# HERON THERAPEUTICS, INC. /DE/ (HRTX) · Edgar & Edgarette company card

> Heron Therapeutics (HRTX) grew revenue 7.4% in FY2025 to $155 million, operating margin -1.6% against a -3.8% median for pharmaceutical preparations, equity 5.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 818033 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/HRTX) · [JSON](https://www.pops4.com/boards/company/HRTX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $155M |
| Revenue growth, 1 year | 7.4% |
| Revenue growth per year | 15.7% |
| Operating margin | -1.6% (prior year -8.0%) |
| Net margin | -13.0% |
| Operating cash flow | −$28M |
| Capital spending | $317,000 |
| Free cash flow | −$28M |
| Cash | $29M |
| Long-term debt | — |
| Total assets | $256M |
| Total equity | $14M |
| Equity ÷ assets | 5.6% |
| Return on equity | -140.9% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -21.08 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -2.41 (below the −1.78 line)
- Health Harbor boat: Weathered boat · two warning signs · operating cash flow was negative; operating loss: a margin of -1.6% in FY2025
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $154.9M (FY2025). Experience: revenue up 7.4% on the year, up 15.7% a year over 4 years; operating margin -1.6%, up from -8.0%. Soundness: equity 5.6% of assets, return on equity -140.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $145.4M and $192.1M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $135.5M to $206.7M. A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -1.6% against a -3.8% median; growth 7.4% against 13.7%.

Range logged 2026-09-30, receipt 215a76455251b9b0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-06-25 ([filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526282988/0001193125-26-282988-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-04-06 ([filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526142947/0001193125-26-142947-index.htm))

## Recent filings

- 10-Q · filed 2026-11-09 · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526452759/0001193125-26-452759-index.htm)
- 8-K · filed 2026-11-09 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526452721/0001193125-26-452721-index.htm)
- 8-K · filed 2026-11-09 · 1.01 Entry into a Material Definitive Agreement; 3.03 Material Modifications to Rights of Security Holders; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/0001193125-26-452672-index.htm)
- 8-K · filed 2026-09-29 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526407728/0001193125-26-407728-index.htm)
- 8-K · filed 2026-08-14 · 1.01 Entry into a Material Definitive Agreement; 3.03 Material Modifications to Rights of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526352403/0001193125-26-352403-index.htm)
- 10-Q · filed 2026-08-10 · [filing](https://www.sec.gov/Archives/edgar/data/818033/000119312526341301/0001193125-26-341301-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000818033.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=818033

## Cite

POPS4, Edgar & Edgarette: HERON THERAPEUTICS, INC. /DE/ (HRTX) company card, from the company's own SEC filings, accessed 2026-11-14, https://www.pops4.com/boards/company/HRTX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.