The company's financial position appears increasingly vulnerable, highlighted by a debt-to-equity ratio that surged to 15.50 in 2026Q1 from 9.81 in the prior quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 228.98M | 238.07M | 209.01M | 188.77M | 205.44M | 254.42M | 314.2M | 479.06M | 447.25M | 228.06M | 62.14M | 134.75M | 73.73M | 72.92M | 54.09M | 18.24M | 2.5M | 8.31M | 10.82M | 35.8M | 16.21M | 7.65M | 15.5M | 11.26M | 15.97M | 21.62M | 25.05M | 13.8M | 12.8M | 15.2M | 11.7M |
| Cash & Short-Term Investments | 44.78M | 46.63M | 59.28M | 80.41M | 84.85M | 157.58M | 208.49M | 390.97M | 332.37M | 172.38M | 51.14M | 131.17M | 72.67M | 72.29M | 53.51M | 17.97M | 2.11M | 7.59M | 10.54M | 35.06M | 15.52M | 5.81M | 13.6M | 9.48M | 14.12M | 19.49M | 22.52M | 3.7M | 4.1M | 8.7M | 5.4M |
| Cash Only | 26.12M | 28.65M | 25.8M | 28.68M | 15.36M | 90.54M | 105.14M | 71.9M | 31.84M | 144.58M | 13.41M | 75.18M | 72.67M | 72.29M | 53.51M | 17.97M | 2.11M | 7.59M | 9.97M | 33.51M | 2.33M | 790K | 3.11M | 97K | 3.28M | 3.62M | 6.49M | 3.7M | 4.1M | 8.7M | 5.4M |
| Short-Term Investments | 18.67M | 17.98M | 33.48M | 51.73M | 69.49M | 67.04M | 103.35M | 319.07M | 300.54M | 27.8M | 37.72M | 55.99M | 0 | 0 | 0 | 0 | 0 | 0 | 571K | 1.55M | 13.19M | 5.02M | 10.49M | 9.39M | 10.84M | 15.88M | 16.03M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 83.69M | 89.59M | 78.88M | 60.14M | 52.05M | 35.5M | 41.85M | 39.88M | 64.65M | 41.87M | 1.96M | 0 | 0 | 0 | 0 | 0 | 110K | 171K | 32K | 152K | 75K | 1.52M | 1.51M | 1.34M | 1.34M | 1.47M | 1.69M | 5.1M | 4.8M | 3.4M | 1.7M |
| Days Sales Outstanding | 202.38 | 211.09 | 199.55 | 172.77 | 176.44 | 150.06 | 172.33 | 99.72 | 304.59 | 496.77 | 559.34 | - | - | - | - | - | 30.86 | 49.5 | 31.65 | 134.66 | 5.08 | 102.84 | 101.72 | 100.89 | 84.11 | 122.14 | 183.38 | 91.25 | 87.6 | 72.15 | 33.18 |
| Inventory | 92.54M | 92.75M | 53.16M | 42.11M | 54.57M | 48.38M | 41.91M | 24.97M | 39.03M | 10.11M | 5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68K | 60.57K | 71.08K | 4.6M | 3M | 2.6M | 2.1M |
| Days Inventory Outstanding | 688.18 | 818.74 | 502.05 | 236.08 | 363 | 383.73 | 422.65 | 147.9 | 517.84 | 804.15 | 55.69K | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.78 | 50.21 | 42.31 | 262.34 | 192.11 | 137.54 | 81.54 |
| Other Current Assets | 7.97M | 9.1M | 17.69M | 6.12M | 13.96M | 0 | 0 | 0 | 11.19M | 3.7M | 3.71M | 0 | 1.06M | 638K | 584K | 266K | 282K | 0 | 246K | 582K | 0 | 0 | 0 | 0 | 157K | 0 | 764.98K | 400K | 900K | 500K | 2.5M |
| Total Non-Current Assets | 17.23M | 17.81M | 24.13M | 33.73M | 45.52M | 51.28M | 39.36M | 33.72M | 14.93M | 6.24M | 5.34M | 3.09M | 2.95M | 3.01M | 1.88M | 1.21M | 410K | 638K | 984K | 1.15M | 1.04M | 1.32M | 1.52M | 1.9M | 1.82M | 1.88M | 1.95M | 9.7M | 10.3M | 9M | 6.7M |
| Property, Plant & Equipment | 12.03M | 12.4M | 17.65M | 25.6M | 29.8M | 33.56M | 39.01M | 33.37M | 14.68M | 5.98M | 5.08M | 3.05M | 2.82M | 2.88M | 1.75M | 1.07M | 357K | 510K | 881K | 1.08M | 958K | 1.16M | 1.24M | 1.43M | 1.64M | 1.67M | 1.8M | 8M | 8.6M | 6.8M | 4.7M |
| Fixed Asset Turnover | 11.34x | 12.49x | 8.17x | 4.96x | 3.61x | 2.57x | 2.27x | 4.37x | 5.28x | 5.14x | 0.25x | - | - | - | 0.37x | 0.60x | 3.64x | 2.47x | 0.42x | 0.38x | 5.63x | 4.63x | 4.38x | 3.39x | 3.55x | 2.63x | 1.87x | 2.55x | 2.33x | 2.53x | 3.98x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3M | 1.4M | 1.5M | 100K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5.21M | 5.41M | 6.48M | 8.13M | 15.71M | 17.72M | 346K | 346K | 254K | 263K | 263K | 45K | 130K | 130K | 130K | 130K | 53K | 128K | 103K | 75K | 87K | 157K | 283K | 467K | 189K | 215.28K | 151K | 400K | 300K | 700K | 1.9M |
| Total Assets | 246.22M | 255.88M | 233.15M | 222.51M | 250.95M | 305.71M | 353.56M | 512.78M | 462.18M | 234.31M | 67.48M | 137.84M | 76.68M | 75.94M | 55.97M | 19.45M | 2.91M | 8.95M | 11.8M | 36.95M | 17.25M | 8.97M | 17.01M | 13.15M | 17.8M | 23.51M | 27M | 23.5M | 23.1M | 24.2M | 18.4M |
| Asset Turnover | 0.61x | 0.61x | 0.62x | 0.57x | 0.43x | 0.28x | 0.25x | 0.28x | 0.17x | 0.13x | 0.02x | - | - | - | 0.01x | 0.03x | 0.45x | 0.14x | 0.03x | 0.01x | 0.31x | 0.60x | 0.32x | 0.37x | 0.33x | 0.19x | 0.12x | 0.87x | 0.87x | 0.71x | 1.02x |
| Asset Growth % | 33.35% | 9.75% | 4.78% | -11.33% | -17.91% | -13.53% | -31.05% | 10.95% | 97.25% | 247.21% | -51.04% | 79.76% | 0.98% | 35.67% | 187.85% | 567.98% | -67.48% | -24.14% | -68.06% | 114.19% | 92.34% | -47.28% | 29.33% | -26.09% | -24.28% | -12.92% | 14.88% | 1.73% | -4.55% | 31.52% | -20.35% |
| Total Current Liabilities | 90.52M | 96.1M | 91.46M | 79.69M | 82.36M | 71.06M | 102.5M | 96.7M | 92.02M | 103.17M | 38.73M | 19.73M | 13.62M | 6.99M | 4.15M | 3.69M | 1.56M | 1.89M | 3.19M | 6.21M | 4.19M | 2.77M | 2.86M | 1.89M | 2M | 3.55M | 4.96M | 4.4M | 7.5M | 10.9M | 7.9M |
| Accounts Payable | 8.97M | 8.99M | 11.71M | 3.8M | 3.59M | 3.87M | 629K | 3.07M | 16.86M | 18.77M | 6.81M | 3.3M | 2.55M | 1.26M | 1.91M | 1.01M | 159K | 162K | 344K | 1.44M | 772K | 614K | 697K | 476K | 268K | 347K | 329K | 1.03M | 1.3M | 1.6M | 2.3M |
| Days Payables Outstanding | 88.08 | 79.4 | 110.58 | 21.3 | 23.87 | 30.72 | 6.34 | 18.17 | 223.72 | 1.49K | 71.06K | 1.64K | 16.97 | 14.92 | 49.58 | 2.06K | - | - | - | - | - | - | - | - | 219.82 | 287.68 | 195.83 | 58.72 | 83.25 | 84.64 | 89.31 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 7.05M | 5.62M | 4.57M | 28.68M | 2.91M | 2.22M | 1.6M | 1.02M | 492K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 891.11K | 3.1M | 2.5M | 800K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.76M | 1.1M | 0 | 0 | 0 | 0 | 2.19M | 237K | 92K | 1M | 1M | 1M | 0 | 0 | 190K | 250K | 314.71K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 81.55M | 87.1M | 7.96M | 7.85M | 11.28M | 13.48M | 11.91M | 12.2M | 780K | 44.09M | 3.59M | 61K | 105K | 2.14M | 1.35M | 2.02M | 1.13M | 0 | 2.12M | 3.61M | 2.88M | 1.55M | 1.73M | 0 | 0 | 1.48M | 4.63M | 2.48M | 3.1M | 6.8M | 4.8M |
| Current Ratio | 2.53x | 2.48x | 2.29x | 2.37x | 2.49x | 3.58x | 3.07x | 4.95x | 4.86x | 2.21x | 1.60x | 6.83x | 5.41x | 10.43x | 13.02x | 4.94x | 1.60x | 4.41x | 3.39x | 5.77x | 3.87x | 2.77x | 5.42x | 5.95x | 8.01x | 6.09x | 5.05x | 3.14x | 1.71x | 1.39x | 1.48x |
| Quick Ratio | 1.51x | 1.51x | 1.70x | 1.84x | 1.83x | 2.90x | 2.66x | 4.70x | 4.44x | 2.11x | 1.47x | 6.83x | 5.41x | 10.43x | 13.02x | 4.94x | 1.60x | 4.41x | 3.39x | 5.77x | 3.87x | 2.77x | 5.42x | 5.95x | 7.97x | 6.08x | 5.03x | 2.09x | 1.31x | 1.16x | 1.22x |
| Cash Conversion Cycle | 802.48 | 950.43 | 591.02 | 387.56 | 515.57 | 503.07 | 588.64 | 229.44 | 598.71 | -192.26 | -14.81K | - | - | - | - | - | - | - | - | - | - | - | - | - | -79.93 | -115.33 | 29.86 | 294.88 | 196.46 | 125.05 | 25.42 |
| Total Non-Current Liabilities | 146.56M | 145.45M | 175.34M | 176.79M | 155.02M | 157.08M | 14.56M | 12.24M | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 35K | 268K | 1.01M | 1.27M | 1M | 0 | 0 | 0 | 345K | 785.27K | 874.25K | 7.1M | 1.1M | 3.1M | 5.5M |
| Long-Term Debt | 141.63M | 140.64M | 174.73M | 173.75M | 149.28M | 149.08M | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 0 | 3.1M | 5.6M |
| Capital Lease Obligations | 0 | 0 | 0 | 2.8M | 5.5M | 8M | 14.56M | 12.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.93M | 4.81M | 615K | 241K | 241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 1.27M | 1M | 0 | 0 | 0 | 345K | 785.27K | 874.25K | 4.7M | 1.1M | 0 | -100K |
| Total Liabilities | 237.08M | 241.54M | 266.8M | 256.48M | 237.38M | 228.14M | 117.06M | 108.95M | 92.02M | 103.17M | 88.73M | 19.73M | 13.62M | 6.99M | 4.15M | 3.69M | 1.59M | 2.15M | 4.2M | 7.48M | 5.19M | 2.77M | 2.86M | 1.89M | 2.34M | 4.33M | 5.84M | 11.5M | 8.6M | 14M | 13.4M |
| Total Debt | 141.63M | 140.64M | 177.76M | 179.63M | 157.48M | 159.5M | 24.61M | 19.79M | 4.57M | 28.68M | 52.91M | 2.22M | 1.6M | 1.02M | 492K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | 3.1M | 5.6M | 6.4M |
| Net Debt | 115.52M | 111.99M | 151.96M | 150.95M | 142.11M | 68.95M | -80.53M | -52.11M | -27.26M | -115.9M | 39.5M | -72.96M | -71.08M | -71.26M | -53.01M | -17.87M | -2.11M | -7.59M | -9.97M | -33.51M | -2.33M | -790K | -3.11M | -97K | -3.28M | -3.62M | -6.49M | -400K | -1M | -3.1M | 1M |
| Debt / Equity | 15.50x | 9.81x | - | - | 11.60x | 2.06x | 0.10x | 0.05x | 0.01x | 0.22x | - | 0.02x | 0.03x | 0.01x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | 0.28x | 0.21x | 0.55x | 1.28x |
| Debt / EBITDA | -17.55x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.79x | 56.00x | - |
| Net Debt / EBITDA | -14.32x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.26x | -31.00x | - |
| Interest Coverage | -5.88x | - | -1.25x | -27.58x | -72.57x | -90.57x | -118.56x | -138.10x | -65.93x | -49.16x | -63.99x | -101.17x | -84.06x | -65.93x | -39.78x | -29.66x | -3597.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 9.14M | 14.33M | -33.65M | -33.97M | 13.57M | 77.57M | 236.49M | 403.83M | 370.16M | 131.14M | -21.25M | 118.11M | 63.06M | 68.94M | 51.82M | 15.75M | 1.32M | 6.8M | 7.6M | 29.47M | 12.06M | 6.2M | 14.15M | 11.26M | 15.46M | 19.17M | 21.16M | 12M | 14.5M | 10.2M | 5M |
| Equity Growth % | 440.07% | 142.59% | 0.95% | -350.32% | -82.5% | -67.2% | -41.44% | 9.1% | 182.27% | 717.08% | -117.99% | 87.29% | -8.53% | 33.05% | 228.96% | 1096.96% | -80.64% | -10.56% | -74.22% | 144.41% | 94.41% | -56.17% | 25.67% | -27.14% | -19.37% | -9.39% | 76.33% | -17.24% | 42.16% | 104% | -3.85% |
| Book Value per Share | 0.05 | 0.09 | -0.22 | -0.25 | 0.12 | 0.79 | 2.61 | 4.94 | 5.06 | 2.43 | -0.56 | 3.57 | 2.37 | 4.27 | 4.24 | 1.57 | 0.66 | 4.17 | 4.93 | 30.45 | 37.93 | 19.76 | 49.43 | 43.84 | 60.60 | 75.65 | 83.82 | 47.40 | 56.92 | 41.92 | 21.79 |
| Total Shareholders' Equity | 9.14M | 14.33M | -33.65M | -33.97M | 13.57M | 77.57M | 236.49M | 403.83M | 370.16M | 131.14M | -21.25M | 118.11M | 63.06M | 68.94M | 51.82M | 15.75M | 1.32M | 6.8M | 7.6M | 29.47M | 12.06M | 6.2M | 14.15M | 11.26M | 15.46M | 19.17M | 21.16M | 12M | 14.5M | 10.2M | 5M |
| Common Stock | 1.89M | 1.88M | 1.52M | 1.5M | 1.19M | 1.02M | 913K | 903K | 782K | 646K | 394K | 361K | 292K | 237K | 3.02M | 2M | 401K | 394K | 309K | 307K | 254K | 253K | 250K | 206K | 205K | 203.57K | 202.06K | 200K | 0 | 0 | 0 |
| Retained Earnings | -1.95B | -1.94B | -1.92B | -1.91B | -1.8B | -1.61B | -1.39B | -1.17B | -960.72M | -783.46M | -585.97M | -412.83M | -315.24M | -238.87M | -183.59M | -160.24M | -148.43M | -141.08M | -131.05M | -107.93M | -87.76M | -93.03M | -84.82M | -75.6M | -71.23M | -67.46M | -64.94M | -73.5M | -70.4M | -72.3M | -71.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6K | 4K | 13K | 13K | -19K | -6K | 257K | 85K | -87K | -10K | -17K | -40K | -4.83M | -4.27M | -4.41M | -4.28M | -4.16M | 0 | -43K | -38K | -13K | -16K | -16K | 17K | 76K | 237.56K | -1.12K | -200K | -9.3M | -9.5M | -8.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
As reported in financial statements, Heron Therapeutics has seen its equity position fluctuate from a deficit of $34.0M in 2023Q4 to a marginal $9.1M in 2026Q1, reflecting a precarious trajectory driven by chronic net losses and the ongoing depletion of retained earnings.
The company's inability to generate positive retained earnings, which remain locked at negative $1.9B, suggests that the business model has yet to achieve the necessary scale to offset its commercial infrastructure costs. This trend indicates a weakening balance sheet that relies heavily on external financing to maintain operations.
Based on the most recent quarterly data, Heron maintains a debt-to-equity ratio of 15.50 as of 2026Q1, a significant increase from 9.81 in 2025Q4, which underscores the company's reliance on debt financing to bridge its operational funding gaps.
The elevated leverage profile suggests that the company is highly sensitive to interest rate fluctuations and refinancing risks. Investors should monitor whether the current debt load limits the firm's ability to invest in future growth initiatives without further diluting existing shareholders.
According to recent SEC filings, Heron's cash and equivalents stood at $26.1M in 2026Q1, representing a decline from $28.6M in the prior quarter, which highlights a narrowing liquidity buffer against ongoing operational cash burn.
While the current ratio of 2.53 appears superficially healthy, the absolute level of cash relative to the company's historical burn rate warrants caution. This liquidity profile suggests that the company may face significant pressure to secure additional capital in the near term to avoid operational disruption.
Analysis of the balance sheet reveals that the company's reliance on debt, totaling $141.6M as of 2026Q1, creates a structural vulnerability that is not fully captured by headline liquidity metrics, potentially masking the true cost of maintaining its commercial footprint.
The absence of goodwill on the balance sheet is a positive indicator of asset quality, yet the persistent negative retained earnings suggest that the company's capital structure is fundamentally distorted by past losses. This implies that the firm's long-term solvency remains contingent on a rapid and sustained improvement in commercial execution.
Quick answers to the most common questions about buying HRTX stock.
As of 2025, Heron Therapeutics, Inc. (HRTX) had total assets of $255.9M including $238.1M in current assets.
Heron Therapeutics, Inc. (HRTX) carries total debt of $140.6M, offset by $46.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heron Therapeutics, Inc. (HRTX) has total shareholders' equity (book value) of $14.3M ($0.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heron Therapeutics, Inc. (HRTX) reported a current ratio of 2.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.