HERON THERAPEUTICS, INC. /DE/
HRTX evidence brief
What we can confirm
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 biotechnology company focused on developing and marketing products for pain and nausea management, with a portfolio including CINVANTI, SUSTOL, ZYNRELEF, and APONVIE. The company reported total revenue of $37.7M and a net loss of -$5.5M for the six months ended June 30, 2026 [sec].
Key risk: Cash runway limited
BioSniper Score
Based on 5 of 6 signals
Market Cap
$62.0M
Cash Runway
132.5 moLead Asset
cinvanti (Approved)Next Catalyst
Phase3_Topline · Feb 1, 2031Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 19 clinical trials · 3 catalysts · 4 FDA decisions for HERON THERAPEUTICS, INC. /DE/.
Heron Therapeutics is a commercial-stage biotechnology company focused on developing and marketing products for pain and nausea management, with a portfolio including CINVANTI, SUSTOL, ZYNRELEF, and APONVIE. The company reported total revenue of $37.7M and a net loss of -$5.5M for the six months ended June 30, 2026 [sec].
- Heron Therapeutics markets four commercial products: CINVANTI, SUSTOL, ZYNRELEF, and APONVIE [sec].
- For 2025, the company achieved total net revenue of $154.9 million, meeting its corporate goal range of $119 million to $158 million [sec · filed 2026-04-30].
- As of June 30, 2026, the company reported cash & equivalents of $20.7M, total revenue of $37.7M, and a net loss of -$5.5M [sec].
- The company had an accumulated deficit of $1.9 billion as of September 30, 2025 [sec_mda · as of 2025-11-04].
- Heron has a Phase 3 trial for LNS8801 with a top-line data readout expected in 2031 [catalyst].
What works
- The company met or exceeded all its 2025 corporate goals, including total net revenue of $154.9 million and operating expenses of $103.4 million, which were below the target of $113 million [sec · filed 2026-04-30].
- CINVANTI and SUSTOL combined revenue exceeded the 2025 goal range, reaching $105.3 million [sec · filed 2026-04-30].
- The company has a pipeline candidate, LNS8801, entering Phase 3 with a top-line data catalyst in 2031 [catalyst].
What to weigh
- The company has an accumulated deficit of $1.9 billion as of September 30, 2025, reflecting a history of significant operating losses [sec_mda · as of 2025-11-04].
- Cash and equivalents were only $20.7M as of June 30, 2026, which may limit the company's ability to fund operations without additional financing [sec].
- The company reported a net loss of -$5.5M for the six months ended June 30, 2026, indicating ongoing unprofitability [sec].
- Key patents for CINVANTI and APONVIE are set to expire in 2035, which could expose those products to generic competition [catalyst].
From the filings
Quoted directly from source documents.
Heron met its 2025 revenue goals for ZYNRELEF and APONVIE.
“ZYNRELEF and APONVIE revenue between $42 million and $56 million | 35% | Met - $49.6 million”
SEC filings · April 30, 2026
The company had an accumulated deficit of $1.9 billion as of September 30, 2025.
“We have incurred significant operating losses and negative cash flows from operations and had an accumulated deficit of $1.9 billion as of September 30, 2025.”
SEC MD&A · November 4, 2025
Catalyst timeline
- 2031-02-01 · Phase3_Topline — Phase 3 Topline: A Multicenter, Open-Label, Randomized, Controlled Study to Assess the Antitumor Activity of LNS8801 — Top-line data from the Phase 3 trial of LNS8801 will be a key pipeline milestone.
- 2035-09-18 · Patent_Expiry · CINVANTI — Patent/Exclusivity Expiry: CINVANTI — Expiration of CINVANTI patent/exclusivity could allow generic competition.
- 2035-09-18 · Patent_Expiry · APONVIE — Patent/Exclusivity Expiry: APONVIE — Expiration of APONVIE patent/exclusivity could allow generic competition.
Risks & what to watch (4)›
Key risks
- Cash runway limited — Cash of $20.7M as of June 30, 2026 may be insufficient to fund operations without additional financing [sec].
- Patent expirations in 2035 — CINVANTI and APONVIE patents expire in 2035, opening the door to generic competition [catalyst].
- Accumulated deficit — Accumulated deficit of $1.9B as of September 30, 2025 reflects sustained losses [sec_mda].
- Dependence on commercial products — Revenue is concentrated in four products; any sales decline could materially impact financials [sec].
What to watch
- Phase 3 top-line data for LNS8801 expected in 2031 [catalyst].
- Patent expirations for CINVANTI and APONVIE in 2035, which could affect revenue [catalyst].
- Ability to maintain or grow revenue from ZYNRELEF, APONVIE, CINVANTI, and SUSTOL [sec].
- Cash burn rate and potential need for additional capital [sec].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
Run HERON THERAPEUTICS, INC. /DE/ through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available HERON THERAPEUTICS, INC. /DE/ facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
132.5 months
D/E 35.52 · 0% dilution
Lead: Approved
3 candidates
3 upcoming, next in ~1616d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
165
Total value held
$97.7M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 15,620,658 | $12.5M |
| clearline capital lp | 12,235,239 | $9.8M |
| blackrock, inc. | 10,106,422 | $8.1M |
| orbimed advisors llc | 9,816,940 | $7.9M |
| millennium management llc | 7,630,527 | $6.1M |
| tang capital management llc | 6,250,000 | $5.0M |
| palisade capital management, lp | 6,140,639 | $4.9M |
| congress park capital llc | 4,032,737 | $3.2M |
| geode capital management, llc | 4,010,087 | $3.2M |
| state street corp | 3,843,672 | $3.1M |
Showing top 10 of 165 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 biotechnology company focused on developing and marketing products for pain and nausea management, with a portfolio including CINVANTI, SUSTOL, ZYNRELEF, and APONVIE. The company reported total revenue of $37.7M and a net loss of -$5.5M for the six months ended June 30, 2026 [sec].
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 Phase3_Topline event — "Phase 3 Topline: A Multicenter, Open-Label, Randomized, Controlled Study to Assess the Antitumor Activity of LNS8801 " — expected February 1, 2031.
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.