Heron Therapeutics, Inc. income statement
In fiscal 2025, Heron Therapeutics, Inc. reported revenue of $155m, up 7.4% on the year before, operating income of −$2.5m (a -1.6% margin) and net income of −$20.2m, or −$0.12 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 31 | 77 | 146 | 89 | 86 | 108 | 127 | 144 | 155 | 151 |
| Cost of revenue | 0 | 5 | 28 | 62 | 36 | 46 | 55 | 65 | 39 | 41 | 45 |
| Gross profit | 1 | 26 | 50 | 84 | 52 | 40 | 53 | 62 | 106 | 114 | 106 |
| Research and development | 103 | 139 | 140 | 167 | 175 | 131 | 83 | 39 | 17 | 12 | 12 |
| Selling and marketing | 48 | 57 | 65 | 90 | 64 | 87 | 83 | 68 | 47 | 49 | 54 |
| General and administrative | 21 | 26 | 29 | 38 | 42 | 40 | 62 | 66 | 53 | 55 | 51 |
| Operating income | −171 | −195 | −184 | −211 | −228 | −218 | −175 | −111 | −12 | −3 | −11 |
| Interest expense | 3 | 4 | 3 | 1 | 2 | 2 | 2 | 4 | 6 | 10 | — |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| 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 |
| Diluted shares (average) | 38m | 54m | 73m | 82m | 91m | 98m | 109m | 138m | 152m | 167m | 174m |
| EBITDA | −170 | −193 | −182 | −209 | −225 | −215 | −172 | −108 | −9 | −0 | −9 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 41 | 39 | 37 | 38 | 41 | 35 | 38 |
| Cost of revenue | 9 | 10 | 8 | 10 | 12 | 11 | 11 | 12 |
| Gross profit | 23 | 31 | 30 | 27 | 26 | 29 | 24 | 26 |
| Research and development | 4 | 3 | 2 | 3 | 3 | 4 | 2 | 3 |
| Selling and marketing | 11 | 11 | 12 | 12 | 13 | 12 | 14 | 14 |
| General and administrative | 12 | 12 | 13 | 14 | 14 | 13 | 12 | 11 |
| Operating income | −4 | 4 | 3 | −2 | −4 | 0 | −5 | −2 |
| Net income | −5 | 4 | 3 | −2 | −17 | −3 | −8 | −5 |
| Diluted EPS | −$0.03 | $0.02 | $0.01 | −$0.02 | −$0.10 | −$0.01 | −$0.04 | −$0.03 |
| EBITDA | −4 | 5 | 4 | −1 | −3 | 1 | −4 | −2 |
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