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Delisting risk

HRTX · NASDAQ · Biotechnology

Heron Therapeutics

Sells U.S. hospital injectables for postsurgical pain and nausea prevention.

$0.3321

After-hours close+0.01 (+2.63%)

At close$0.3236(−2.56%)

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Profile

Heron Therapeutics, Inc.HRTXHealth Care

Commercializes four U.S.-approved products across one segment: ZYNRELEF for postsurgical pain, APONVIE for postoperative nausea and vomiting, and CINVANTI and SUSTOL for chemotherapy-induced nausea and vomiting. Sales run through specialty distributors and wholesalers, with SUSTOL being wound down while updates are evaluated.

Commercializes a focused U.S. portfolio of hospital and specialty injectables. ZYNRELEF is used for postsurgical pain, APONVIE for postoperative nausea and vomiting, and CINVANTI and SUSTOL for chemotherapy-induced nausea and vomiting.

Operates as one reportable segment with revenue generated from U.S. customers. Products move through specialty distributors and full-line wholesalers to healthcare providers and hospitals, supported by a compact commercial team and a Crosslink Network co-promotion agreement for ZYNRELEF orthopedic use.

Execution depends on hospital access, payer reimbursement, FDA-approved labeling, outsourced manufacturing, and competition from branded and generic antiemetics and analgesics. ZYNRELEF reimbursement is tied to separate Medicare support under the NOPAIN Act, while SUSTOL commercialization is being wound down as product updates are evaluated.

Company facts

CEOCraig Collard

ListedJan 23, 2014

ExchangeNASDAQ

HeadquartersCary, NC

CountryUnited States

Employees128

CIK0000818033

ISINUS4277461020

Key statistics

Market cap$61.8M

EPS (ttm)−$0.1900

P/E (ttm)−1.72

ROE-300.9%

P/B9.00

P/S0.4089

Dividend yield—

Beta1.87vs XLV 0.36

Year to date −74.3% · Average volume (30d) 2.6M

Analysts

Price target, next 12 months$6.00+1,718.2%Median of 19 analysts · vs the Aug 28 close

ConsensusBuy17 of 19 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $0.3300

High$9.00+2,627.3%

Median$6.00+1,718.2%

Low$5.00+1,415.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating
Aug 11, 2026	H.C. Wainwright	Downgrade	Buy	Neutral
Aug 11, 2026	HC Wainwright & Co.	Downgrade	Buy	Neutral
Jun 3, 2026	Needham	Downgrade	Buy	Hold

Earnings

EPS

Estimate−$0.03

ReportedDue Nov 3, 2026

Revenue

Estimate$37.5M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 10, 2026Q2 FY26	−$0.01	−$0.03	−500.0%	$42.2M	$37.7M	−10.7%	−31.74%
May 11, 2026Q1 FY26	−$0.03	−$0.04	−33.3%	$36.7M	$34.7M	−5.5%	+0.93%
Feb 26, 2026Q4 FY25	−$0.03	−$0.02	+33.3%	$39.9M	$40.6M	+1.8%	−0.83%
Nov 4, 2025Q3 FY25	−$0.01	−$0.05	−275.1%	$39.0M	$38.2M	−2.1%	−2.63%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$38.9M	$37.2M	$38.2M	$40.6M	$34.7M	$37.7M
Gross profit	$30.4M	$27.3M	$22.8M	$32.9M	$24.1M	$26.1M
Operating income	$3.2M	−$1.6M	−$4.1M	$38.0K	−$4.8M	−$2.0M
Net income	$2.6M	−$2.4M	−$17.5M	−$3.0M	−$8.1M	−$5.5M
Diluted EPS	$0.02	−$0.02	−$0.10	−$0.02	−$0.04	−$0.03
Gross margin	78.3%	73.5%	59.7%	81.2%	69.4%	69.3%
Operating margin	8.1%	-4.4%	-10.7%	0.1%	-13.7%	-5.4%

Fiscal years (4-quarter sums)FY21 $86.3M · FY22 $107.7M · FY23 $127.0M · FY24 $144.3M · FY25 $154.9M

Revenue by product · Q2 FY26

C I N V a N T I$21.8M · 65%

Z Y N R E L E F$11.1M · 33%

S U S T O L$540.0K · 2%

Balance sheet, Jun 30, 2026Cash & short-term investments $42.7M · Total debt $148.4M · Total assets $252.3M · Shareholders' equity $6.9M

Dividends

No dividends on record.

Ownership

Institutions 71.27%134.90M sharesInsiders 5.65%10.70M sharesOther 23.08%43.69M shares

Shares outstanding 189.28M · Float 135.44M · 71.6% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Rubric Capital Management LP	30.05M	15.87%	13F	Aug 14, 2026
Clearline Capital LP	11.38M	6.01%	13F	Aug 14, 2026
BlackRock, Inc.	10.55M	5.57%	13F	Aug 7, 2026
Adam Morgan · director	8.88M	4.69%	Form 4	Feb 3, 2026
Adage Capital Management, L.P.	8.85M	5.84%	13G	Nov 12, 2024

Insider tradesForm 4

No open-market trades in the last 12 months.