Stock

Heron Therapeutics

HRTX

Biotechnology · Healthcare

Also trades as: 0J4V.L GBP 0.00 (-4.83%)

Price

$0.30

+0.01 (+2.23%)

pre-market:$0.31+2.38%

Market Cap

$57.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

8/30

Growth

Weak

4/20

Cash Flow

Weak

0/10

Stability

Weak

0/10

Valuation

Data not available

0/10

Ownership

Good

10/15

Dividends

Not counted

n/a

22 of 95 counted points = Winston Score 23. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+69.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 98.5M (2021) → 166.7M (2025)

§Winston Score History

The full picture

Heron Therapeutics is a small biotech company that makes medicines to help patients manage pain and nausea, especially after surgery or during cancer treatment. Its main products include ZYNRELEF, a long-acting pain reliever given at the surgical site, and SUSTOL and CINVANTI, which treat chemotherapy-related nausea. The company sells primarily to hospitals, surgery centers, and oncology clinics in the United States.

Heron earns revenue by selling these specialty drugs directly to healthcare providers, and its 70% gross margin reflects the typical pricing power of branded pharmaceuticals. The company operates almost entirely in the US and is quite small, with a market cap around $100 million, leaving it with limited resources to compete against larger drugmakers. Its operating loss signals that sales have not yet grown enough to cover costs, and the key risk is whether it can expand adoption of ZYNRELEF in a crowded post-surgical pain market before its cash runway runs thin.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.3% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-50.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-0.02

30 Jun 2026: $-0.03

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$12M/ year

↓ Declining (-25% vs prior year)

8.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

28.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 years

$43M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$43M cash & investments at current burn rate

Growth context

Heron Therapeutics is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Profit after running costs

Operating Margin

-5.4%

Losing money on operations — -5.4%

Return on the money invested

ROCE

-7.0%

Weak — -7.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+1.0%

Nearly flat sales (+1.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-8.0%

Burning cash (-8.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

21.48

Heavy debt load (21.48)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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