Go Pro
→ CODE RED: AI Meltdown Imminent? (From Paradigm Press) (Ad)tc pixel Free HRTX Stock Alerts

Heron Therapeutics (HRTX) Financials

Heron Therapeutics logo
$0.46 0.00 (-0.70%)
Closing price 07/24/2026 04:00 PM Eastern
Extended Trading
$0.46 +0.00 (+0.04%)
As of 07/24/2026 07:24 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Heron Therapeutics

Annual Income Statements for Heron Therapeutics

This table shows Heron Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -98 -173 -197 -179 -205 -227 -221 -182 -111 -14 -20
Consolidated Net Income / (Loss)		 -98 -173 -197 -179 -205 -227 -221 -182 -111 -14 -20
Net Income / (Loss) Continuing Operations		 -98 -173 -197 -179 -555 -226 -221 -182 -111 -14 -20
Total Pre-Tax Income 		-98 -173 -197 -179 -555 -227 -221 -182 -111 -14 -20
Total Operating Income		 -97 -171 -195 -184 -211 -228 -218 -175 -111 -12 -2.54
Total Gross Profit		 0.00 1.24 26 50 84 52 40 53 62 106 114
Total Revenue		 0.00 1.28 31 77 146 89 86 108 127 144 155
Operating Revenue		 0.00 1.28 31 77 146 89 86 108 127 144 155
Total Cost of Revenue		 0.00 0.04 4.59 28 62 36 46 55 65 39 41
Operating Cost of Revenue		 0.00 0.04 4.59 28 62 36 46 55 65 39 41
Total Operating Expenses		 97 172 221 234 652 281 258 227 173 117 116
Selling, General & Admin Expense		 18 21 26 29 38 42 40 62 66 53 55
Marketing Expense		 17 48 57 65 90 64 87 83 68 47 49
Research & Development Expense		 61 103 139 140 167 175 131 83 39 17 12
Total Other Income / (Expense), net		 -0.67 -2.23 -2.93 5.10 12 0.89 -2.86 -7.37 0.06 -2.05 -18
Interest Expense		 0.96 2.66 3.94 2.67 1.47 1.90 2.41 2.47 3.87 6.03 21
Interest & Investment Income		 0.17 0.45 1.05 5.97 7.26 3.63 0.43 1.64 3.36 3.55 1.95
Other Income / (Expense), net		 0.12 -0.01 -0.04 1.80 6.10 -0.85 -0.88 -6.53 0.56 0.43 1.34
Basic Earnings per Share		 ($2.95) ($4.56) ($3.65) ($2.44) ($2.50) ($2.50) ($2.24) ($1.67) ($0.80) ($0.09) ($0.12)
Weighted Average Basic Shares Outstanding		 33.08M 37.93M 54.04M 73.19M 81.78M 90.77M 98.47M 108.88M 138.14M 152.45M 166.71M
Diluted Earnings per Share		 ($2.95) ($4.56) ($3.65) ($2.44) ($2.50) ($2.50) ($2.24) ($1.67) ($0.80) ($0.09) ($0.12)
Weighted Average Diluted Shares Outstanding		 33.08M 37.93M 54.04M 73.19M 81.78M 90.77M 98.47M 108.88M 138.14M 152.45M 166.71M
Weighted Average Basic & Diluted Shares Outstanding		 33.08M 37.93M 54.04M 73.19M 81.78M 90.77M 98.47M 119.26M 150.33M 152.33M 188.54M

Quarterly Income Statements for Heron Therapeutics

This table shows Heron Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -25 -11 -3.16 -9.24 -4.85 3.66 2.64 -2.38 -17 -2.95 -8.11
Consolidated Net Income / (Loss)		 -25 -11 -3.16 -9.24 -4.85 3.66 2.64 -2.38 -17 -2.95 -8.11
Net Income / (Loss) Continuing Operations		 -25 -11 -3.16 -9.24 -4.85 3.66 2.64 -2.38 -17 -2.95 -8.11
Total Pre-Tax Income 		-25 -10 -4.80 -9.24 -4.85 4.91 2.64 -2.38 -17 -2.95 -8.11
Total Operating Income		 -25 -10 -4.80 -6.45 -4.46 4.17 3.15 -1.64 -4.09 0.04 -4.77
Total Gross Profit		 13 24 26 26 23 31 30 27 26 29 24
Total Revenue		 31 34 35 36 33 41 39 37 38 41 35
Operating Revenue		 31 34 35 36 33 41 39 37 38 41 35
Total Cost of Revenue		 18 9.89 8.44 11 9.46 10 8.46 9.86 12 11 11
Operating Cost of Revenue		 18 9.89 8.44 11 9.46 10 8.46 9.86 12 11 11
Total Operating Expenses		 38 35 31 32 28 26 27 29 30 29 29
Selling, General & Admin Expense		 16 14 15 14 12 12 13 14 14 13 12
Marketing Expense		 13 12 11 14 11 11 12 12 13 12 14
Research & Development Expense		 9.29 7.80 4.61 4.43 4.47 3.18 2.28 2.93 3.47 3.75 2.39
Total Other Income / (Expense), net		 0.00 0.06 0.00 -2.79 -0.39 0.74 -0.52 -0.74 -13 -2.99 -3.35
Interest Expense		 - - - - 0.00 - 0.00 - 11 - 0.00
Other Income / (Expense), net		 - - - -2.79 -0.39 - -0.52 -0.74 -2.06 4.67 -3.35
Basic Earnings per Share		 ($0.17) ($0.01) ($0.02) ($0.06) ($0.03) $0.02 $0.02 ($0.02) ($0.10) ($0.02) ($0.04)
Weighted Average Basic Shares Outstanding		 144.99M 138.14M 151.20M 152.31M 152.83M 152.45M 153.49M 154.02M 170.35M 166.71M 189.65M
Diluted Earnings per Share		 ($0.17) ($0.01) ($0.02) ($0.06) ($0.03) $0.02 $0.01 ($0.02) ($0.10) ($0.01) ($0.04)
Weighted Average Diluted Shares Outstanding		 144.99M 138.14M 151.20M 152.31M 152.83M 152.45M 196.92M 154.02M 170.35M 166.71M 189.65M
Weighted Average Basic & Diluted Shares Outstanding		 150.07M 150.33M 150.65M 151.67M 152.09M 152.33M 152.56M 153.29M 183.36M 188.54M 189.28M

Annual Cash Flow Statements for Heron Therapeutics

This table details how cash moves in and out of Heron Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 2.51 -62 131 -113 40 33 -15 -75 13 -2.88 2.85
Net Cash From Operating Activities		 -79 -134 -170 -192 -125 -185 -203 -147 -59 -23 -28
Net Cash From Continuing Operating Activities		 -79 -134 -170 -192 -125 -185 -203 -147 -59 -23 -28
Net Income / (Loss) Continuing Operations		 -98 -173 -197 -179 -205 -227 -221 -182 -111 -14 -20
Consolidated Net Income / (Loss)		 -98 -173 -197 -179 -205 -227 -221 -182 -111 -14 -20
Depreciation Expense		 0.73 1.10 1.53 1.51 2.04 2.85 3.02 2.89 2.90 2.49 2.31
Amortization Expense		 0.71 0.96 0.50 -2.52 -2.68 1.55 1.24 -0.53 -1.40 -1.18 0.08
Non-Cash Adjustments To Reconcile Net Income		 14 26 31 33 52 51 48 43 33 17 22
Changes in Operating Assets and Liabilities, net		 3.38 11 -5.42 -45 29 -13 -35 -11 17 -28 -32
Net Cash From Investing Activities		 -57 15 7.74 -279 -22 209 33 -3.32 18 19 16
Net Cash From Continuing Investing Activities		 -57 15 7.74 -279 -22 209 33 -3.32 18 19 16
Purchase of Property, Plant & Equipment		 -1.09 -3.14 -2.55 -9.17 -7.15 -6.81 -3.02 -1.83 -1.55 -1.71 -0.32
Purchase of Investments		 -56 -43 -122 -497 -477 -134 -129 -146 -88 -103 -51
Sale of Property, Plant & Equipment		 0.24 0.00 0.08 0.03 0.00 0.00 0.03 0.23 0.01 0.03 0.10
Sale and/or Maturity of Investments		 0.00 61 132 228 462 350 165 144 107 123 67
Net Cash From Financing Activities		 138 57 294 358 186 9.11 156 75 54 0.94 14
Net Cash From Continuing Financing Activities		 138 57 294 358 186 9.11 156 75 54 0.94 14
Repayment of Debt		 0.00 0.00 -25 -25 - - - 0.00 0.00 0.00 -150
Issuance of Debt		 0.00 50 - - 0.00 0.00 149 - 24 0.00 137
Issuance of Preferred Equity		 - - - - - - - - 0.00 0.00 7.86
Issuance of Common Equity		 128 0.77 307 364 186 9.08 2.14 77 31 0.64 19
Other Financing Activities, net		 9.54 6.68 11 18 0.00 0.03 4.93 -1.53 -0.90 0.30 0.16
Cash Interest Paid		 0.00 1.62 2.79 1.18 0.00 0.00 1.24 2.25 3.06 4.86 6.51

Quarterly Cash Flow Statements for Heron Therapeutics

This table details how cash moves in and out of Heron Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 21 -6.18 -8.23 -2.06 7.36 0.06 -6.53 -2.75 27 -14 -2.53
Net Cash From Operating Activities		 -9.18 2.46 -9.52 -4.60 3.37 -12 -8.87 -11 1.33 -9.18 -1.54
Net Cash From Continuing Operating Activities		 -9.18 2.46 -9.52 -4.60 3.37 -12 -8.87 -11 1.33 -9.18 -1.54
Net Income / (Loss) Continuing Operations		 -25 -11 -3.16 -9.24 -4.85 3.66 2.64 -2.38 -17 -2.95 -8.11
Consolidated Net Income / (Loss)		 -25 -11 -3.16 -9.24 -4.85 3.66 2.64 -2.38 -17 -2.95 -8.11
Depreciation Expense		 0.73 0.72 0.69 0.64 0.58 0.58 0.55 0.61 0.62 0.54 0.53
Amortization Expense		 -0.27 -0.40 -0.50 -0.43 -0.17 -0.09 -0.07 -0.03 0.07 0.12 0.08
Non-Cash Adjustments To Reconcile Net Income		 6.84 4.47 3.55 7.84 3.55 2.41 2.48 2.93 15 2.18 2.98
Changes in Operating Assets and Liabilities, net		 8.53 8.40 -10 -3.42 4.25 -18 -14 -12 3.64 -9.07 2.98
Net Cash From Investing Activities		 -23 -8.84 1.28 2.05 3.97 11 2.27 7.33 12 -5.46 -0.94
Net Cash From Continuing Investing Activities		 -23 -8.84 1.28 2.05 3.97 11 2.27 7.33 12 -5.46 -0.94
Purchase of Property, Plant & Equipment		 -0.79 -0.25 0.00 -0.64 -0.43 -0.64 -0.11 -0.21 - - -0.39
Purchase of Investments		 -36 -23 -38 -27 -26 -12 -23 -9.19 -6.13 -13 -13
Sale of Property, Plant & Equipment		 - 0.01 0.00 - - 0.03 0.04 0.01 0.03 0.02 0.00
Sale and/or Maturity of Investments		 14 15 39 30 30 24 25 17 18 7.10 13
Net Cash From Financing Activities		 54 0.20 0.01 0.49 0.01 0.42 0.06 0.78 13 0.22 -0.05
Net Cash From Continuing Financing Activities		 54 0.20 0.01 0.49 0.01 0.42 0.06 0.78 12 1.22 -0.05
Other Financing Activities, net		 -0.31 -0.00 0.01 0.32 0.01 -0.04 0.06 0.19 -0.05 -0.05 -0.05
Cash Interest Paid		 0.16 1.77 0.65 1.78 0.66 1.77 0.64 1.78 1.45 2.65 2.63

Annual Balance Sheets for Heron Therapeutics

This table presents Heron Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 138 67 234 462 513 354 306 251 223 233 256
Total Current Assets		 135 62 228 447 479 314 254 205 189 209 238
Cash & Equivalents		 75 13 145 32 72 105 91 15 29 26 29
Short-Term Investments		 56 38 28 301 319 103 67 69 52 33 18
Accounts Receivable		 0.00 1.96 42 65 40 42 35 52 60 79 90
Inventories, net		 0.00 5.34 10 39 25 42 48 55 42 53 93
Prepaid Expenses		 3.59 3.71 3.70 11 23 22 13 14 6.12 18 9.10
Plant, Property, & Equipment, net		 3.05 5.08 5.98 15 20 23 24 22 20 15 12
Total Noncurrent Assets		 0.05 0.26 0.26 0.25 14 17 28 23 14 9.27 5.41
Other Noncurrent Operating Assets		 0.05 0.26 0.26 0.25 14 17 28 23 14 9.27 5.41
Total Liabilities & Shareholders' Equity		 138 67 234 462 513 354 306 251 223 233 256
Total Liabilities		 20 89 103 92 109 117 228 237 256 267 242
Total Current Liabilities		 20 39 103 92 97 103 71 82 80 91 96
Accounts Payable		 3.30 6.81 19 17 2.76 0.53 3.80 3.23 3.24 12 8.99
Accrued Expenses		 9.39 19 44 57 71 78 50 63 64 67 78
Current Employee Benefit Liabilities		 4.83 8.41 8.86 13 15 14 15 13 9.22 9.55 9.27
Other Current Liabilities		 2.22 2.91 3.68 4.57 7.55 10 2.42 2.69 3.08 3.04 0.00
Total Noncurrent Liabilities		 0.00 50 0.00 0.00 12 15 157 155 177 175 145
Long-Term Debt		 - 50 - - - - 149 149 174 150 141
Other Noncurrent Operating Liabilities		 - - - - 12 15 8.00 5.74 3.04 26 4.81
Total Equity & Noncontrolling Interests		 118 -21 131 370 404 236 78 14 -34 -34 14
Total Preferred & Common Equity		 118 -21 131 370 404 236 78 14 -34 -34 14
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.05
Total Common Equity		 118 -21 131 370 404 236 78 14 -34 -34 13
Common Stock		 531 565 915 1,331 1,569 1,629 1,691 1,809 1,872 1,886 1,953
Retained Earnings		 -413 -586 -783 -961 -1,165 -1,393 -1,613 -1,795 -1,906 -1,920 -1,940
Accumulated Other Comprehensive Income / (Loss)		 -0.04 -0.02 -0.01 -0.09 0.09 0.26 -0.01 -0.02 0.01 0.01 0.00

Quarterly Balance Sheets for Heron Therapeutics

This table presents Heron Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 272 221 201 229 218 218 221 236 232 249 246
Total Current Assets		 224 178 165 194 186 191 195 213 211 229 229
Cash & Equivalents		 50 27 13 35 20 18 26 19 17 43 26
Short-Term Investments		 71 33 20 43 51 49 45 31 24 12 19
Accounts Receivable		 42 51 77 64 65 74 67 79 80 81 84
Inventories, net		 52 52 45 42 42 43 46 57 73 70 93
Prepaid Expenses		 7.63 15 11 11 6.58 7.25 11 26 17 23 7.97
Plant, Property, & Equipment, net		 23 22 21 21 19 16 15 15 14 13 12
Total Noncurrent Assets		 26 21 15 14 13 11 10 8.37 7.48 6.59 5.21
Other Noncurrent Operating Assets		 26 21 15 14 13 11 10 8.37 7.48 6.59 5.21
Total Liabilities & Shareholders' Equity		 272 221 201 229 218 218 221 236 232 249 246
Total Liabilities		 250 232 241 257 252 256 261 264 259 234 237
Total Current Liabilities		 94 78 87 80 75 80 86 89 259 90 91
Accounts Payable		 6.55 4.07 1.96 1.86 0.84 10 10 12 12 12 8.97
Accrued Expenses		 70 62 72 65 64 60 64 67 63 68 75
Current Employee Benefit Liabilities		 15 9.51 9.86 10 7.65 7.09 8.53 6.45 6.47 8.75 6.39
Other Current Liabilities		 2.62 2.76 2.58 3.00 3.14 3.19 3.25 2.29 27 0.78 0.00
Total Noncurrent Liabilities		 156 154 154 177 176 176 175 176 0.75 144 147
Long-Term Debt		 149 149 149 173 174 174 174 175 0.00 140 142
Other Noncurrent Operating Liabilities		 0.24 5.07 4.40 3.78 2.29 1.53 0.76 0.68 0.75 4.69 4.93
Total Equity & Noncontrolling Interests		 22 -11 -39 -28 -34 -38 -40 -28 -27 15 9.14
Total Preferred & Common Equity		 22 -11 -39 -28 -34 -38 -40 -28 -27 15 9.14
Preferred Stock		 - - - - - - - - - 7.86 1.05
Total Common Equity		 22 -11 -39 -28 -34 -38 -40 -28 -27 7.02 8.09
Common Stock		 1,798 1,817 1,831 1,868 1,875 1,880 1,883 1,889 1,892 1,944 1,956
Retained Earnings		 -1,776 -1,828 -1,870 -1,895 -1,909 -1,918 -1,923 -1,917 -1,919 -1,937 -1,948
Accumulated Other Comprehensive Income / (Loss)		 -0.06 0.01 -0.01 -0.00 -0.01 -0.01 0.04 0.00 -0.00 0.00 -0.01

Annual Metrics And Ratios for Heron Therapeutics

This table displays calculated financial ratios and metrics derived from Heron Therapeutics' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 35,970,990.00 39,187,594.00 54,504,647.00 78,019,031.00 90,051,462.00 90,855,254.00 101,935,401.00 - - - 183,362,522.00
DEI Adjusted Shares Outstanding		 35,970,990.00 39,187,594.00 54,504,647.00 78,019,031.00 90,051,462.00 90,855,254.00 101,935,401.00 - - - 183,362,522.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.71 -4.42 -3.62 -2.29 -2.27 -2.50 -2.16 - - - -0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 2,305.55% 151.81% 88.41% -39.28% -2.59% 24.70% 17.99% 13.57% 7.36%
EBITDA Growth		 -28.29% -77.08% -14.04% 4.90% -12.06% -9.44% 4.52% 16.61% 39.30% 90.98% 112.19%
EBIT Growth		 -28.26% -76.56% -13.85% 6.40% -12.33% -11.94% 4.50% 17.15% 39.26% 89.92% 89.20%
NOPAT Growth		 -29.99% -76.34% -13.83% 5.46% -14.55% -8.29% 4.53% 19.82% 36.67% 89.58% 77.98%
Net Income Growth		 -27.79% -77.42% -14.06% 9.44% -14.49% -11.00% 2.90% 17.52% 39.26% 87.72% -48.71%
EPS Growth		 -2.79% -54.58% 19.96% 33.15% -2.46% 0.00% 10.40% 25.45% 52.10% 88.75% -33.33%
Operating Cash Flow Growth		 -30.26% -70.77% -27.00% -12.63% 35.05% -48.35% -10.03% 27.76% 59.98% 61.68% -22.47%
Free Cash Flow Firm Growth		 -40.25% -71.27% -29.04% -28.42% 32.95% -42.67% -10.69% 32.22% 55.18% 90.71% -876.29%
Invested Capital Growth		 -35.82% -71.48% 27.45% 332.65% -65.96% 117.69% 146.68% 12.93% -23.89% -4.39% 90.85%
Revenue Q/Q Growth		 0.00% 0.00% 39.89% 32.02% 4.47% -14.04% 0.06% 9.54% 3.42% 4.75% -0.12%
EBITDA Q/Q Growth		 0.00% -10.25% -8.51% 2.84% -1.84% -2.47% 4.91% 12.68% 9.00% 60.52% -68.84%
EBIT Q/Q Growth		 0.00% -10.15% -8.43% 3.57% -2.46% -2.81% 4.93% 12.82% 8.86% 57.19% -175.08%
NOPAT Q/Q Growth		 0.00% -10.15% -8.41% 5.44% -3.97% -0.85% 3.44% 15.97% 8.39% 55.53% -258.92%
Net Income Q/Q Growth		 0.00% -10.69% -7.94% 6.74% -4.26% -1.96% 3.34% 16.04% 7.64% 51.44% -48.73%
EPS Q/Q Growth		 0.00% -14.00% 3.95% 16.44% -2.04% -1.21% 6.28% 20.10% 11.11% 25.00% -33.33%
Operating Cash Flow Q/Q Growth		 -15.09% -12.95% -5.34% 6.65% 4.97% -16.06% 3.46% 5.00% 40.48% -171.63% 8.60%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -3.36% 2.32% 5.00% -17.99% 5.11% 3.90% 39.20% 59.40% -55.26%
Invested Capital Q/Q Growth		 0.00% -6.42% -81.22% -10.04% -55.89% 47.37% 6.17% 39.07% -13.03% -10.72% 9.37%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 97.26% 85.09% 64.49% 57.79% 59.17% 46.70% 49.04% 48.75% 73.21% 73.31%
EBITDA Margin		 0.00% -13,202.66% -625.90% -236.39% -140.60% -253.40% -248.36% -166.09% -85.45% -6.78% 0.77%
Operating Margin		 0.00% -13,363.17% -632.36% -237.42% -144.34% -257.41% -252.27% -162.21% -87.07% -7.99% -1.64%
EBIT Margin		 0.00% -13,363.88% -632.48% -235.09% -140.16% -258.37% -253.29% -168.28% -86.63% -7.69% -0.77%
Profit (Net Income) Margin		 0.00% -13,537.37% -641.87% -230.84% -140.27% -256.41% -255.58% -169.05% -87.02% -9.41% -13.04%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 36.86% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.81% 101.30% 101.48% 98.19% 271.50% 99.24% 100.90% 100.46% 100.46% 122.36% 1,684.32%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -1,195.17% -582.35% -781.69% -314.15% -166.26% -112.73% -13.90% -2.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -1,174.29% -566.52% -759.14% -251.29% -379.95% -154.72% -19.89% -22.13%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 1,123.82% 529.44% 710.70% 173.62% -233.17% 1,196.59% 54.06% 211.23%
Return on Equity (ROE)		 -107.73% -357.52% -359.44% -71.35% -52.91% -70.99% -140.53% -399.43% 1,083.86% 40.16% 209.08%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -483.71% -483.93% -855.78% -398.77% -178.40% -85.60% -9.41% -64.63%
Operating Return on Assets (OROA)		 0.00% -166.49% -128.96% -52.30% -41.97% -52.87% -66.35% -65.10% -46.49% -4.87% -0.49%
Return on Assets (ROA)		 0.00% -168.65% -130.88% -51.35% -42.00% -52.47% -66.95% -65.40% -46.70% -5.96% -8.26%
Return on Common Equity (ROCE)		 -107.73% -357.52% -359.44% -71.35% -52.91% -70.99% -140.53% -399.43% 1,083.86% 40.16% 220.44%
Return on Equity Simple (ROE_SIMPLE)		 -82.63% 814.75% -150.59% -48.31% -50.70% -96.10% -284.50% -1,341.17% 325.43% 40.36% 0.00%
Net Operating Profit after Tax (NOPAT)		 -68 -120 -136 -129 -147 -160 -152 -122 -77 -8.07 -1.78
NOPAT Margin		 0.00% -9,354.22% -442.65% -166.19% -101.04% -180.19% -176.59% -113.55% -60.95% -5.59% -1.15%
Net Nonoperating Expense Percent (NNEP)		 -29.18% -80.88% -82.54% -20.88% -15.83% -22.54% -62.86% 213.69% 41.99% 6.00% 19.97%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -75.07% -55.39% -6.95% -1.15%
Cost of Revenue to Revenue		 0.00% 2.74% 14.91% 35.51% 42.21% 40.83% 53.30% 50.96% 51.25% 26.79% 26.69%
SG&A Expenses to Revenue		 0.00% 1,670.52% 83.06% 37.77% 25.96% 47.64% 46.50% 57.80% 51.78% 37.01% 35.25%
R&D to Revenue		 0.00% 8,062.94% 450.42% 180.75% 114.67% 196.91% 151.51% 76.81% 30.80% 11.56% 8.02%
Operating Expenses to Revenue		 0.00% 13,460.44% 717.45% 301.91% 446.47% 316.58% 298.98% 211.25% 135.82% 81.20% 74.95%
Earnings before Interest and Taxes (EBIT)		 -97 -171 -195 -182 -205 -229 -219 -181 -110 -11 -1.20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -95 -169 -193 -183 -205 -225 -214 -179 -109 -9.79 1.19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.13 0.00 7.52 5.47 5.24 8.13 12.00 21.90 0.00 0.00 17.95
Price to Tangible Book Value (P/TBV)		 8.13 0.00 7.52 5.47 5.24 8.13 12.00 21.90 0.00 0.00 17.95
Price to Revenue (P/Rev)		 0.00 401.37 32.06 26.12 14.50 21.69 10.78 2.76 2.01 1.61 1.54
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 44.76 134.12 61.23 13.35 4.64 5.87 5.69 3.08
Enterprise Value to Revenue (EV/Rev)		 0.00 400.48 27.27 21.83 11.82 19.34 10.68 3.36 2.74 2.24 2.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 279.49
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 -2.35 0.19 0.00 0.00 0.00 1.92 11.00 -5.11 -4.45 9.81
Long-Term Debt to Equity		 0.00 -2.35 0.00 0.00 0.00 0.00 1.92 11.00 -5.11 -4.45 9.81
Financial Leverage		 -1.13 -1.37 -1.35 -0.96 -0.93 -0.94 -0.69 0.61 -7.73 -2.72 -9.55
Leverage Ratio		 1.18 2.12 2.75 1.39 1.26 1.35 2.10 6.11 -23.21 -6.74 -25.31
Compound Leverage Factor		 1.19 2.15 2.79 1.36 3.42 1.34 2.12 6.14 -23.31 -8.25 -426.38
Debt to Total Capital		 0.00% 173.92% 16.01% 0.00% 0.00% 0.00% 65.78% 91.67% 124.30% 129.00% 90.75%
Short-Term Debt to Total Capital		 0.00% 0.00% 16.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 173.92% 0.00% 0.00% 0.00% 0.00% 65.78% 91.67% 124.30% 129.00% 90.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.68%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% -73.92% 83.99% 100.00% 100.00% 100.00% 34.22% 8.33% -24.30% -29.00% 8.57%
Debt to EBITDA		 0.00 -0.30 -0.13 0.00 0.00 0.00 -0.70 -0.83 -1.60 -15.29 117.89
Net Debt to EBITDA		 0.00 0.01 0.77 0.00 0.00 0.00 0.04 -0.36 -0.86 -9.24 78.80
Long-Term Debt to EBITDA		 0.00 -0.30 0.00 0.00 0.00 0.00 -0.70 -0.83 -1.60 -15.29 117.89
Debt to NOPAT		 0.00 -0.42 -0.18 0.00 0.00 0.00 -0.98 -1.22 -2.24 -18.55 -79.16
Net Debt to NOPAT		 0.00 0.01 1.08 0.00 0.00 0.00 0.06 -0.53 -1.21 -11.20 -52.91
Long-Term Debt to NOPAT		 0.00 -0.42 0.00 0.00 0.00 0.00 -0.98 -1.22 -2.24 -18.55 -79.16
Altman Z-Score		 23.69 -16.61 -0.91 10.08 8.34 3.17 -6.30 -10.63 -11.87 -9.94 -8.77
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -5.44%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.83 1.60 2.21 4.86 4.95 3.07 3.58 2.49 2.37 2.29 2.48
Quick Ratio		 6.65 1.37 2.08 4.31 4.46 2.44 2.72 1.66 1.76 1.51 1.42
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -64 -110 -142 -183 -123 -175 -194 -131 -59 -5.46 -53
Operating Cash Flow to CapEx		 -9,293.02% -4,277.42% -6,880.81% -2,097.15% -1,741.40% -2,712.76% -6,801.14% -9,193.49% -3,837.40% -1,341.81% -12,598.63%
Free Cash Flow to Firm to Interest Expense		 -67.23 -41.41 -36.15 -68.41 -83.26 -91.98 -80.31 -53.03 -15.20 -0.91 -2.55
Operating Cash Flow to Interest Expense		 -81.97 -50.34 -43.26 -71.78 -84.63 -97.22 -84.38 -59.38 -15.20 -3.73 -1.32
Operating Cash Flow Less CapEx to Interest Expense		 -82.85 -51.51 -43.88 -75.21 -89.49 -100.81 -85.62 -60.03 -15.59 -4.01 -1.33
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.01 0.20 0.22 0.30 0.20 0.26 0.39 0.54 0.63 0.63
Accounts Receivable Turnover		 0.00 0.00 1.40 1.45 2.79 2.17 2.23 2.46 2.26 2.08 1.84
Inventory Turnover		 0.00 0.00 0.59 1.12 1.93 1.08 1.02 1.07 1.35 0.81 0.57
Fixed Asset Turnover		 0.00 0.31 5.57 7.50 8.51 4.19 3.72 4.69 6.00 8.24 11.36
Accounts Payable Turnover		 0.00 0.01 0.36 1.54 6.28 22.05 21.27 15.62 20.14 5.17 3.99
Days Sales Outstanding (DSO)		 0.00 0.00 260.01 250.94 130.69 168.27 163.48 148.39 161.16 175.84 198.48
Days Inventory Outstanding (DIO)		 0.00 0.00 614.49 325.97 189.55 337.24 358.04 342.41 271.02 449.88 644.01
Days Payable Outstanding (DPO)		 0.00 52,737.29 1,017.63 236.36 58.11 16.56 17.16 23.37 18.12 70.59 91.38
Cash Conversion Cycle (CCC)		 0.00 -52,737.29 -143.14 340.54 262.13 488.96 504.36 467.42 414.05 555.12 751.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -13 -22 -16 38 13 28 69 78 59 57 108
Invested Capital Turnover		 0.00 -0.07 -1.59 7.19 5.76 4.34 1.78 1.46 1.85 2.48 1.88
Increase / (Decrease) in Invested Capital		 -3.44 -9.33 6.15 54 -25 15 41 8.93 -19 -2.61 52
Enterprise Value (EV)		 829 512 839 1,691 1,725 1,714 922 362 348 323 333
Market Capitalization		 960 513 987 2,024 2,116 1,923 931 297 255 233 238
Book Value per Share		 $3.28 ($0.54) $2.41 $4.74 $4.48 $2.60 $0.76 $0.11 ($0.23) ($0.22) $0.07
Tangible Book Value per Share		 $3.28 ($0.54) $2.41 $4.74 $4.48 $2.60 $0.76 $0.11 ($0.23) ($0.22) $0.07
Total Capital		 118 29 156 370 404 236 227 163 140 116 155
Total Debt		 0.00 50 25 0.00 0.00 0.00 149 149 174 150 141
Total Long-Term Debt		 0.00 50 0.00 0.00 0.00 0.00 149 149 174 150 141
Net Debt		 -131 -1.14 -147 -332 -391 -208 -8.50 64 93 90 94
Capital Expenditures (CapEx)		 0.85 3.14 2.48 9.15 7.15 6.81 2.99 1.60 1.53 1.68 0.22
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16 -28 -22 23 -8.61 3.20 26 38 29 58 95
Debt-free Net Working Capital (DFNWC)		 115 23 150 355 382 212 183 123 109 118 142
Net Working Capital (NWC)		 115 23 125 355 382 212 183 123 109 118 142
Net Nonoperating Expense (NNE)		 30 54 61 50 57 68 68 60 33 5.51 18
Net Nonoperating Obligations (NNO)		 -131 -1.14 -147 -332 -391 -208 -8.50 64 93 90 94
Total Depreciation and Amortization (D&A)		 1.45 2.06 2.03 -1.01 -0.64 4.40 4.26 2.36 1.50 1.31 2.39
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -2,167.94% -73.09% 29.50% -5.90% 3.61% 29.86% 35.50% 22.57% 40.39% 61.55%
Debt-free Net Working Capital to Revenue		 0.00% 1,830.34% 487.18% 458.51% 261.95% 238.83% 212.36% 114.31% 85.87% 81.48% 91.65%
Net Working Capital to Revenue		 0.00% 1,830.34% 405.93% 458.51% 261.95% 238.83% 212.36% 114.31% 85.87% 81.48% 91.65%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.95) ($4.56) ($3.65) ($2.44) ($2.50) ($2.50) ($2.24) ($1.67) ($0.80) ($0.09) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 36.23M 53.57M 64.65M 78.18M 90.37M 91.40M 102.14M 108.88M 138.14M 152.45M 166.71M
Adjusted Diluted Earnings per Share		 ($2.95) ($4.56) ($3.65) ($2.44) ($2.50) ($2.50) ($2.24) ($1.67) ($0.80) ($0.09) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 36.23M 53.57M 64.65M 78.18M 90.37M 91.40M 102.14M 108.88M 138.14M 152.45M 166.71M
Adjusted Basic & Diluted Earnings per Share		 ($2.95) ($4.56) ($3.65) ($2.44) ($2.50) ($2.50) ($2.24) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.08M 37.93M 54.04M 73.19M 81.78M 90.77M 98.47M 119.26M 150.33M 152.33M 188.54M
Normalized Net Operating Profit after Tax (NOPAT)		 -68 -120 -136 -129 -147 -160 -152 -122 -77 -8.07 -1.78
Normalized NOPAT Margin		 0.00% -9,354.22% -442.65% -166.19% -101.04% -180.19% -176.59% -113.55% -60.95% -5.59% -1.15%
Pre Tax Income Margin		 0.00% -13,537.37% -641.87% -230.84% -380.54% -256.41% -255.58% -169.05% -87.02% -9.41% -13.04%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -101.05 -64.16 -49.43 -68.16 -138.99 -120.47 -90.75 -73.24 -28.45 -1.84 -0.06
NOPAT to Interest Expense		 -70.82 -44.91 -34.59 -48.19 -100.19 -84.02 -63.27 -49.42 -20.02 -1.34 -0.08
EBIT Less CapEx to Interest Expense		 -101.93 -65.34 -50.06 -71.59 -143.85 -124.05 -91.99 -73.88 -28.85 -2.12 -0.07
NOPAT Less CapEx to Interest Expense		 -71.70 -46.09 -35.22 -51.61 -105.05 -87.60 -64.51 -50.06 -20.41 -1.62 -0.10
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Heron Therapeutics

This table displays calculated financial ratios and metrics derived from Heron Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 152,329,588.00 152,563,634.00 153,291,798.00 183,362,522.00 188,537,136.00
DEI Adjusted Shares Outstanding		 - - - - - - 152,329,588.00 152,563,634.00 153,291,798.00 183,362,522.00 188,537,136.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.02 -0.02 -0.11 -0.02 -0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.36% 14.00% 17.07% 13.42% 4.38% 19.13% 12.21% 3.26% 16.47% -0.47% -10.78%
EBITDA Growth		 40.87% 50.68% 85.94% 78.50% 83.48% 147.08% 167.64% 80.02% -23.51% 14.79% -340.89%
EBIT Growth		 40.48% 49.79% 85.49% 78.22% 82.12% 140.83% 154.92% 74.22% -26.98% 12.70% -407.82%
NOPAT Growth		 40.48% 49.79% 85.49% 84.80% 82.12% 158.33% 193.91% 74.60% 8.19% -99.36% -205.75%
Net Income Growth		 40.33% 46.03% 90.36% 78.04% 80.61% 134.16% 183.39% 74.22% -260.87% -180.64% -407.82%
EPS Growth		 55.26% 90.91% 92.59% 82.86% 82.35% 300.00% 150.00% 66.67% -233.33% -150.00% -500.00%
Operating Cash Flow Growth		 75.24% 106.54% 61.78% 83.05% 136.73% -579.84% 6.79% -136.06% -60.52% 22.04% 82.64%
Free Cash Flow Firm Growth		 -45.57% 149.52% 114.62% 106.10% 105.28% -40.95% -511.59% -514.59% -2,552.74% -860.51% 43.75%
Invested Capital Growth		 21.71% -23.89% -11.79% -10.30% -6.86% -4.39% 39.50% 18.82% 55.81% 90.85% 10.59%
Revenue Q/Q Growth		 -1.03% 8.90% 1.28% 3.91% -8.92% 24.29% -4.61% -4.38% 2.72% 6.22% -14.48%
EBITDA Q/Q Growth		 41.71% 59.50% 53.50% -95.85% 55.19% 215.38% -33.20% -157.86% -203.66% 197.81% -240.17%
EBIT Q/Q Growth		 41.21% 59.00% 53.05% -92.48% 51.73% 193.61% -36.86% -190.36% -158.55% 176.40% -272.46%
NOPAT Q/Q Growth		 41.21% 59.00% 53.05% -34.33% 30.83% 233.72% -24.42% -136.33% -150.03% 100.93% -12,639.47%
Net Income Q/Q Growth		 40.54% 57.12% 70.53% -192.25% 47.50% 175.56% -28.06% -190.36% -634.78% 83.12% -174.58%
EPS Q/Q Growth		 51.43% 94.12% -100.00% -200.00% 50.00% 166.67% -50.00% -300.00% -400.00% 90.00% -300.00%
Operating Cash Flow Q/Q Growth		 66.21% 126.75% -487.62% 51.62% 173.22% -449.45% 24.70% -22.53% 112.25% -790.01% 83.23%
Free Cash Flow Firm Q/Q Growth		 46.96% 138.75% -83.70% -41.55% -54.09% 333.54% -453.81% 41.12% -171.59% -34.43% 73.83%
Invested Capital Q/Q Growth		 -11.18% -13.03% 95.68% 0.35% -7.78% -10.72% 68.82% -14.52% 20.93% 9.37% -2.17%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 42.08% 71.12% 75.64% 70.80% 71.17% 74.92% 78.26% 73.50% 68.82% 72.61% 69.35%
EBITDA Margin		 -77.84% -28.94% -13.29% -25.05% -12.32% 11.44% 8.01% -4.85% -14.33% 13.19% -21.62%
Operating Margin		 -79.31% -29.85% -13.84% -17.89% -13.59% 10.23% 8.11% -4.40% -10.71% 0.09% -13.73%
EBIT Margin		 -79.31% -29.85% -13.84% -25.64% -13.59% 10.23% 6.77% -6.40% -16.11% 11.59% -23.37%
Profit (Net Income) Margin		 -79.56% -31.33% -9.11% -25.64% -14.78% 8.98% 6.77% -6.40% -45.78% -7.28% -23.37%
Tax Burden Percent		 100.32% 105.51% 65.86% 100.00% 108.75% 74.59% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 99.45% 100.00% 100.00% 100.00% 117.69% 100.00% 100.00% 284.19% -62.81% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -109.68% -38.65% -17.46% -23.43% -19.87% 25.43% 14.64% -6.11% -14.30% 0.12% -14.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 -121.33% -43.18% -17.25% -27.66% -21.60% 24.87% 14.18% -7.26% -29.88% -3.11% -18.67%
Return on Net Nonoperating Assets (RNNOA)		 2,948.91% 333.93% 73.21% 79.89% 63.62% -67.58% -51.67% 24.05% 223.37% 29.68% 213.75%
Return on Equity (ROE)		 2,839.23% 295.28% 55.75% 56.46% 43.75% -42.16% -37.04% 17.93% 209.07% 29.81% 199.40%
Cash Return on Invested Capital (CROIC)		 -155.53% -85.60% -66.12% -33.69% -20.42% -9.41% -36.03% -15.57% -42.26% -64.63% -17.32%
Operating Return on Assets (OROA)		 -38.88% -16.02% -8.33% -16.67% -8.32% 6.48% 4.44% -4.26% -10.64% 7.34% -14.61%
Return on Assets (ROA)		 -39.00% -16.81% -5.49% -16.67% -9.05% 5.69% 4.44% -4.26% -30.23% -4.61% -14.61%
Return on Common Equity (ROCE)		 2,839.23% 295.28% 55.75% 56.46% 43.75% -42.16% -37.04% 17.93% 274.50% 31.43% 210.24%
Return on Equity Simple (ROE_SIMPLE)		 430.81% 0.00% 239.74% 126.85% 69.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -7.15 -3.36 -4.51 -3.12 4.17 3.15 -1.15 -2.87 0.03 -3.34
NOPAT Margin		 -55.51% -20.90% -9.69% -12.52% -9.51% 10.23% 8.11% -3.08% -7.50% 0.07% -9.61%
Net Nonoperating Expense Percent (NNEP)		 11.66% 4.53% -0.21% 4.24% 1.73% 0.56% 0.46% 1.14% 15.58% 3.23% 4.32%
Return On Investment Capital (ROIC_SIMPLE)		 - -5.12% - - - 3.60% 2.15% -0.94% -1.85% 0.02% -2.21%
Cost of Revenue to Revenue		 57.92% 28.88% 24.36% 29.20% 28.83% 25.08% 21.74% 26.50% 31.18% 27.39% 30.65%
SG&A Expenses to Revenue		 50.63% 42.18% 43.19% 38.60% 37.71% 29.78% 32.65% 38.90% 36.58% 33.14% 34.99%
R&D to Revenue		 29.54% 22.79% 13.29% 12.30% 13.61% 7.79% 5.86% 7.89% 9.08% 9.23% 6.87%
Operating Expenses to Revenue		 121.38% 100.98% 89.48% 88.69% 84.76% 64.69% 70.15% 77.90% 79.53% 72.51% 83.08%
Earnings before Interest and Taxes (EBIT)		 -25 -10 -4.80 -9.24 -4.46 4.17 2.64 -2.38 -6.16 4.70 -8.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -24 -9.91 -4.61 -9.02 -4.04 4.67 3.12 -1.80 -5.48 5.36 -7.51
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27.50 17.95 18.65
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27.50 17.95 18.65
Price to Revenue (P/Rev)		 1.18 2.01 3.15 3.87 2.19 1.61 2.26 2.11 1.25 1.54 1.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 3.53 5.87 7.55 9.20 6.38 5.69 4.79 5.19 2.88 3.08 2.35
Enterprise Value to Revenue (EV/Rev)		 1.96 2.74 3.93 4.65 2.94 2.24 3.09 2.84 1.84 2.15 1.65
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 132.89 74.48 279.49 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 344.95 178.58 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 344.95 255.11 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -6.24 -5.11 -5.15 -4.59 -4.36 -4.45 -6.15 -5.50 9.38 9.81 15.50
Long-Term Debt to Equity		 -6.24 -5.11 -5.15 -4.59 -4.36 -4.45 -6.15 0.00 9.38 9.81 15.50
Financial Leverage		 -24.30 -7.73 -4.24 -2.89 -2.94 -2.72 -3.64 -3.31 -7.47 -9.55 -11.45
Leverage Ratio		 -93.92 -23.21 -9.71 -5.43 -6.64 -6.74 -7.29 -6.91 -18.70 -25.31 -24.95
Compound Leverage Factor		 -93.92 -23.08 -9.71 -5.43 -6.64 -7.93 -7.29 -6.91 -53.14 15.90 -24.95
Debt to Total Capital		 119.07% 124.30% 124.08% 127.84% 129.75% 129.00% 119.42% 122.24% 90.37% 90.75% 93.94%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 122.24% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 119.07% 124.30% 124.08% 127.84% 129.75% 129.00% 119.42% 0.00% 90.37% 90.75% 93.94%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.09% 0.68% 0.70%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -19.07% -24.30% -24.08% -27.84% -29.75% -29.00% -19.42% -22.24% 4.54% 8.57% 5.36%
Debt to EBITDA		 -1.45 -1.60 -2.15 -3.85 -7.04 -15.29 -88.55 46.84 36.48 117.89 -15.02
Net Debt to EBITDA		 -0.81 -0.86 -1.27 -2.36 -4.18 -9.24 -62.90 34.14 21.98 78.80 -10.27
Long-Term Debt to EBITDA		 -1.45 -1.60 -2.15 -3.85 -7.04 -15.29 -88.55 0.00 36.48 117.89 -15.02
Debt to NOPAT		 -2.05 -2.24 -3.02 -5.37 -9.62 -18.55 -69.90 121.60 124.93 -79.16 -19.35
Net Debt to NOPAT		 -1.14 -1.21 -1.78 -3.29 -5.71 -11.20 -49.65 88.61 75.30 -52.91 -13.23
Long-Term Debt to NOPAT		 -2.05 -2.24 -3.02 -5.37 -9.62 -18.55 -69.90 0.00 124.93 -79.16 -19.35
Altman Z-Score		 -10.46 -10.39 -10.13 -9.98 -10.35 -9.72 -9.32 -10.48 -9.18 -8.69 -9.52
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -31.30% -5.44% -5.44%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.43 2.37 2.47 2.38 2.28 2.29 2.40 0.82 2.56 2.48 2.53
Quick Ratio		 1.77 1.76 1.82 1.76 1.61 1.51 1.46 0.47 1.52 1.42 1.42
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -30 11 5.83 3.41 1.56 6.78 -24 -14 -38 -52 -13
Operating Cash Flow to CapEx		 -1,157.50% 1,035.87% 0.00% -722.76% 782.13% -1,927.99% -13,238.81% -5,516.75% 0.00% 0.00% -393.86%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.38 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.49 0.54 0.60 0.65 0.61 0.63 0.65 0.67 0.66 0.63 0.63
Accounts Receivable Turnover		 2.32 2.26 2.26 1.81 2.11 2.08 2.06 1.95 2.09 1.84 1.86
Inventory Turnover		 1.44 1.35 1.20 1.08 0.87 0.81 0.78 0.66 0.70 0.57 0.58
Fixed Asset Turnover		 5.66 6.00 6.47 7.42 7.61 8.24 8.78 10.12 10.93 11.36 11.35
Accounts Payable Turnover		 16.14 20.14 23.13 7.72 6.36 5.17 5.87 3.41 3.64 3.99 4.09
Days Sales Outstanding (DSO)		 157.46 161.16 161.32 201.29 173.35 175.84 177.02 187.31 174.25 198.48 196.69
Days Inventory Outstanding (DIO)		 253.51 271.02 304.30 339.31 419.06 449.88 469.24 556.28 523.17 644.01 626.69
Days Payable Outstanding (DPO)		 22.61 18.12 15.78 47.25 57.40 70.59 62.17 106.92 100.17 91.38 89.32
Cash Conversion Cycle (CCC)		 388.35 414.05 449.84 493.35 535.01 555.12 584.09 636.67 597.25 751.11 734.06
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 68 59 69 69 64 57 96 82 99 108 106
Invested Capital Turnover		 1.98 1.85 1.80 1.87 2.09 2.48 1.81 1.98 1.91 1.88 1.49
Increase / (Decrease) in Invested Capital		 12 -19 -9.19 -7.92 -4.68 -2.61 27 13 35 52 10
Enterprise Value (EV)		 241 348 519 634 405 323 459 425 285 333 249
Market Capitalization		 145 255 416 527 302 233 335 316 193 238 151
Book Value per Share		 ($0.20) ($0.23) ($0.22) ($0.25) ($0.26) ($0.22) ($0.19) ($0.18) $0.05 $0.07 $0.04
Tangible Book Value per Share		 ($0.20) ($0.23) ($0.22) ($0.25) ($0.26) ($0.22) ($0.19) ($0.18) $0.05 $0.07 $0.04
Total Capital		 146 140 140 136 134 116 147 123 155 155 151
Total Debt		 173 174 174 174 174 150 175 150 140 141 142
Total Long-Term Debt		 173 174 174 174 174 150 175 0.00 140 141 142
Net Debt		 96 93 102 107 104 90 124 109 84 94 97
Capital Expenditures (CapEx)		 0.79 0.24 0.00 0.64 0.43 0.61 0.07 0.20 -0.03 -0.02 0.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 37 29 39 44 39 58 74 61 84 95 94
Debt-free Net Working Capital (DFNWC)		 114 109 111 111 110 118 124 102 140 142 138
Net Working Capital (NWC)		 114 109 111 111 110 118 124 -48 140 142 138
Net Nonoperating Expense (NNE)		 7.56 3.57 -0.20 4.72 1.73 0.51 0.52 1.24 15 2.98 4.78
Net Nonoperating Obligations (NNO)		 96 93 102 107 104 90 124 109 84 94 97
Total Depreciation and Amortization (D&A)		 0.46 0.31 0.19 0.21 0.42 0.49 0.48 0.58 0.68 0.65 0.61
Debt-free, Cash-free Net Working Capital to Revenue		 29.98% 22.57% 29.52% 31.90% 28.14% 40.39% 49.56% 41.08% 54.29% 61.55% 62.16%
Debt-free Net Working Capital to Revenue		 92.99% 85.87% 83.67% 81.29% 79.60% 81.48% 83.68% 68.22% 90.07% 91.65% 91.88%
Net Working Capital to Revenue		 92.99% 85.87% 83.67% 81.29% 79.60% 81.48% 83.68% -31.85% 90.07% 91.65% 91.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.17) ($0.01) ($0.02) ($0.06) ($0.03) $0.02 $0.02 ($0.02) ($0.10) ($0.02) ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 144.99M 138.14M 151.20M 152.31M 152.83M 152.45M 153.49M 154.02M 170.35M 166.71M 189.65M
Adjusted Diluted Earnings per Share		 ($0.17) ($0.01) ($0.02) ($0.06) ($0.03) $0.02 $0.01 ($0.02) ($0.10) ($0.01) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 144.99M 138.14M 151.20M 152.31M 152.83M 152.45M 196.92M 154.02M 170.35M 166.71M 189.65M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 150.07M 150.33M 150.65M 151.67M 152.09M 152.33M 152.56M 153.29M 183.36M 188.54M 189.28M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -7.15 -3.36 -4.51 -3.12 2.92 2.21 -1.15 -2.87 0.03 -3.34
Normalized NOPAT Margin		 -55.51% -20.90% -9.69% -12.52% -9.51% 7.16% 5.68% -3.08% -7.50% 0.07% -9.61%
Pre Tax Income Margin		 -79.31% -29.69% -13.84% -25.64% -13.59% 12.04% 6.77% -6.40% -45.78% -7.28% -23.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.54 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.25 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.54 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.25 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Heron Therapeutics’ latest quarter showed a mixed picture: revenue held up, but profitability and liquidity remain under pressure. In Q1 2026, the company generated $34.7 million in revenue, but posted an operating loss of $4.8 million and a net loss of $8.1 million. Cash used in operations was $1.5 million, and cash and short-term investments totaled about $44.8 million at quarter-end. That is a much smaller cash position than a year earlier, while long-term debt still stood at $141.6 million.

  • Q1 2026 revenue rose to $34.7 million, up from $32.8 million in Q3 2024 and roughly in line with recent quarterly levels.
  • Gross profit improved to $24.1 million in Q1 2026, reflecting continued product-level sales support.
  • The company still had $44.8 million in cash and short-term investments at the end of Q1 2026, which provides near-term liquidity.
  • Operating cash flow improved dramatically versus late 2025, moving from a $9.2 million outflow in Q4 2025 to a $1.5 million outflow in Q1 2026.
  • Inventory and receivables remain sizable, suggesting the company continues to support a meaningful commercial footprint.
  • Revenue has been relatively stable over the last several quarters, generally ranging from the low- to mid-$30 million area.
  • Shares outstanding have risen materially over time, but recent quarterly share counts have been more stable than the biggest prior increases.
  • The company’s balance sheet still carries significant accumulated losses, with retained earnings deeply negative.
  • Q1 2026 ended with a net loss of $8.1 million and an EPS loss of $0.04.
  • Operating expenses remained high at $28.8 million, keeping the company in an operating loss position.
  • Long-term debt was still substantial at $141.6 million, which adds financial risk.
  • Cash and equivalents fell sharply from $43.1 million in Q3 2025 to $26.1 million in Q1 2026.
  • Compared with Q1 2025, quarterly revenue was down slightly while the company moved from a profit to a loss, showing that margins remain fragile.
  • The company has posted recurring losses across the last several years, and the trend still points to ongoing pressure on profitability.

Bottom line: Heron Therapeutics appears to have some revenue stability and enough liquidity for the near term, but the business is still not consistently profitable and remains leveraged. Investors will likely focus on whether management can improve margins and preserve cash while servicing debt.

07/25/26 08:01 PM ETAI Generated. May Contain Errors.

Heron Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Heron Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Heron Therapeutics' net income appears to be on a downward trend, with a most recent value of -$20.20 million in 2025, falling from -$97.59 million in 2015. The previous period was -$13.58 million in 2024. See Heron Therapeutics' forecast for analyst expectations on what's next for the company.

Heron Therapeutics' total operating income in 2025 was -$2.54 million, based on the following breakdown:
  • Total Gross Profit: $113.56 million
  • Total Operating Expenses: $116.10 million

Over the last 10 years, Heron Therapeutics' total revenue changed from $0.00 in 2015 to $154.90 million in 2025, a change of 15,490,400,000.0%.

Heron Therapeutics' total liabilities were at $241.54 million at the end of 2025, a 9.5% decrease from 2024, and a 1,123.9% increase since 2015.

In the past 10 years, Heron Therapeutics' cash and equivalents has ranged from $13.41 million in 2016 to $144.58 million in 2017, and is currently $28.65 million as of their latest financial filing in 2025.

Over the last 10 years, Heron Therapeutics' book value per share changed from 3.28 in 2015 to 0.07 in 2025, a change of -97.8%.


Related Companies

Financial statements for NASDAQ:HRTX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Where to Put $100 Before Trump's New Tech Law Rolls Out
The Financial Times says a new tech law puts America 'on the verge of a financial revolution.' Yahoo Finance e...
Brownstone Research | Sponsoredtc pixel
Buy this stock tomorrow
Marc Chaikin, founder of Chaikin Analytics, is flagging a little-known company that just secured a partnership...
Chaikin Analytics | Sponsoredtc pixel
BlackRock is hoarding it. JPMorgan is hoarding it. Do you own it?
BlackRock, JPMorgan, Goldman Sachs, and Fidelity are reportedly accumulating a scarce blockchain asset - one t...
Awesomely | Sponsoredtc pixel
What's the Best Way to Lower RMD Taxes?
Once you turn 73, the IRS requires you to take distributions from your IRA, 401(k), and other retirement accou...
SmartAsset | Sponsoredtc pixel