HERON THERAPEUTICS, INC. /DE/ HRTX
We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients.
ZYNRELEF is 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. ZYNRELEF is the first and only modified-release local anesthetic to be classified by the FDA as an extended-release product because ZYNRELEF demonstrated in Phase 3 studies significantly reduced pain and significantly increased proportion of patients requiring no opioids through the first 72 hours following surgery compared to bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $154.9M | $144.3M | $127.0M | $107.7M | $86.3M | $88.6M | $146.0M | $77.5M | $30.8M | $1.3M |
| Cost of revenue | $41.3M | $38.6M | $65.1M | $54.9M | $46.0M | $36.2M | $61.6M | $27.5M | $4.6M | $35.0K |
| Gross profit | $113.6M | $105.6M | $61.9M | $52.8M | $40.3M | $52.4M | $84.3M | $50.0M | $26.2M | $1.2M |
| R&D | $12.4M | $16.7M | $39.1M | $82.7M | $130.8M | $174.5M | $167.4M | $140.0M | $138.6M | $103.1M |
| SG&A | $54.6M | $53.4M | $65.8M | $62.2M | $40.2M | $42.2M | $37.9M | $29.3M | $25.6M | $21.4M |
| Total operating expenses | $116.1M | $117.2M | $172.6M | $227.5M | $304.2M | $316.8M | $356.7M | $261.4M | $225.3M | $172.2M |
| Operating income | -$2.5M | -$11.5M | -$110.6M | -$174.7M | -$217.8M | -$228.2M | -$210.7M | -$183.9M | -$194.6M | -$170.9M |
| Interest expense | $9.6M | $6.0M | $3.9M | $2.5M | $2.4M | $1.9M | $1.5M | $2.7M | $3.9M | $2.7M |
| Pre-tax income | -$20.0M | -$14.0M | -$111.0M | -$182.0M | -$221.0M | -$227.3M | -$204.7M | -$178.8M | -$197.5M | -$173.1M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$20.0M | -$14.0M | -$111.0M | -$182.0M | -$221.0M | -$227.3M | -$204.7M | -$178.8M | -$197.5M | -$173.1M |
| EPS, basic | -0.12 | -0.09 | -0.80 | -1.67 | -2.24 | — | — | — | — | — |
| EPS, diluted | -0.12 | -0.09 | -0.80 | -1.67 | -2.24 | -2.50 | -2.50 | -2.44 | -3.65 | -4.56 |
| Shares, diluted (wtd. avg.) | 166.7M | 152.4M | 138.1M | 108.9M | 98,471 | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.6M | $25.8M | $28.7M | $15.4M | $90.5M | $105.1M | $71.9M | $31.8M | $144.6M | $13.4M |
| Short-term investments | $18.0M | $33.5M | $51.7M | $69.5M | $67.0M | $103.4M | $319.1M | $300.5M | — | — |
| Receivables | $89.6M | $78.9M | $60.1M | $52.0M | $35.5M | $41.9M | $39.9M | $64.7M | $41.9M | $2.0M |
| Inventory | $92.7M | $53.2M | $42.1M | $54.6M | $48.4M | $41.9M | $25.0M | $39.0M | $10.1M | $5.3M |
| Total current assets | $238.1M | $209.0M | $188.8M | $205.4M | $254.4M | $314.2M | $479.1M | $447.2M | $228.1M | $62.1M |
| Property, plant and equipment | $12.4M | $14.9M | $20.2M | $22.2M | $23.7M | $22.7M | $19.6M | $14.7M | $6.0M | $5.1M |
| Total assets | $255.9M | $233.1M | $222.5M | $251.0M | $305.7M | $353.6M | $512.8M | $462.2M | $234.3M | $67.5M |
| Accounts payable | $9.0M | $11.7M | $3.2M | $3.2M | $3.8M | $525.0K | $2.8M | $16.9M | $18.8M | $6.8M |
| Total current liabilities | $96.1M | $91.5M | $79.7M | $82.4M | $71.1M | $102.5M | $96.7M | $92.0M | $103.2M | $38.7M |
| Total liabilities | $241.5M | $266.8M | $256.5M | $237.4M | $228.1M | $117.1M | $108.9M | $92.0M | $103.2M | $88.7M |
| Retained earnings | -$1.94B | -$1.92B | -$1.91B | -$1.80B | -$1.61B | -$1.39B | -$1.17B | -$960.7M | -$783.5M | -$586.0M |
| Total equity | $14.3M | -$33.7M | -$34.0M | $13.6M | $77.6M | $236.5M | $403.8M | $370.2M | $131.1M | -$21.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.6M | -$22.5M | -$58.8M | -$146.9M | -$203.4M | -$184.8M | -$124.6M | -$191.8M | -$170.3M | -$134.1M |
| Depreciation and amortisation | $2.3M | $2.5M | $2.9M | $2.9M | $3.0M | $2.8M | $2.0M | $1.5M | $1.5M | $1.1M |
| Stock-based compensation | $10.3M | $13.0M | $32.9M | $43.0M | $46.9M | $50.2M | $51.4M | $33.4M | $30.5M | $26.0M |
| Capital expenditure | $317.0K | $1.7M | $1.5M | $1.8M | $3.0M | $6.8M | $7.2M | $9.2M | $2.6M | $3.1M |
| Investing cash flow | $16.0M | $18.7M | $18.0M | -$3.3M | $32.7M | $209.0M | -$21.8M | -$278.6M | $7.7M | $14.9M |
| Financing cash flow | $14.4M | $940.0K | $54.1M | $75.1M | $156.0M | $9.1M | $186.4M | $357.6M | $293.7M | $57.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-196306.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $30.8M | $77.5M | $146.0M | $88.6M | $86.3M | $107.7M | $127.0M | $144.3M | $154.9M |
| Gross profit | $1.2M | $26.2M | $50.0M | $84.3M | $52.4M | $40.3M | $52.8M | $61.9M | $105.6M | $113.6M |
| Net income | -$173.1M | -$197.5M | -$178.8M | -$204.7M | -$227.3M | -$221.0M | -$182.0M | -$111.0M | -$14.0M | -$20.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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