Filing Flows › Heron Therapeutics (HRTX) › Q2 2025
Heron Therapeutics (HRTX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Heron Therapeutics (HRTX) reported revenue of $37.2M for the second quarter 2025 (Q2 2025), +3% from a year earlier and -4% from the quarter before. Operating margin was -4.4%, net loss $2.4M (6.4% of revenue).
Heron Therapeutics, Q2 2025: revenue $37.2M (+3% year over year), operating margin -4.4%, net loss $2.4M, operating cash flow −$10.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.2M | -4% | +3% |
| Operating profit | −$1.6M | -152% | — |
| Net earnings | −$2.4M | -190% | — |
| Operating cash flow | −$10.9M | — | — |
What changed
Revenue was $37.2M in Q2 2025, up 3% year over year and down 4% from the previous quarter. CINVANTI was the largest line at 65% of revenue. ZYNRELEF added $2.4M year over year (up 40%), 201% of the total change. SUSTOL declined 43%.
Gross margin was 73.5%, up 2.7 points from a year earlier. Operating costs exceeded revenue by $1.6M, an operating margin of -4.4%. Operating expenses fell 9% while revenue rose 3%. The quarter ended with a net loss of $2.4M, after a profit of $2.6M the previous quarter.
Operating cash flow was −$10.9M. Non-cash charges added back $611K of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items used $11.9M. Capital expenditures of $208K exceeded it, leaving free cash flow of −$11.1M.
Questions
What was Heron Therapeutics' revenue in the second quarter 2025?
Heron Therapeutics (HRTX) reported revenue of $37.2M for the second quarter 2025 (Q2 2025), +3% from a year earlier and -4% from the quarter before.
Was Heron Therapeutics profitable in the second quarter 2025?
Operating loss was $1.6M (-4.4% of revenue) and net loss $2.4M.
Source: Heron Therapeutics 10-Q on SEC EDGAR.