Heron Therapeutics

HRTX

Biotechnology · Healthcare

Price

$0.47

-0.01 (-1.11%)

Market Cap

$74.3M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+69.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 98.5M (2021) → 166.7M (2025)

Heron Therapeutics, Inc., a biotechnology company, engages in developing treatments to address unmet patient needs. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration. It offers SUSTOL (granisetron), an extended-release injection for the prevention of acute and delayed nausea and vomiting associated with

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-332.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$12M/ year

↓ Declining (-25% vs prior year)

8.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

16.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$26M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$26M cash & investments at current burn rate

Revenue declining

Heron Therapeutics's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

69.4%

Premium pricing power — 69.4% gross margin

Operating Margin

-13.7%

Losing money on operations — -13.7%

ROCE

-3.2%

Weak — -3.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+1.5%

Nearly flat sales (1.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-13.8%

Burning cash (-13.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

15.50

Heavy debt load (15.50)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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