HRTX

MKT CAP:$189M

Heron Therapeutics, Inc.

Market Cap

$189M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.00-$0.26 (-20.65%)

Apr 23, 2026

Company Details

Heron Therapeutics, Inc., a biotechnology company, engages in developing treatments to address unmet patient needs. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeuti...

CEO

Craig Alexander Collard

IPO Date

Aug 26, 1987

Website

www.herontx.com

Key Metrics TTM

Revenue

$155M

+7.4% YoY

Net Income

-$20M

EPS (Diluted)

-$0.12

Free Cash Flow

-$28M

Revenue / Share

$0.93

Gross Margin

73.3%

Operating Margin

-1.6%

Net Margin

-13.0%

FCF Margin

-18.0%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$155M+7.4%EPS -$0.12

Q4 2025

Feb 26, 2026

$41M-0.5%EPS -$0.02

Q3 2025

Nov 4, 2025

$38M+16.5%EPS -$0.10

Q2 2025

Aug 8, 2025

$37M+3.3%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$23M	$12M	-$63M
Q2 22	$28M	$11M	-$49M
Q3 22	$27M	$12M	-$42M
Q4 22	$30M	$17M	-$20M
Q1 23	$30M	$13M	-$33M
Q2 23	$32M	$12M	-$42M
Q3 23	$31M	$13M	-$25M
Q4 23	$34M	$24M	-$10M
Q1 24	$35M	$26M	-$5M
Q2 24	$36M	$26M	-$6M
Q3 24	$33M	$23M	-$4M
Q4 24	$41M	$31M	$4M
Q1 25	$39M	$30M	$3M
Q2 25	$37M	$27M	-$2M
Q3 25	$38M	$23M	-$4M
Q4 25	$41M	$33M	$38.0K

Valuation

Quarter	P/S	P/E
Q1 22	6.3x	—
Q2 22	3.5x	—
Q3 22	5.3x	—
Q4 22	2.9x	—
Q1 23	1.9x	—
Q2 23	1.5x	—
Q3 23	1.2x	—
Q4 23	2.5x	—
Q1 24	3.1x	—
Q2 24	3.9x	—
Q3 24	2.2x	—
Q4 24	1.6x	—
Q1 25	2.3x	—
Q2 25	2.4x	—
Q3 25	1.4x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$44M	-$45M
Q2 22	-$28M	-$29M
Q3 22	-$37M	-$37M
Q4 22	-$38M	-$38M
Q1 23	-$25M	-$25M
Q2 23	-$27M	-$27M
Q3 23	-$9M	-$10M
Q4 23	$2M	$2M
Q1 24	-$10M	-$10M
Q2 24	-$5M	-$5M
Q3 24	$3M	$3M
Q4 24	-$12M	-$12M
Q1 25	-$9M	-$9M
Q2 25	-$11M	-$11M
Q3 25	$1M	$1M
Q4 25	-$9M	-$9M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$322.0K
Q3 22	$45.0K
Q4 22	$414.0K
Q1 23	$224.0K
Q2 23	$278.0K
Q3 23	$793.0K
Q4 23	$250.0K
Q1 24	$0
Q2 24	$637.0K
Q3 24	$431.0K
Q4 24	$638.0K
Q1 25	$109.0K
Q2 25	$208.0K
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.2%	+19.8%
Q2 22	+23.1%	-7.0%
Q3 22	+14.3%	-8.7%
Q4 22	+45.4%	-32.1%
Q1 23	+26.3%	-27.4%
Q2 23	+15.0%	-3.8%
Q3 23	+18.4%	-17.6%
Q4 23	+14.0%	-11.8%
Q1 24	+17.1%	-37.0%
Q2 24	+13.4%	-42.7%
Q3 24	+4.4%	-33.9%
Q4 24	+19.1%	-17.6%
Q1 25	+12.2%	-9.4%
Q2 25	+3.3%	-8.6%
Q3 25	+16.5%	+13.5%
Q4 25	-0.5%	+10.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	46.5%
Q2 22	$10M	37.5%
Q3 22	$11M	42.2%
Q4 22	$11M	35.0%
Q1 23	$8M	26.8%
Q2 23	$14M	43.8%
Q3 23	$7M	21.3%
Q4 23	$4M	12.6%
Q1 24	$3M	9.7%
Q2 24	$5M	12.7%
Q3 24	$3M	8.3%
Q4 24	$2M	5.6%
Q1 25	$3M	6.5%
Q2 25	$3M	7.5%
Q3 25	$3M	7.5%
Q4 25	$2M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$42M	$10M	$23M
Q2 22	$29M	$9M	$23M
Q3 22	$26M	$10M	$18M
Q4 22	$11M	$9M	$18M
Q1 23	$9M	$16M	$21M
Q2 23	$13M	$20M	$21M
Q3 23	$14M	$12M	$13M
Q4 23	$11M	$11M	$12M
Q1 24	$5M	$15M	$11M
Q2 24	$4M	$14M	$14M
Q3 24	$4M	$12M	$11M
Q4 24	$3M	$12M	$11M
Q1 25	$2M	$13M	$12M
Q2 25	$3M	$14M	$12M
Q3 25	$3M	$14M	$13M
Q4 25	$4M	$13M	$12M

Revenue Segments

Quarter	C I N V A N T I	S U S T O L	Z Y N R E L E F
Q1 22	$20M	$2M	$1M
Q2 22	$23M	$2M	$3M
Q3 22	$21M	$3M	$3M
Q4 22	$23M	$3M	$4M
Q1 23	$23M	$3M	$4M
Q2 23	$24M	$3M	$4M
Q1 24	$26M	$4M	$5M
Q2 24	$25M	$4M	$6M
Q3 24	$23M	$3M	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$57M	$55M	$112M
Q2 22	$49M	$35M	$84M
Q3 22	$50M	$71M	$122M
Q4 22	$15M	$69M	$85M
Q1 23	$27M	$33M	$60M
Q2 23	$13M	$20M	$33M
Q3 23	$35M	$43M	$77M
Q4 23	$29M	$52M	$80M
Q1 24	$20M	$51M	$72M
Q2 24	$18M	$49M	$67M
Q3 24	$26M	$45M	$71M
Q4 24	$26M	$33M	$59M
Q1 25	$19M	$31M	$51M
Q2 25	$17M	$24M	$41M
Q3 25	$43M	$12M	$55M
Q4 25	$29M	$18M	$47M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	102M	+0.1%	+11.7%
Q2 22	102M	+0.3%	+4.0%
Q3 22	112M	+9.1%	+9.6%
Q4 22	119M	+6.6%	+16.8%
Q1 23	119M	+0.1%	+16.8%
Q2 23	120M	+0.4%	+16.9%
Q3 23	145M	+21.1%	+29.8%
Q4 23	150M	+3.7%	+26.1%
Q1 24	151M	+0.6%	+26.8%
Q2 24	152M	+0.7%	+27.2%
Q3 24	153M	+0.3%	+5.4%
Q4 24	153M	+0.2%	+1.9%
Q1 25	153M	+0.2%	+1.5%
Q2 25	154M	+0.3%	+1.1%
Q3 25	170M	+10.6%	+11.5%
Q4 25	167M	-2.1%	+8.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$77.7K	302
Q2 22	$91.5K	302
Q3 22	$87.9K	302
Q4 22	$147.9K	203
Q1 23	$145.9K	203
Q2 23	$156.5K	203
Q3 23	$154.8K	203
Q4 23	$271.7K	126
Q1 24	$275.2K	126
Q2 24	$285.9K	126
Q3 24	$260.4K	126
Q4 24	$334.3K	122
Q1 25	$318.9K	122
Q2 25	$304.9K	122
Q3 25	$313.2K	122
Q4 25	$317.1K	128

Revenue / Employee