HRTX PRESS-RELEASE SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

HRTX ▼ -10.42% at T+5d

SHORT call ✓ call won +10.42% · α vs SPY +10.33% · entry $0.9600 → $0.8600

Next anchor: T+20d due 14h ago

Currently $0.4049 · +57.82% from $0.9600 entry (call sign-flipped)

Entry anchored
May 8, 03:59 PM ET
via Databento tick

T+1d

0.00%

call 0.00% · α -0.14%

$0.9600

settled 29d ago

T+5d

-10.42%

call +10.42% · α +10.33%

$0.8600

settled 23d ago

T+20d

—

call — · α —

—

due 14h ago

T+60d

—

call — · α —

—

in 8w

Price Chart

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Executive Summary

Heron Therapeutics reported Q1 2026 net revenue of $34.7M, down 10.8% YoY, and a GAAP net loss of $8.1M ($-0.04/share) vs a $2.6M profit in Q1 2025. The Acute Care franchise grew 32% YoY, but the Oncology franchise declined 26.3%, dragging total revenue lower. The company reaffirmed full-year 2026 guidance of $173M-$183M net revenue and $10M-$20M Adjusted EBITDA, with management citing temporary gross margin pressure from higher-cost CINVANTI inventory.

Key Financial Metrics

Guidance

$173M-$183M

maintained

Gross Margin

69.4%

Actionable Insight

The 10.8% revenue decline and swing to a net loss are bearish, but the reaffirmed full-year guidance suggests management expects a recovery. Watch for Q2 and Q3 revenue trends to confirm whether the CINVANTI inventory overhang and SUSTOL wind-down stabilize. The Acute Care franchise growth (+32%) is a positive offset, but not enough to override the headline decline.

Key Facts

Q1 2026 total net revenue $34.7M, down 10.8% YoY from $38.9M
GAAP net loss of $8.1M ($-0.04/share) vs net income of $2.6M ($0.02/share) in Q1 2025
Acute Care revenue grew 32% YoY to $13.6M; Oncology revenue fell 26.3% to $21.1M
CINVANTI revenue declined 20.2% YoY to $20.5M; SUSTOL revenue down 80.9% to $0.5M
Adjusted EBITDA was -$0.7M vs +$6.2M in Q1 2025
Reaffirmed FY2026 guidance: net revenue $173M-$183M, Adjusted EBITDA $10M-$20M
Cash and investments $44.8M at quarter end
Settlement reached with Baxter in CINVANTI patent litigation

Financial Impact

Revenue decline of $4.2M YoY; net income swing of -$10.7M YoY; Adjusted EBITDA swing of -$6.9M YoY

revenuenet incomeadjusted EBITDA

Risk Factors

Continued CINVANTI market share erosion or pricing pressure
Higher-cost CINVANTI inventory weighing on gross margins for two more quarters
SUSTOL wind-down by end of 2026 removes a revenue stream
Cash burn: $44.8M cash vs $8.1M quarterly operating loss may require future financing

Market Snapshot

Exchange

Nasdaq

Sector

Pharmaceutical Preparations

Analyst Consensus

89% bullish (9 analysts)

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3291812

7 reports for HRTX

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for HRTX — sortable, filterable
	Type				Now
Jun 2, 2026 7d ago	8-K BEARISH ★ 7/10	$0.4500 $0.4835	▼ −7.44%	▼ −7.04%	$0.4049 (+10.02%)
May 11, 2026 29d ago	8-K BEARISH ★ 6/10	$0.9600 $0.9600	· 0.00%	▼ −0.14%	$0.4049 (+57.82%)
May 11, 2026 29d ago	Press Release BEARISH ★ 6/10	$0.9600 $0.9600	· 0.00%	▼ −0.14%	$0.4049 (+57.82%)
Apr 30, 2026 5w ago	DEFA14A NEUTRAL ★ 2/10	$1.20 $1.27	▲ +5.83%	▲ +5.61%	$0.4049 (−66.26%)
Apr 27, 2026 6w ago	Press Release NEUTRAL ★ 1/10	$1.21 $1.17	▼ −3.72%	▼ −3.71%	$0.4049 (−66.54%)
Apr 6, 2026 9w ago	8-K NEUTRAL ★ 4/10	$0.8100 $0.7900	▼ −2.47%	▼ −2.53%	$0.4049 (−50.01%)
Feb 26, 2026 14w ago	8-K MIXED ★ 6/10	$1.20 $1.19	▼ −0.83%	▼ −0.38%	$0.4049 (−66.26%)

US Market Status

Market Closed — Opens Thu (11h 17m)

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