Filing Flows › Heron Therapeutics (HRTX) › Q3 2025
Heron Therapeutics (HRTX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Heron Therapeutics (HRTX) reported revenue of $38.2M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before. Operating margin was -10.7%, net loss $17.5M (45.8% of revenue).
Heron Therapeutics, Q3 2025: revenue $38.2M (+16% year over year), operating margin -10.7%, net loss $17.5M, operating cash flow $1.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.2M | +3% | +16% |
| Operating profit | −$4.1M | — | — |
| Net earnings | −$17.5M | — | — |
| Operating cash flow | $1.3M | — | -61% |
What changed
Revenue was $38.2M in Q3 2025, up 16% year over year and up 3% from the previous quarter. CINVANTI was the largest line at 63% of revenue. ZYNRELEF added $3.1M year over year (up 49%), 57% of the total change. SUSTOL declined 31%.
Gross margin was 68.8%, down 2.4 points from a year earlier. Operating costs exceeded revenue by $4.1M, an operating margin of -10.7%. Operating expenses grew 9% against revenue growth of 16%. The fastest-growing cost line was Sales & marketing (+18%). The quarter ended with a net loss of $17.5M, wider than the previous quarter's $2.4M loss. Net interest and other expense of $13.4M was the main reason.
Operating cash flow was $1.3M (down 61% year over year). Non-cash charges added back $615K of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $15.4M.
Questions
What was Heron Therapeutics' revenue in the third quarter 2025?
Heron Therapeutics (HRTX) reported revenue of $38.2M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before.
Was Heron Therapeutics profitable in the third quarter 2025?
Operating loss was $4.1M (-10.7% of revenue) and net loss $17.5M.
Source: Heron Therapeutics 10-Q on SEC EDGAR.