Start here if you're new
what it is
Heron sells hospital and oncology drugs that help prevent pain, nausea, and vomiting after surgery or chemotherapy.
how it gets paid
FY2025 net revenue was ~$154.9M (+7.4% vs. prior year) — EX-99.1.
why it's growing
The mix matters: Acute Care (ZYNRELEF + APONVIE) ~$49.6M (+65.1%); Oncology ~$105.3M (−7.8%). FY2025 loss from operations was small (~−1.6% of revenue) but net loss ~$(20.2)M after other items (incl. loss on debt extinguishment).
what just happened
Q4 2025: net revenue ~$40.6M (−0.5% vs. prior year); net loss ~$(3.0)M ($(0.02)/share). Company issued 2026 guidance: revenue $173M–$183M, Adj. EBITDA $10M–$20M.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
$(0.12) FY2025 EPS (GAAP)
~$154.9M FY2025 net revenue
~−1.6% operating margin FY2025
xvary composite: 32/100 — weak
What they do
Heron sells hospital and oncology drugs that help prevent pain, nausea, and vomiting after surgery or chemotherapy.
Heron's edge is not a story deck. It is four approved drugs already on hospital shelves. If your hospital is already using ZYNRELEF, APONVIE, CINVANTI, or SUSTOL, switching means retraining staff and changing protocols — switching costs — so what: you do not need a miracle to keep revenue coming in. (Headcount: verify latest 10-K.)
How they make money
~$154.9M
FY2025 net revenue · +7.4% vs. prior year · 2026 guide $173M–$183M (EX-99.1)
total net revenue
~$154.9M
+7.4%
acute care (ZYNRELEF + APONVIE)
~$49.6M
+65.1%
oncology (CINVANTI + SUSTOL)
~$105.3M
−7.8%
The products that matter
non-opioid post-op pain
ZYNRELEF
~$38.1M FY2025 net revenue (+49.0% vs. prior year)
Largest piece of the acute-care line item with CMS J-code J0668 (Oct 1, 2025) and VAN transition complete per EX-99.1. Prefilled syringe, if approved, targeted mid-to-late 2027.
growth engine
chemo-related nausea (CINVANTI + SUSTOL)
oncology franchise
~$105.3M FY2025 (−7.8% vs. prior year)
Still the revenue base (~68% of FY2025 net revenue) but declining; CINVANTI ~$96.8M (−3.3%), SUSTOL ~$8.5M (−39.9%) — EX-99.1 tables.
scale + pressure
post-op nausea (PONV)
APONVIE
~$11.6M FY2025 (+156.1% vs. prior year)
Fast-growing IV aprepitant; CMS J-code J8502; dedicated sales team from Q3 2025 — EX-99.1. Together with ZYNRELEF, APONVIE completes the reported acute-care total (~$49.6M).
momentum
Key numbers
$140M
long-term debt
Non-current notes ~$107.9M + convertible notes ~$32.7M (Dec 31, 2025 balance sheet, EX-99.1) → ~$140.6M. Capital structure still heavy vs. small equity base (~$14.3M stockholders' equity same date).
~$154.9M
FY2025 net revenue
Up 7.4% vs. prior year; 2026 guide $173M–$183M — commercial execution story tied to Feb 26, 2026 release.
~−1.6%
operating margin FY2025
Loss from operations ~$(2.5)M on ~$154.9M revenue — near operating breakeven on a GAAP basis; Adjusted EBITDA ~$14.7M FY2025 (non-GAAP reconciliation in EX-99.1).
~$46.6M
cash + ST investments
Dec 31, 2025 per EX-99.1. Forward-looking liquidity depends on 2026 revenue/Adj. EBITDA execution and capital markets — see company risk factors.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt ~$140.6M non-current notes + convertible (Dec 31, 2025)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for HRTX right now.
source: n/a — verify total return vs. benchmark independently
What just happened
reported results
Q4 2025: net revenue ~$40.6M (−0.5% vs. prior year); net loss ~$(3.0)M ($(0.02)/share). FY2025: net loss ~$(20.2)M ($(0.12)/share).
Q4 gross margin ~72.6%; FY2025 ~73.3% (gross profit / net product sales, EX-99.1). FY2025 included loss on debt extinguishment ~$(11.3)M. Company guided 2026 net revenue $173M–$183M and Adjusted EBITDA $10M–$20M.
~$40.6M
Q4 net revenue
$(0.02)
Q4 EPS
~73%
FY gross margin
the number that mattered
The 2026 guidance band ($173M–$183M revenue, $10M–$20M Adj. EBITDA) is the near-term scoreboard — set against ~$154.9M FY2025 revenue and ~$46.6M cash + short-term investments at year-end.
source: SEC Form 8-K EX-99.1, filed Feb 26, 2026 (FY2025 / Q4 2025)
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is acute care growth slowing before oncology stabilizes.
med
Acute Care has to keep doing the heavy lifting
Acute Care (ZYNRELEF + APONVIE) was ~$49.6M in FY2025 and grew 65.1% vs. prior year. Most incremental optimism sits in this smaller bucket. If that growth cools before Oncology stabilizes, total growth can stall.
this basket supports the 2026 revenue guide $173M–$183M
med
Oncology is still a large, declining base
Oncology (CINVANTI + SUSTOL) was ~$105.3M in FY2025 (−7.8% vs. prior year). You do not need a collapse for erosion to matter — it can offset acute-care gains.
~two-thirds of FY2025 net revenue — mix risk if decline accelerates
med
Debt is large relative to the equity story
Non-current notes + convertible ~$140.6M (Dec 31, 2025) vs. small GAAP equity ~$14.3M and ongoing net losses. FY2025 also included ~$(11.3)M loss on debt extinguishment — refinancing and covenants matter.
balance-sheet pressure matters more when the stock is at $1.40, not $14
A stumble in acute care hits the growth engine, while the ~$105M declining oncology base and ~$140M debt stack leave limited cushion if 2026 guidance slips.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
2026 revenue guide: $173–$183M
If Heron hits $173M–$183M revenue and $10M–$20M Adj. EBITDA, the 2025 ramp is real. A miss reframes whether acute care can outrun oncology pressure.
segment mix
can Acute Care keep outrunning Oncology
FY2025: acute ~$49.6M (+65.1%) vs. oncology ~$105.3M (−7.8%). Watch whether acute acceleration can continue while oncology erosion slows.
profitability
2026 Adjusted EBITDA: $10M–$20M
Company guided a non-GAAP band (EX-99.1). Track reconciliations each quarter — this is a different lens than GAAP net loss.
liquidity
cash + short-term investments ~$46.6M
Dec 31, 2025 per EX-99.1. Institutional ownership / flow figures are not verified on this page — pull from filings or your data vendor if you size positioning risk.
Analyst rankings
earnings predictability
40 / 100
low predictability means quarterly results can move around more than you would like. in human-speak: analysts do not see this as a clean, steady earnings story.
risk profile
5 / 100
the snapshot's 5 / 100 price stability and risk rank of 5 put HRTX in the fragile bucket, not the dependable one.
source: institutional data
Institutional activity
institutional ownership data for HRTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1.40
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive