Filing Flows

Filing Flows › Companies › Heron Therapeutics › Cash flow

Heron Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.4M in Q2 2026 · −$12.1M over twelve months

Operating cash flow−$2.2M
Capital spending−$138K
Free cash flow−$2.4M
Cash conversion cycle848 days

Analysis

In Q2 2026, Heron Therapeutics generated −$2.2M of operating cash flow and spent $138K on capital projects, leaving free cash flow of −$2.4M. That is $8.7M more than in Q2 2025 (−$11.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$11.6M; the largest uses were operating cash flow ($11.6M), capital spending ($529K); besides operations, cash came from other financing ($13.1M), other investing ($2.7M); the cash balance rose by $4.2M.

Operating cash flow was −$2.2M against net income of −$5.5M. The largest differences: receivables −$5.9M, stock-based pay +$3.2M, payables +$2.6M.

Its cash conversion cycle was 848 days (receivables 209 + inventory 720 − payables 81).

Free cash flow

Heron Therapeutics: free cash flow by quarterHeron Therapeutics: free cash flow by quarter$2.9MQ3 2024−$12.4MQ4 2024−$9.0MQ1 2025−$11.1MQ2 2025$1.3MQ3 2025−$9.2MQ4 2025−$1.9MQ1 2026−$2.4MQ2 2026
Operating cash flow less capital spending.
Heron Therapeutics: operating cash flow against capital spendingHeron Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending$3.4M$431KQ3 2024−$11.8M$638KQ4 2024−$8.9M$109KQ1 2025−$10.9M$208KQ2 2025$1.3M$0Q3 2025−$9.2M$0Q4 2025−$1.5M$391KQ1 2026−$2.2M$138KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.2M, Capital spending $138K.

Capital allocation, year by year

Heron Therapeutics: where the cash came from (up) and went (down), by fiscal yearHeron Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$203MFY2021: Net borrowing $149MFY2021: Shares issued $2.1MFY2021: Asset sales $32KFY2021: Capital spending −$3.0M$151MFY2021FY2022: Operating cash flow −$147MFY2022: Shares issued $76.6MFY2022: Asset sales $227KFY2022: Capital spending −$1.8M$76.8MFY2022FY2023: Operating cash flow −$58.8MFY2023: Net borrowing $24.4MFY2023: Shares issued $30.7MFY2023: Asset sales $13KFY2023: Capital spending −$1.5M$55.0MFY2023FY2024: Operating cash flow −$22.5MFY2024: Shares issued $637KFY2024: Asset sales $27KFY2024: Capital spending −$1.7M$664KFY2024FY2025: Operating cash flow −$27.6MFY2025: Net borrowing −$93.1MFY2025: Shares issued $27.0MFY2025: Asset sales $98KFY2025: Capital spending −$317K$27.1MFY2025
Over these 5 years operating cash flow totalled −$459M; the largest uses were operating cash flow ($459M) and net borrowing ($93.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$42.7M
Debtnone
Net cash$42.7M
Cash runway3.5 years

Heron Therapeutics is burning cash: its operations consume cash, a free cash flow of −$12.1M a year at the current rate against $42.7M of cash and investments: a runway of about 3.5 years before any new financing.

Where the cash came from and went

Heron Therapeutics: sources (+) and uses (−) of cash, Q2 2026Heron Therapeutics: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$5.4MOther investing−$3.1MOperating cash flow−$2.2MCapital spending−$138KOther financing$82K
Heron Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Heron Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$13.1MOperating cash flow−$11.6MCash drawn (+) / kept (−)−$4.2MOther investing$2.7MCapital spending−$529KShares issued$491KAsset & business sales$45K

From profit to cash

Heron Therapeutics: net income to operating cash flow, Q2 2026Heron Therapeutics: net income to operating cash flow, Q2 2026Net income−$5.5MDepreciation & amortization$452KStock-based pay$3.2MReceivables−$5.9MInventory−$683KPayables$2.6MAccrued liabilities$2.5MEmployee-related liabilities$242KPrepaid and other assets$1.2MOperating cash flow−$2.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202620972081848
Q1 202622578476932
Q4 202519367387780
Q3 202519455293653
Q2 2025194600112681
Q1 2025182586128640
Q4 202416544698512
Q3 202419743299530

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.2M−$138K—$5.4M−$2.4M
Q1 2026−$1.5M−$391K—$2.5M−$1.9M
Q4 2025−$9.2M—−$1.3M$14.4M−$9.2M
Q3 2025$1.3M——−$26.6M$1.3M
Q2 2025−$10.9M−$208K—$2.8M−$11.1M
Q1 2025−$8.9M−$109K—$6.5M−$9.0M
Q4 2024−$11.8M−$638K$462K−$61K−$12.4M
Q3 2024$3.4M−$431K—−$7.4M$2.9M

Heron Therapeutics: income statement and cash flow

Heron Therapeutics, Q2 2026: revenue $37.7M (+1% year over year), operating margin -5.4%. The chart follows the revenue to costs, profit and cash.

Heron Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.