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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 | -152.0% | 7.4% | 48.7% |
| 2024 | $144M | $-5M | $-14M | $-24M | 40.4% | 13.6% | -87.7% |
| 2023 | $127M | $-104M | $-111M | $-60M | 325.4% | 18.0% | -39.3% |
| 2022 | $108M | $-177M | $-182M | $-149M | -1341.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 107.67 | 127.04 | 144.28 | 154.90 |
| Operating Revenue | - | 107.67 | 127.04 | 144.28 | 154.90 |
| Cost Of Revenue | - | 54.87 | 65.10 | 38.65 | 41.35 |
| Gross Profit | - | 52.80 | 61.94 | 105.64 | 113.56 |
| Operating Expense | - | 227.46 | 172.55 | 117.16 | 116.10 |
| Research And Development | - | 82.70 | 39.13 | 16.68 | 12.43 |
| Selling General And Administration | - | 144.75 | 133.42 | 100.48 | 103.67 |
| Total Expenses | - | 282.33 | 237.66 | 155.81 | 157.44 |
| Operating Income | - | -174.66 | -110.62 | -11.53 | -2.54 |
| Total Operating Income As Reported | - | -174.66 | -110.62 | -11.53 | -2.54 |
| EBITDA | - | -176.66 | -103.79 | -5.06 | -8.28 |
| Normalized EBITDA | - | -176.66 | -103.79 | -5.06 | 3.06 |
| EBIT | - | -179.55 | -106.69 | -7.55 | -10.59 |
| Interest Income | - | 1.64 | 3.36 | 3.55 | 1.95 |
| Interest Expense | - | 2.47 | 3.87 | 6.03 | 9.60 |
| Net Interest Income | - | -0.84 | -0.50 | -2.48 | -7.66 |
| Other Non Operating Income Expenses | - | -6.53 | 0.56 | 0.43 | 1.34 |
| Other Income Expense | - | -6.53 | 0.56 | 0.43 | -10 |
| Interest Income Non Operating | - | 1.64 | 3.36 | 3.55 | 1.95 |
| Interest Expense Non Operating | - | 2.47 | 3.87 | 6.03 | 9.60 |
| Net Non Operating Interest Income Expense | - | -0.84 | -0.50 | -2.48 | -7.66 |
| Pretax Income | - | -182.02 | -110.56 | -13.58 | -20.20 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income From Continuing And Discontinued Operation | - | -182.02 | -110.56 | -13.58 | -20.20 |
| Net Income From Continuing Operation Net Minority Interest | - | -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 |
| Net Income Including Noncontrolling Interests | - | -182.02 | -110.56 | -13.58 | -20.20 |
| Normalized Income | - | -182.02 | -110.56 | -13.58 | -8.86 |
| Diluted NI Availto Com Stockholders | - | -182.02 | -110.56 | -13.58 | -20.20 |
| Basic Average Shares | - | 109 | 138.14 | 152.45 | 166.71 |
| Diluted Average Shares | - | 109 | 138.14 | 152.45 | 166.71 |
| Reconciled Depreciation | - | 2.89 | 2.90 | 2.49 | 2.31 |
| Reconciled Cost Of Revenue | - | 54.87 | 65.10 | 38.65 | 41.35 |
| Total Unusual Items | - | - | 0 | 0 | -11.34 |
| Total Unusual Items Excluding Goodwill | - | - | 0 | 0 | -11.34 |
| Special Income Charges | - | - | 0 | 0 | -11.34 |
| Other Special Charges | - | - | - | - | 11.34 |
| General And Administrative Expense | - | 62.24 | 65.78 | 53.40 | 54.60 |
| Other Gand A | - | 62.24 | 65.78 | 53.40 | 54.60 |
| Selling And Marketing Expense | - | 82.51 | 67.64 | 47.08 | 49.06 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Heron Therapeutics, Inc.this co. | HRTX | $92M | - | 6.39 | -141.0% | - |
| Aldeyra Therapeutics, Inc. | ALDX | $106M | -3.14 | 2.40 | -76.5% | -1.63 |
| Cardiff Oncology, Inc. | CRDF | $106M | -2.31 | 2.33 | -101.0% | -1.86 |
| Neuronetics, Inc. | STIM | $102M | -2.61 | 4.54 | -174.3% | -5.84 |
| OptimizeRx Corporation | OPRX | $101M |
| - |
| - |
| - |
| - |
| - |
| - |
| 19.67 |
| 0.79 |
| 4.0% |
| 6.26 |
| Definitive Healthcare Corp. | DH | $96M | -0.69 | 0.34 | -49.4% | -0.74 |
| Outset Medical, Inc. | OM | $88M | -1.07 | 0.69 | -64.3% | -2.46 |
| Aardvark Therapeutics, Inc. | AARD | $86M | -1.49 | 0.81 | -54.0% | -0.63 |
| biote Corp. | BTMD | $84M | 3.10 | -1.43 | -46.2% | 3.25 |
| Peer Median | - | -1.28 | 0.80 | -59.2% | -1.18 | |