Filing Flows › Heron Therapeutics (HRTX) › Q4 2025
Heron Therapeutics (HRTX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Heron Therapeutics (HRTX) reported revenue of $40.6M for the fourth quarter 2025 (Q4 2025), -0.5% from a year earlier and +6% from the quarter before. Operating margin was 0.1%, net loss $3.0M (7.3% of revenue).
Heron Therapeutics, Q4 2025: revenue $40.6M (-0.5% year over year), operating margin 0.1%, net loss $3.0M, operating cash flow −$9.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $40.6M | +6% | -0.5% |
| Operating profit | $38K | — | -99% |
| Net earnings | −$3.0M | — | -181% |
| Operating cash flow | −$9.2M | -790% | — |
What changed
Revenue was $40.6M in Q4 2025, roughly flat year over year and up 6% from the previous quarter. CINVANTI was the largest line at 56% of revenue.
Gross margin was 72.6%, down 2.3 points from Q4 2024. Operating profit was $38K, a 0.1% margin (down 10.1 points year over year). Operating expenses grew 12% against flat revenue. The fastest-growing cost line was Research & development (+18%). The quarter ended with a net loss of $3.0M, narrower than the previous quarter's $17.5M loss. Net interest and other expense of $3.0M was the main reason.
Operating cash flow was −$9.2M. Non-cash charges added back $537K of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $8.9M.
Questions
What was Heron Therapeutics' revenue in the fourth quarter 2025?
Heron Therapeutics (HRTX) reported revenue of $40.6M for the fourth quarter 2025 (Q4 2025), -0.5% from a year earlier and +6% from the quarter before.
Was Heron Therapeutics profitable in the fourth quarter 2025?
Operating profit was $38K (0.1% of revenue) and net loss $3.0M.
Source: Heron Therapeutics 10-K on SEC EDGAR.