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Heron Therapeutics, Inc. HRTX

Healthcare — Biotechnology

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
1.25%

Capital & Financial Ratios

Market Cap
60.76
Revenue
151.18
Net Income
(34.05)
Free Cash Flow
(12.09)
Net Debt
99.99
Current Ratio
2.49
Debt/Equity
20.65
P/E ratio
0.00
P/S ratio
0.40
P/B ratio
10.40
Past 5Y EPS Growth
48.68%
This Y EPS Growth
(8.33%)
Next Y EPS Growth
15.38%
Next 5Y EPS Growth
22.90%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 80.41 59.28 46.63 42.66
Receivables 60.14 78.88 89.59 89.57
Inventory 42.11 53.16 92.75 90.59
Other — — — —
188.77 209.01 238.07 229.85
2023 2024 2025 Q'26
Payables 3.24 11.71 8.99 11.64
ST’ Debt — — — —
Other — — — —
79.69 91.46 96.10 92.15
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 34.71 37.67 — —
—
’25 38.90 37.20 38.21 40.59
154.90
’24 34.67 36.02 32.81 40.78
144.29
’23 29.62 31.76 31.43 34.23
127.04
’22 23.46 27.63 26.56 30.03
107.67
’21 20.02 22.44 23.23 20.66
86.35
’20 25.40 22.67 19.97 20.61
88.64
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (1.54) (2.21) — —
—
’25 (8.87) (10.87) 1.33 (9.18)
(27.59)
’24 (9.52) (4.60) 3.37 (11.78)
(22.53)
’23 (24.90) (27.16) (9.18) 2.46
(58.79)
’22 (43.94) (28.37) (37.07) (37.53)
(146.91)
’21 (41.94) (62.99) (53.17) (45.26)
(203.35)
’20 (32.93) (57.28) (42.05) (52.55)
(184.82)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (1.93) (2.35) — —
—
’25 (8.94) (11.06) 1.36 (9.17)
(27.81)
’24 (9.52) (5.24) 2.94 (12.39)
(24.21)
’23 (25.12) (27.44) (9.97) 2.22
(60.32)
’22 (44.93) (28.69) (36.94) (37.94)
(148.51)
’21 (42.72) (63.31) (54.70) (45.62)
(206.34)
’20 (35.87) (58.03) (42.69) (55.05)
(191.63)
in millions of $

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)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡ 2.19 0.50 1.04 1.00 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.40 3.41 3.93 2.68 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 203 126 122 128 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.53 1.01 1.18 1.21 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 107.67 127.04 144.29 154.90 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.04% 48.75% 73.21% 73.31% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (182.02) (110.56) (13.58) (20.19) ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (169.05%) (87.02%) (9.41%) (13.04%) ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (182.02) (110.56) (13.58) (20.19) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.36 1.50 1.31 2.39 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.99 0.92 0.95 0.93 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ (1.67) (0.80) (0.09) (0.12) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.35) (0.43) (0.15) (0.17) — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.01) (0.01) (0.01) 0.00 ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.36) (0.44) (0.16) (0.17) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.12 (0.25) (0.22) 0.09 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 108.88 138.14 152.45 166.71 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.46 2.06 1.62 1.40 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.49 0.00 0.00 16.32 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.08 2.81 2.44 2.03 ‡‡‡ ‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.23) (5.93) (14.39) (11.28) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (146.91) (58.79) (22.53) (27.59) ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.60) (1.53) (1.68) (0.22) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (148.51) (60.32) (24.21) (27.81) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 123.08 109.09 117.56 141.97 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 151.98 173.75 174.73 140.64 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 67.13 93.34 115.44 94.01 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.57 (33.97) (33.65) 14.33 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (65.40%) (46.70%) (5.96%) (8.26%) ‡‡‡‡‡ — —
ROA
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (135.27%) (116.44%) (8.81%) (1.46%) — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (399.43%) 1,083.86% 40.16% 198.30% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Heron Therapeutics (HRTX), a commercial-stage biotech specializing in cancer supportive care and post-surgical pain management, has endured a volatile decade marked by product launches like CINVANTI (2017), SUSTOL (2016), and ZYNRELEF (2020), offset by manufacturing setbacks, FDA warnings, and a 2023 debt restructuring. Yet, revenue has surged 11,000% from $1.3 million in 2016 to $145 million in 2024, with revenue per employee exploding to $1.18 million amid a 60% headcount cut. Analysts forecast continued momentum: $154 million in 2025 (+7% YoY), scaling to $208 million by 2027 (+20%), signaling commercial traction and reduced dilution risks as shares outstanding stabilize near 183 million.

Losses have plummeted 88% to $13.6 million in 2024, with gross margins rebounding to 73% and EBT projected to flip positive at $0.8 million in 2025, then $38 million in 2026—a 4,650% jump. Free cash flow per share turns positive, easing $175 million debt pressures after operating cash burn improved 89%. The stock, down 98% from 2018 peaks to recent $1-4 ranges, trades at a discounted 1.6x PS ratio (vs. peer 3-5x), with analyst targets implying 160-420% upside to 8.5x forward PE by 2027. Insider buys totaling $6.2 million in 2025 underscore conviction.

This turnaround profiles high-risk/high-reward: if ZYNRELEF ramps and pipeline catalysts hit, shares could revisit $10+ territory. Watch Q1 2026 earnings for confirmation—projections pencil 2-4x potential, but execution and competition loom large. [Read full analysis]

Read full commentary →

Heron Therapeutics, Inc. (HRTX) Latest News

News by impact score

Fine-tune

10 Aug

4 investorshub.advfn.com, 11:05 AM
Heron Therapeutics withdraws 2026 guidance due to CINVANTI patent risks and ongoing strategic review. Guidance withdrawal plus key product patent threat creates major uncertainty for future results and valuation.

3 transcript , 5:01 PM
Heron Therapeutics Inc reported revenue growth during its Q2 2026 earnings call amid strategic initiatives. Revenue growth in earnings call points to moderately improved financial performance without indicating major trajectory shifts.

3 transcript www.marketbeat.com, 10:04 AM
Heron Therapeutics Q2 earnings call highlighted financial results, product sales updates for key drugs including ZYNRELEF, pipeline progress, and forward-looking guidance on revenue and operations. Earnings call updates on financials, sales, and guidance provide moderately noticeable short-term influence on performance and sentiment without indicating transformative shifts.

3 , 9:10 AM
Heron Therapeutics posted a Q2 net loss and missed revenue estimates. Q2 loss and revenue miss may pressure near-term stock price and investor sentiment.

11 Jul

3 , 8:16 PM
Heron Therapeutics stock fair value reduced after Cinvanti patent decision. Cinvanti patent decision triggers fair value cut affecting near-term valuation.

30 Jun

3 , 8:58 AM
Court rules on Cinvanti patent for Heron Therapeutics, creating potential recovery opportunity for HRTX stock. Cinvanti patent ruling may moderately affect Heron Therapeutics financial performance and competitive position.

27 Jun

3 , 7:06 PM
Heron Therapeutics (HRTX) stock fair value cut after Cinvanti patent decision. Cinvanti patent decision triggers analyst fair value cut with moderate effect on HRTX market performance.

2 Jun

4 , 8:12 AM
U.S. District Court issued a decision regarding patents for Heron Therapeutics' CINVANTI product. Patent ruling directly impacts CINVANTI intellectual property protection and market exclusivity for Heron Therapeutics.

12 May

4 GuruFocus.com, 3:02 AM
Heron Therapeutics Inc (HRTX) Q1 2026 earnings call highlights resilient growth despite operational challenges, with strong performance in key products and strategic updates on pipeline and financials. Q1 2026 earnings highlights demonstrate resilient growth and strategic progress amid challenges, likely significantly boosting investor sentiment and stock trajectory.

11 May

4 www.marketbeat.com, 11:07 AM
Heron Therapeutics released Q1 earnings call highlights covering financial results, pipeline progress, and strategic outlook. Q1 earnings call highlights detail financial performance and guidance, significantly influencing investor sentiment and stock trajectory.

4 Zacks, 9:30 AM
Heron Therapeutics (HRTX) reported Q1 earnings, emphasizing key metrics that signal financial health and operational performance. Q1 earnings reports reveal essential financial metrics that significantly influence stock trajectory and investor sentiment.

3 app.moby.co, 4:51 PM
Heron Therapeutics, Inc. (HRTX) released Q1 2026 earnings call summary covering financial results, operational updates, and forward guidance. Q1 2026 earnings summary provides key financial metrics and outlook influencing short-to-medium term market performance.

3 investorshub.advfn.com, 11:03 AM
Heron Therapeutics (HRTX) reported Q1 sales decline but acute care revenue growth enabled reaffirmation of 2026 guidance. Reaffirming 2026 guidance despite Q1 sales decline highlights moderate financial resilience from acute care growth.

3 Zacks, 9:10 AM
Heron Therapeutics (HRTX) reported a Q1 net loss and revenue below analyst estimates. Q1 loss and revenue miss highlight weaker financial results, moderately affecting stock sentiment and near-term performance.

3 GlobeNewswire, 8:00 AM
Heron Therapeutics announced first quarter 2026 financial results and reaffirmed full-year guidance. Quarterly financial results and reaffirmed guidance provide moderate influence on financial performance and investor sentiment.

26 Feb

4 app.moby.co, 4:33 PM
Heron Therapeutics, Inc. released its Q4 2025 earnings call summary, detailing quarterly financial results, operational updates, and future outlook. Quarterly earnings call summaries provide critical financial metrics, guidance, and strategic updates that drive significant stock volatility and investor sentiment.

4 GuruFocus.com, 4:09 PM
Heron Therapeutics Inc (HRTX) reported strong revenue growth in Q4 2025 earnings call highlights amid ongoing challenges. Strong Q4 2025 revenue growth represents a major positive shift in financial performance likely to boost investor sentiment and trajectory.

4 www.marketbeat.com, 3:48 PM
Heron Therapeutics Q4 earnings call highlights financial results, product pipeline updates, and forward guidance. Q4 earnings call highlights disclose financial performance and strategic outlook, significantly influencing investor sentiment and stock trajectory.

4 , 12:30 PM
Heron Therapeutics (HRTX) reported Q4 earnings, analyzing key metrics for insights into financial performance and future prospects. Q4 earnings reports deliver vital financial data and guidance that can substantially shift investor sentiment and stock trajectory for biotech companies like HRTX.

4 Associated Press Finance, 8:19 AM
Heron Therapeutics (HRTX) released Q4 earnings snapshot. Q4 earnings snapshots reveal critical financial results that significantly influence stock price and company trajectory.

4 GlobeNewswire, 8:00 AM
Heron Therapeutics announced fourth quarter and full-year 2025 financial results, highlighting key revenue figures, operational updates, and forward-looking guidance. Financial results disclosure reveals revenue growth, profitability metrics, and strategic outlook that significantly shape investor confidence and stock trajectory.

25 Jan

4 Simply Wall St., 7:02 AM
Heron Therapeutics, Inc. (HRTX) is approaching breakeven as it continues to advance its product pipeline and improve financial performance. The company has made significant strides in its operational efficiency and is optimistic about upcoming product launches, which could enhance revenue streams. Investors are closely monitoring these developments as they may influence the company's market position and future growth prospects. Upcoming product launches and operational improvements are likely to significantly impact Heron's future performance and investor sentiment.

10 Jan

3 TipRanks, 9:35 AM
Heron Therapeutics, Inc. reported Q4 revenue of $40.5 million, surpassing the consensus estimate of $39.83 million. This performance indicates a positive trend for the company as it continues to navigate its market position and financial health. The revenue surpassing expectations suggests a moderately noticeable influence on financial performance and market sentiment.

9 Jan

4 GlobeNewswire, 9:29 AM
Heron Therapeutics, Inc. reported preliminary, unaudited net revenue for Q4 and full-year 2025, highlighting ZYNRELEF® as the primary driver of growth in Q4. The company anticipates continued momentum from this product, contributing significantly to overall revenue performance. ZYNRELEF®'s strong performance indicates a significant impact on future revenue and market positioning.

15 Dec

3 Simply Wall St., 8:19 AM
Heron Therapeutics, Inc. (NASDAQ:HRTX) has garnered significant support from institutional investors, who collectively own 57% of the company. This level of institutional ownership indicates a strong level of confidence in Heron's future prospects and operational strategies. The backing from these investors may influence market sentiment positively and provide stability as the company navigates its business objectives. Institutional ownership at 57% suggests a moderately noticeable influence on market sentiment and potential operational stability.

4 Dec

4 GlobeNewswire, 8:15 AM
Heron Therapeutics, Inc. announced that its injectable emulsion APONVIE® (aprepitant) has been included in the newly released Fifth Consensus Guidelines for the Management of Postoperative Nausea and Vomiting (PONV). This inclusion highlights the drug's significance in managing PONV, potentially enhancing its market presence and acceptance among healthcare professionals. Inclusion in the consensus guidelines is likely to significantly enhance APONVIE®'s market positioning and adoption in clinical practice.

4 Nov

4 , 8:16 PM
Heron Therapeutics, Inc. (HRTX) is projected to achieve an annual earnings growth of 60.89%, highlighting a potential path to profitability. The company's strategic initiatives and product developments are under scrutiny as investors focus on its financial trajectory and market positioning. Significant earnings growth forecasts indicate a potential shift in the company's financial performance and investor sentiment.

4 GuruFocus.com, 4:06 PM
Heron Therapeutics, Inc. (HRTX) reported strong revenue growth in Q3 2025, driven by increased demand for its products and successful market strategies. The company highlighted key achievements in product development and expansion efforts, which contributed to its positive financial performance. Management expressed optimism about future growth prospects and ongoing initiatives aimed at enhancing market presence. Strong revenue growth and successful market strategies indicate significant potential for future performance and investor sentiment.

3 Zacks, 9:30 AM
Heron Therapeutics, Inc. (HRTX) reported its Q3 earnings, revealing key metrics that fell short of Wall Street estimates. The company highlighted challenges in revenue generation and ongoing expenses, impacting its financial outlook. Analysts expressed concerns over the company's ability to meet future growth targets, particularly in light of competitive pressures and market dynamics. Despite these challenges, Heron remains focused on its product pipeline and strategic initiatives aimed at improving performance. The earnings report indicates moderate challenges that could affect financial performance and market sentiment.

3 ZacksZacksZacksZacks, 9:15 AM
Heron Therapeutics, Inc. (HRTX) reported a loss for Q3, falling short of revenue estimates. The company's financial performance has raised concerns among investors, as it continues to face challenges in its market positioning and product offerings. Analysts are closely monitoring the implications of this earnings report on Heron's future prospects. The missed revenue estimates indicate potential challenges in financial performance and market sentiment.
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