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Heron Therapeutics, Inc., a commercial-stage biotechnology company, engages in developing and commercializing therapeutic that enhances medical care. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration. It offers SUSTOL (granisetron), an extended-release injection for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic chemotherapy, or anthracycline and cyclophosphamide combination chemotherapy regimens; and CINVANTI, an intravenous formulation of aprepitant, a substance P/neurokinin-1 receptor antagonist for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy, as well as nausea and vomiting associated with moderately emetogenic cancer chemotherapy. The company is also developing ZYNRELEF, 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; and APONVIE, an intravenous formulation of a substance P/neurokinin-1 receptor antagonist indicated for the prevention of postoperative nausea and vomiting in adults. Heron Therapeutics, Inc. was formerly known as A.P. Pharma, Inc. and changed its name to Heron Therapeutics, Inc. in January 2014. The company was founded in 1983 and is headquartered in Cary, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $155M | $-8M | $-20M | $-28M | -140.9% | 7.4% | - |
| 2024 | $144M | $-5M | $-14M | $-24M | 40.4% | 13.6% | - |
| 2023 | $127M | $-104M | $-111M | $-60M | 325.4% | 18.0% | - |
| 2022 | $108M | $-177M | $-182M | $-149M | -1341.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 107.67 | 127.04 | 144.28 | 154.90 |
| Cost Of Revenue | 54.87 | 65.11 | 38.65 | 41.35 |
| Gross Profit | 52.80 | 61.94 | 105.64 | 113.56 |
| Operating Expense | 227.46 | 172.55 | 117.17 | 116.09 |
| Operating Income | -174.66 | -110.61 | -11.53 | -2.54 |
| EBITDA | -176.66 | -103.79 | -5.06 | -8.28 |
| EBIT | -179.55 | -106.69 | -7.55 | -10.59 |
| Pretax Income | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income Common Stockholders | -182.02 | -110.56 | -13.58 | -20.20 |
| Total Expenses | 282.33 | 237.66 | 155.81 | 157.44 |
| Interest Expense | 2.47 | 3.87 | 6.03 | 9.61 |
| Interest Income | 1.64 | 3.36 | 3.55 | 1.95 |
| Research And Development | 82.70 | 39.13 | 16.68 | 12.43 |
| Selling General And Administration | 144.75 | 133.42 | 100.48 | 103.67 |
| Normalized EBITDA | -176.66 | -103.79 | -5.06 | 3.06 |
| Normalized Income | -182.02 | -110.56 | -13.58 | -8.86 |
| Basic EPS | -1.67 | -0.80 | -0.09 | 0 |
| Diluted EPS | -1.67 | -0.80 | -0.09 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 0 | 0 | 0 | -11.34 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -11.34 |
| Net Income From Continuing Operation Net Minority Interest | -182.02 | -110.56 | -13.58 | -20.20 |
| Reconciled Depreciation | 2.89 | 2.90 | 2.49 | 2.31 |
| Reconciled Cost Of Revenue | 54.87 | 65.11 | 38.65 | 41.35 |
| Net Interest Income | -0.84 | -0.50 | -2.48 | -7.66 |
| Net Income From Continuing And Discontinued Operation | -182.02 | -110.56 | -13.58 | -20.20 |
| Total Operating Income As Reported | -174.66 | -110.61 | -11.53 | -2.54 |
| Diluted Average Shares | 109 | 138.13 | 152.45 | 0 |
| Basic Average Shares | 109 | 138.13 | 152.45 | 0 |
| Diluted NI Availto Com Stockholders | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income Including Noncontrolling Interests | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income Continuous Operations | -182.02 | -110.56 | -13.58 | -20.20 |
| Other Income Expense | -6.53 | 0.56 | 0.43 | -10 |
| Other Non Operating Income Expenses | -6.53 | 0.56 | 0.43 | 1.34 |
| Special Income Charges | 0 | 0 | 0 | -11.34 |
| Other Special Charges | 0 | 0 | 0 | 11.34 |
| Net Non Operating Interest Income Expense | -0.84 | -0.50 | -2.48 | -7.66 |
| Interest Expense Non Operating | 2.47 | 3.87 | 6.03 | 9.61 |
| Interest Income Non Operating | 1.64 | 3.36 | 3.55 | 1.95 |
| Selling And Marketing Expense | 82.51 | 67.64 | 47.09 | 49.06 |
| General And Administrative Expense | 62.24 | 65.78 | 53.40 | 54.60 |
| Other Gand A | 62.24 | 65.78 | 53.40 | 54.60 |
| Operating Revenue | 107.67 | 127.04 | 144.28 | 154.90 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Heron Therapeutics, Inc.this co. | HRTX | $224M | - | 16.76 | -140.9% | -1425.96 |
| Carlsmed, Inc. | CARL | $240M | - | 2.38 | -30.0% | -4.74 |
| Arcturus Therapeutics Holdings Inc. | ARCT | $239M | - | 1.12 | -30.7% | -0.45 |
| Nuvectis Pharma, Inc. | NVCT | $235M | - | 11.85 | -143.6% | - |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 |
| 1.56 |
| 10.8% |
| 8.93 |
| Voyager Therapeutics, Inc. | VYGR | $220M | - | 1.10 | -61.1% | -0.46 |
| Keros Therapeutics, Inc. | KROS | $220M | 4.83 | 0.72 | 28.7% | -0.72 |
| Sight Sciences, Inc. | SGHT | $216M | - | 3.32 | -60.1% | -4.83 |
| LifeMD, Inc. | LFMD | $210M | - | 8.93 | 62.0% | -27.13 |
| Peer Median | - | 9.78 | 1.97 | -30.4% | -0.72 | |