Revenue growth has stalled, with a 10.8% year-over-year contraction in 2026Q1, while persistent SG&A costs of $26.5M continue to prevent the company from achieving sustained operating profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 150.71M | 154.9M | 144.28M | 127.04M | 107.67M | 86.35M | 88.64M | 145.97M | 77.47M | 30.77M | 1.28M | 0 | 0 | 0 | 646K | 646K | 1.3M | 1.26M | 369K | 412K | 5.39M | 5.39M | 5.4M | 4.85M | 5.82M | 4.39M | 3.37M | 20.4M | 20M | 17.2M | 18.7M |
| Revenue Growth % | 1.48% | 7.36% | 13.57% | 17.99% | 24.7% | -2.59% | -39.28% | 88.41% | 151.81% | 2305.55% | - | - | - | -100% | 0% | -50.35% | 3.17% | 241.73% | -10.44% | -92.36% | 0% | -0.24% | 11.47% | -16.63% | 32.55% | 30.33% | -83.5% | 2% | 16.28% | -8.02% | 16.15% |
| Cost of Goods Sold | 43.53M | 41.35M | 38.65M | 65.11M | 54.87M | 46.02M | 36.19M | 61.62M | 27.51M | 4.59M | 35K | 734K | 54.83M | 30.92M | 14.07M | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 445K | 440.27K | 613.2K | 6.4M | 5.7M | 6.9M | 9.4M |
| COGS % of Revenue | - | 26.69% | 26.79% | 51.25% | 50.96% | 53.3% | 40.83% | 42.21% | 35.51% | 14.91% | 2.74% | - | - | - | 2178.79% | 27.71% | - | - | - | - | - | - | - | - | 7.65% | 10.04% | 18.22% | 31.37% | 28.5% | 40.12% | 50.27% |
| Gross Profit | 107.18M | 113.56M | 105.64M | 61.94M | 52.8M | 40.33M | 52.45M | 84.35M | 49.96M | 26.18M | 1.24M | -734K | -54.83M | -30.92M | -14.07M | 467K | 1.3M | 1.26M | 369K | 412K | 0 | 5.39M | 5.4M | 4.85M | 5.37M | 3.95M | 2.75M | 14M | 14.3M | 10.3M | 9.3M |
| Gross Margin % | 71.12% | 73.31% | 73.21% | 48.75% | 49.04% | 46.7% | 59.17% | 57.79% | 64.49% | 85.09% | 97.26% | - | - | - | -2178.79% | 72.29% | 100% | 100% | 100% | 100% | - | 100% | 100% | 100% | 92.35% | 89.97% | 81.79% | 68.63% | 71.5% | 59.88% | 49.73% |
| Gross Profit Growth % | - | 7.5% | 70.55% | 17.31% | 30.93% | -23.12% | -37.82% | 68.83% | 90.85% | 2004.42% | 269.48% | 98.66% | -77.36% | -119.65% | -3113.92% | -64.1% | 3.17% | 241.73% | -10.44% | - | -100% | -0.24% | 11.47% | -9.72% | 36.05% | 43.37% | -80.34% | -2.1% | 38.83% | 10.75% | 47.62% |
| Operating Expenses | 117.64M | 116.09M | 117.17M | 172.55M | 227.46M | 258.15M | 280.61M | 295.04M | 233.9M | 220.74M | 172.16M | 96.92M | 74.56M | 23.83M | 23.83M | 11.71M | 11.23M | 11.15M | 23.81M | 24.05M | 18.47M | 13.86M | 14.72M | 11.46M | 10.19M | 10.15M | 7.06M | 11.3M | 11.8M | 12.3M | 16.3M |
| OpEx % of Revenue | - | 74.95% | 81.2% | 135.82% | 211.25% | 298.98% | 316.58% | 202.13% | 301.91% | 717.45% | 13460.44% | - | - | - | 3689.01% | 1812.38% | 863.57% | 883.98% | 6453.66% | 5836.16% | 342.61% | 257.17% | 272.39% | 236.39% | 175.31% | 231.48% | 209.71% | 55.39% | 59% | 71.51% | 87.17% |
| Selling, General & Admin | 105.11M | 103.67M | 100.48M | 119.82M | 144.75M | 127.33M | 106.08M | 127.66M | 93.87M | 82.16M | 69.03M | 35.74M | 19.73M | 21.68M | 3.5M | 3.5M | 3.97M | 3.71M | 4.31M | 4.68M | 3.56M | 3.56M | 3.23M | 2.8M | 3.5M | 3.3M | 3.46M | 6.5M | 6M | 7.4M | 11.4M |
| SG&A % of Revenue | - | 66.92% | 69.64% | 94.31% | 134.44% | 147.47% | 119.68% | 87.46% | 121.16% | 267.02% | 5397.5% | - | - | - | 541.95% | 541.95% | 305.23% | 293.97% | 1167.21% | 1136.16% | 66.13% | 66.13% | 59.68% | 57.76% | 60.1% | 75.27% | 102.88% | 31.86% | 30% | 43.02% | 60.96% |
| Research & Development | 12.54M | 12.43M | 16.68M | 39.13M | 82.7M | 130.82M | 174.53M | 167.38M | 140.03M | 138.58M | 103.13M | 61.18M | 54.83M | 32.78M | 15.04M | 8.21M | 7.26M | 7.8M | 19.51M | 19.36M | 15.24M | 10.3M | 11.49M | 8.66M | 6.7M | 7.35M | 3.71M | 4.3M | 4.4M | 3.7M | 3.5M |
| R&D % of Revenue | - | 8.02% | 11.56% | 30.8% | 76.81% | 151.51% | 196.91% | 114.67% | 180.75% | 450.42% | 8062.94% | - | - | - | 2328.95% | 1270.43% | 558.34% | 618.24% | 5286.45% | 4700% | 282.62% | 191.04% | 212.71% | 178.63% | 115.2% | 167.49% | 110.31% | 21.08% | 22% | 21.51% | 18.72% |
| Other Operating Expenses | 0 | 0 | 0 | 13.6M | 0 | 0 | 0 | 0 | 0 | -38K | 0 | -666K | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -440K | -117K | 500K | 1.4M | 1.2M | 1.4M |
| Operating Income | -10.46M | -2.54M | -11.53M | -110.61M | -174.66M | -217.83M | -228.16M | -210.69M | -183.94M | -194.56M | -170.91M | -96.92M | -74.56M | -54.46M | -23.83M | -11.06M | -9.93M | -10.24M | -23.45M | -23.63M | -18.86M | -8.47M | -9.32M | -6.61M | -5.05M | -7.33M | -4.31M | -1.7M | 2.5M | -1.1M | -8.5M |
| Operating Margin % | -6.94% | -1.64% | -7.99% | -87.07% | -162.21% | -252.27% | -257.41% | -144.34% | -237.42% | -632.36% | -13363.17% | - | - | - | -3689.01% | -1712.38% | -763.57% | -812.21% | -6353.66% | -5736.16% | -349.92% | -157.17% | -172.39% | -136.39% | -86.9% | -167.08% | -127.96% | -8.33% | 12.5% | -6.4% | -45.45% |
| Operating Income Growth % | - | 77.98% | 89.58% | 36.67% | 19.82% | 4.53% | -8.29% | -14.55% | 5.46% | -13.83% | -76.34% | -29.99% | -36.92% | -128.51% | -115.43% | -11.35% | 3.01% | 56.31% | 0.8% | -25.28% | -122.64% | 9.05% | -40.9% | -30.85% | 31.06% | -70.19% | -153.35% | -168% | 327.27% | 87.06% | 1.16% |
| EBITDA | -8.07M | -224K | -9.04M | -107.72M | -171.77M | -214.81M | -225.32M | -208.65M | -182.42M | -193.03M | -169.82M | -96.19M | -73.98M | -54.12M | -23.63M | -10.88M | -9.71M | -9.89M | -23.03M | -23.27M | -18.47M | -8.09M | -8.69M | -5.96M | -4.58M | -6.77M | -4.03M | -1.5M | 3.9M | 100K | -7.1M |
| EBITDA Margin % | -5.35% | -0.14% | -6.26% | -84.79% | -159.53% | -248.77% | -254.2% | -142.94% | -235.46% | -627.38% | -13277.25% | - | - | - | -3658.51% | -1684.67% | -746.12% | -783.98% | -6242.01% | -5649.03% | -342.61% | -149.99% | -160.73% | -122.92% | -78.8% | -154.3% | -119.85% | -7.35% | 19.5% | 0.58% | -37.97% |
| EBITDA Growth % | -560.31% | 97.52% | 91.61% | 37.29% | 20.04% | 4.66% | -7.99% | -14.38% | 5.49% | -13.67% | -76.54% | -30.02% | -36.69% | -129.01% | -117.16% | -12.12% | 1.81% | 57.08% | 1.04% | -26.01% | -128.42% | 6.91% | -45.76% | -30.05% | 32.31% | -67.8% | -168.93% | -138.46% | 3800% | 101.41% | 4.05% |
| D&A (Non-Cash Add-back) | 2.39M | 2.31M | 2.49M | 2.9M | 2.89M | 3.02M | 2.85M | 2.04M | 1.51M | 1.53M | 1.1M | 734K | 578K | 333K | 197K | 179K | 227K | 356K | 412K | 359K | 394K | 387K | 630K | 653K | 471K | 561K | 273K | 200K | 1.4M | 1.2M | 1.4M |
| EBIT | -22.95M | -20.2M | -7.55M | -106.69M | -179.55M | -218.27M | -225.38M | -203.28M | -176.17M | -193.55M | -170.48M | -96.92M | -74.56M | -54.46M | -23.83M | -11.06M | -7.19M | -10.24M | -23.45M | -23.63M | 5.52M | -8.47M | -9.32M | -6.61M | -5.05M | -7.33M | -4.31M | -1.7M | -2.1M | -1.1M | -8.5M |
| Net Interest Income | -3.9M | 0 | -2.48M | -504K | -836K | -1.98M | 1.73M | 5.79M | 3.29M | -2.89M | -2.22M | 0 | 0 | 0 | 0 | -373K | -2K | 29K | 587K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 3.55M | 3.36M | 1.64M | 433K | 3.63M | 7.26M | 5.96M | 1.05M | 445K | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 587K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.9M | 0 | 6.03M | 3.87M | 2.47M | 2.41M | 1.9M | 1.47M | 2.67M | 3.94M | 2.66M | 958K | 887K | 826K | 599K | 373K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -20.48M | -17.66M | -2.05M | 56K | -7.37M | -2.85M | 885K | 5.95M | 5.1M | -2.93M | -2.23M | -666K | -1.81M | -826K | -599K | -373K | 2.74M | 24K | 320K | 3.83M | 24.38M | 290K | 224K | 153K | 297K | 712.64K | 26.39K | 0 | 2.1M | 300K | 400K |
| Pretax Income | -30.94M | -20.2M | -13.58M | -110.56M | -182.02M | -220.68M | -227.28M | -204.75M | -178.84M | -197.48M | -173.14M | -97.59M | -76.37M | -55.28M | -24.43M | -11.44M | -7.2M | -10.22M | -23.13M | -19.8M | 5.52M | -8.18M | -9.29M | -6.46M | -4.76M | -6.62M | -4.28M | 0 | 2.7M | 0 | -8.1M |
| Pretax Margin % | -20.53% | -13.04% | -9.41% | -87.02% | -169.05% | -255.58% | -256.41% | -140.27% | -230.84% | -641.87% | -13537.37% | - | - | - | -3781.73% | -1770.12% | -553.11% | -810.31% | -6266.94% | -4805.83% | 102.34% | -151.79% | -171.98% | -133.23% | -81.79% | -150.83% | -127.18% | - | 13.5% | - | -43.32% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1M | -734K | -578K | -333K | 0 | 0 | 0 | -122K | -320K | 41K | 119K | 0 | -95K | -2.25M | -1.05M | -4.19M | -12.86M | 300K | 600K | 700K | 2.4M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.63% | 0.75% | 0.76% | 0.6% | 0% | 0% | 0% | 1.19% | 1.38% | -0.21% | 2.16% | 0% | 1.02% | 34.82% | 21.99% | 63.32% | 300.37% | - | 22.22% | - | -29.63% |
| Net Income | -30.94M | -20.2M | -13.58M | -110.56M | -182.02M | -220.68M | -227.28M | -204.75M | -178.84M | -197.48M | -173.14M | -97.59M | -76.37M | -55.28M | -23.35M | -11.81M | -7.35M | -10.03M | -23.13M | -20.16M | 5.27M | -8.21M | -9.22M | -4.36M | -3.78M | -2.51M | 8.55M | -2.1M | -2.7M | -1.8M | -9.4M |
| Net Margin % | -20.53% | -13.04% | -9.41% | -87.02% | -169.05% | -255.58% | -256.41% | -140.27% | -230.84% | -641.87% | -13537.37% | - | - | - | -3614.24% | -1828.79% | -564.64% | -795.24% | -6266.94% | -4893.93% | 97.68% | -152.29% | -170.63% | -90% | -64.97% | -57.31% | 254.07% | -10.29% | -13.5% | -10.47% | -50.27% |
| Net Income Growth % | -297.44% | -48.71% | 87.72% | 39.26% | 17.52% | 2.9% | -11% | -14.49% | 9.44% | -14.06% | -77.42% | -27.79% | -38.14% | -136.78% | -97.63% | -60.82% | 26.75% | 56.64% | -14.69% | -482.89% | 164.14% | 10.96% | -111.35% | -15.48% | -50.28% | -129.4% | 507.24% | 22.22% | -50% | 80.85% | 0% |
| Net Income (Continuing) | -30.94M | -20.2M | -13.58M | -110.56M | -182.02M | -220.68M | -227.28M | -204.75M | -178.84M | -197.48M | -173.14M | -97.59M | -76.37M | -55.28M | -24.43M | -11.44M | -7.2M | -10.1M | -22.93M | -19.84M | 5.4M | -8.18M | -9.09M | -6.21M | -4.39M | -6.14M | -3.76M | -2.1M | -2.7M | -1.8M | -9.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -322K | 0 | 0 | 0 | 0 | 0 | 3.62M | 12.31M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.16 | -0.12 | -0.09 | -0.80 | -1.67 | -2.24 | -2.50 | -2.50 | -2.44 | -3.65 | -4.57 | -2.95 | -2.87 | -3.42 | -1.91 | -1.18 | -3.70 | -6.15 | -15.00 | -20.80 | 66.25 | -26.15 | -32.20 | -16.98 | -14.81 | -9.92 | 33.60 | 9.60 | 9.60 | -32.00 | -40.96 |
| EPS Growth % | -271.9% | -34.68% | 88.86% | 52.1% | 25.45% | 10.4% | 0% | -2.46% | 33.15% | 20.13% | -54.92% | -2.79% | 16.08% | -79.06% | -61.86% | 68.11% | 39.84% | 59% | 27.88% | -131.4% | 353.35% | 18.79% | -89.63% | -14.65% | -49.29% | -129.52% | 250% | 0% | 130% | 21.88% | 10.18% |
| EPS (Basic) | - | -0.12 | -0.09 | -0.80 | -1.67 | -2.24 | -2.50 | -2.50 | -2.44 | -3.65 | -4.57 | -2.95 | -2.87 | -3.42 | -1.91 | -1.18 | -3.70 | -6.15 | -15.01 | -20.83 | 66.70 | -26.15 | -32.20 | -16.98 | -14.81 | -9.92 | 33.60 | 9.60 | 10.40 | -32.00 | -40.96 |
| Diluted Shares Outstanding | 189.65M | 166.71M | 152.45M | 138.13M | 109M | 98.47M | 90.77M | 81.78M | 73.19M | 54.04M | 37.92M | 33.08M | 26.57M | 16.16M | 12.22M | 10M | 1.98M | 1.63M | 1.54M | 967.9K | 317.93K | 313.98K | 286.36K | 256.91K | 255.11K | 253.45K | 252.43K | 253.15K | 254.76K | 243.31K | 229.5K |
| Basic Shares Outstanding | 189.65M | 166.71M | 152.45M | 138.13M | 109M | 98.47M | 90.77M | 81.78M | 73.19M | 54.04M | 37.92M | 33.08M | 26.57M | 16.16M | 12.22M | 10M | 1.98M | 1.63M | 1.54M | 967.9K | 315.77K | 313.98K | 286.36K | 256.91K | 255.11K | 253.45K | 252.24K | 250.99K | 248.18K | 243.31K | 229.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and commercial execution
According to the most recent quarterly filings, Heron Therapeutics experienced a 10.8% year-over-year revenue contraction in 2026Q1, signaling a significant deceleration from the double-digit growth rates observed in early 2024, which suggests that market penetration for its core acute care portfolio remains inconsistent and highly challenging.
The recent revenue decline highlights the difficulty in scaling ZYNRELEF within a competitive hospital formulary landscape. Investors should monitor whether this deceleration reflects a permanent ceiling in market adoption or merely temporary volatility in procurement cycles.
As reported in financial statements, Heron's gross margin fluctuated significantly, dropping to 59.7% in 2025Q3 before recovering to 69.4% in 2026Q1, a trend that underscores the inherent instability in product mix and the potential impact of pricing pressures on the company's high-value therapeutic offerings.
The inability to maintain a consistent gross margin above 70% suggests that Heron lacks the pricing power necessary to offset manufacturing complexities. This volatility may indicate that the company is forced to utilize aggressive discounting to maintain formulary access, which threatens long-term profitability.
Based on the provided income statement data, SG&A expenses have remained stubbornly high, consistently hovering near $25M to $27M per quarter, which prevents the company from achieving meaningful operating leverage even during periods of relative revenue stability, as evidenced by the 2026Q1 operating loss of $4.8M.
The fixed nature of the commercial infrastructure appears to be a structural burden that outweighs current gross profit generation. Without a significant inflection in top-line volume, the company may continue to struggle with negative operating margins, necessitating further scrutiny of its cost-to-revenue efficiency.
Analysis of the company's income statement reveals that stock-based compensation remains a persistent expense, totaling $3.0M in 2026Q1, which effectively obscures the true magnitude of the underlying cash burn required to sustain the firm's commercial operations in the absence of consistent net income generation.
The reliance on non-cash compensation to retain talent while operating at a loss warrants further investigation into the sustainability of the current human capital strategy. Investors should consider that these expenses dilute shareholder value without providing the immediate cash flow relief needed to stabilize the balance sheet.
Based on reported figures, the company's cash position of $28.6M against a backdrop of recurring quarterly operating losses suggests a precarious liquidity profile, which may force management into dilutive financing rounds that could severely impair shareholder value if commercial execution does not improve in the near term.
Short-sellers would likely focus on the mismatch between the company's high cash burn and its limited capital reserves. The lack of a clear path to self-sustaining profitability implies that the company remains highly vulnerable to external market conditions and potential capital market closures.
Quick answers to the most common questions about buying HRTX stock.
For fiscal year 2025, Heron Therapeutics, Inc. (HRTX) reported total revenue of $154.9M. This represents a 728.4% increase compared to $18.7M in 1996.
Heron Therapeutics, Inc. (HRTX) reported a net loss of $20.2M for the fiscal year ending 2025.
Heron Therapeutics, Inc. (HRTX) reported an operating income of $-2.5M, resulting in an operating profit margin of -1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Heron Therapeutics, Inc. (HRTX) generated $113.6M in gross profit for the year, representing a gross profit margin of 73.3%. This demonstrates the company's core pricing power and production efficiency.