HERON THERAPEUTICS, INC. /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HERON THERAPEUTICS, INC. /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.28	30.8	77.5	146	88.6	86.3	108	127	144	155
Cost of revenue	0.04	4.59	27.5	61.6	36.2	46	54.9	65.1	38.6	41.3
Gross profit	1.24	26.2	50	84.3	52.4	40.3	52.8	61.9	106	114
Research and development	103	139	140	167	175	131	82.7	39.1	16.7	12.4
Selling and marketing	47.7	56.6	64.6	89.8	63.9	87.2	82.5	67.6	47.1	49.1
General and administrative	21.4	25.6	29.3	37.9	42.2	40.2	62.2	65.8	53.4	54.6
Operating expenses	172	225	261
Operating income	-171	-195	-184	-211	-228	-218	-175	-111	-11.5	-2.54
Interest expense	2.66	3.94	2.67	1.47	1.9	2.41	2.47	3.87	6.03	9.61
Interest income	0.45	1.05	5.97	7.26	3.63	0.43	1.64	3.36	3.55	1.95
Other non-operating income	-2.23	-2.93	5.1	5.95	0.89	-2.86	-7.37	0.06	-2.05	-17.7
Income tax	0	0	0	0	0	0	0	0	0	0
Net income	-173	-197	-179	-205	-227	-221	-182	-111	-13.6	-20.2
EBITDA	-170	-193	-182	-209	-225	-215	-172	-108	-9.04	-0.22
EPS, basic	-4.56	-3.65	-2.44	-2.50	-2.50	-2.24	-1.67	-0.80	-0.09	-0.12
EPS, diluted	-4.56	-3.65	-2.44	-2.50	-2.50	-2.24	-1.67	-0.80	-0.09	-0.12
Shares, basic (weighted)	37.9	54	73.2	81.8	90.8	0.1	109	138	152	167
Shares, diluted (weighted)	37.9	54	73.2	81.8	90.8	0.1	109	138	152	167

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.4	145	31.8	71.9	105	90.5	15.4	28.7	25.8	28.6
Short-term investments			301	319	103	67	69.5	51.7	33.5	18
Receivables	1.96	41.9	64.7	39.9	41.9	35.5	52	60.1	78.9	89.6
Inventory	5.34	10.1	39	25	41.9	48.4	54.6	42.1	53.2	92.7
Other current assets	3.71	3.7	11.2	23.2	22	13	14	6.12	17.7	9.1
Total current assets	62.1	228	447	479	314	254	205	189	209	238
Property, plant and equipment	5.08	5.98	14.7	19.6	22.7	23.7	22.2	20.2	14.9	12.4
Lease right-of-use assets				13.8	16.3	9.83	7.65	5.44	2.79	0
Other non-current assets	0.26	0.26	0.25	0.35	0.35	17.7	15.7	8.13	6.48	5.41
Total assets	67.5	234	462	513	354	306	251	223	233	256
Accounts payable	6.81	18.8	16.9	2.76	0.53	3.8	3.23	3.24	11.7	8.99
Accrued liabilities	8.41	8.86	13.4	15.2	13.6	15.3	13.4	9.22	9.55	9.27
Deferred revenue	1.1	2.76
Total current liabilities	38.7	103	92	96.7	103	71.1	82.4	79.7	91.5	96.1
Lease liabilities				12.2	14.6	8	5.5	2.8		0
Other non-current liabilities							0.24	0.24	0.62	4.81
Total liabilities	88.7	103	92	109	117	228	237	256	267	242
Paid-in capital	564	914	1,330	1,568	1,628	1,690	1,808	1,871	1,884	1,951
Retained earnings	-586	-783	-961	-1,165	-1,393	-1,613	-1,795	-1,906	-1,920	-1,940
Other comprehensive income	-0.02	-0.01	-0.09	0.09	0.26	-0.01	-0.02	0.01	0.01	0
Shareholders' equity	-21.3	131	370	404	236	77.6	13.6	-34	-33.7	14.3
Total equity	-21.3	131	370	404	236	77.6	13.6	-34	-33.7	14.3
Total liabilities and equity	67.5	234	462	513	354	306	251	223	233	256
Shares outstanding	0.04	64.6	78.2	90.3	91.3	102	119	150	152	188

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-173	-197	-179	-205	-227	-221	-182	-111	-13.6	-20.2
Depreciation and amortization	1.1	1.53	1.51	2.04	2.85	3.02	2.89	2.9	2.49	2.31
Stock-based compensation	26	30.5	33.4	51.4	50.2	46.9	43	32.9	13	10.3
Change in receivables	-1.96	-39.9	-22.8	24.8	-1.97	6.35	-16.6	-8.09	-18.7	-10.7
Change in inventory	-5.34	-4.77	-29.1	14.1	-16.9	-6.48	-6.19	12.5	-11.1	-31.1
Change in payables	3.51	12	-1.91	-14.1	-2.23	3.28	-0.58	0.02	8.47	-2.72
Cash from operations	-134	-170	-192	-125	-185	-203	-147	-58.8	-22.5	-27.6
Capital expenditures	-3.14	-2.55	-9.17	-7.15	-6.81	-3.02	-1.83	-1.55	-1.71	-0.32
Purchases of investments		-122	-497	-477	-134	-129	-146	-87.7	-103	-50.8
Cash from investing	14.9	7.74	-279	-21.8	209	32.7	-3.32	18	18.7	16
Debt repaid		-25	-25
Stock issued	6.68	306	363	162	6.76		75.1	29.8		18.3
Cash from financing	57.5	294	358	186	9.11	156	75.1	54.1	0.94	14.4
Net change in cash	-61.8	131	-113	40.1	33.2	-14.6	-75.2	13.3	-2.88	2.85
Free cash flow	-137	-173	-201	-132	-192	-206	-149	-60.3	-24.2	-27.9
Interest paid	1.62	2.79	1.18			1.24	2.25	3.06	4.86	6.51

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	70.1%	Gross profit / revenue.
Operating margin	-7.2%	Operating income / revenue.
EBITDA margin	-5.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-22.5%	Net income / revenue.
FCF margin	-8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-7.7%	Cash from operations / revenue.
Return on equity (ROE)	-492.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-13.5%	Net income / average total assets.
R&D / revenue	8.1%	Research and development expense / revenue.
Stock-based pay / revenue	7.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 3y	1.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-42.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	9.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	15.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.49x	Current assets / current liabilities.
Quick ratio	1.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	97.3%	Total liabilities / total assets.
Working capital	$137.7M	Current assets - current liabilities.
Tangible book value	$6.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	12.8x	Revenue / average property, plant and equipment.
Inventory turnover	0.50x	Cost of revenue / average inventory.
Days inventory	731 days	365 x average inventory / cost of revenue.
Receivables turnover	1.69x	Revenue / average receivables.
Days sales outstanding	216 days	365 x average receivables / revenue.
Days payables	94 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	853 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.79	Revenue / diluted weighted shares.
FCF per share	-$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.06	Cash from operations / diluted weighted shares.
Book value per share	$0.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.04	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$55.8M	Share price x shares outstanding.
Enterprise value	$13.2M	Market cap + total debt - cash - short-term investments.
P/S	0.37x	Market cap / revenue.
P/B	8.08x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.08x	Market cap / tangible book value, when positive.
EV/Sales	0.09x	Enterprise value / revenue.
FCF yield	-21.7%	Free cash flow / market cap.
Earnings yield	-61.0%	Net income / market cap (the inverse of P/E).

What was HERON THERAPEUTICS, INC. /DE/'s revenue in fiscal 2025?

HERON THERAPEUTICS, INC. /DE/ reported revenue of $154.9M for fiscal 2025, 7.4% higher than the year before.

Was HERON THERAPEUTICS, INC. /DE/ profitable in fiscal 2025?

No. It reported a net loss of $20.2M.

How much free cash flow did HERON THERAPEUTICS, INC. /DE/ generate in fiscal 2025?

Cash from operations of $27.6M minus capital expenditures of $317.0K left free cash flow of -$27.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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