Revenue
$154.90M
Fiscal year ended 2025-12-31Operating income
-$2.54M
Fiscal year ended 2025-12-31Free cash flow
-$27.91M
Fiscal year ended 2025-12-31HERON THERAPEUTICS, INC. /DE/ (HRTX) reported revenue of $154.90M and net income of -$20.20M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from HERON THERAPEUTICS, INC. /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $154.90M | $144.28M | $127.04M | $107.67M | $86.35M | $88.64M | $145.97M | $77.47M | $30.77M | $1.28M |
| Cost of revenue | $41.35M | $38.65M | $65.10M | $54.87M | $46.02M | $36.19M | $61.62M | $27.51M | $4.59M | $35.00K |
| Gross profit | $113.56M | $105.64M | $61.94M | $52.80M | $40.32M | $52.45M | $84.35M | $49.96M | $26.18M | $1.24M |
| Operating income | -$2.54M | -$11.53M | -$110.62M | -$174.66M | -$217.83M | -$228.16M | -$210.69M | -$183.94M | -$194.56M | -$170.92M |
| Net income | -$20.20M | -$13.58M | -$110.56M | -$182.02M | -$220.68M | -$227.28M | -$204.75M | -$178.84M | -$197.48M | -$173.14M |
| Research & development | $12.43M | $16.68M | $39.13M | $82.70M | $130.82M | $174.53M | $167.38M | $140.03M | $138.58M | $103.12M |
| Weighted-average diluted shares | shares 166.71M | shares 152.45M | shares 138.14M | shares 108.88M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Diluted EPS | $-0.12 | $-0.09 | $-0.80 | $-1.67 | $-2.24 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling, general & administrative | $103.67M | $100.48M | $133.42M | $144.75M | $127.33M | $106.08M | $127.66M | $93.87M | $82.16M | $69.03M |
| General & administrative | $54.60M | $53.40M | $65.78M | $62.24M | $40.15M | $42.23M | $37.90M | $29.26M | $25.55M | $21.37M |
| Selling & marketing | $49.06M | $47.08M | $67.64M | $82.51M | $87.18M | $63.85M | $89.76M | $64.60M | $56.60M | $47.67M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $28.65M | $25.80M | $28.68M | $15.36M | $90.54M | $105.14M | $71.90M | $31.84M | $144.58M | $13.41M |
| Total assets | $255.88M | $233.15M | $222.51M | $250.95M | $305.71M | $353.56M | $512.78M | $462.18M | $234.31M | $67.48M |
| Current assets | $238.07M | $209.01M | $188.77M | $205.44M | $254.42M | $314.20M | $479.06M | $447.25M | $228.06M | $62.14M |
| Total liabilities | $241.54M | $266.80M | $256.48M | $237.38M | $228.14M | $117.06M | $108.95M | $92.02M | $103.17M | $88.73M |
| Current liabilities | $96.10M | $91.46M | $79.68M | $82.36M | $71.06M | $102.50M | $96.70M | $92.02M | $103.17M | $38.73M |
| Total equity incl. NCI | $14.33M | -$33.65M | -$33.97M | $13.57M | $77.57M | $236.49M | $403.84M | $370.16M | $131.14M | -$21.25M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $92.75M | $53.16M | $42.11M | $54.57M | $48.38M | $41.90M | $24.97M | $39.03M | $10.11M | $5.34M |
| Accounts receivable | $89.59M | $78.88M | $60.14M | $52.05M | $35.50M | $41.85M | $39.88M | $64.65M | $41.87M | $1.96M |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $8.99M | $11.71M | $3.24M | $3.22M | $3.80M | $525.00K | $2.76M | $16.86M | $18.77M | $6.81M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.59M | -$22.53M | -$58.79M | -$146.91M | -$203.35M | -$184.82M | -$124.58M | -$191.80M | -$170.30M | -$134.10M |
| Capital expenditures | $317.00K | $1.71M | $1.54M | $1.82M | $3.02M | $6.81M | $7.15M | $9.17M | $2.55M | $3.14M |
| Investing cash flow | $16.01M | $18.71M | $18.00M | -$3.32M | $32.73M | $208.96M | -$21.78M | -$278.55M | $7.74M | $14.88M |
| Financing cash flow | $14.43M | $940.00K | $54.11M | $75.06M | $156.03M | $9.10M | $186.42M | $357.61M | $293.73M | $57.46M |
| Net change in cash | $2.84M | -$2.88M | $13.31M | -$75.18M | -$14.60M | $33.24M | $40.06M | -$112.75M | $131.17M | -$61.77M |
| Stock-based compensation | $10.34M | $12.96M | $32.85M | $42.98M | $46.85M | $50.22M | $51.41M | $33.37M | $30.54M | $25.96M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $2.31M | $2.49M | $2.90M | $2.89M | $3.02M | $2.85M | $2.04M | $1.51M | $1.53M | $1.10M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$27.91M | -$24.24M | -$60.33M | -$148.74M | -$206.38M | -$191.63M | -$131.73M | -$200.98M | -$172.85M | -$137.23M |
| Gross margin | 73.3% | 73.2% | 48.8% | 49.0% | 46.7% | 59.2% | 57.8% | 64.5% | 85.1% | 97.3% |
| Operating margin | -1.6% | -8.0% | -87.1% | -162.2% | -252.3% | -257.4% | -144.3% | -237.4% | -632.4% | -13363.2% |
| FCF margin | -18.0% | -16.8% | -47.5% | -138.1% | -239.0% | -216.2% | -90.2% | -259.4% | -561.8% | -10729.6% |
| SBC / revenue | 6.7% | 9.0% | 25.9% | 39.9% | 54.3% | 56.7% | 35.2% | 43.1% | 99.3% | 2029.4% |
| Current ratio | 2.48x | 2.29x | 2.37x | 2.49x | 3.58x | 3.07x | 4.95x | 4.86x | 2.21x | 1.60x |
| Revenue YoY growth | 7.4% | 13.6% | 18.0% | 24.7% | -2.6% | -39.3% | 88.4% | 151.8% | 2305.6% | Unavailable |
| Net margin | -13.0% | -9.4% | -87.0% | -169.1% | -255.6% | -256.4% | -140.3% | -230.8% | -641.9% | -13537.4% |
| R&D / revenue | 8.0% | 11.6% | 30.8% | 76.8% | 151.5% | 196.9% | 114.7% | 180.7% | 450.4% | 8062.9% |
| CapEx / revenue | 0.2% | 1.2% | 1.2% | 1.7% | 3.5% | 7.7% | 4.9% | 11.8% | 8.3% | 245.1% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open HRTX in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-10View SEC filing
10-Q · Filed 2026-05-11View SEC filing
10-K · Filed 2026-02-26View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-08View SEC filing
10-Q · Filed 2025-05-06View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.