HERON THERAPEUTICS, INC. /DE/

Listed Company

HRTXCIK 0000818033NasdaqAcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-20.20M

Total Assets

$255.88M

Equity

$14.33M

Shares Out

188.54M

Op. Cash Flow

$-27.59M

Business

HERON THERAPEUTICS, INC. is a commercial-stage biotechnology company that develops and commercializes therapeutic innovations to improve acute care and oncology patient outcomes. Its main products include acute care offerings ZYNRELEF (an extended-release bupivacaine/meloxicam local anesthetic) and APONVIE (an IV NK1 antagonist for PONV), and oncology products CINVANTI (IV aprepitant) and SUSTOL (extended-release granisetron), supported by its proprietary Biochronomer drug-delivery technology. Heron organizes its business into acute care and oncology product portfolios and conducts sales, marketing and commercialization activities through a targeted U.S. acute care and oncology sales force, co-promotion partnerships and third-party manufacturing agreements. Products are marketed and distributed primarily in the United States through specialty distributors and full-line wholesalers to hospitals, healthcare providers and government and payor accounts.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net product sales	155	144	127	108	86
Cost of product sales	41	39	65	55	46
Gross profit	114	106	62	53	—
Research and development	12	17	39	83	131
General and administrative	55	53	66	62	40
Sales and marketing	49	47	68	83	87
Total operating expenses	116	117	173	227	304
Loss from operations	−3	−12	−111	−175	−218
Interest income	2	4	3	2	433,000
Interest expense	−10	−6	−4	−2	—
Loss on debt extinguishment	−11	—	—	—	—
Other income	1	430,000	560,000	−7	−878,000
Total other (expense) income, net	−18	−2	56,000	−7	−3
Net loss	−20	−14	−111	−182	−221
Unrealized (losses) gains on short-term investments	−9,000	—	32,000	−13,000	−263,000
Comprehensive loss	−20	−14	−111	−182	−221
Basic net loss per share	−0.12	−0.09	−0.8	−1.67	−2.24
Shares used in computing basic net loss per share	167	152	138	109	98,471
Diluted net loss per share	−0.12	−0.09	−0.8	−1.67	−2.24
Shares used in computing diluted net loss per share	167	152	138	109	98,471

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	29	26	29	15	91
Short-term investments	18	33	52	69	67
Accounts receivable, net	90	79	60	52	35
Inventory, net	93	53	42	55	48
Prepaid expenses and other current assets	9	18	6	14	13
Total current assets	238	209	189	205	254
Property and equipment, net	12	15	20	22	24
Right-of-use lease assets	0	3	5	8	10
Other assets	5	6	8	16	18
Total assets	256	233	223	251	306
Accounts payable	9	12	3	3	4
Accrued clinical and manufacturing liabilities	27	25	22	24	24
Accrued payroll and employee liabilities	9	10	9	13	15
Other accrued liabilities	51	42	42	39	26
Current lease liabilities	0	3	3	3	2
Total current liabilities	96	91	80	82	71
Non-current notes payable, net	108	25	24	—	—
Non-current convertible notes payable, net	33	150	149	149	149
Other non-current liabilities	5	615,000	241,000	241,000	—
Total liabilities	242	267	256	237	228
Commitments and contingencies (see Note 6)	—	—	—	—	—
Common stock, $0.01 par value: 400,000,000 shares authorized; 188,314,430 shares issued and outstanding at December 31, 2025 and 152,127,878 shares issued and outstanding at December 31, 2024	2	2	2	1	1
Series A convertible preferred stock, $0.01 par value: 2,500,000 shares authorized; 70,012 shares issued and outstanding at December 31, 2025 and no shares issued and outstanding at December 31, 2024	1	0	—	—	—
Additional paid-in capital	1,951	1,884	1,871	1,808	1,690
Accumulated other comprehensive income	4,000	13,000	13,000	−19,000	−6,000
Accumulated deficit	−1,940	−1,920	−1,906	−1,795	−1,613
Total stockholders' equity (deficit)	14	−34	−34	14	78
Total liabilities and stockholders' equity (deficit)	256	233	223	251	306

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−20	−14	−111	—	—
Stock-based compensation expense	10	13	33	43	47
Depreciation and amortization	2	3	3	3	3
Amortization of debt discount	744,000	751,000	133,000	—	785,000
Amortization of debt issuance costs	73,000	210,000	206,000	202,000	119,000
Accretion of discount on short-term investments	−739,000	−2	−2	−736,000	332,000
Retirement and impairment of property and equipment	414,000	4	617,000	209,000	—
(Gain)/Loss on disposal of property and equipment	—	−27,000	10,000	74,000	822,000
Accounts receivable	−11	−19	−8	−17	6
Inventory	−31	−11	12	−6	−6
Prepaid expenses and other assets	878,000	−10	15	1	−8
Accounts payable	−3	8	15,000	−578,000	3
Accrued clinical and manufacturing liabilities	1	3	−2	752,000	−26
Accrued payroll and employee liabilities	−284,000	330,000	−4	−2	2
Other accrued liabilities	11	99,000	3	13	−5
Net cash used in operating activities	−28	−23	−59	−147	−203
Purchases of short-term investments	−51	−103	−88	−146	−129
Maturities and sales of short-term investments	67	123	107	144	165
Purchases of property and equipment	−317,000	−2	−2	−2	−3
Proceeds from the sale of property and equipment	98,000	27,000	13,000	227,000	32,000
Net cash provided by investing activities	16	19	18	−3	33
Net proceeds from the sale of common stock	18	—	30	75	—
Proceeds from sale of Series A Convertible Preferred Stock	8	—	—	—	—
Cash paid for convertible notes extinguishment	−125	—	—	—	—
Cash paid for notes extinguishment	−25	—	—	—	—
Net proceeds from convertible note issuance	32	—	—	—	149
Net proceeds from notes issuance	105	—	24	—	—
Proceeds from warrant exercises	—	—	1,000	—	—
Proceeds from purchases under the Employee Stock Purchase Plan	853,000	637,000	904,000	1	2
Receipts (payments) for stock issued under the equity incentive plan	160,000	303,000	−903,000	−2	5
Net cash provided by financing activities	14	940,000	54	75	156
Net increase (decrease) in cash and cash equivalents	3	−3	13	−75	−15
Interest paid	7	5	3	2	1

Filings

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