Heron Therapeutics, Inc. /De/ (NASDAQ:HRTX)
Insiders here have filed 14 Form 4s in the last 90 days, but all of them are share awards, grants or other non-market transactions. Those are compensation, not a decision to buy, so they are not scored.
Loses money on what it sells.
- Revenue
- $151.2M
- Net income
- -$34.0M
- Net margin
- -22.5%
Heavily indebted for what it earns.
- Total debt
- $148.4M
- Cash
- $20.7M
- Debt / equity
- 21.48
Comfortably covers what is due within a year.
- Current assets
- $229.8M
- Current liabilities
- $92.1M
- Current ratio
- 2.49
Roughly cash-neutral.
- Operating cash flow
- -$11.6M
- Free cash flow
- -$12.1M
- FCF margin
- -8.0%
Heavy dilution — shareholders are paying for the business.
- Shares outstanding
- 190.3M
- Share growth (1y)
- 23.6%
- Cash runway
- 21 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
HRTX Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 37.67 M | 34.71 M | 40.59 M | 38.21 M | 37.20 M | 38.90 M |
| Revenue Growth (YoY) | 1.25 % | -10.78 % | -0.47 % | 16.47 % | 3.26 % | 12.21 % |
| Cost of Revenue | 11.57 M | 10.64 M | 7.65 M | 15.38 M | 9.86 M | 8.46 M |
| Gross Profit | 26.09 M | 24.07 M | 32.94 M | 22.83 M | 27.34 M | 30.45 M |
| SG&A Expense | 25.44 M | 26.45 M | 25.68 M | 26.92 M | 26.05 M | 25.01 M |
| R&D Expense | 2.70 M | 2.38 M | 3.75 M | 3.47 M | 2.93 M | 2.28 M |
| Operating Expenses | 28.14 M | 28.84 M | 32.90 M | 26.92 M | 28.98 M | 27.29 M |
| Operating Income | -2.04 M | -4.76 M | 38.00 K | -4.09 M | -1.64 M | 3.15 M |
| Pretax Income | -5.49 M | -8.11 M | -2.95 M | -17.50 M | -2.38 M | 2.63 M |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | -5.49 M | -8.11 M | -2.95 M | -17.50 M | -2.38 M | 2.63 M |
| EPS (Basic) | -0.03 | -0.04 | -0.02 | -0.10 | -0.02 | 0.02 |
| EPS (Diluted) | -0.03 | -0.04 | -0.02 | -0.10 | -0.02 | 0.02 |
| Shares Outstanding | 190.34 M | 189.65 M | 166.71 M | 170.35 M | 154.02 M | 153.49 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.