# Heron Therapeutics, Inc.: overview

HRTX · Nasdaq · CIK 818033 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/hrtx.md) · [Financials](/companies/hrtx/financials.md) · [Filings](/companies/hrtx/filings.md) · [Insiders](/companies/hrtx/insiders.md)

Latest reported revenue: [$37.7m](/filings/0001193125-26-341301.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 10, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001193125-26-341301).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [32.8](/filings/0001193125-25-263618.md) | [40.8 d](/filings/0001193125-26-073515.md) | [38.9](/filings/0001193125-26-215755.md) | [37.2](/filings/0001193125-26-341301.md) | [38.2](/filings/0001193125-25-263618.md) | [40.6 d](/filings/0001193125-26-073515.md) | [34.7](/filings/0001193125-26-215755.md) | [37.7](/filings/0001193125-26-341301.md) |
| Gross margin | % | [71.2%](/filings/0001193125-25-263618.md) | [74.9% d](/filings/0001193125-26-073515.md) | [78.3%](/filings/0001193125-26-215755.md) | [73.5%](/filings/0001193125-26-341301.md) | [68.8%](/filings/0001193125-25-263618.md) | [72.6% d](/filings/0001193125-26-073515.md) | [69.4%](/filings/0001193125-26-215755.md) | [69.3%](/filings/0001193125-26-341301.md) |
| Operating margin | % | [(13.6%)](/filings/0001193125-25-263618.md) | [10.2% d](/filings/0001193125-26-073515.md) | [8.1%](/filings/0001193125-26-215755.md) | [(4.4%)](/filings/0001193125-26-341301.md) | [(10.7%)](/filings/0001193125-25-263618.md) | [0.1% d](/filings/0001193125-26-073515.md) | [(13.7%)](/filings/0001193125-26-215755.md) | [(5.4%)](/filings/0001193125-26-341301.md) |
| Net margin | % | [(14.8%)](/filings/0001193125-25-263618.md) | [9.0% d](/filings/0001193125-26-073515.md) | [6.8%](/filings/0001193125-26-341301.md) | [(6.4%)](/filings/0001193125-26-341301.md) | [(45.8%)](/filings/0001193125-25-263618.md) | [(7.3%) d](/filings/0001193125-26-073515.md) | [(23.4%)](/filings/0001193125-26-341301.md) | [(14.6%)](/filings/0001193125-26-341301.md) |
| Diluted EPS | $ per share | [(0.03)](/filings/0001193125-25-263618.md) | not reported | [0.01](/filings/0001193125-26-215755.md) | [(0.02)](/filings/0001193125-26-341301.md) | [(0.10)](/filings/0001193125-25-263618.md) | not reported | [(0.04)](/filings/0001193125-26-215755.md) | [(0.03)](/filings/0001193125-26-341301.md) |
| Free cash flow | $m | [2.9 d](/filings/0001193125-25-263618.md) | [(12.4) d](/filings/0001193125-26-073515.md) | [(9.0)](/filings/0001193125-26-215755.md) | [(11.1) d](/filings/0001193125-26-341301.md) | [1.3 d](/filings/0001193125-25-263618.md) | [(9.2) d](/filings/0001193125-26-073515.md) | [(1.9)](/filings/0001193125-26-215755.md) | [(2.4) d](/filings/0001193125-26-341301.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [86.3](/filings/0000950170-23-010603.md) | [108](/filings/0000950170-25-028374.md) | [127](/filings/0001193125-26-073515.md) | [144](/filings/0001193125-26-073515.md) | [155](/filings/0001193125-26-073515.md) |
| Gross margin | % | not reported | [49.0%](/filings/0000950170-25-028374.md) | [48.8%](/filings/0001193125-26-073515.md) | [73.2%](/filings/0001193125-26-073515.md) | [73.3%](/filings/0001193125-26-073515.md) |
| Operating margin | % | [(252.3%)](/filings/0000950170-23-010603.md) | [(162.2%)](/filings/0000950170-25-028374.md) | [(87.1%)](/filings/0001193125-26-073515.md) | [(8.0%)](/filings/0001193125-26-073515.md) | [(1.6%)](/filings/0001193125-26-073515.md) |
| Net margin | % | [(255.6%)](/filings/0000950170-23-010603.md) | [(169.1%)](/filings/0000950170-25-028374.md) | [(87.0%)](/filings/0001193125-26-073515.md) | [(9.4%)](/filings/0001193125-26-073515.md) | [(13.0%)](/filings/0001193125-26-073515.md) |
| Diluted EPS | $ per share | [(2.24)](/filings/0000950170-23-010603.md) | [(1.67)](/filings/0000950170-25-028374.md) | [(0.80)](/filings/0001193125-26-073515.md) | [(0.09)](/filings/0001193125-26-073515.md) | [(0.12)](/filings/0001193125-26-073515.md) |
| Free cash flow | $m | [(206)](/filings/0000950170-23-010603.md) | [(149)](/filings/0000950170-25-028374.md) | [(60.3)](/filings/0001193125-26-073515.md) | [(24.2)](/filings/0001193125-26-073515.md) | [(27.9)](/filings/0001193125-26-073515.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Gross profit: us-gaap:GrossProfit.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/hrtx/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Rubric Capital Management LP](/funds/1687509.md) | 2026-06-30 | $12.8m | 30,046,828 |  | Unchanged |
| [Clearline Capital LP](/funds/1600136.md) | 2026-06-30 | $4.9m | 11,383,961 |  | Reduced −851,278 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $4.5m | 10,550,750 |  | Added +444,328 |
| [Velan Capital Investment Management LP](/funds/1848809.md) | 2026-06-30 | $3.7m | 8,753,290 |  | Unchanged |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $3.3m | 7,782,741 |  | Reduced −27,588 |
| [Tejara Capital Ltd](/funds/1879713.md) | 2026-06-30 | $2.8m | 6,510,795 |  | Added +174,040 |
| [TANG CAPITAL MANAGEMENT LLC](/funds/1232621.md) | 2026-06-30 | $2.7m | 6,250,000 |  | Unchanged |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $1.8m | 4,270,980 |  | Added +260,893 |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $1.7m | 4,070,101 |  | Reduced −3,560,426 |
| [JW Asset Management, LLC](/funds/1549738.md) | 2026-06-30 | $1.6m | 3,751,073 |  | Unchanged |

## Recent filings

[All 1,097 filings](/companies/hrtx/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-09-29 | 17:00 ET | [8-K](/filings/0001193125-26-407728.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001193125-26-407728 |
| 2026-08-14 | 16:30 ET | [8-K](/filings/0001193125-26-352403.md) | 1.01 Entry into a material agreement; 3.03 Change to security holders’ rights; 9.01 Financial statements and exhibits | 0001193125-26-352403 |
| 2026-08-10 | 08:00 ET | [10-Q](/filings/0001193125-26-341301.md) | Quarterly report, period 2026-06-30 | 0001193125-26-341301 |
| 2026-08-10 | 08:00 ET | [8-K](/filings/0001193125-26-341300.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-341300 |
| 2026-06-25 | 17:00 ET | [8-K](/filings/0001193125-26-282988.md) | 3.01 Delisting notice; 9.01 Financial statements and exhibits | 0001193125-26-282988 |
| 2026-06-16 | 14:49 ET | [8-K](/filings/0001193125-26-272388.md) | 5.07 Shareholder vote results | 0001193125-26-272388 |
| 2026-06-02 | 17:15 ET | [8-K](/filings/0001193125-26-253851.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-253851 |
| 2026-05-11 | 08:00 ET | [10-Q](/filings/0001193125-26-215755.md) | Quarterly report, period 2026-03-31 | 0001193125-26-215755 |
| 2026-05-11 | 08:00 ET | [8-K](/filings/0001193125-26-215752.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-215752 |
| 2026-04-30 | 14:09 ET | [DEF 14A](/filings/0001193125-26-196306.md) | Proxy statement, period 2026-04-30 | 0001193125-26-196306 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-073515.md), filed Feb 26, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/de52ee93-c4a0-460b-82b0-76445a5507f4)

## About the filer

- CIK: 818033
- Tickers: HRTX
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 17:10 ET. No prices; not investment advice.