Heron Therapeutics, Inc.
HRTXHealthcare|Biotechnology|US
$0.29
+0.01 (+4.64%)
Tangible Book / Share
$0.04
Cash / Share
$0.22
Financials
Financial Snapshot
Market Cap
$55.6M
Enterprise Value
$183.3M
Revenue (TTM)
$151.2M
Net Income (TTM)
-$34.0M
Cash & Investments
$42.7M
Net Cash
-$105.7M
Free Cash Flow (TTM)
-$12.1M
Operating CF (TTM)
-$11.6M
Debt/Equity
21.48
Cash Runway & Burn Rate
Cash on Hand
$42.7M
Quarterly Burn
$2.9M
Monthly Burn
$967.2K
Est. Runway
~14.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $51.1M | $172.4M | $332.4M | $391.0M | $208.5M | $157.6M | $84.9M | $80.4M | $59.3M | $46.6M | $42.7M | |
| Operating Cash Flow | -$134.1M | -$170.3M | -$191.8M | -$124.6M | -$184.8M | -$203.4M | -$146.9M | -$58.8M | -$22.5M | -$27.6M | -$11.6M | |
| Free Cash Flow | -$137.2M | -$172.9M | -$201.0M | -$131.7M | -$191.6M | -$206.4M | -$148.7M | -$60.3M | -$24.2M | -$27.9M | -$12.1M | |
| Capital Expenditure | -$3.1M | -$2.6M | -$9.2M | -$7.2M | -$6.8M | -$3.0M | -$1.8M | -$1.5M | -$1.7M | -$317.0K | -$529.0K | |
| Financing Cash Flow | $57.5M | $293.7M | $357.6M | $186.4M | $9.1M | $156.0M | $75.1M | $54.1M | $940.0K | $14.4M | $13.6M |
R&D Spending
R&D (TTM)
$12.3M
R&D Intensity
8.1%
R&D Growth vs Prior
-1.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $30.8M | $77.5M | $146.0M | $88.6M | $86.3M | $107.7M | $127.0M | $144.3M | $154.9M | $151.2M | |
| R&D Expense | $103.1M | $138.6M | $140.0M | $167.4M | $174.5M | $130.8M | $82.7M | $39.1M | $16.7M | $12.4M | $12.3M | |
| R&D % of Revenue | 8062.9% | 450.4% | 180.7% | 114.7% | 196.9% | 151.5% | 76.8% | 30.8% | 11.6% | 8.0% | 8.1% | |
| SG&A | $69.0M | $82.2M | $93.9M | $127.7M | $106.1M | $127.3M | $144.8M | $119.8M | $100.5M | $103.7M | $104.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $30.8M | $77.5M | $146.0M | $88.6M | $86.3M | $107.7M | $127.0M | $144.3M | $154.9M | $151.2M | |
| Cost of Revenue | $35.0K | $4.6M | $27.5M | $61.6M | $36.2M | $46.0M | $54.9M | $65.1M | $38.6M | $41.3M | $45.2M | |
| Gross Profit | $1.2M | $26.2M | $50.0M | $84.3M | $52.4M | $40.3M | $52.8M | $61.9M | $105.6M | $113.6M | $105.9M | |
| R&D | $103.1M | $138.6M | $140.0M | $167.4M | $174.5M | $130.8M | $82.7M | $39.1M | $16.7M | $12.4M | $12.3M | |
| SG&A | $69.0M | $82.2M | $93.9M | $127.7M | $106.1M | $127.3M | $144.8M | $119.8M | $100.5M | $103.7M | $104.5M | |
| Operating Income | -$170.9M | -$194.6M | -$183.9M | -$210.7M | -$228.2M | -$217.8M | -$174.7M | -$110.6M | -$11.5M | -$2.5M | -$10.9M | |
| Interest Expense | $2.7M | $3.9M | $2.7M | $1.5M | $1.9M | $2.4M | $2.5M | $3.9M | $6.0M | $0.00 | $3.9M | |
| Pretax Income | -$173.1M | -$197.5M | -$178.8M | -$204.7M | -$227.3M | -$220.7M | -$182.0M | -$110.6M | -$13.6M | -$20.2M | -$34.0M | |
| Net Income | -$173.1M | -$197.5M | -$178.8M | -$204.7M | -$227.3M | -$220.7M | -$182.0M | -$110.6M | -$13.6M | -$20.2M | -$34.0M | |
| EPS (Diluted) | -4.57 | -3.65 | -2.44 | -2.50 | -2.50 | -2.24 | -1.67 | -0.80 | -0.09 | -0.12 | -0.19 | |
| EBITDA | -$169.4M | -$192.0M | -$174.7M | -$201.2M | -$222.5M | -$215.3M | -$176.7M | -$103.8M | -$5.1M | -$17.9M | -$28.0M | |
| Shares Out. (M) | 37.92 | 54.04 | 73.19 | 81.78 | 90.77 | 98.47 | 109.00 | 138.13 | 152.45 | 166.71 | 190.33 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.4M | $144.6M | $31.8M | $71.9M | $105.1M | $90.5M | $15.4M | $28.7M | $25.8M | $28.6M | $20.7M | |
| Short-Term Investments | $37.7M | $27.8M | $300.5M | $319.1M | $103.4M | $67.0M | $69.5M | $51.7M | $33.5M | $18.0M | $21.9M | |
| Total Current Assets | $62.1M | $228.1M | $447.2M | $479.1M | $314.2M | $254.4M | $205.4M | $188.8M | $209.0M | $238.1M | $229.8M | |
| Total Assets | $67.5M | $234.3M | $462.2M | $512.8M | $353.6M | $305.7M | $251.0M | $222.5M | $233.1M | $255.9M | $252.3M | |
| Total Current Liabilities | $38.7M | $103.2M | $92.0M | $96.7M | $102.5M | $71.1M | $82.4M | $79.7M | $91.5M | $96.1M | $92.1M | |
| Long-Term Debt | $50.0M | $0.00 | $0.00 | $0.00 | $0.00 | $149.1M | $149.3M | $173.8M | $174.7M | $140.6M | $142.7M | |
| Total Liabilities | $88.7M | $103.2M | $92.0M | $108.9M | $117.1M | $228.1M | $237.4M | $256.5M | $266.8M | $241.5M | $245.4M | |
| Stockholders' Equity | -$21.3M | $131.1M | $370.2M | $403.8M | $236.5M | $77.6M | $13.6M | -$34.0M | -$33.7M | $14.3M | $6.9M | |
| Retained Earnings | -$586.0M | -$783.5M | -$960.7M | -$1.17B | -$1.39B | -$1.61B | -$1.80B | -$1.91B | -$1.92B | -$1.94B | -$1.95B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$134.1M | -$170.3M | -$191.8M | -$124.6M | -$184.8M | -$203.4M | -$146.9M | -$58.8M | -$22.5M | -$27.6M | -$11.6M | |
| Capital Expenditure | -$3.1M | -$2.6M | -$9.2M | -$7.2M | -$6.8M | -$3.0M | -$1.8M | -$1.5M | -$1.7M | -$317.0K | -$529.0K | |
| Free Cash Flow | -$137.2M | -$172.9M | -$201.0M | -$131.7M | -$191.6M | -$206.4M | -$148.7M | -$60.3M | -$24.2M | -$27.9M | -$12.1M | |
| Investing Cash Flow | $14.9M | $7.7M | -$278.6M | -$21.8M | $209.0M | $32.7M | -$3.3M | $18.0M | $18.7M | $16.0M | $2.2M | |
| Financing Cash Flow | $57.5M | $293.7M | $357.6M | $186.4M | $9.1M | $156.0M | $75.1M | $54.1M | $940.0K | $14.4M | $13.6M | |
| Issuance of Stock | $7.5M | $318.7M | $382.6M | $186.4M | $9.1M | $7.1M | $75.1M | $29.8M | $940.0K | $19.3M | $18.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$143.0K | |
| Net Debt Issuance | $50.0M | -$25.0M | -$25.0M | $0.00 | $26.0K | $149.0M | $0.00 | $24.4M | $0.00 | $145.1M | $9.4M | |
| Stock Based Comp. | $26.0M | $30.5M | $33.4M | $51.4M | $50.2M | $46.9M | $43.0M | $32.9M | $13.0M | $10.3M | $11.2M | |
| Net Change in Cash | -$61.8M | $131.2M | -$112.7M | $40.1M | $33.2M | -$14.6M | -$75.2M | $13.3M | -$2.9M | $2.8M | $4.2M |
Dilution Tracker
Shares outstanding grew 83.7% over 5 years — significant dilution
Shares Outstanding
190M
5-Year Share Growth
+83.7%
Stock Issuance (TTM)
$18.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 37.92 | 54.04 | 73.19 | 81.78 | 90.77 | 98.47 | 109.00 | 138.13 | 152.45 | 166.71 | 190.33 | |
| Change vs Prior % | — | 42.5% | 35.4% | 11.7% | 11.0% | 8.5% | 10.7% | 26.7% | 10.4% | 9.4% | 14.2% | |
| Stock Issuance | $7.5M | $318.7M | $382.6M | $186.4M | $9.1M | $7.1M | $75.1M | $29.8M | $940.0K | $19.3M | $18.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$143.0K | |
| Stock Based Comp. | $26.0M | $30.5M | $33.4M | $51.4M | $50.2M | $46.9M | $43.0M | $32.9M | $13.0M | $10.3M | $11.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 97.3% | 85.1% | 64.5% | 57.8% | 59.2% | 46.7% | 49.0% | 48.8% | 73.2% | 73.3% | 70.1% | |
| Operating Margin % | -13363.2% | -632.4% | -237.4% | -144.3% | -257.4% | -252.3% | -162.2% | -87.1% | -8.0% | -1.6% | -7.2% | |
| Net Margin % | -13537.4% | -641.9% | -230.8% | -140.3% | -256.4% | -255.6% | -169.1% | -87.0% | -9.4% | -13.0% | -22.5% | |
| EBITDA Margin % | -13243.2% | -624.1% | -225.4% | -137.9% | -251.1% | -249.3% | -164.1% | -81.7% | -3.5% | -11.5% | -18.5% | |
| FCF Margin % | -10729.6% | -561.8% | -259.4% | -90.2% | -216.2% | -239.0% | -138.1% | -47.5% | -16.8% | -18.0% | -8.0% | |
| ROE % | 814.8% | -150.6% | -48.3% | -50.7% | -96.1% | -284.5% | -1341.2% | 325.4% | 40.4% | -140.9% | -300.9% | |
| ROA % | -256.6% | -84.3% | -38.7% | -39.9% | -64.3% | -72.2% | -72.5% | -49.7% | -5.8% | -7.9% | -13.5% | |
| ROIC % | -536.4% | -121.7% | -49.1% | -49.7% | -87.4% | -91.9% | -102.0% | -75.8% | -8.0% | -1.6% | -6.8% | |
| R&D / Revenue % | 8062.9% | 450.4% | 180.7% | 114.7% | 196.9% | 151.5% | 76.8% | 30.8% | 11.6% | 8.0% | 8.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 2305.6% | 151.8% | 88.4% | -39.3% | -2.6% | 24.7% | 18.0% | 13.6% | 7.4% | |
| Gross Profit | 269.5% | 2004.4% | 90.8% | 68.8% | -37.8% | -23.1% | 30.9% | 17.3% | 70.6% | 7.5% | |
| Operating Income | -76.3% | -13.8% | 5.5% | -14.5% | -8.3% | 4.5% | 19.8% | 36.7% | 89.6% | 78.0% | |
| Net Income | -77.4% | -14.1% | 9.4% | -14.5% | -11.0% | 2.9% | 17.5% | 39.3% | 87.7% | -48.7% | |
| EPS (Diluted) | -54.9% | 20.1% | 33.2% | -2.5% | 0.0% | 10.4% | 25.4% | 52.1% | 88.9% | -34.7% | |
| Operating Cash Flow | -70.8% | -27.0% | -12.6% | 35.0% | -48.4% | -10.0% | 27.8% | 60.0% | 61.7% | -22.5% | |
| Free Cash Flow | -72.4% | -26.0% | -16.3% | 34.5% | -45.5% | -7.7% | 27.9% | 59.4% | 59.8% | -15.2% | |
| R&D Expense | 68.6% | 34.4% | 1.0% | 19.5% | 4.3% | -25.0% | -36.8% | -52.7% | -57.4% | -25.5% | |
| SG&A Expense | 93.1% | 19.0% | 14.3% | 36.0% | -16.9% | 20.0% | 13.7% | -17.2% | -16.1% | 3.2% | |
| Total Assets | -51.0% | 247.2% | 97.3% | 10.9% | -31.1% | -13.5% | -17.9% | -11.3% | 4.8% | 9.7% | |
| Book Value / Share | -115.7% | 533.1% | 108.4% | -2.4% | -47.2% | -69.8% | -84.2% | -297.5% | 10.2% | 139.0% | |
| Debt | 2281.2% | -45.8% | -84.1% | 332.7% | 24.3% | 548.1% | -1.3% | 14.1% | -1.0% | -20.9% | |
| Diluted Shares | 14.6% | 42.5% | 35.4% | 11.7% | 11.0% | 8.5% | 10.7% | 26.7% | 10.4% | 9.4% |
Valuation
P/E (TTM)At Loss
P/S0.37
10Y Low / Med / High1.40 / 13.17 / 388.44
P/B8.07
10Y Low / Med / High4.76 / 8.12 / 20.08
EV/EBITDAAt Loss
EV/Revenue1.21
10Y Low / Med / High2.12 / 12.81 / 419.32
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.04
Cash / Share
$0.22
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.87 | -4.96 | -10.63 | -9.40 | -8.47 | -4.08 | -1.50 | -2.13 | -17.17 | -10.83 | -1.57 | |
| P/S Ratio | 388.44 | 31.79 | 24.51 | 13.17 | 21.68 | 10.41 | 2.53 | 1.85 | 1.62 | 1.40 | 0.37 | |
| P/B Ratio | -23.38 | 7.46 | 5.13 | 4.76 | 8.12 | 11.59 | 20.08 | -6.91 | -6.93 | 15.12 | 8.07 | |
| EV/EBITDA | -3.17 | -4.49 | -10.71 | -9.29 | -8.27 | -4.50 | -2.35 | -3.72 | -76.19 | -18.38 | -6.54 | |
| EV/Revenue | 419.32 | 28.02 | 24.15 | 12.81 | 20.77 | 11.21 | 3.85 | 3.04 | 2.67 | 2.12 | 1.21 |
Analyst Estimates & Quality
Altman Z-Score
-9.84
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $148.3M | $145.9M | $160.6M |
| Net Income | -$21.7M | -$18.3M | -$9.2M |
| EPS | $-0.13 | $-0.11 | $-0.06 |
| # Analysts (EPS) | 1 | 1 | 2 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| C I N V A N T I | $87.8M | $73.5M | $87.2M | $94.9M | $100.1M | $96.8M |
| S U S T O L | $800.0K | $9.9M | $10.2M | $13.1M | $14.1M | $8.5M |
| Z Y N R E L E F | — | $2.9M | $10.2M | $17.7M | $25.5M | $38.1M |