HRTX on Nasdaq

HERON THERAPEUTICS, INC. /DE/

We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerHRTX on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersSan Diego, United States2
  • Incorporated inDE3
  • Business address4242 Campus Point Court, Suite 200, San Diego, Ca 921213
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI549300DR2I1DOPD2IX532
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O UNITED STATES CORPORATION COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 21168012

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We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

73.3%Gross margin5
-1.6%Operating margin5
-13.0%Net margin5
7.4%Revenue growth, 20255
-140.9%Return on equity5
-$27.9MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Cinvanti brought in 62% of the revenue HERON THERAPEUTICS, INC. /DE/ broke down this way in fiscal 2025.

  1. Cinvanti$96.8M562%down 3% from 2024
  2. Zynrelef$38.1M525%up 49% from 2024
  3. Aponvie$11.6M57%up 156% from 2024
  4. Sustol$8.5M55%down 40% from 2024
Products and services by year
Products and services202320242025
Cinvanti$94.9M$100.1M$96.8M
Zynrelef$17.7M$25.5M$38.1M
Aponvie$1.4M$4.5M$11.6M
Sustol$13.1M$14.1M$8.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue27¢$41.3M
  • Research and development8¢$12.4M
  • Other costs65¢$101.1M

Out of $154.9M in revenue.5 The company lost money this year.

Financial statements

Revenue6785$154.9M in 2025+6% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $146.0M$146.0M20192020: $88.6M$88.6M2020−39%2021: $86.3M$86.3M2021−3%2022: $107.7M$107.7M2022+25%2023: $127.0M$127.0M2023+18%2024: $144.3M$144.3M2024+14%2025: $154.9M$154.9M2025+7%
Gross profit85$113.6M in 2025+115% since 2022
0$50.0M$100.0M$150.0M2022: $52.8M$52.8M20222023: $61.9M$61.9M2023+17%2024: $105.6M$105.6M2024+71%2025: $113.6M$113.6M2025+7%
Operating income6785-$2.5M in 2025−99% since 2019
-$300.0M-$200.0M-$100.0M02019: -$210.7M-$210.7M20192020: -$228.2M-$228.2M2020+8%2021: -$217.8M-$217.8M2021−5%2022: -$174.7M-$174.7M2022−20%2023: -$110.6M-$110.6M2023−37%2024: -$11.5M-$11.5M2024−90%2025: -$2.5M-$2.5M2025−78%
Net income6785-$20.2M in 2025−90% since 2019
-$300.0M-$200.0M-$100.0M02019: -$204.7M-$204.7M20192020: -$227.3M-$227.3M2020+11%2021: -$220.7M-$220.7M2021−3%2022: -$182.0M-$182.0M2022−18%2023: -$110.6M-$110.6M2023−39%2024: -$13.6M-$13.6M2024−88%2025: -$20.2M-$20.2M2025+49%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net product sales$154.9M$144.3M$127.0M
Cost of product sales$41.3M$38.6M$65.1M
Gross profit$113.6M$105.6M$61.9M
Research and development$12.4M$16.7M$39.1M
General and administrative$54.6M$53.4M$65.8M
Sales and marketing$49.1M$47.1M$67.6M
Total operating expenses$116.1M$117.2M$172.6M
Loss from operations-$2.5M-$11.5M-$110.6M
Interest income$1.9M$3.5M$3.4M
Interest expense-$9.6M-$6.0M-$3.9M
Loss on debt extinguishment-$11.3M
Other income$1.3M$430.0K$560.0K
Total other (expense) income, net-$17.7M-$2.1M$56.0K
Net loss-$20.2M-$13.6M-$110.6M
Unrealized (losses) gains on short-term investments-$9.0K$32.0K
Comprehensive loss-$20.2M-$13.6M-$110.5M
Basic net loss per share-$0.12-$0.09-$0.80
Shares used in computing basic net loss per share166.7M shares152.4M shares138.1M shares
Diluted net loss per share-$0.12-$0.09-$0.80
Shares used in computing diluted net loss per share166.7M shares152.4M shares138.1M shares

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Leadership

Who has led HERON THERAPEUTICS, INC. /DE/, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Oconnell2006
  2. Greg Turnbull2006–2008
  3. Ronald J. Prentki2008–2010
  4. John Whelan2011–2013
  5. Barry D. Quart2013–2023
  6. Craig A. Collard2023–now

President

  1. Greg Turnbull2006–2008
  2. Ronald J. Prentki2008–2010
  3. John Whelan2011–2013
  4. Barry D. Quart2020
  5. John Poyhonen2020–2023

Chief financial officer

  1. Stephen Whiteford2006
  2. Greg Turnbull2008
  3. John Whelan2009–2013
  4. Brian G. Drazba2013–2016
  5. Robert Hoffman2017–2019
  6. Ira Duarte2023–now

Chief operating officer

  1. Michael A. Adam2011–2013
  2. David Leslie Szekeres2020–2023
  3. Mark Earl Hensley2025–now
2010201520202025
Board members and other officers (30)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorChristian Waage named Aug 1, 202358

Former names

  • AP PHARMA INC /DE/Nov 13, 2001 to Jan 7, 20143
  • ADVANCED POLYMER SYSTEMS INC /DE/Feb 1, 1994 to Apr 6, 20013

Timeline

  1. Apr 5, 2023New chief executive Craig A. Collard becomes CEO13
  2. May 3, 2013New chief executive Barry D. Quart becomes CEO14
  3. Jul 12, 2011New chief executive John Whelan becomes CEO15
  4. Jul 9, 2008New chief executive Ronald J. Prentki becomes CEO16
  5. Oct 10, 2006New chief executive Greg Turnbull becomes CEO18
  6. Jan 12, 2006New chief executive Michael Oconnell becomes CEO17
  7. Feb 5, 1987Founded HERON THERAPEUTICS, INC. /DE/ is founded2

Filings

353 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 68 major events, 181 insider forms, 43 large holders, 1 private raises, 40 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Aug 14, 20268-K EDGAR
  3. Aug 10, 20264 EDGAR
  4. Aug 10, 202610-Q EDGAR
  5. Aug 10, 20268-K EDGAR
  6. Aug 3, 20264 EDGAR
  7. Aug 3, 20264 EDGAR
  8. Aug 3, 20264 EDGAR
  9. Aug 3, 20264 EDGAR
  10. Jul 20, 20264 EDGAR
  11. Jul 20, 20264 EDGAR
  12. Jul 20, 20264 EDGAR
  13. Jun 25, 20268-K EDGAR
  14. Jun 17, 20264 EDGAR
  15. Jun 16, 20268-K EDGAR
  16. Jun 8, 20264 EDGAR
  17. Jun 2, 20268-K EDGAR
  18. May 13, 2026SCHEDULE 13G/A EDGAR
  19. May 11, 202610-Q EDGAR
  20. May 11, 20268-K EDGAR

The 353 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 7 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 8, 2025Morgan AdamDirectorBuy1,766,546$1.50$2.6MForm 4
Aug 8, 2025Rosen David Efraim10% ownerBuy2,387,225$1.50$3.6MForm 4
Nov 17, 2023Forbes William PEVP, Chief Development OfficerBuy25,000$1.09$27.2KForm 4
Nov 16, 2023Forbes William PEVP, Chief Development OfficerBuy50,000$0.94$47.0KForm 4
Nov 16, 2023Collard Craig AChief Executive OfficerBuy150,000$0.92$138.0KForm 4
Nov 16, 2023Duarte IraEVP, Chief Financial OfficerBuy85,000$0.89$75.7KForm 4
Jul 21, 2023Morgan AdamDirectorBuy2,486,744$1.37$3.4MForm 4
May 3, 2022MANHARD KIMBERLYEVP, Drug DevelopmentSale1,504$4.76$7.2KForm 4
Dec 21, 2021Christian WaageDirectorSale300$9.73$2.9KForm 4
Dec 21, 2021Johnson Craig ADirectorSale250$9.73$2.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 25, 2023Raised $30 million in a private offering of equity Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Rubric Capital Management LP30,046,828$12.8M0.1%No change
Clearline Capital LP11,383,961$4.9M0.3%−851,278
BlackRock, Inc.10,550,750$4.5M0.0%+444,328
Velan Capital Investment Management LP8,753,290$3.7M2.3%No change
Vanguard Capital Management LLC7,782,741$3.3M0.0%−27,588
Tejara Capital Ltd6,510,795$2.8M1.1%+174,040
Tang Capital Management LLC6,250,000$2.7M0.1%No change
Geode Capital Management, LLC4,270,980$1.8M0.0%+260,893
Millennium Management LLC4,070,101$1.7M0.0%−3,560,426
JW Asset Management, LLC3,751,073$1.6M0.5%No change
State Street Corp3,228,557$1.4M0.0%−615,115
UBS Group AG2,997,073$1.3M0.0%+711,190
Pale Fire Capital SE2,511,478$1.1M0.1%−204,850
Marshall Wace, Llp2,354,193$1.0M0.0%New
Congress Park Capital LLC2,016,447$860.6K0.2%−2,016,290
Richmond Brothers, Inc.1,792,319$765.0K0.4%+355,614
Vanguard Portfolio Management LLC1,580,510$674.9K0.0%+271,198
Aqr Capital Management LLC1,553,857$663.2K0.0%+912,270
Renaissance Technologies LLC1,506,900$643.1K0.0%−211,400
Vanguard Fiduciary Trust Co1,365,119$582.9K0.0%+212,405
Goldman Sachs Group Inc1,329,754$567.5K0.0%+272,810
Panagora Asset Management Inc1,281,796$547.1K0.0%+319,291
Northern Trust Corp1,223,480$522.2K0.0%+50,955
Charles Schwab Investment Management Inc1,217,463$519.6K0.0%−158,904
Qube Research & Technologies Ltd1,021,092$435.8K0.0%+990,737

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 31, 2021Ashley Hinson ArenholzRepublican, HouseSale$1,001 - $15,000+192.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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