One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Heron Therapeutics, Inc.
HRTX · NCM · Healthcare · Biotechnology
Current price
$0.37
52-week range
$0.26 - $1.58
Market cap
$71.02M
Balance sheet
Distressed
-0.26x Concerning
Net debt $108.28M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Revenue grew 2305.6% last year.
- Risk Return on equity was -217.8% last year — the company lost money on shareholders' equity.
- Risk Net debt grew 29.4% over 3 years.
- Risk Insider ownership is only 1.0% (peer median: 16.8%).
What this company does
Heron Therapeutics, Inc.
Heron Therapeutics sells medicines that help prevent nausea and vomiting caused by chemotherapy and after surgery, using a special technology to make the medicine last longer. Their main money comes from selling these specialized drugs, and it matters because it shows how well their unique drug delivery system is working in the real world.
How the company got here
Heron Therapeutics, Inc. started out in 1983 under a different name, A.P. Pharma, Inc., and officially became Heron Therapeutics in 2014. The company's journey has been focused on developing new ways to deliver medicines more effectively. A key part of their strategy involves a special technology called Biochronomer, which is designed to release drugs over a longer period after just one dose. This focus on innovative drug delivery has shaped the company into what it is today, aiming to improve patient care through advanced pharmaceutical solutions.
What it actually does
Heron Therapeutics is a biotechnology company that creates and sells medicines designed to make medical treatments better for patients. They use a unique technology called Biochronomer to make drugs that can be given once and then release their active ingredients slowly over days or weeks. This approach aims to provide consistent therapeutic levels of medication, potentially reducing the need for frequent dosing and improving patient comfort and adherence to treatment.
SUSTOL and CINVANTI (Chemotherapy-Induced Nausea and Vomiting)
This part of Heron Therapeutics focuses on helping cancer patients manage a common and difficult side effect of chemotherapy: nausea and vomiting. They offer two main products in this area. SUSTOL is an injection that helps prevent nausea and vomiting for patients undergoing moderately strong chemotherapy. CINVANTI is another intravenous (IV) treatment that helps prevent nausea and vomiting for those receiving highly or moderately emetogenic (nausea-inducing) cancer chemotherapy. These products are crucial for improving the quality of life for patients undergoing cancer treatment, allowing them to better tolerate their therapy.
ZYNRELEF and APONVIE (Pain and Postoperative Care)
Heron Therapeutics is also developing treatments for pain management and preventing nausea and vomiting after surgery. ZYNRELEF is a novel local anesthetic designed to provide pain relief after surgery by combining a numbing agent with an anti-inflammatory drug. APONVIE is an intravenous medication aimed at preventing nausea and vomiting that can occur after surgical procedures. These products represent the company's efforts to expand its therapeutic reach beyond chemotherapy side effects into other areas of significant unmet medical need.
What management is betting on now
The company's current strategy revolves around maximizing the commercial success of its existing products, SUSTOL and CINVANTI, by reaching more patients and healthcare providers. They are also focused on advancing their pipeline candidates, like ZYNRELEF and APONVIE, through development and towards potential market approval. The core idea is to leverage their proprietary Biochronomer technology to create differentiated medicines that offer clear benefits over existing treatments, ultimately aiming to improve patient outcomes and grow the company's revenue.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-12.42M
FY2025 Q1
$-8.98M
FY2025 Q2
$-11.08M
FY2025 Q3
$1.33M
FY2025 Q4
$-9.18M
FY2026 Q1
$-1.93M
FY2026 Q2
$-2.35M
FY2026 Q3
$-896.00K
Revenue
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Net income
$-5.01M
Diluted EPS
-0.03
Operating cash flow
$-794.00K
Free cash flow
$-896.00K
Fetching…
Sources
Revenue
—
Net income
$-5.49M
Diluted EPS
-0.03
Operating cash flow
$-2.21M
Free cash flow
$-2.35M
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Sources
Revenue
—
Net income
$-8.11M
Diluted EPS
-0.04
Operating cash flow
$-1.54M
Free cash flow
$-1.93M
Fetching…
Sources
Revenue
—
Net income
$-2.95M
Diluted EPS
-0.01
Operating cash flow
$-9.18M
Free cash flow
$-9.18M
Fetching…
Sources
Revenue
—
Net income
$-17.50M
Diluted EPS
-0.10
Operating cash flow
$1.33M
Free cash flow
$1.33M
Fetching…
Sources
Revenue
—
Net income
$-2.38M
Diluted EPS
-0.02
Operating cash flow
$-10.87M
Free cash flow
$-11.08M
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Sources
Revenue
—
Net income
$2.63M
Diluted EPS
0.01
Operating cash flow
$-8.87M
Free cash flow
$-8.98M
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Sources
Revenue
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Net income
$3.66M
Diluted EPS
0.02
Operating cash flow
$-11.78M
Free cash flow
$-12.42M
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Sources
Is it cheap or expensive?
Fair value — vs current price $0.37
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $108.3M. Interest coverage -0.3x.
Net debt
$108.28M
Interest coverage
-0.26x
Heron Therapeutics, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
HRTX
BASELINE
Heron Therapeutics, Inc.
Total debt $131.73M Interest coverage -0.26x This is the baseline the peer rows are being compared against.
Total debt $4.36M Interest coverage -5.91x Neither company has much profit cushion over interest right now.
Total debt $9.44M Interest coverage -133.63x Neither company has much profit cushion over interest right now.
Total debt $9.88M Interest coverage 9.46x This peer still has a real interest-payment cushion, while HRTX does not.
Total debt $3.75M Interest coverage -112.78x Neither company has much profit cushion over interest right now.
What you should know
The case for and against HRTX
1 Reward
3 Risks
Rewards
-
Revenue grew 2305.6% last year.
Risks
-
Return on equity was -217.8% last year — the company lost money on shareholders' equity.
-
Net debt grew 29.4% over 3 years.
-
Insider ownership is only 1.0% (peer median: 16.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-3.40x
P/B
18.70x
P/S
0.48x
EV/EBITDA
-27.54x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
63.4%
Operating margin
-4.7%
Net margin
-14.5%
ROE
-217.8%
ROA
-2.2%
Health
Liquidity and balance-sheet strength
Debt / equity
26.80x
Current ratio
2.33x
Quick ratio
1.23x
Total debt
$131.73M
Total cash
$23.45M
Growth
How the business has been compounding
Revenue TTM
$30.77M
Revenue 5Y CAGR
2,305.6%
EPS TTM
-0.11
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-13.73M
Free CF TTM
$-27.91M
FCF margin
-90.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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