Heron Therapeutics, Inc. (HRTX) Stock

Heron Therapeutics, Inc. (HRTX) is a Healthcare stock trading at $0.42 (as of 2026-07-01), with a market capitalization of $64.55M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Heron Therapeutics, Inc., a biotechnology company, engages in developing treatments to address unmet patient needs. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration. It offers SUSTOL (granisetron), an extended-release injection for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic chemotherapy, or anthracycline and cyclophosphamide combination chemotherapy regimens; and CINVANTI, an intravenous formulation of aprepitant, a substance P/neurokinin-1 receptor antagonist for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy, as well as nausea and vomiting associated with moderately emetogenic cancer chemotherapy. The company is also developing ZYNRELEF, a dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of the nonsteroidal anti-inflammatory drug meloxicam; HTX-019, an investigational agent for the prevention of postoperative nausea and vomiting; and HTX-034 for postoperative pain management, as well as is in Phase Ib/II clinical study in patients undergoing bunionectomy. The company was formerly known as A.P. Pharma, Inc. and changed its name to Heron Therapeutics, Inc. in January 2014. Heron Therapeutics, Inc. was founded in 1983 and is headquartered in San Diego, California.

Understand Heron Therapeutics, Inc.: how it makes money

Heron Therapeutics develops and sells oncology supportive care treatments using its proprietary Biochronomer drug-delivery technology, and it makes money by converting use of its products in oncology practice into repeat demand through expanding provider approval and ordering via commercial distribution.

The profit engine is commercial adoption, revenue scale is tied to how many oncology providers are approved and placing orders (trackable in the company’s account-based KPIs), which then drives patient treatment demand for its extended-release supportive-care products.

Business quality (Weak): The input provides detailed product and account-based operating metrics, plus gross margin and an operating margin loss, but it does not provide a clean, mutually exclusive official segment revenue breakdown.

Bull case

Proprietary delivery approach for supportive oncology drugs: Heron’s Biochronomer is designed to deliver therapeutic levels of short-acting agents over days to weeks using a single administration, supporting its differentiated extended-release product concept.
Measurable commercial progress in account adoption: For Aponvie, the company reports both ordering accounts and approved accounts (for “Pent and Specialty”), which are direct indicators of provider conversion toward usage.
Some category traction reflected in market share: The company reports “Simvanti Exit Market Share (NK1 Category)” at 25 percent.

Bear case

Current profitability is weak: For the period ending 2026-03-31, operating margin is -13.7 percent, indicating operating losses.
Demand growth depends on continued provider conversion: Account growth KPIs include “Newly Ordering CrossLink Accounts per Month” (21.0) and “New Ordering Accounts” (33.0), so near-term results may be sensitive to execution in expanding ordering behavior.
Operating results may not scale automatically from approved access: The company separately tracks “approved accounts” and “ordering accounts,” implying that approval does not guarantee ordering, and ordering conversion is required for revenue.

Valuation — source: SEC EDGAR (first-party)
Price	$0.42
Market Cap	$64.55M
EV / EBITDA	-5.0
Price / Book	9.34
Price / Sales	0.43
FCF Yield	-18.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$154.90M
Net Margin	-13.0%
Return on Equity	-492.9%
Current Ratio	2.49
Revenue Growth (YoY)	7.4%
EPS Growth (YoY)	33.3%
FCF Growth (YoY)	15.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	-9.18 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Rubric Capital Management LP ($24.04M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Craig Alexander Collard
Employees	122
Country	US
IPO Date	1987-08-26

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Data as of 2026-07-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.