The stock may react positively to strong Acute Care growth and 2026 guidance, but traders should monitor the sustainability of ZYNRELEF and APONVIE momentum and the ongoing decline in the oncology segment, which still represents ~68% of total revenue.
Price Chart
Executive Summary
Heron Therapeutics reported full-year 2025 net revenue of $154.9 million, up 7.4% year-over-year, driven by 65.1% growth in its Acute Care franchise (ZYNRELEF and APONVIE). The company issued 2026 guidance of $173–183 million in net revenue and $10–20 million in Adjusted EBITDA, reflecting continued commercial momentum despite an oncology segment decline. Total net revenue for Q4 2025 was flat YoY.
Key Financial Metrics
Key Facts
- Full-year 2025 net revenue was $154.9 million, up 7.4% YoY, driven by Acute Care franchise growth of 65.1%
- Q4 2025 total net revenue was $40.6 million, down 0.5% YoY, despite 57.3% YoY growth in Acute Care
- Oncology franchise declined 7.8% YoY in 2025, with SUSTOL down 39.9% and CINVANTI down 3.3%
- Company issued 2026 guidance of $173–183 million in net revenue and $10–20 million in Adjusted EBITDA
- Cash, cash equivalents, and short-term investments totaled $46.6 million as of December 31, 2025
Financial Impact
2026 revenue guidance implies 11.7% to 18.1% growth over 2025, with Adjusted EBITDA turning positive ($10–20M) after a $20.2M net loss in 2025
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Acute Care | $49.6M | +65.1% |
| Oncology | $105.3M | -7.8% |
Risk Factors
- Oncology franchise revenue declined 7.8% in 2025 and 20.2% in Q4, raising concerns about long-term stability
- Company reported a net loss of $20.2 million in 2025, and cash balance of $46.6 million may limit runway if losses continue
- Revenue growth is concentrated in newer products (ZYNRELEF, APONVIE), which may face increasing competition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-073502 |
| Document: hrtx-20260226.htm | 0001193125-26-073502 |
| Document: 0001193125-26-073502-index-headers.html | 0001193125-26-073502 |
| Document: 0001193125-26-073502-index.html | 0001193125-26-073502 |
| Document: 0001193125-26-073502.txt | 0001193125-26-073502 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $0.3350 | awaiting T+60 | — | $0.3100 (+7.46%) |
Aug 10, 2026 11w ago | Press Release | $0.3350 | awaiting T+60 | — | $0.3100 (+7.46%) |
Jun 25, 2026 17w ago | 8-K | $0.4300 $0.2700 | ▲ +37.21% | ▲ +43.31% | $0.3100 (+27.91%) |
Jun 2, 2026 20w ago | 8-K | $0.4500 $0.3321 | ▲ +26.20% | ▲ +28.70% | $0.3100 (+31.11%) |
May 11, 2026 24w ago | 8-K | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3100 (+67.71%) |
May 11, 2026 24w ago | Press Release | $0.9600 $0.5048 | ▲ +47.42% | ▲ +51.81% | $0.3100 (+67.71%) |
Apr 30, 2026 25w ago | DEFA14A | $1.20 $0.4592 | ▼ −61.73% | ▼ −64.84% | $0.3100 (−74.17%) |
Apr 27, 2026 26w ago | Press Release | $1.21 $0.4590 | ▼ −62.07% | ▼ −66.06% | $0.3100 (−74.38%) |
Apr 6, 2026 29w ago | 8-K | $0.8100 $0.4244 | ▼ −47.60% | ▼ −61.07% | $0.3100 (−61.73%) |
Feb 26, 2026 34w ago | 8-K | $1.20 $0.8700 | ▼ −27.50% | ▼ −35.25% | $0.3100 (−74.17%) |
US Market Status
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