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Heron Therapeutics, Inc. (HRTX) stock

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NASDAQ: HRTX Nasdaq Pharmaceuticals Next results ~November 9, 2026

D Fundamentals grade

Heron Therapeutics, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.9

Revenue-to-maturity cash-flow model

Base case. Range ~$0.8–$1.2 across our lower- and higher-growth cases (0%–6% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Heron Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds76 adding, 63 cuttingOf 19 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Heron Therapeutics files

Where Heron Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $151m, up 1.0% on a year earlier, about the same pace as a quarter earlier. That puts it 28 of 34 for growth among the pharmaceuticals companies we cover. Free-cash-flow margin rose to -8.0% from -19.7% a year earlier. Operating margin narrowed to -7.2% from 0.8%. The diluted share count is up 5.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.97 a share, against a share price of $0.30.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Heron Therapeutics, Inc.'s trailing-twelve-month revenue grew 1.0% year on year, with a free-cash-flow margin of -8.0%. Where it lags: days sales outstanding of 216 days ranks 55 of 59 pharmaceuticals companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 58.9% while net income fell 3557.3%: a 3616pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Heron Therapeutics, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -7.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 8.0 points on a year ago.
  • Burning cash. Free cash flow was -8.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 92% and a beta of 1.7 against the S&P 500.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
-$0.03 against an average estimate of -$0.02: missed by 50.0%
Revenue
$38m, up 1.3% on a year earlier
Share reaction
-34.7% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 9, 2026; average EPS estimate -$0.03

Heron Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.8%
  • 1 week-6.8%
  • 1 month-20.1%
  • This year-76.9%
  • 1 year-76.3%
  • 5 years-97.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$151M
Operating margin
-7.2%
Net margin
-22.5%
EPS (TTM, diluted)
$-0.20

Growth

Revenue growth
+1.0%
Change in growth rate
−0.5 pts
Share count change
+5.9%

Cash

Free cash flow (TTM)
-$12.1M
FCF margin
-8.0%
Stock pay % of revenue
7.4%

Earnings

Last results
August 10, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Heron Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Heron Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.9 ~$0.8–$1.2 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — 0 Does not apply: no positive value
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.9 ~$0.8–$1.2 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Heron Therapeutics, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$13.10$18.10$25.94$23.50$21.17$9.13$2.50$1.70$1.53$1.30$0.30
Market value$497m$978m$1.9bn$1.9bn$1.9bn$899m$272m$235m$233m$217m$52m
+ Net debt (− = net cash)−$13m−$145m−$32m−$72m−$105m$59m$134m$121m$124m$4m$13m
Enterprise value$483m$834m$1.9bn$1.8bn$1.8bn$958m$406m$356m$357m$221m$65m
Multiples
Price / sales n/m31.8x24.5x13.2x21.7x10.4x2.5x1.8x1.6x1.4x0.3x
Price / earnings ———————————
Price / free cash flow ———————————
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Heron Therapeutics's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -13.2% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 65.5%, moving by 11.3 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -161.2%; its worst year was -408.8%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 8 years, at a median -153.8% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 98.6% over five years; stock-based pay has been a median 36.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026. Analysts expect revenue of $38m and EPS of −$0.03 (range −$0.03 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.13 −145% $148m −4%
Next −$0.11 +15% $146m −2%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +44.4% on 90 days ago. In the last 30 days, 0 analysts raised Heron Therapeutics, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Heron Therapeutics, Inc., last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.09 Current fiscal year, 60 days ago: −$0.09 Current fiscal year, 30 days ago: −$0.09 Current fiscal year, 7 days ago: −$0.09 Current fiscal year, Now: −$0.13 −$0.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago −$0.09
60 days ago −$0.09
30 days ago −$0.09
7 days ago −$0.09
Now −$0.13

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.02 −$0.03 −50.0%
Mar 2026 −$0.02 −$0.04 −100.0%
Dec 2025 −$0.03 −$0.02 +33.3%
Sept 2025 −$0.01 −$0.04 −170.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026

No numeric guidance in Heron Therapeutics, Inc.'s latest earnings release (filed August 10, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

2 analysts, Oct 2026
Buy00%
Hold2100%
Sell00%

Monthly trend

  1. Oct 202622

Counts of recommendations published by analysts covering Heron Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
24.6%
of tradable shares
Days to cover
14.11
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
70%
of shares
Held by insiders
1.0%
of shares
Employees
128
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −74.1%

$1.16 on October 31, 2025 to $0.30

ThenNowEffect
Revenue (last 12 months) $150m $151m +1.0%
P/S multiple 1.3x 0.3x −72.9%
Share count 164m 174m −5.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −60.0%

$0.75 on November 3, 2023 to $0.30

ThenNowEffect
Revenue (last 12 months) $118m $151m +28.2%
P/S multiple 0.7x 0.3x −53.8%
Share count 117m 174m −32.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HRTX−57%−73%−32%−10%−15%−77%
Industry peers (median)−18%−49%−13%−2%+9%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HRTX33%17%50%50%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HRTX−61%−77%−83%−73%−58%−82%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from June 27, 2018 to September 21, 2026. Getting back needed a 15456% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.27 – $1.49
From 52-week high
−79.9%
vs 50-day average
−8.4%
vs 200-day average
−56.8%
Volatility (1 year)
93%
Beta vs S&P 500
1.68

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±24.8%
After a week
3 up, 9 down
typical move ±30.8%
After a month
5 up, 7 down
typical move ±44.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −34.7% −0.3% −34.7% −32.7%
May 11, 2026 −20.7% +0.1% −28.9% −66.1%
February 26, 2026 +10.2% −1.0% −5.6% −27.8%
November 4, 2025 −5.9% −0.8% −1.7% +11.0%
August 8, 2025 −30.4% +0.6% −27.7% −29.3%
May 6, 2025 +6.1% −0.4% −13.6% −6.1%
February 27, 2025 +44.4% −0.1% +38.0% +32.2%
November 12, 2024 −34.2% −0.3% −35.3% −13.0%
August 6, 2024 −24.0% +0.2% −22.4% −31.6%
May 7, 2024 +6.0% +0.1% −1.1% +27.8%
March 12, 2024 +24.9% +0.9% +22.4% +22.0%
November 14, 2023 +56.4% +2.2% +138.2% +230.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Heron Therapeutics, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Heron Therapeutics, Inc.
$120M $130M $140M $150M $160M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $122.8M Revenue (TTM), FY23 Q4: $127M Revenue (TTM), FY24 Q1: $132.1M Revenue (TTM), FY24 Q2: $136.4M Revenue (TTM), FY24 Q3: $137.7M Revenue (TTM), FY24 Q4: $144.3M Revenue (TTM), FY25 Q1: $148.5M Revenue (TTM), FY25 Q2: $149.7M Revenue (TTM), FY25 Q3: $155.1M Revenue (TTM), FY25 Q4: $154.9M Revenue (TTM), FY26 Q1: $150.7M Revenue (TTM), FY26 Q2: $151.2M $151.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $122.8M
FY23 Q4 $127M
FY24 Q1 $132.1M
FY24 Q2 $136.4M
FY24 Q3 $137.7M
FY24 Q4 $144.3M
FY25 Q1 $148.5M
FY25 Q2 $149.7M
FY25 Q3 $155.1M
FY25 Q4 $154.9M
FY26 Q1 $150.7M
FY26 Q2 $151.2M
Revenue growth, TTM YoY Heron Therapeutics, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 25.0% Revenue growth, TTM YoY, FY23 Q4: 18.0% Revenue growth, TTM YoY, FY24 Q1: 16.0% Revenue growth, TTM YoY, FY24 Q2: 15.6% Revenue growth, TTM YoY, FY24 Q3: 12.1% Revenue growth, TTM YoY, FY24 Q4: 13.6% Revenue growth, TTM YoY, FY25 Q1: 12.4% Revenue growth, TTM YoY, FY25 Q2: 9.8% Revenue growth, TTM YoY, FY25 Q3: 12.6% Revenue growth, TTM YoY, FY25 Q4: 7.4% Revenue growth, TTM YoY, FY26 Q1: 1.5% Revenue growth, TTM YoY, FY26 Q2: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 25.0%
FY23 Q4 18.0%
FY24 Q1 16.0%
FY24 Q2 15.6%
FY24 Q3 12.1%
FY24 Q4 13.6%
FY25 Q1 12.4%
FY25 Q2 9.8%
FY25 Q3 12.6%
FY25 Q4 7.4%
FY26 Q1 1.5%
FY26 Q2 1.0%
Operating margin (TTM) Heron Therapeutics, Inc.
-100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -98.3% Operating margin (TTM), FY23 Q4: -87.1% Operating margin (TTM), FY24 Q1: -62.3% Operating margin (TTM), FY24 Q2: -34.0% Operating margin (TTM), FY24 Q3: -18.8% Operating margin (TTM), FY24 Q4: -8.0% Operating margin (TTM), FY25 Q1: -2.4% Operating margin (TTM), FY25 Q2: 0.8% Operating margin (TTM), FY25 Q3: 1.0% Operating margin (TTM), FY25 Q4: -1.6% Operating margin (TTM), FY26 Q1: -6.9% Operating margin (TTM), FY26 Q2: -7.2% -7.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -98.3%
FY23 Q4 -87.1%
FY24 Q1 -62.3%
FY24 Q2 -34.0%
FY24 Q3 -18.8%
FY24 Q4 -8.0%
FY25 Q1 -2.4%
FY25 Q2 0.8%
FY25 Q3 1.0%
FY25 Q4 -1.6%
FY26 Q1 -6.9%
FY26 Q2 -7.2%
FCF margin (TTM) Heron Therapeutics, Inc.
-200% -150% -100% -50% 0% FY22 Q2 FY23 Q1 FY23 Q4 FY26 Q2 FCF margin (TTM), FY22 Q2: -183.2% FCF margin (TTM), FY22 Q3: -159.1% FCF margin (TTM), FY22 Q4: -138.1% FCF margin (TTM), FY23 Q1: -113.2% FCF margin (TTM), FY23 Q2: -108.2% FCF margin (TTM), FY23 Q3: -81.8% FCF margin (TTM), FY23 Q4: -47.5% FCF margin (TTM), FY25 Q2: -19.7% FCF margin (TTM), FY25 Q3: -20.1% FCF margin (TTM), FY25 Q4: -18.0% FCF margin (TTM), FY26 Q1: -13.8% FCF margin (TTM), FY26 Q2: -8.0% -8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q2 -183.2%
FY22 Q3 -159.1%
FY22 Q4 -138.1%
FY23 Q1 -113.2%
FY23 Q2 -108.2%
FY23 Q3 -81.8%
FY23 Q4 -47.5%
FY25 Q2 -19.7%
FY25 Q3 -20.1%
FY25 Q4 -18.0%
FY26 Q1 -13.8%
FY26 Q2 -8.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 31 77 146 89 86 108 127 144 155 151
Gross profit 1 26 50 84 52 40 53 62 106 114 106
EBITDA −170 −193 −182 −209 −225 −215 −172 −108 −9 −0 −9
Operating income −171 −195 −184 −211 −228 −218 −175 −111 −12 −3 −11
Net income −173 −197 −179 −205 −227 −221 −182 −111 −14 −20 −34
Diluted EPS −$4.56 −$3.65 −$2.44 −$2.50 −$2.50 −$2.24 −$1.67 −$0.80 −$0.09 −$0.12 −$0.20
Growth (year on year)
Revenue — +>999% +151.8% +88.4% −39.3% −2.6% +24.7% +18.0% +13.6% +7.4% +1.0%
EBITDA — — — — — — — — — — −345.5%
Margins
Gross margin 97.3% 85.1% 64.5% 57.8% 59.2% 46.7% 49.0% 48.8% 73.2% 73.3% 70.1%
EBITDA margin <−999% −627.4% −235.5% −142.9% −254.2% −248.8% −159.5% −84.8% −6.3% −0.1% −5.8%
Operating margin <−999% −632.4% −237.4% −144.3% −257.4% −252.3% −162.2% −87.1% −8.0% −1.6% −7.2%
Net margin <−999% −641.9% −230.8% −140.3% −256.4% −255.6% −169.1% −87.0% −9.4% −13.0% −22.5%
Free-cash-flow margin <−999% −561.8% −259.4% −90.2% −216.2% −239.0% −138.1% −47.5% −16.8% −18.0% −8.0%
Cash flow
Cash from operations −134 −170 −192 −125 −185 −203 −147 −59 −23 −28 −12
Capital spending 3 3 9 7 7 3 2 2 2 0 1
Free cash flow −137 −173 −201 −132 −192 −206 −149 −60 −24 −28 −12
Stock-based pay 26 31 33 51 50 47 43 33 13 10 11
Free cash flow after stock pay −163 −203 −234 −183 −242 −253 −192 −93 −37 −38 −23
Balance sheet
Cash 13 145 32 72 105 91 15 29 26 29 21
Total debt 0 0 0 0 0 149 149 149 150 33 34
Net debt (negative = net cash) −13 −145 −32 −72 −105 59 134 121 124 4 13
Diluted shares 38m 54m 73m 82m 91m 98m 109m 138m 152m 167m 174m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $252m
Short-term assets $230mLonger-term assets $22m
What it owes, and who funded it · $252m
Short-term liabilities $92mLonger-term liabilities $153mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $230m of assets due within a year against $92m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $230m short-term assets against $153m of longer-dated liabilities.
  • More cash than debt $21m of cash against $34m of debt.
  • Debt below 40% of shareholders' equity Debt is 491% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 192% to 491% over five years.
  • A year's operating cash flow covers at least 20% of debt −$12m of operating cash flow against $34m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Heron Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.9%
year over year
R&D spending
8.1%
of revenue
Days sales outstanding
216 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated HRTX NAII ZVRA AMRN NAGE CRON Median
Revenue, last 12 months $151m $143m $136m $176m $129m $179m $276m
Revenue growth, last 12 months 1.0% 9.7% 119.4% −22.3% 11.0% 37.5% 9.9%
Revenue growth, 3-year average 8.6% −2.6% 101.9% −18.3% 16.8% 30.3% 5.5%
Revenue growth, latest quarter 1.3% 1.9% 53.3% −20.4% −4.3% 58.4% 6.5%
Gross margin 70.1% 6.3% 89.3% 40.9% 64.2% 45.9% 62.0%
Operating margin −7.2% −13.2% 60.5% −18.2% 8.2% −1.4% −5.9%
Operating margin, 3-year average −13.5% −9.1% −149.1% −26.3% 6.6% −38.9% −7.4%
Net margin −22.5% −14.5% 42.8% −10.9% 12.4% 39.1% −7.3%
Cash from operations / revenue −7.7% −6.3% 24.5% 21.3% 4.6% 33.5% 10.2%
Free-cash-flow margin −8.0% −8.9% 24.0% 21.3% 4.2% 27.8% 8.6%
Free-cash-flow margin, 3-year average −47.0% −3.7% −96.2% 1.3% 7.4% 11.1% 7.4%
Stock pay / revenue 7.4% 0.4% 9.6% 4.2% 5.4% 3.6% 3.6%
Change in share count 5.9% 1.4% 13.4% 1.5% 2.5% −2.1% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 1.0% 10.0% 52 of 74
Change in growth rate Growth -0.5pp -0.3pp 38 of 74
Gross margin Profitability 70.1% 59.8% 19 of 59
Operating margin Profitability -7.2% -5.9% 36 of 67
Net margin Profitability -22.5% -7.3% 52 of 75
Free-cash-flow margin Cash generation -8.0% 10.1% 51 of 74
Stock pay as % of revenue Cash generation 7.4% 3.6% 50 of 69
Long-term debt as % of assets Balance sheet 13.4% 23.8% 18 of 53
Change in share count Balance sheet 5.9% 1.5% 46 of 62
Days sales outstanding Balance sheet 216 days 72 days 55 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
CINVANTI $96.8M 62.5% ▼ 3.3%
ZYNRELEF $38.1M 24.6% ▲ 49.0%
Aponvie $11.6M 7.5% ▲ 156.1%
SUSTOL $8.5M 5.5% ▼ 39.9%

From Heron Therapeutics, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$57.2M
Institutions reporting
160
Shares held vs prior quarter
▼ 14.8%
Positions opened / closed
21 / 23

Top buyers and sellers, Q2 2026: 76 institutions bought and 63 sold ; the biggest buyer was Marshall Wace, LLP (+2.4M shares) and the biggest seller Orbimed Advisors LLC (−9.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Rubric Capital Management LP $12.8M 30.0M 22.4% 0.0%
Clearline Capital LP $4.9M 11.4M 8.5% ▼ 7.0%
Blackrock, Inc. $4.5M 10.6M 7.9% ▲ 4.4%
Velan Capital Investment Management LP $3.7M 8.8M 6.5% 0.0%
Vanguard Capital Management LLC $3.3M 7.8M 5.8% ▼ 0.4%
Tejara Capital Ltd $2.8M 6.5M 4.9% ▲ 2.7%
Tang Capital Management LLC $2.7M 6.3M 4.7% 0.0%
Geode Capital Management, LLC $1.8M 4.3M 3.2% ▲ 6.5%
Millennium Management LLC $1.7M 4.1M 3.0% ▼ 46.7%
Jw Asset Management, LLC $1.6M 3.8M 2.8% 0.0%
State Street Corp $1.4M 3.2M 2.4% ▼ 16.0%
UBS Group AG $1.3M 3.0M 2.2% ▲ 31.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Heron Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Heron Therapeutics, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Ashley Hinson(R-IA 1):Sale (full), $1,001 - $15,000, traded March 31, 2021, filed April 5, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • February 26, 2026
  • November 4, 2025
  • August 8, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Heron Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Heron Therapeutics, Inc. in brief

What does Heron Therapeutics, Inc. do?
Heron Therapeutics, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Heron Therapeutics, Inc.'s stock ticker?
Heron Therapeutics, Inc. trades under the ticker HRTX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Heron Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Heron Therapeutics, Inc. reported revenue of $151M, 1.0% higher than a year earlier, according to its SEC filings.
What is Heron Therapeutics, Inc.'s free cash flow?
Heron Therapeutics, Inc.'s free-cash-flow margin is -8.0% of revenue over the trailing twelve months, ranking 51 of the 74 pharmaceuticals companies we cover.
Who are Heron Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Rubric Capital Management LP, Clearline Capital LP and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Heron Therapeutics, Inc.'s market cap?
On November 2, 2026, Heron Therapeutics, Inc.'s market capitalisation was about $52.2M and net debt of $13.2M. Market figures come from third-party market data and may be delayed.
How much debt does Heron Therapeutics, Inc. have?
Heron Therapeutics, Inc.'s debt-to-equity ratio is 491.1%, from its latest balance sheet (192.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Heron Therapeutics, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Heron Therapeutics, Inc. are Natural Alternatives International Inc, Zevra Therapeutics, Inc., Amarin Corp plc\uk, Niagen Bioscience, Inc. and Cronos Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Heron Therapeutics, Inc.'s.
When is Heron Therapeutics, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Heron Therapeutics, Inc. announces its own schedule.