, against 152M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Heron Therapeutics, Inc. scores 46/100 among other emerging companies.

R&D Intensity

Heron Therapeutics, Inc. spent $12.4M on research and development in fiscal year 2025, which was 7.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Heron Therapeutics, Inc. scores 31/100 among other emerging companies.

Revenue Progress

Heron Therapeutics, Inc. reported revenue of $154.9M in fiscal year 2025, against $144.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Heron Therapeutics, Inc. scores 56/100 among other emerging companies.

Burn Trend

Heron Therapeutics, Inc.'s operations used $27.6M of cash in fiscal year 2025, against $22.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Heron Therapeutics, Inc. scores 72/100 among other emerging companies.

Balance Sheet

Heron Therapeutics, Inc.'s cash, cash equivalents and investments came to $46.6M at the end of fiscal year 2025, against $241.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Heron Therapeutics, Inc. scores 26/100 among other emerging companies.

Altman Z-Score Distress

-9.19

Heron Therapeutics, Inc. scores -9.19, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($74.2M) relative to total liabilities ($241.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Heron Therapeutics, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Heron Therapeutics, Inc. reported a net loss of $20.0M while operations used $27.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Heron Therapeutics, Inc. reported an operating loss of $2.5M against $9.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$37.7M

YoY+1.3%

QoQ+8.5%

5Y CAGR+10.9%

Heron Therapeutics, Inc. generated $37.7M in revenue in Q2 2026. This represents an increase of 1.3% from the same quarter a year earlier. Against the prior quarter it is up 8.5%.

EBITDA

-$1.6M

YoY-55.2%

QoQ+62.4%

Heron Therapeutics, Inc.'s EBITDA was -$1.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 55.2% from the same quarter a year earlier. Against the prior quarter it is up 62.4%.

Net Income

-$5.5M

YoY-130.5%

QoQ+32.3%

Heron Therapeutics, Inc. reported -$5.5M in net income in Q2 2026. This represents a decrease of 130.5% from the same quarter a year earlier. Against the prior quarter it is up 32.3%.

EPS (Diluted)

-$0.03

QoQ+25.0%

Heron Therapeutics, Inc. earned -$0.03 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 25.0%.

Cash & Balance Sheet

Free Cash Flow

-$2.4M

YoY+78.8%

QoQ-21.8%

Heron Therapeutics, Inc. recorded an outflow of $2.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 78.8% from the same quarter a year earlier. Against the prior quarter it is down 21.8%.

Cash & Debt

$20.7M

YoY+25.5%

QoQ-20.7%

5Y CAGR-35.9%

10Y CAGR-10.4%

Heron Therapeutics, Inc. held $20.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

190M

QoQ+0.3%

5Y CAGR+13.3%

10Y CAGR+17.1%

Heron Therapeutics, Inc. had 190M shares outstanding in Q2 2026. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

69.3%

YoY-4.2pp

QoQ-0.1pp

5Y change+34.0pp

Heron Therapeutics, Inc.'s gross margin was 69.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Operating Margin

-5.4%

YoY-1.0pp

QoQ+8.3pp

Heron Therapeutics, Inc.'s operating margin was -5.4% in Q2 2026, reflecting core business profitability. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.3 percentage points.

Net Margin

-14.6%

YoY-8.2pp

QoQ+8.8pp

Heron Therapeutics, Inc.'s net profit margin was -14.6% in Q2 2026, showing the share of revenue converted to profit. This is down 8.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.8 percentage points.

Return on Equity

-79.5%

QoQ+9.3pp

Heron Therapeutics, Inc.'s ROE was -79.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 9.3 percentage points.

Capital Allocation

R&D Spending

$2.7M

YoY-7.9%

QoQ+13.3%

5Y CAGR-40.2%

10Y CAGR-20.6%

Heron Therapeutics, Inc. invested $2.7M in research and development in Q2 2026. This represents a decrease of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 13.3%.

Capital Expenditures

$138K

YoY-33.7%

QoQ-64.7%

Heron Therapeutics, Inc. invested $138K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 33.7% from the same quarter a year earlier. Against the prior quarter it is down 64.7%.

Share Buybacks

Not reported for Q2 2026.

HRTX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HRTX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$151.2M	$154.9M+7.4%	$144.3M+13.6%	$127.0M+18.0%	$107.7M+24.7%	$86.3M-2.6%	$88.6M-39.3%	$146.0M+88.4%	$77.5M+151.8%	$30.8M+2305.6%	$1.3M	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$45.2M	$41.3M+7.0%	$38.6M-40.6%	$65.1M+18.6%	$54.9M+19.2%	$46.0M+27.2%	$36.2M-41.3%	$61.6M+124.0%	$27.5M+499.7%	$4.6M+13008.6%	$35K	N/A	N/A	N/A	N/A	N/A
Gross Profit	$105.9M	$113.6M+7.5%	$105.6M+70.6%	$61.9M+17.3%	$52.8M+30.9%	$40.3M-23.1%	$52.4M-37.8%	$84.3M+68.8%	$50.0M+90.8%	$26.2M+2004.4%	$1.2M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$12.3M	$12.4M-25.5%	$16.7M-57.4%	$39.1M-52.7%	$82.7M-36.8%	$130.8M-25.0%	$174.5M+4.3%	$167.4M+19.5%	$140.0M+1.0%	$138.6M+34.4%	$103.1M+68.6%	$61.2M+11.6%	$54.8M+68.6%	$32.5M+114.3%	$15.2M+84.9%	$8.2M
SG&A Expenses	$50.9M	$54.6M+2.3%	$53.4M-18.8%	$65.8M+5.7%	$62.2M+55.0%	$40.2M-4.9%	$42.2M+11.4%	$37.9M+29.5%	$29.3M+14.5%	$25.6M+19.6%	$21.4M+16.2%	$18.4M+66.9%	$11.0M-49.8%	$21.9M+153.4%	$8.7M+147.3%	$3.5M
Operating Income	-$10.9M	-$2.5M+78.0%	-$11.5M+89.6%	-$110.6M+36.7%	-$174.7M+19.8%	-$217.8M+4.5%	-$228.2M-8.3%	-$210.7M-14.5%	-$183.9M+5.5%	-$194.6M-13.8%	-$170.9M-76.3%	-$96.9M-30.0%	-$74.6M-36.9%	-$54.5M-128.5%	-$23.8M-115.4%	-$11.1M
EBITDA	N/A	-$224K+97.5%	-$9.0M+91.6%	-$107.7M+37.3%	-$171.8M+20.0%	-$214.8M+4.7%	-$225.3M-8.0%	-$208.7M-14.4%	-$182.4M+5.5%	-$193.0M-13.7%	-$169.8M-76.5%	-$96.2M-30.0%	-$74.0M-36.7%	-$54.1M-129.0%	-$23.6M-117.2%	-$10.9M
Interest Expense	N/A	$9.6M+59.2%	$6.0M+55.9%	$3.9M+56.3%	$2.5M+2.7%	$2.4M+26.8%	$1.9M+29.1%	$1.5M-44.9%	$2.7M-32.1%	$3.9M+47.8%	$2.7M+178.1%	$958K+8.0%	$887K+7.1%	$828K+36.9%	$605K+523.7%	$97K
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$33.9M	-$20.0M-42.9%	-$14.0M+87.4%	-$111.0M+39.0%	-$182.0M+17.6%	-$221.0M+2.8%	-$227.3M-11.0%	-$204.7M-14.5%	-$178.8M+9.4%	-$197.5M-14.1%	-$173.1M-77.4%	-$97.6M-27.8%	-$76.4M-38.1%	-$55.3M-136.8%	-$23.3M-97.6%	-$11.8M
EPS (Basic)	N/A	-$0.12-33.3%	-$0.09+88.8%	-$0.80+52.1%	-$1.67+25.4%	-$2.24	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.18	-$0.12-33.3%	-$0.09+88.8%	-$0.80+52.1%	-$1.67+25.4%	-$2.24	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	167M+9.4%	152M+10.4%	138M+26.9%	109M+110466.6%	98,471	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$37.7M+1.3%	$34.7M-10.8%	$40.6M-0.5%	$38.2M+16.5%	$37.2M+3.3%	$38.9M+12.2%	$40.8M+19.1%	$32.8M+4.4%
Cost of Revenue	$11.6M+17.4%	$10.6M+25.8%	$11.1M+8.7%	$11.9M+26.0%	$9.9M-6.3%	$8.5M+0.2%	$10.2M+3.5%	$9.5M-48.1%
Gross Profit	$26.1M-4.6%	$24.1M-20.9%	$29.5M-3.5%	$26.3M+12.6%	$27.3M+7.2%	$30.4M+16.1%	$30.6M+25.5%	$23.4M+76.6%
R&D Expenses	$2.7M-7.9%	$2.4M+4.7%	$3.7M+17.9%	$3.5M-22.3%	$2.9M-33.8%	$2.3M-50.5%	$3.2M-59.3%	$4.5M-51.9%
SG&A Expenses	$11.3M-22.1%	$12.1M-4.4%	$13.5M+10.8%	$14.0M+13.0%	$14.5M+4.1%	$12.7M-15.2%	$12.1M-15.9%	$12.4M-22.3%
Operating Income	-$2.0M-24.9%	-$4.8M-251.1%	$38K-99.1%	-$4.1M+8.2%	-$1.6M+74.6%	$3.2M+165.7%	$4.2M+140.8%	-$4.5M+82.1%
EBITDA	-$1.6M-55.2%	-$4.2M-214.3%	$575K-87.9%	-$3.5M+10.3%	-$1.0M+82.3%	$3.7M+190.2%	$4.8M+150.0%	-$3.9M+84.0%
Net Income	-$5.5M-130.5%	-$8.1M-407.8%	-$2.8M-185.1%	-$17.5M-260.9%	-$2.4M+74.2%	$2.6M+183.4%	$3.2M+129.0%	-$4.8M+80.6%
EPS (Basic)	-$0.03-50.0%	-$0.04-300.0%	-$0.01-150.0%	-$0.10-233.3%	-$0.02+66.7%	$0.02+200.0%	$0.02+140.0%	-$0.03+82.4%
EPS (Diluted)	-$0.03	-$0.04-500.0%	-$0.01	-$0.10-233.3%	-$0.02+66.7%	$0.01	$0.02+140.0%	-$0.03+82.4%
Diluted Shares (Avg)	190M	190M-3.7%	N/A	170M+11.5%	154M+1.1%	197M	N/A	153M+5.4%

Not reported in any period shown, so not listed: Interest Expense, Income Tax.

HRTX Balance Sheet

HRTX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$255.9M+9.7%	$233.1M+4.8%	$222.5M-11.3%	$251.0M-17.9%	$305.7M-13.5%	$353.6M-31.1%	$512.8M+10.9%	$462.2M+97.3%	$234.3M+247.2%	$67.5M-51.0%	$137.8M+79.8%	$76.7M+1.0%	$75.9M+35.7%	$56.0M+187.8%	$19.4M
Current Assets	$238.1M+13.9%	$209.0M+10.7%	$188.8M-8.1%	$205.4M-19.3%	$254.4M-19.0%	$314.2M-34.4%	$479.1M+7.1%	$447.2M+96.1%	$228.1M+267.0%	$62.1M-53.9%	$134.8M+82.8%	$73.7M+1.1%	$72.9M+34.8%	$54.1M+196.5%	$18.2M
Cash & Equivalents	$28.6M+11.0%	$25.8M-10.0%	$28.7M+86.7%	$15.4M-83.0%	$90.5M-13.9%	$105.1M+46.2%	$71.9M+125.8%	$31.8M-78.0%	$144.6M+977.9%	$13.4M-82.2%	$75.2M+3.4%	$72.7M+0.5%	$72.3M+35.1%	$53.5M+197.7%	$18.0M
Short-Term Investments	$18.0M-46.3%	$33.5M-35.3%	$51.7M-25.6%	$69.5M+3.7%	$67.0M-35.1%	$103.4M-67.6%	$319.1M+6.2%	$300.5M+981.2%	$27.8M-26.3%	$37.7M-32.6%	$56.0M	$0	$0	$0	$0
Inventory	$92.7M+74.5%	$53.2M+26.2%	$42.1M-22.8%	$54.6M+12.8%	$48.4M+15.5%	$41.9M+67.8%	$25.0M-36.0%	$39.0M+286.1%	$10.1M+89.3%	$5.3M	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$89.6M+13.6%	$78.9M+31.2%	$60.1M+15.5%	$52.0M+46.6%	$35.5M-15.2%	$41.9M+4.9%	$39.9M-38.3%	$64.7M+54.4%	$41.9M+2036.4%	$2.0M	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$241.5M-9.5%	$266.8M+4.0%	$256.5M+8.0%	$237.4M+4.1%	$228.1M+94.9%	$117.1M+7.5%	$108.9M+18.4%	$92.0M-10.8%	$103.2M+16.3%	$88.7M+349.6%	$19.7M+44.9%	$13.6M+94.8%	$7.0M+68.3%	$4.2M+12.5%	$3.7M
Current Liabilities	$96.1M+5.1%	$91.5M+14.8%	$79.7M-3.2%	$82.4M+15.9%	$71.1M-30.7%	$102.5M+6.0%	$96.7M+5.1%	$92.0M-10.8%	$103.2M+166.4%	$38.7M+96.3%	$19.7M+44.9%	$13.6M+94.8%	$7.0M+68.3%	$4.2M+12.5%	$3.7M
Non-Current Liabilities	$145.4M-17.0%	$175.3M-0.8%	$176.8M+14.0%	$155.0M-1.3%	$157.1M+978.8%	$14.6M+18.9%	$12.2M	$0	$0-100.0%	$50.0M	$0	$0	$0	$0	$0
Total Equity	$14.3M+142.6%	-$33.7M+0.9%	-$34.0M-350.3%	$13.6M-82.5%	$77.6M-67.2%	$236.5M-41.4%	$403.8M+9.1%	$370.2M+182.3%	$131.1M+717.1%	-$21.3M-118.0%	$118.1M+87.3%	$63.1M-8.5%	$68.9M+33.1%	$51.8M+229.0%	$15.8M
Retained Earnings	-$1.9B-1.1%	-$1.9B-0.7%	-$1.9B-6.2%	-$1.8B-11.3%	-$1.6B-15.8%	-$1.4B-19.5%	-$1.2B-21.3%	-$960.7M-22.6%	-$783.5M-33.7%	-$586.0M-41.9%	-$412.8M-31.0%	-$315.2M-32.0%	-$238.9M-30.1%	-$183.6M-14.6%	-$160.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$252.3M+8.7%	$246.2M+4.4%	$255.9M+9.7%	$248.9M+12.8%	$232.1M+6.4%	$235.8M+8.2%	$233.1M+4.8%	$220.8M-3.7%
Current Assets	$229.8M+9.0%	$229.0M+7.6%	$238.1M+13.9%	$229.4M+17.5%	$210.9M+10.3%	$212.8M+14.5%	$209.0M+10.7%	$195.2M+0.6%
Cash & Equivalents	$20.7M+25.5%	$26.1M+35.5%	$28.6M+11.0%	$43.1M+67.3%	$16.5M-10.2%	$19.3M-5.8%	$25.8M-10.0%	$25.7M-26.2%
Short-Term Investments	$21.9M-9.0%	$18.7M-40.6%	$18.0M-46.3%	$12.4M-72.5%	$24.1M-50.7%	$31.4M-38.5%	$33.5M-35.3%	$45.1M+6.1%
Inventory	$90.6M+24.1%	$92.5M+62.5%	$92.7M+74.5%	$70.0M+52.4%	$73.0M+70.2%	$56.9M+34.0%	$53.2M+26.2%	$46.0M+9.4%
Accounts Receivable	$89.6M+12.1%	$83.7M+6.3%	$89.6M+13.6%	$81.0M+20.9%	$79.9M+8.4%	$78.7M+20.5%	$78.9M+31.2%	$67.0M+5.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$245.4M-5.4%	$237.1M-10.3%	$241.5M-9.5%	$234.1M-10.2%	$259.3M+1.3%	$264.2M+5.0%	$266.8M+4.0%	$260.8M+1.5%
Current Liabilities	$92.1M-64.4%	$90.5M+2.2%	$96.1M+5.1%	$89.7M+4.9%	$258.6M+222.0%	$88.6M+17.5%	$91.5M+14.8%	$85.5M+7.3%
Non-Current Liabilities	$153.2M+20409.9%	$146.6M-16.6%	$145.4M-17.0%	$144.4M-17.6%	$747K-99.6%	$175.6M-0.4%	$175.3M-0.8%	$175.2M-1.1%
Total Equity	$6.9M+125.3%	$9.1M+132.1%	$14.3M+142.6%	$14.9M+137.2%	-$27.3M+28.2%	-$28.5M+15.7%	-$33.7M+0.9%	-$40.0M-44.0%
Retained Earnings	-$2.0B-1.8%	-$1.9B-1.6%	-$1.9B-1.1%	-$1.9B-0.7%	-$1.9B0.0%	-$1.9B-0.4%	-$1.9B-0.7%	-$1.9B-1.5%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

HRTX Cash Flow Statement

HRTX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$11.6M	-$27.6M-22.5%	-$22.5M+61.7%	-$58.8M+60.0%	-$146.9M+27.8%	-$203.4M-10.0%	-$184.8M-48.4%	-$124.6M+35.0%	-$191.8M-12.6%	-$170.3M-27.0%	-$134.1M-70.8%	-$78.5M-30.3%	-$60.3M-47.9%	-$40.8M-139.7%	-$17.0M-120.3%	-$7.7M
Depreciation & Amortization	N/A	$2.3M-7.1%	$2.5M-14.0%	$2.9M+0.3%	$2.9M-4.4%	$3.0M+6.1%	$2.8M+39.3%	$2.0M+35.1%	$1.5M-1.2%	$1.5M+39.3%	$1.1M+49.7%	$734K+27.0%	$578K+73.6%	$333K+69.0%	$197K+10.1%	$179K
Stock-Based Compensation	N/A	$10.3M-20.2%	$13.0M-60.5%	$32.9M-23.6%	$43.0M-8.3%	$46.9M-6.7%	$50.2M-2.3%	$51.4M+54.1%	$33.4M+9.3%	$30.5M+17.7%	$26.0M+80.8%	$14.4M+78.0%	$8.1M-25.9%	$10.9M+90.0%	$5.7M+203.3%	$1.9M
Capital Expenditures	$529K	$317K-81.4%	$1.7M+10.4%	$1.5M-15.3%	$1.8M-39.6%	$3.0M-55.6%	$6.8M-4.8%	$7.2M-22.0%	$9.2M+259.2%	$2.6M-18.6%	$3.1M+188.7%	$1.1M-24.5%	$1.4M-14.7%	$1.7M+73.4%	$972K+89.5%	$513K
Free Cash Flow	-$12.1M	-$27.9M-15.2%	-$24.2M+59.8%	-$60.3M+59.4%	-$148.7M+27.9%	-$206.4M-7.7%	-$191.6M-45.5%	-$131.7M+34.5%	-$201.0M-16.3%	-$172.9M-26.0%	-$137.2M-72.4%	-$79.6M-29.0%	-$61.7M-45.4%	-$42.4M-136.1%	-$18.0M-118.4%	-$8.2M
Investing Cash Flow	$2.2M	$16.0M-14.5%	$18.7M+4.0%	$18.0M+641.4%	-$3.3M-110.2%	$32.7M-84.3%	$209.0M+1059.3%	-$21.8M+92.2%	-$278.6M-3699.8%	$7.7M-48.0%	$14.9M+126.1%	-$57.0M-3861.1%	-$1.4M+14.7%	-$1.7M-73.4%	-$972K-89.5%	-$513K
Financing Cash Flow	$13.6M	$14.4M+1434.8%	$940K-98.3%	$54.1M-27.9%	$75.1M-51.9%	$156.0M+1613.7%	$9.1M-95.1%	$186.4M-47.9%	$357.6M+21.7%	$293.7M+411.2%	$57.5M-58.4%	$138.0M+122.2%	$62.1M+1.4%	$61.2M+14.4%	$53.5M+122.1%	$24.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$2.2M+79.6%	-$1.5M+82.6%	-$9.2M+22.0%	$1.3M-60.5%	-$10.9M-136.1%	-$8.9M+6.8%	-$11.8M-579.8%	$3.4M+136.7%
Depreciation & Amortization	$452K-26.0%	$529K-4.0%	$537K-7.6%	$615K+5.9%	$611K-4.7%	$551K-20.0%	$581K-18.7%	$581K-20.1%
Stock-Based Compensation	$3.2M+13.6%	$3.0M+18.5%	N/A	$2.9M+4.8%	$2.8M-38.8%	$2.5M-25.6%	N/A	$2.7M-59.3%
Capital Expenditures	$138K-33.7%	$391K+258.7%	$0-100.0%	$0-100.0%	$208K	$109K	$638K+155.2%	$431K-45.6%
Free Cash Flow	-$2.4M+78.8%	-$1.9M+78.5%	-$9.2M+26.0%	$1.3M-54.7%	-$11.1M	-$9.0M	-$12.4M-663.2%	$2.9M+129.5%
Investing Cash Flow	-$3.3M-144.5%	-$939K-141.3%	-$5.5M-147.8%	$11.9M+198.7%	$7.3M+258.1%	$2.3M+77.9%	$11.4M+229.2%	$4.0M+117.1%
Financing Cash Flow	$82K-89.5%	-$51K-179.7%	$219K-48.2%	$13.4M+95350.0%	$781K+58.7%	$64K+481.8%	$423K+112.6%	$14K-100.0%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

HRTX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HRTX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	73.3%+0.1pp	73.2%+24.5pp	48.8%-0.3pp	49.0%+2.3pp	46.7%-12.5pp	59.2%+1.4pp	57.8%-6.7pp	64.5%-20.6pp	85.1%-12.2pp	97.3%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1.6%+6.3pp	-8.0%+79.1pp	-87.1%	-162.2%	-252.3%	-257.4%	-144.3%	-237.4%	-632.4%	-13363.2%	N/A	N/A	N/A	N/A	N/A
Net Margin	-12.9%-3.2pp	-9.7%+77.7pp	-87.4%	-169.0%	-255.9%	-256.4%	-140.3%	-230.8%	-641.9%	-13537.4%	N/A	N/A	N/A	N/A	N/A
Return on Equity	-139.5%	N/A	N/A	-1341.0%-1056.1pp	-284.9%-188.8pp	-96.1%-45.4pp	-50.7%-2.4pp	-48.3%+102.3pp	-150.6%	N/A	-82.6%+38.5pp	-121.1%-40.9pp	-80.2%-35.1pp	-45.1%+29.9pp	-75.0%
Return on Assets	-7.8%-1.8pp	-6.0%+43.9pp	-49.9%+22.6pp	-72.5%-0.2pp	-72.3%-8.0pp	-64.3%-24.4pp	-39.9%-1.2pp	-38.7%+45.6pp	-84.3%+172.3pp	-256.6%-185.8pp	-70.8%+28.8pp	-99.6%-26.8pp	-72.8%-31.1pp	-41.7%+19.1pp	-60.8%
Current Ratio	2.48+0.2x	2.29-0.1x	2.37-0.1x	2.49-1.1x	3.58+0.5x	3.07-1.9x	4.95+0.1x	4.86+2.6x	2.21+0.6x	1.60-5.2x	6.83+1.4x	5.41-5.0x	10.43-2.6x	13.02+8.1x	4.94
Debt-to-Equity	16.85	N/A	N/A	17.49+14.5x	2.94+2.4x	0.49+0.2x	0.270.0x	0.25-0.5x	0.79	N/A	0.170.0x	0.22+0.1x	0.100.0x	0.08-0.2x	0.23
Asset Turnover	0.610.0x	0.620.0x	0.57+0.1x	0.43+0.1x	0.280.0x	0.250.0x	0.28+0.1x	0.170.0x	0.13+0.1x	0.02	N/A	N/A	N/A	N/A	N/A
FCF Margin	-18.0%-1.2pp	-16.8%+30.7pp	-47.5%	-138.1%	-239.0%	-216.2%	-90.3%	-259.4%	-561.8%	-10729.6%	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	69.3%-4.2pp	69.3%-8.9pp	72.6%-2.3pp	68.8%-2.3pp	73.5%+2.7pp	78.3%+2.6pp	74.9%+3.8pp	71.2%+29.1pp
Operating Margin	-5.4%-1.0pp	-13.7%-21.8pp	0.1%-10.1pp	-10.7%+2.9pp	-4.4%+13.5pp	8.1%+21.9pp	10.2%+40.1pp	-13.6%+65.7pp
Net Margin	-14.6%-8.2pp	-23.4%-30.1pp	-6.8%-14.8pp	-45.8%-31.0pp	-6.4%+19.2pp	6.8%+15.9pp	8.0%+40.6pp	-14.8%+64.8pp
Return on Equity	-79.5%	-88.8%	-19.2%	-117.5%	N/A	N/A	N/A	N/A
Return on Assets	-2.2%-1.1pp	-3.3%-4.4pp	-1.1%-2.5pp	-7.0%-4.8pp	-1.0%+3.2pp	1.1%+2.6pp	1.4%+6.4pp	-2.2%+8.7pp
Current Ratio	2.49+1.7x	2.53+0.1x	2.48+0.2x	2.56+0.3x	0.82-1.6x	2.40-0.1x	2.29-0.1x	2.28-0.2x
Debt-to-Equity	35.52	25.95	16.85	15.72	N/A	N/A	N/A	N/A
Asset Turnover	0.150.0x	0.140.0x	0.160.0x	0.150.0x	0.160.0x	0.170.0x	0.170.0x	0.150.0x
FCF Margin	-6.2%+23.5pp	-5.6%+17.5pp	-22.6%+7.8pp	3.5%-5.5pp	-29.8%	-23.1%	-30.4%-36.9pp	9.0%+40.7pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Heron Therapeutics, Inc. HRTX	FY2025	$154.9M	-$20.0M	-12.9%	$74.2M	46/100
MediWound Ltd. MDWD	FY2025	$17.0M	-$23.9M	N/A	$161.9M	17/100
Eupraxia Pharmaceuticals Inc. EPRX	FY2025	$0	-$38.6M	N/A	$492.9M	—
NeOnc Technologies Holdings, Inc. NTHI	FY2025	$40K	N/A	N/A	$80.1M	—
Entrada Therapeutics, Inc. TRDA	FY2025	$25.4M	-$143.8M	N/A	$220.8M	41/100
SELLAS Life Sciences Group, Inc. SLS	FY2025	N/A	-$26.9M	N/A	$2.4B	—

Where Heron Therapeutics, Inc. Ranks

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 -$20.0M in fiscal year 2025, with a net profit margin of -12.9%.

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 -12.9% 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 -139.5% 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) recorded an outflow of $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) recorded an outflow of $27.6M in operating cash flow during fiscal year 2025, representing cash used by 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.

How many shares does Heron Therapeutics, Inc. have outstanding?

Heron Therapeutics, Inc. (HRTX) had 189M shares outstanding as of 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 -7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Heron Therapeutics, Inc.'s P/E ratio?

Heron Therapeutics, Inc. (HRTX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $74.2M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Heron Therapeutics, Inc.'s price-to-sales ratio?

Heron Therapeutics, Inc. (HRTX) trades at 0.5x sales, its market capitalization divided by revenue of $151.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $74.2M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Heron Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Heron Therapeutics, Inc. (HRTX) held $46.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $27.6M over that year. Dividing the one by the other, the reported balance equals about 20 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Heron Therapeutics, Inc.'s Altman Z-Score?

Heron Therapeutics, Inc. (HRTX) has an Altman Z-Score of -9.19, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Heron Therapeutics, Inc.'s Piotroski F-Score?

Heron Therapeutics, Inc. (HRTX) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $20.0M while operations used $27.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $2.5M against $9.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 46 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.