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Heron Therapeutics, Inc.

HRTX Healthcare Biotechnology

Heron Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $154.9 million, up 7.36% from fiscal 2024.

Revenue
+1.25%
EPS
−93.6%
Free cash flow
+78.8%
Total debt
−18.5%

Quarter to June 2026, against a year earlier

0.29 0.01 +3.57%
Market cap
$53.2M
P/E
0.0×
Fwd P/E
−2.1×
Dividend yield
—
F-score
4/9
Altman Z
−8.84
Beneish M
−2.40
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.25%

Capital & Financial Ratios $m

Size
Market Cap 53.16
Revenue ttm 151.18
Net income ttm (34.05)
Free cash flow ttm (12.09)
Net debt Q 99.99
Valuation
P/E 0.00
Forward P/E (2.14) (negative: loss-making)
Price / sales 0.37
Forward P/S Powerpack
Price / FCF 0.00
Price / book 9.42 (above 6: high)
Financial health
Current ratio Q 2.49 (at or above 1.5: strong)
Debt / equity Q 20.65 (above 2: weak)
Interest coverage Q (21.29)
Growth
Revenue growth Q +1.25% (above 0%: growing)
Operating income growth Q −24.86% (below 0%: shrinking)
EPS, this year −8.33% (below 0%: weak)
EPS, next year A +15.38% (at or above 15%: strong)
Revenue, next year A −4.33% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +22.90% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 6.9×; over the ten years it ranged from 1.0× in 2026 to 154× in 2017.
P/S against its own 10 years 0.41%
10-year low 10-year high
P/B against its own 10 years 57.46%
10-year low 10-year high
EV/Sales against its own 10 years 0.41%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 80 59 47 43
Receivables 60 79 90 90
Inventory 42 53 93 91
Other — — — —
189 209 238 230
2023 2024 2025 Q'26
Payables 3 12 9 12
ST’ Debt — — — —
Other — — — —
80 91 96 92

Compound Annual Growth %

10y 5y 3y
Sales — 11.81% 12.89%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (19.01%) (42.92%) 1.84%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.02 Actual −0.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.02 −0.05 Miss by 0.03
Q4 FY25 −0.03 −0.02 Beat by 0.01
Q1 FY26 −0.03 −0.04 Miss by 0.01
Q2 FY26 −0.02 −0.03 Miss by 0.01
Q3 FY26 −0.03 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.04) (0.03) — — —
’25 0.01 (0.02) (0.10) (0.02) (0.12)
’24 (0.02) (0.06) (0.03) 0.02 (0.09)
’23 (0.27) (0.35) (0.17) (0.07) (0.80)
’22 (0.63) (0.55) (0.38) (0.17) (1.67)
’21 (0.58) (0.62) (0.51) (0.54) (2.24)
’20 (0.57) (0.61) (0.64) (0.68) (2.50)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 35 38 — — —
’25 39 37 38 41 155
’24 35 36 33 41 144
’23 30 32 31 34 127
’22 23 28 27 30 108
’21 20 22 23 21 86
’20 25 23 20 21 89
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) (2) — — —
’25 (9) (11) 1 (9) (28)
’24 (10) (5) 3 (12) (23)
’23 (25) (27) (9) 2 (59)
’22 (44) (28) (37) (38) (147)
’21 (42) (63) (53) (45) (203)
’20 (33) (57) (42) (53) (185)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) (2) — — —
’25 (9) (11) 1 (9) (28)
’24 (10) (5) 3 (12) (24)
’23 (25) (27) (10) 2 (60)
’22 (45) (29) (37) (38) (149)
’21 (43) (63) (55) (46) (206)
’20 (36) (58) (43) (55) (192)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1 31 77 146 89 86 108 127 144 155 151 +70.4% 148 146 161 +1.2%
Gross margin, % 97.26 85.09 64.49 57.79 59.17 46.70 49.04 48.75 73.21 73.31 70.07 (24.0) pt
EBT (173) (197) (179) (205) (227) (221) (182) (111) (14) (20) (34) (21.2%)
EBT margin, % (13,537.37) (641.87) (230.84) (140.27) (256.41) (255.58) (169.05) (87.02) (9.41) (13.04) (22.52) +13,524.3 pt
Net income (173) (197) (179) (205) (227) (221) (182) (111) (14) (20) (34) (21.2%)
Per share, $
Per share, $ Revenue 0.03 0.57 1.06 1.78 0.98 0.88 0.99 0.92 0.95 0.93 0.79 +44.6%
Earnings (4.56) (3.65) (2.44) (2.50) (2.50) (2.24) (1.67) (0.80) (0.09) (0.12) (0.19) (33.2%)
Cash flow (3.54) (3.15) (2.62) (1.52) (2.04) (2.07) (1.35) (0.43) (0.15) (0.17) (0.06) (28.8%)
Capex (0.08) (0.05) (0.12) (0.09) (0.08) (0.03) (0.01) (0.01) (0.01) 0.00 0.00 (37.0%)
Free cash flow (3.62) (3.20) (2.75) (1.61) (2.11) (2.10) (1.36) (0.44) (0.16) (0.17) (0.06) (29.0%)
Book value (0.56) 2.43 5.06 4.94 2.61 0.79 0.12 (0.25) (0.22) 0.09 0.04 n/m
Shares, m 38 54 73 82 91 98 109 138 152 167 179 +17.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.00 32.49 24.51 13.17 21.68 10.41 2.46 2.06 1.62 1.40 0.37 11.0
P/B 0.00 7.62 5.13 4.76 8.13 11.59 19.49 0.00 0.00 16.32 9.42 7.3
EV/Sales 0.00 27.70 20.54 10.57 19.49 10.31 3.06 2.79 2.42 2.01 1.03 9.9
EV/FCF (3.69) (4.93) (7.92) (11.71) (9.02) (4.32) (2.22) (5.88) (14.26) (11.17) (12.84) (7.5)
Cash, $m
Cash, $m Operating cash flow (134) (170) (192) (125) (185) (203) (147) (59) (23) (28) (12) (16.1%)
Capex (3) (2) (9) (7) (7) (3) (2) (2) (2) 0 0 (25.6%)
Free cash flow (137) (173) (201) (132) (192) (206) (149) (60) (24) (28) (12) (16.3%)
Balance, $m
Balance, $m Working capital 23 125 355 382 212 183 123 109 118 142 138 +22.2%
Net debt (1) (172) (332) (379) (194) (8) 64 93 115 94 100 n/m
Shareholders’ equity (21) 131 370 404 236 78 14 (34) (34) 14 7 n/m
Returns, %
Returns, % ROA (168.65) (130.88) (51.35) (42.00) (52.47) (66.95) (65.40) (46.70) (5.96) (8.26) (14.06) +160.4 pt
ROIC 0.00 0.00 (304.22) (524.53) (335.05) (197.10) (139.94) (116.44) (8.81) (1.46) (6.35) (1.5) pt
ROE (357.52) (359.44) (71.35) (52.91) (70.99) (140.53) (399.43) 1,083.86 40.16 198.30 318.21 +555.8 pt
People
People Employees 139 145 198 231 223 302 203 126 122 128 — (0.9%)
Revenue/emp, $m 0.01 0.21 0.39 0.63 0.40 0.29 0.53 1.01 1.18 1.21 — +72.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Heron Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BOLD Boundless Bio, Inc. $54.8M — (loss-making) — — n/m −76.90% (below 0%: shrinking) — 0.00% Compare
RNXT RenovoRx, Inc. $53.7M — (loss-making) — (loss-making) +300.75% (above 0%: growing) n/m −12.69% (below 0%: shrinking) 82.36% (303.56%) Compare
HRTX Heron Therapeutics, Inc. $53.2M — (loss-making) — (loss-making) +1.25% (above 0%: growing) n/m +78.75% (above 0%: growing) 69.28% (5.43%)
VRCA Verrica Pharmaceuticals Inc. $53.1M — (loss-making) — (loss-making) −53.85% (below 0%: shrinking) n/m +7.63% (above 0%: growing) 85.02% (223.42%) Compare
RNTX Rein Therapeutics Inc. $52.8M — (loss-making) — — n/m −34.62% (below 0%: shrinking) 0.00% 0.00% Compare
ALPS Alps Group Inc. $52.3M — (loss-making) — — n/m −26.48% (below 0%: shrinking) — 0.00% Compare
ELOX Senesco Technologies Inc. $51.7M — (loss-making) — — n/m −144.34% (below 0%: shrinking) 100.00% 0.00% Compare
KLRS Kalaris Therapeutics Inc. $51.6M — (loss-making) — — n/m +11.91% (above 0%: growing) 0.00% 0.00% Compare
INKT MiNK Therapeutics, Inc. $51.3M — (loss-making) — — n/m −32.73% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $52.5M — — — — −29.60% 41.18% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 6.10%
Rubric Capital Management LP 15.93%
Clearline Capital, L.P. 6.49%
Subsidiaries or business divisions of Vanguard Group Inc. 5.21%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Heron Therapeutics, Inc. (HRTX) Latest News

26 Oct

Impact 3 · · GlobeNewswire

10 Aug

Impact 4 · · InvestorsHub
Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

11 Jul

Impact 3 ·

30 Jun

Impact 3 ·

27 Jun

Impact 3 ·

2 Jun

Impact 4 ·

12 May

Impact 4 · · GuruFocus.com

11 May

Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 3 · · Moby
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

26 Feb

Impact 4 · · Moby
Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 ·
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire

25 Jan

Impact 4 · · Simply Wall St.

10 Jan

Impact 3 · · TipRanks

9 Jan

Impact 4 · · GlobeNewswire

15 Dec

Impact 3 · · Simply Wall St.

4 Dec

Impact 4 · · GlobeNewswire

4 Nov

Impact 4 ·
Impact 4 · · GuruFocus.com
Impact 3 · · Zacks
stockrow.com/HRTX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com