Every 10-Q that Heron Therapeutics, Inc. (HRTX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HRTX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HRTX filings page.
Heron Therapeutics reported Q2 2026 net product sales of $37.7M, roughly flat versus $37.2M a year earlier, with CINVANTI remaining the largest contributor. For the first half of 2026, net product sales were $72.4M compared with $76.1M in 2025, reflecting softer oncology product volumes.
The company posted a Q2 2026 net loss of $5.5M and a six‑month net loss of $13.6M, versus a small profit of $0.3M in the prior‑year period, driven largely by higher interest expense of $6.8M year‑to‑date and increased sales and marketing spending. Stockholders’ equity declined to $6.9M from $14.3M at year‑end 2025.
Cash, cash equivalents and short‑term investments totaled $42.7M at June 30, 2026, with net cash used in operations improving to $3.8M in the first half from $19.7M a year earlier. Management, considering a recently amended Working Capital Facility, believes current liquidity will cover at least 12 months of anticipated needs, although tighter covenants, required principal prepayments and a Nasdaq minimum bid‑price deficiency notice highlight ongoing financial risk. The portfolio remains centered on ZYNRELEF, APONVIE, CINVANTI and SUSTOL, with SUSTOL sales scheduled to cease after September 30, 2026 and a recent adverse patent ruling affecting CINVANTI IP.
Heron Therapeutics, Inc. reported net product sales of $34.7M for the quarter ended March 31, 2026, down from $38.9M a year earlier, driven by weaker oncology sales partly offset by growth in acute care products ZYNRELEF and APONVIE.
The company posted a net loss of $8.1M versus net income of $2.6M in the prior-year quarter, as gross margin declined to 69.4% and interest expense increased following 2025 debt refinancing. CINVANTI and SUSTOL sales fell, while ZYNRELEF and APONVIE gained share.
Heron ended the quarter with $44.8M in cash, cash equivalents and short-term investments and expects this liquidity to cover anticipated needs for at least one year based on its current operating plan, though management notes this depends on assumptions that could change.
Heron Therapeutics (HRTX) reported Q3 2025 results with net product sales of $38.2 million, up from $32.8 million a year ago. Gross profit was $26.3 million and the company posted a net loss of $17.5 million, or $0.10 per share. Cash and cash equivalents were $43.1 million, and cash plus short‑term investments totaled $55.5 million as of September 30, 2025.
Product mix showed CINVANTI at $24.0 million, ZYNRELEF $9.3 million, APONVIE $3.0 million, and SUSTOL $1.9 million. Heron refinanced its balance sheet: it amended its Hercules working capital facility to up to $150.0 million and drew $110.8 million; exchanged and extinguished $150.0 million of 2026 convertible notes (including issuing 16.67 million shares for $25.0 million of principal and paying $125.0 million in cash); and issued $35.0 million of 2031 convertible notes. It also raised $27.7 million gross via a private placement of common and Series A preferred stock. The quarter included $11.3 million in loss on debt extinguishment. Management believes its cash, cash equivalents and short‑term investments are sufficient for at least one year.
Heron Therapeutics (HRTX) Q2-25 10-Q highlights
- Revenue: Net product sales rose 3.3% YoY to $37.2 m; 1H-25 sales up 7.7% to $76.1 m. Growth was driven by Zynrelef (+40% YoY) and Aponvie (+142%), offset by lower Sustol.
- Margins: Q2 gross margin expanded to 73% (prior-year 71%). Operating expenses fell 9% to $29.0 m on lower R&D (-34%) and SG&A (-15%), narrowing the operating loss to $1.6 m from $6.4 m.
- Profitability: Q2 net loss improved to $2.4 m (-$0.02/sh) vs -$9.2 m (-$0.06/sh). For 1H-25 the company posted a small profit of $0.3 m versus a -$12.4 m loss a year earlier.
- Liquidity: Cash & short-term investments were $40.6 m (down from $59.3 m YE-24) after operating cash burn of $19.7 m YTD. Inventory rose $19.8 m to $73.0 m (mainly Cinvanti and Zynrelef).
- Balance sheet: Total debt $175.2 m, comprised of $149.8 m 1.5% senior converts due May-26 and $25.4 m drawn under the Hercules working-capital facility. Stockholders’ deficit improved to -$27.3 m.
- Refinancing plan: On 8-8-25 the company signed agreements to upsize the Hercules facility to $150 m, issue $35 m 5% converts due 2031, sell $29.7 m in equity/Series A preferred, and exchange/repay the existing $150 m converts. Closings expected 8-12-25, eliminating near-term maturities and adding working capital.
Outlook: Management believes current cash plus proceeds from the refinancing will fund operations for ≥12 months. Key drivers remain Zynrelef uptake, successful launch of the vial-access needle, and execution of the Hercules credit milestones.