Saturday 17 October 2026 Export HRTX’s income statement to Excel — free account

Heron Therapeutics, Inc.

Heron Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $154.9 million, up 7.36% from fiscal 2024. In the quarter to June 2026, revenue grew 1.25%, EPS fell 93.6%, free cash flow grew 78.8% and total debt fell 18.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

0.36 0.02 −5.26%

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Market cap: $71.5M
P/E: 0.0×
Fwd P/E: −6.6×
Dividend yield: —
F-score: 4/9
Altman Z: −8.84
Beneish M: −2.40
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.25%

Capital & Financial Ratios $m

Market Cap 71.48

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

Fwd P/E (6.58)

P/S ratio 0.45

P/B ratio 11.70

Past 5Y EPS Growth —

This Y EPS Growth (8.33%)

Next Y EPS Growth 15.38%

Next Y revenue growth (4.33%)

Next 5Y EPS Growth 22.90%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 1.79%

10-year low 10-year high

P/B against its own 10 years 66.92%

10-year low 10-year high

EV/Sales against its own 10 years 1.79%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	12.30	12.21	17.85	15.68	9.60	8.23	2.19	0.50	1.04	1.00	Analyst estimates 2026–2028 Powerpack
	High	28.10	19.55	42.90	28.70	24.76	21.64	10.40	3.41	3.93	2.68
People
People	Employees	139	145	198	231	223	302	203	126	122	128
	Revenue/emp, $m	0.01	0.21	0.39	0.63	0.40	0.29	0.53	1.01	1.18	1.21
Income, $m
Income, $m	Revenue	1	31	77	146	89	86	108	127	144	155
	Gross margin, %	97.26	85.09	64.49	57.79	59.17	46.70	49.04	48.75	73.21	73.31
	EBT	(173)	(197)	(179)	(205)	(227)	(221)	(182)	(111)	(14)	(20)
	EBT margin, %	(13,537.37)	(641.87)	(230.84)	(140.27)	(256.41)	(255.58)	(169.05)	(87.02)	(9.41)	(13.04)
	Net income	(173)	(197)	(179)	(205)	(227)	(221)	(182)	(111)	(14)	(20)
	Depreciation	2	2	(1)	(1)	4	4	2	1	1	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
	Earnings	(4.56)	(3.65)	(2.44)	(2.50)	(2.50)	(2.24)	(1.67)	(0.80)	(0.09)	(0.12)
	Cash flow	(3.54)	(3.15)	(2.62)	(1.52)	(2.04)	(2.07)	(1.35)	(0.43)	(0.15)	(0.17)
	Capex	(0.08)	(0.05)	(0.12)	(0.09)	(0.08)	(0.03)	(0.01)	(0.01)	(0.01)	0.00
	Free cash flow	(3.62)	(3.20)	(2.75)	(1.61)	(2.11)	(2.10)	(1.36)	(0.44)	(0.16)	(0.17)
	Book value	(0.56)	2.43	5.06	4.94	2.61	0.79	0.12	(0.25)	(0.22)	0.09
	Shares, m	38	54	73	82	91	98	109	138	152	167
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.00	32.49	24.51	13.17	21.68	10.41	2.46	2.06	1.62	1.40
	P/B	0.00	7.62	5.13	4.76	8.13	11.59	19.49	0.00	0.00	16.32
	EV/Sales	0.00	27.70	20.54	10.57	19.49	10.31	3.06	2.79	2.42	2.01
	EV/FCF	(3.69)	(4.93)	(7.92)	(11.71)	(9.02)	(4.32)	(2.22)	(5.88)	(14.26)	(11.17)
Cash, $m
Cash, $m	Operating cash flow	(134)	(170)	(192)	(125)	(185)	(203)	(147)	(59)	(23)	(28)
	Capex	(3)	(2)	(9)	(7)	(7)	(3)	(2)	(2)	(2)	0
	Free cash flow	(137)	(173)	(201)	(132)	(192)	(206)	(149)	(60)	(24)	(28)
Balance, $m
Balance, $m	Working capital	23	125	355	382	212	183	123	109	118	142
	Total debt	50	29	5	12	15	149	149	174	175	141
	Net debt	(1)	(172)	(332)	(379)	(194)	(8)	64	93	115	94
	Shareholders’ equity	(21)	131	370	404	236	78	14	(34)	(34)	14
Returns, %
Returns, %	ROA	(168.65)	(130.88)	(51.35)	(42.00)	(52.47)	(66.95)	(65.40)	(46.70)	(5.96)	(8.26)
	ROIC	0.00	0.00	(304.22)	(524.53)	(335.05)	(197.10)	(139.94)	(116.44)	(8.81)	(1.46)
	ROE	(357.52)	(359.44)	(71.35)	(52.91)	(70.99)	(140.53)	(399.43)	1,083.86	40.16	198.30

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NTRB Nutriband Inc.	$76.2M	— (loss-making)	4.6×	−29.72% (below 0%: shrinking)	n/m	+55.46% (above 0%: growing)	41.58%	(203.57%)	Compare
CRDF Cardiff Oncology, Inc.	$75.5M	— (loss-making)	— (loss-making)	−14.05% (below 0%: shrinking)	n/m	−41.36% (below 0%: shrinking)	100.00%	(9,245.19%)	Compare
ACRV Acrivon Therapeutics, Inc.	$75.4M	— (loss-making)	—	—	n/m	+12.59% (above 0%: growing)	0.00%	0.00%	Compare
OKYO OKYO Pharma Limited Sponsored ADR	$75.1M	— (loss-making)	—	—	n/m	+37.39% (above 0%: growing)	0.00%	—	Compare
PDSB PDS Biotechnology Corporation	$72.8M	— (loss-making)	—	—	n/m	+69.32% (above 0%: growing)	0.00%	0.00%	Compare
HRTX Heron Therapeutics, Inc.	$71.5M	— (loss-making)	— (loss-making)	+1.25% (above 0%: growing)	n/m	+78.75% (above 0%: growing)	69.28%	(5.43%)
MNOV MediciNova, Inc.	$71.4M	— (loss-making)	— (loss-making)	+240.56% (above 0%: growing)	n/m	+16.75% (above 0%: growing)	69.33%	(554.36%)	Compare
CGTX Cognition Therapeutics, Inc.	$69.7M	— (loss-making)	—	—	n/m	+45.35% (above 0%: growing)	0.00%	0.00%	Compare
MAIA MAIA Biotechnology, Inc.	$69.2M	— (loss-making)	—	—	n/m	−63.23% (below 0%: shrinking)	—	0.00%	Compare
Median of peers	$73.9M	—	—	−14.05%	—	+27.07%	0.00%	0.00%

All 614 Biotechnology stocks →

Heron Therapeutics, Inc. (HRTX) key facts

Strength: Heron Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $154.9 million, up 7.36% from fiscal 2024.
Heron Therapeutics, Inc. (HRTX) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, HRTX traded at $0.36, a market capitalization of $71.5 million.
Return on equity was 198.3% and debt-to-equity 20.65.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −8.84 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.