Heron Therapeutics, Inc. HRTX R2K

Healthcare · Biotechnology · United States

https://www.herontx.com

Heron Therapeutics, Inc., a commercial-stage biotechnology company, engages in developing and commercializing therapeutic that enhances medical care. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration. It offers SUSTOL (granisetron), an extended-release injection for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic chemotherapy, or anthracycline and cyclophosphamide combination chemotherapy regimens; and CINVANTI, an intravenous formulation of aprepitant, a substance P/neurokinin-1 receptor antagonist for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy, as well as nausea and vomiting associated with moderately emetogenic cancer chemotherapy. The company is also developing ZYNRELEF, a dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of the nonsteroidal anti-inflammatory drug meloxicam; and APONVIE, an intravenous formulation of a substance P/neurokinin-1 receptor antagonist indicated for the prevention of postoperative nausea and vomiting in adults. Heron Therapeutics, Inc. was formerly known as A.P. Pharma, Inc. and changed its name to Heron Therapeutics, Inc. in January 2014. The company was founded in 1983 and is headquartered in Cary, North Carolina.

Market & Price

Market Cap

$164.69M

Current Price

$0.87

High / Low (52W)

$2.23 / $0.75

Beta

1.71

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

inf

PEG Ratio

Book Value

$0.04

Price to Book

20.23

P/S

1.09

EV/EBITDA

-32.16

Dividend Yield

Profitability & Returns

ROCE

-6.63%

ROE

ROA

-2.71%

Profit Margin

-20.53%

Op Margin

-13.73%

EPS (Latest Qtr)

$-0.04

EPS (TTM)

$-0.18

Balance Sheet & Liquidity

Debt/Equity

15.50

Quick Ratio

1.42

Current Ratio

2.53

Debt

$141.63M

Total Assets

$255.88M

Current Assets

$238.07M

Working Capital

$141.97M

Ownership

Promoter Holding

0.88%

Chg in Prom Hold

FII / Inst Holding

83.29%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$262.59M

Total Revenue (TTM)

$150.71M

EBITDA

$-8.16M

Free Cash Flow

$-18.44M

Operating Cash Flow

$-20.26M

Shares Outstanding

189.28M

Gross Margin

62.80%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

12.89%

Profit 5Y

29.64%

Revenue (YoY)

-10.80%

Earnings (YoY)

PROS

Compounding revenue at 12.9% over 5 years.
Profit CAGR of 29.6% over 5 years.

CONS

Trading 61.0% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	HRTX Heron Therapeutics, Inc. R2K	0.87	-	$164.69M	-	-6.63%	-	12.89%	29.64%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	3.63M	8.51M	8.57M	10.05M	11.57M	17.28M	19.79M	28.84M	31.60M	36.66M	42.62M	35.08M	25.40M	22.67M	19.96M	20.61M	20.02M	22.44M	23.23M	23.46M	27.63M	26.56M	29.61M	31.76M	31.43M	34.67M	36.02M	32.81M	38.90M	37.20M	38.21M	40.59M	34.71M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8.46M	9.86M	11.91M	11.12M	10.64M
Gross Profit	-	-	-	-	-	-	1.24M	2.45M	7.50M	7.52M	8.71M	8.43M	12.05M	12.21M	17.27M	16.64M	23.07M	25.43M	19.21M	14.78M	13.66M	12.79M	11.21M	-	-	-	-	-	11.84M	12.76M	11.60M	13.23M	26.23M	25.51M	23.35M	30.45M	27.34M	26.30M	29.47M	24.07M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27.29M	28.98M	30.39M	29.43M	28.84M
Operating Income	-23.01M	-22.49M	-	-33.31M	-43.07M	-47.73M	-	-49.30M	-42.05M	-41.31M	-	-51.99M	-38.85M	-41.78M	-51.31M	-64.70M	-51.78M	-34.85M	-59.36M	-52.73M	-55.75M	-58.38M	-61.30M	-52.11M	-60.47M	-51.71M	-62.92M	-49.50M	-41.88M	-33.06M	-42.40M	-24.93M	-4.80M	-6.45M	-4.46M	3.15M	-1.64M	-4.09M	38.00K	-4.76M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.71M	-1.03M	-3.48M	-7.48M	-4.24M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.63M	-2.38M	-17.50M	-2.95M	-8.11M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-23.11M	-22.67M	-31.24M	-33.45M	-43.23M	-48.51M	-47.96M	-50.33M	-42.80M	-41.87M	-62.49M	-52.27M	-38.67M	-38.35M	-49.56M	-63.01M	-50.22M	-33.59M	-57.92M	-51.58M	-55.19M	-58.23M	-62.28M	-52.61M	-61.02M	-52.41M	-63.89M	-56.36M	-41.91M	-32.77M	-42.06M	-25.01M	-3.16M	-9.23M	-4.85M	2.63M	-2.38M	-17.50M	-2.95M	-8.11M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.62	-0.51	-0.63	-0.55	-0.38	-0.27	-0.35	-0.17	-0.02	-0.06	-0.03	0.01	-0.02	-0.10	-0.02	-0.04
R&D Expense	16.18M	14.24M	16.26M	16.09M	27.29M	30.24M	29.50M	33.38M	28.60M	28.84M	47.76M	39.56M	30.16M	30.42M	39.89M	42.97M	41.42M	34.71M	48.28M	36.89M	44.00M	49.18M	44.45M	38.12M	35.23M	28.59M	42.07M	28.83M	25.55M	8.84M	13.21M	9.29M	4.61M	4.43M	4.46M	2.28M	2.93M	3.47M	-	2.38M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	1.28M	30.77M	77.47M	145.97M	88.64M	86.35M	107.67M	127.04M	144.28M	154.90M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	54.87M	65.11M	38.65M	41.35M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	52.80M	61.94M	105.64M	113.56M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	227.46M	172.55M	117.17M	116.09M
Operating Income	-10.24M	-9.93M	-11.06M	-23.83M	-54.46M	-74.56M	-96.92M	-170.91M	-194.56M	-183.94M	-210.69M	-228.16M	-217.83M	-174.66M	-110.61M	-11.53M	-2.54M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-176.66M	-103.79M	-5.06M	-8.28M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	2.47M	3.87M	6.03M	9.61M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-182.02M	-110.56M	-13.58M	-20.20M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-10.03M	-7.35M	-11.81M	-23.35M	-55.28M	-76.37M	-97.59M	-173.14M	-197.48M	-178.84M	-204.75M	-227.28M	-220.68M	-182.02M	-110.56M	-13.58M	-20.20M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-2.24	-1.67	-0.80	-0.09	-0.12
R&D Expense	7.80M	7.26M	8.21M	15.17M	32.52M	54.83M	61.18M	103.12M	138.58M	140.03M	167.38M	174.53M	130.82M	82.70M	39.13M	16.68M	12.43M

Compounded Sales Growth

5 Years:	12.89%
1 Year:	-10.80%

Compounded Profit Growth

5 Years:	29.64%
1 Year:	-

Stock Price Performance

1 Year:	-53.72%
6 Months:	-20.18%
3 Months:	-26.89%
1 Month:	-26.89%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	2.91M	19.45M	55.97M	75.94M	76.68M	137.84M	67.48M	234.31M	462.18M	512.78M	353.56M	-	250.95M	222.51M	233.15M	255.88M
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	205.44M	188.77M	209.01M	238.07M
Cash & Equivalents	9.97M	7.59M	2.11M	17.97M	53.51M	72.29M	72.67M	75.18M	13.41M	144.58M	31.84M	71.90M	105.14M	-	15.36M	28.68M	25.80M	28.65M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	54.57M	42.11M	53.16M	92.75M
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52.05M	60.14M	78.88M	89.59M
Total Liabilities	-	-	1.59M	3.69M	-	-	-	19.73M	88.73M	103.17M	92.02M	108.95M	117.06M	-	237.38M	256.48M	266.80M	241.54M
Current Liabilities	-	-	1.56M	3.69M	4.15M	6.99M	13.62M	19.73M	38.73M	103.17M	92.02M	96.70M	102.50M	-	82.36M	79.69M	91.46M	96.10M
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	149.28M	173.75M	174.73M	140.64M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	157.48M	179.63M	177.76M	140.64M
Total Equity	-	6.80M	1.32M	15.75M	51.82M	68.94M	63.06M	118.11M	-21.25M	131.14M	370.16M	403.83M	236.49M	-	13.57M	-33.97M	-33.65M	14.33M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	119.16M	150.29M	152.13M	188.31M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-11.00M	-5.48M	-7.72M	-17.01M	-40.76M	-60.28M	-78.53M	-134.10M	-170.30M	-191.81M	-124.58M	-184.82M	-	-146.91M	-58.79M	-22.53M	-27.59M
Investing Cash Flow	612.00K	-78.00K	-513.00K	-972.00K	-1.69M	-1.44M	-56.96M	14.88M	7.74M	-278.55M	-21.78M	208.96M	-	-3.32M	18.00M	18.71M	16.01M
Financing Cash Flow	8.01M	77.00K	24.10M	53.51M	61.23M	62.11M	137.99M	57.45M	293.73M	357.61M	186.43M	9.11M	-	75.06M	54.11M	940.00K	14.43M
Capital Expenditure	-2.00K	-78.00K	-513.00K	-972.00K	-1.69M	-1.44M	-1.09M	-3.13M	-2.55M	-9.17M	-7.15M	-6.81M	-	-1.82M	-1.54M	-1.71M	-317.00K
Free Cash Flow	-11.00M	-5.56M	-8.23M	-17.98M	-42.45M	-61.72M	-79.61M	-137.23M	-172.85M	-200.98M	-131.73M	-191.63M	-	-148.74M	-60.33M	-24.23M	-27.91M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-75.18M	13.31M	-2.88M	2.85M

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	49.0%	48.8%	73.2%	73.3%
Operating Margin %	-	-	-	-	-	-	-	-13,363.2%	-632.4%	-237.4%	-144.3%	-257.4%	-252.3%	-162.2%	-87.1%	-8.0%	-1.6%
Net Margin %	-	-	-	-	-	-	-	-13,537.4%	-641.9%	-230.8%	-140.3%	-256.4%	-255.6%	-169.1%	-87.0%	-9.4%	-13.0%
ROE %	-147.6%	-558.2%	-75.0%	-45.1%	-80.2%	-121.1%	-82.6%	814.8%	-150.6%	-48.3%	-50.7%	-96.1%	-	-1,341.2%	325.4%	40.4%	-140.9%
ROCE %	-	-735.3%	-70.2%	-46.0%	-79.0%	-118.2%	-82.1%	-594.5%	-148.4%	-49.7%	-50.6%	-90.9%	-	-103.6%	-77.5%	-8.1%	-1.6%

Shareholding Pattern

Insiders

0.88%

Institutions

83.29%

Public Float

84.04%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Rubric Capital Management LP	15.87%	30.05M	$26.14M
2	Clearline Capital, LP	6.46%	12.24M	$10.65M
3	Blackrock Inc.	5.34%	10.11M	$8.79M
4	Orbimed Advisors LLC.	5.19%	9.82M	$8.54M
5	Velan Capital Investment Management LP	4.62%	8.75M	$7.62M
6	Vanguard Capital Management LLC	4.13%	7.81M	$6.80M
7	Millennium Management Llc	4.03%	7.63M	$6.64M
8	Tejara Capital Ltd	3.35%	6.34M	$5.51M
9	Tang Capital Management, LLC	3.30%	6.25M	$5.44M
10	Palisade Capital Management, L.P.	3.24%	6.14M	$5.34M

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HRTX · Healthcare