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Heron Therapeutics, Inc.
Severe listing-compliance risk
The share price is below $1 and the stored reverse-split/listing-risk level is HIGH. No verified reverse-split authorization or announced reverse split is currently recorded. This is a risk signal, not confirmation that Nasdaq has issued a deficiency notice.
HRTX · Price history
Price at last available close
$0.28
−$0.03 (-10.05%) 1M
2026-10-30
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Company & revenue
About Heron Therapeutics, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Heron Therapeutics, Inc. is a biotechnology firm dedicated to creating innovative therapies for critical patient requirements. The company leverages its proprietary Biochronomer drug delivery platform, an advanced system that enables the controlled release of various short-acting pharmacological agents. This technology ensures therapeutic concentrations are maintained for periods ranging from days to weeks following just a single administration.
How they make money
Heron Therapeutics is a commercial-stage biotechnology company that generates revenue primarily through the sale of its proprietary acute care and oncology care pharmaceutical products. The company utilizes a direct sales force and distribution partners to market its products to hospitals and healthcare providers, while managing costs associated with contract manufacturing, clinical development, and commercialization activities.
Products & services
The company's product portfolio includes ZYNRELEF (bupivacaine and meloxicam) for postoperative pain, APONVIE (aprepitant) for the prevention of postoperative nausea and vomiting, and CINVANTI (aprepitant) for the prevention of chemotherapy-induced nausea and vomiting.
Brands & revenue mix
Extended-release local anesthetic for postoperative pain management.
Separate brand revenue is not available in this research.Source
Intravenous formulation for the prevention of chemotherapy-induced nausea and vomiting.
Separate brand revenue is not available in this research.Source
Intravenous formulation for the prevention of postoperative nausea and vomiting.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Contract Manufacturing Organizations — The company relies on third-party contract manufacturers for the production of its pharmaceutical products; specific supplier names are not disclosed.Source
Strengths
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Diluted weighted-average shares increased 23.6% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
21
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
16
Poor
Financial Strength
40
Business Quality / Moat
0
Management
0
Growth Quality
29
Risk / Durability
2
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
32
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
40/100
Building Historical Record
Model Score 40/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
Reverse-split / listing-compliance risk: HIGH
This is a risk signal, not a prediction. It is separate from Wall Street Score and does not change the company score. It looks for listing-pressure signals such as prolonged Nasdaq trading below $1, very low share price, micro-cap size, negative free cash flow, and verified recent reverse splits.
Risk indicator: 60/100
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for HRTX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving HRTX's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can HRTX fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is HRTX's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for HRTX to reach sustainable profitability?
- •What future growth or profitability would be needed to justify HRTX's current valuation?
Essential Investment Snapshot
Wall Street Score
21
Opportunity Score
32
Market Cap
$54.1M
P/E Ratio
-1.7
EPS
$-0.19
52-Week High
$1.58
52-Week Low
$0.26
Beta
1.61
Analyst Target
$6.00
Shares Outstanding
166.7M
Total Revenue
$151.2M
Total Debt
$148.4M
Dividend
No current dividend
Liquidation Value / Share
$0.04
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Extreme movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on HRTX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Commercial-stage portfolio with established products like ZYNRELEF and CINVANTI.
- +Permanent J-Code reimbursement status for ZYNRELEF.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −Dependence on third-party contract manufacturers for product supply.
- −Risks associated with clinical trial outcomes and regulatory approval processes.
- −Diluted weighted-average shares increased 23.6% year over year.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
21
Aug 14, 2026
Change
Unchanged
Current Score
21
Oct 1, 2026
Category Changes
HRTX score was unchanged.
Projected Score
Projected Score
22
Projected Change
+0.6 points
Preliminary comparable-period financial changes suggest improvement of approximately 0.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$0.28
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $151.2M | $154.9M | $144.3M | $127.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $45.2M | $41.3M | $38.6M | $65.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $105.9M | $113.6M | $105.6M | $61.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $12.3M | $12.4M | $16.7M | $39.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $104.5M | $103.7M | $100.5M | $119.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $116.8M | $116.1M | $117.2M | $172.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$27.8M | -$17.9M | -$5.1M | -$103.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$10.9M | -$2.5M | -$11.5M | -$110.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $3.9M | $0.00 | $6.0M | $3.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$34.0M | -$20.2M | -$13.6M | -$110.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$34.0M | -$20.2M | -$13.6M | -$110.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-0.19 | $-0.12 | $-0.09 | $-0.80 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 190M | 167M | 152M | 138M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 190M | 167M | 152M | 138M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$37.7M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.03
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-16.1%
Cash Change
+25.5%
Margin Change
-8.2 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
- Debt reduced
What Weakened
- Margins contracted
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. Pressure indicators included net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 1.3%. EPS increased 50.0%. Cash increased 25.5%. Total debt declined 16.1%. Net income margin declined by 8.2 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
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Head-To-Head Review: Heron Therapeutics (NASDAQ:HRTX) vs. Sol-Gel Technologies (NASDAQ:SLGL)
Heron Therapeutics, Inc. (HRTX) Q2 2026 Earnings Call Transcript
Heron Therapeutics (HRTX) Reports Q2 Loss, Lags Revenue Estimates
Heron Therapeutics Q2 Earnings Call Highlights
Rumor Mill · HRTX
Corporate developments & opportunities
No reviewed developments match this filter.
The reliability percentage measures the strength of the supporting evidence—not the probability that the event will occur or that the stock will rise. Rumor Mill is separate from the WSS score.
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