HERON THERAPEUTICS, INC. /DE/
HRTX evidence brief
What we can confirm
- BioSniper Score:
- 5.7 / 10
- Market Cap:
- $59.9M
- Lead Asset:
- cinvanti (Approved)
What it means
What to watch
Prepared research question
What matters most for HRTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · HRTX
HERON Therapeutics is a commercial-stage biopharmaceutical company focused on developing and marketing proprietary formulations of antiemetic drugs, primarily for chemotherapy-induced nausea and vomiting, with two approved products (CINVANTI and SUSTOL) and a limited pipeline.
Key risk: Ongoing net losses
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 19 clinical trials · 1 catalyst · 4 FDA decisions for HERON THERAPEUTICS, INC. /DE/.
HERON Therapeutics is a commercial-stage biopharmaceutical company focused on developing and marketing proprietary formulations of antiemetic drugs, primarily for chemotherapy-induced nausea and vomiting, with two approved products (CINVANTI and SUSTOL) and a limited pipeline.
- Cash and equivalents of $20.7M as of 2026-06-30 [sec]
- Total revenue of $37.7M and net loss of -$5.5M for the six months ended June 30, 2026 [sec]
- Two FDA-approved products: CINVANTI (aprepitant injectable emulsion) and SUSTOL (granisetron extended-release injection) for chemotherapy-induced nausea and vomiting [sec_mda · as of 2026-02-26]
- SUSTOL commercialization is being wound down, with potential reintroduction as early as late 2027 [sec_mda · as of 2026-02-26]
- Shareholders' equity of $6.9M as of 2026-06-30 [sec]
What works
- Two approved products (CINVANTI and SUSTOL) provide a commercial revenue base in the antiemetic market [sec_mda · as of 2026-02-26]
- Proprietary Biochronomer Technology platform enables extended-release formulations, as used in SUSTOL [sec_mda · as of 2026-05-11]
- Management states cash, cash equivalents and short-term investments are sufficient for at least one year from the date of the May 2026 filing [sec_mda · as of 2026-05-11]
What to weigh
- Net loss of -$5.5M on revenue of $37.7M for the six months ended June 30, 2026 indicates ongoing unprofitability [sec]
- SUSTOL commercialization is being wound down, creating transition costs and revenue uncertainty [sec_mda · as of 2026-02-26]
- Limited pipeline beyond the two approved products; no new clinical candidates are described in recent filings [pipeline]
- Shareholders' equity of only $6.9M against $20.7M cash suggests a thin capital base [sec]
From the filings
Quoted directly from source documents.
SUSTOL wind-down and potential reintroduction
“We intend to wind down commercialization of SUSTOL over the next 12 months while we evaluate potential product updates. Subject to development progress, manufacturing readiness, and regulatory feedback, we may consider reintroducing SUSTOL as early as late 2027.”
SEC MD&A · February 26, 2026
Cash runway of at least one year
“cash, cash equivalents and short-term investments will be sufficient to meet the Company's anticipated cash requirements for a period of at least one year from the issuance of the condensed consolidated financial statements”
SEC MD&A · May 11, 2026
Catalyst timeline
- 2035-09-18 · Patent_Expiry · APREPITANT — Patent_Expiry: NDA209296 — The patent for aprepitant (CINVANTI) expires, potentially allowing generic competition to enter the market.
Risks & what to watch (4)›
Key risks
- Ongoing net losses — Net loss of -$5.5M on $37.7M revenue for H1 2026; company not yet profitable [sec]
- SUSTOL wind-down uncertainty — Wind-down of SUSTOL commercialization with potential reintroduction only as early as late 2027; transition costs not yet quantified [sec_mda · as of 2026-02-26]
- Thin capital base — Shareholders' equity of $6.9M against $20.7M cash; limited buffer against adverse events [sec]
- Limited pipeline depth — No new clinical candidates described in recent filings; pipeline consists only of two approved products [pipeline]
What to watch
- SUSTOL wind-down execution and quantification of one-time transition costs [sec_mda · as of 2026-02-26]
- Potential reintroduction of SUSTOL as early as late 2027, subject to development, manufacturing, and regulatory feedback [sec_mda · as of 2026-02-26]
- Cash runway and whether the company can achieve profitability before needing additional capital [sec_mda · as of 2026-05-11]
- Patent expiry for APREPITANT (CINVANTI) on 2035-09-18, which could open generic competition [catalyst]
Sources: Catalysts · Pipeline · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 35.52 · 0% dilution
Lead: Approved
3 candidates
1 upcoming, next in ~3261d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
167
Total value held
$125.0M
| Holder | Shares | Value |
|---|---|---|
| rubric capital management lp | 30,046,828 | $24.0M |
| clearline capital lp | 12,235,239 | $9.8M |
| blackrock, inc. | 10,106,422 | $8.1M |
| orbimed advisors llc | 9,816,940 | $7.9M |
| velan capital investment management lp | 8,753,290 | $7.0M |
| vanguard capital management llc | 7,810,329 | $6.2M |
| millennium management llc | 7,630,527 | $6.1M |
| tejara capital ltd | 6,336,755 | $5.1M |
| tang capital management llc | 6,250,000 | $5.0M |
| palisade capital management, lp | 6,140,639 | $4.9M |
Showing top 10 of 167 institutional holders of HERON THERAPEUTICS, INC. /DE/. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 25.7%
- Days to cover
- 19.9
- Shares short
- 39,421,430
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
HRTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for HERON THERAPEUTICS, INC. /DE/?
HERON Therapeutics is a commercial-stage biopharmaceutical company focused on developing and marketing proprietary formulations of antiemetic drugs, primarily for chemotherapy-induced nausea and vomiting, with two approved products (CINVANTI and SUSTOL) and a limited pipeline.
What is HERON THERAPEUTICS, INC. /DE/'s lead drug candidate?
HERON THERAPEUTICS, INC. /DE/'s most advanced tracked candidate is cinvanti (Approved).
What is HERON THERAPEUTICS, INC. /DE/'s next catalyst?
HERON THERAPEUTICS, INC. /DE/'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA209296" — expected September 18, 2035.
Who is the CEO of HERON THERAPEUTICS, INC. /DE/?
Mr. Craig Alexander Collard is the chief executive officer of HERON THERAPEUTICS, INC. /DE/ (HRTX).
Where is HERON THERAPEUTICS, INC. /DE/ headquartered?
HERON THERAPEUTICS, INC. /DE/ (HRTX) is headquartered in Cary, NC, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.