Q3 FY2026
Filed Nov 9, 2026Heron Q3 2026 net revenue of $35,250 thousand fell 7.8% year over year; Acute Care rose 22.5%; definitive agreement to sell substantially all assets to CorMedix
Total net revenue declined 7.8% in Q3 and 5.9% for nine months, with Oncology down 22.2% for the quarter. The company reports a GAAP net loss of $(5,006) thousand, narrower than the prior-year quarter, but it has withdrawn full-year 2026 guidance, holds $23.4 million of cash and short-term investments against $225,532 thousand of total liabilities, and has signed an asset sale subject to stockholder approval. The forward-looking statements also reference going-concern risk, covenant compliance and Nasdaq listing requirements.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenue (net product sales), Q3 2026GAAP | $35.25M | – | (7.8%) |
| Total net revenue (net product sales), nine months 2026GAAP | $107.6M | – | (5.9%) |
| Acute Care net revenue, Q3 2026other | $15.13M | – | 22.5% |
| Acute Care net revenue, nine months 2026other | $44.09M | – | 32.4% |
| APONVIE net revenue, Q3 2026other | $4.53M | – | 49.3% |
| APONVIE net revenue, nine months 2026other | $12.2M | – | 57.3% |
| ZYNRELEF net revenue, Q3 2026other | $10.60M | – | 13.8% |
| ZYNRELEF net revenue, nine months 2026other | $31.89M | – | 24.8% |
| Oncology Supportive Care net revenue, Q3 2026other | $20.12M | – | (22.2%) |
| Oncology Supportive Care net revenue, nine months 2026other | $63.54M | – | (21.6%) |
| CINVANTI net revenue, Q3 2026other | $19.97M | – | (16.6%) |
| CINVANTI net revenue, nine months 2026other | $62.30M | – | (15.6%) |
| SUSTOL net revenue, Q3 2026other | $152K | – | (92.0%) |
| SUSTOL net revenue, nine months 2026other | $1.24M | – | (82.7%) |
| Cost of product sales, Q3 2026GAAP | $8.96M | – | – |
| Cost of product sales, nine months 2026GAAP | $31.17M | – | – |
| Gross profit, Q3 2026GAAP | $26.29M | – | – |
| Gross profit, nine months 2026GAAP | $76.46M | – | – |
| Research and development expense, Q3 2026GAAP | $3.10M | – | – |
| Research and development expense, nine months 2026GAAP | $8.19M | – | – |
| General and administrative expense, Q3 2026GAAP | $12.34M | – | – |
| General and administrative expense, nine months 2026GAAP | $35.76M | – | – |
| Sales and marketing expense, Q3 2026GAAP | $12.52M | – | – |
| Sales and marketing expense, nine months 2026GAAP | $40.99M | – | – |
| Total operating expenses, Q3 2026GAAP | $27.96M | – | – |
| Total operating expenses, nine months 2026GAAP | $84.94M | – | – |
| Loss from operations, Q3 2026GAAP | −$1.67M | – | – |
| Loss from operations, nine months 2026GAAP | −$8.48M | – | – |
| Loss on debt extinguishment, Q3 2026GAAP | no amount printed (shown as a dash) | – | – |
| Other expense, net, Q3 2026GAAP | −$3.34M | – | – |
| Other expense, net, nine months 2026GAAP | −$10.13M | – | – |
| Net loss, Q3 2026GAAP | −$5.01M | – | – |
| Net loss, nine months 2026GAAP | −$18.61M | – | – |
| Basic and diluted net loss per share, Q3 2026GAAP | $(0.03) | – | – |
| Basic and diluted net loss per share, nine months 2026GAAP | $(0.10) | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $3.7M | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | $6.22M | – | – |
| Cash, cash equivalents and short-term investments, September 30, 2026other | $23.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Acute Care, Q3 2026The filing states that ZYNRELEF contributed $10.6 million and APONVIE contributed $4.5 million of net revenue in Q3 2026. No cause for the segment change is given beyond these product figures. | $15.13M | – | 22.5% |
| APONVIE, Q3 2026Product line within Acute Care. The filing gives no explanation for the change. | $4.53M | – | 49.3% |
| ZYNRELEF, Q3 2026Product line within Acute Care. The filing gives no explanation for the change. | $10.60M | – | 13.8% |
| Oncology Supportive Care, Q3 2026The filing states that CINVANTI contributed $20.0 million in Q3 2026 and that commercial sales of SUSTOL ceased on September 30, 2026. No cause for the decline is stated. | $20.12M | – | (22.2%) |
| CINVANTI, Q3 2026Product line within Oncology Supportive Care. The filing gives no explanation for the decline. | $19.97M | – | (16.6%) |
| SUSTOL, Q3 2026The filing states that commercial sales of SUSTOL ceased on September 30, 2026. | $152K | – | (92.0%) |
Capital returns
- The filing does not print any share repurchase or dividend for the quarter or the nine months.
- Weighted average common shares outstanding, basic and diluted, were 190,919 thousand for Q3 2026 against 170,348 thousand for Q3 2025, and 190,305 thousand for nine months 2026 against 159,524 thousand for nine months 2025.
- Additional paid-in capital rose to 1,960,368 thousand at September 30, 2026 from 1,951,185 thousand at December 31, 2025. The filing does not explain the change.
What drove it
- Acute Care net revenue rose 22.5% in Q3 2026 and 32.4% for nine months, led by APONVIE (49.3% in Q3) and ZYNRELEF (13.8% in Q3).
- Oncology Supportive Care net revenue fell 22.2% in Q3 2026, with CINVANTI down 16.6% and SUSTOL down 92.0%. The filing states that commercial sales of SUSTOL ceased on September 30, 2026.
- Total operating expenses fell to $27,961 thousand in Q3 2026 from $30,392 thousand, with General and administrative expense down to $12,341 thousand from $13,980 thousand.
- Q3 2026 had no loss on debt extinguishment, against $(11,339) thousand in Q3 2025. Other expense, net was $(3,337) thousand against $(2,063) thousand in the statement of operations.
- The Adjusted EBITDA reconciliation adds back inventory reserve and write-offs of 454 thousand in Q3 2026 (2,169 thousand in Q3 2025) and project related legal expenses of 1,441 thousand in Q3 2026 (no amount printed for Q3 2025).
- The company withdrew full-year 2026 financial guidance in August 2026 and states that it is not providing guidance at this time.
Concerns
- Total net revenue declined 7.8% in Q3 2026 and 5.9% for nine months, and Oncology Supportive Care declined 22.2% in Q3 2026.
- Total stockholders' equity fell to $4,916 thousand at September 30, 2026 from $14,333 thousand at December 31, 2025, against total liabilities of $225,532 thousand.
- Cash, cash equivalents and short-term investments are stated as $23.4 million at September 30, 2026.
- The forward-looking statements list the ability to continue as a going concern without additional funding, the ability to comply with covenants in the Working Capital Facility Agreement pending the Asset Sale, and the ability of the common stock to meet Nasdaq Capital Market listing requirements as risks.
- The forward-looking statements also list the outcome of pending patent litigation, including potential appeals, and whether additional inventory write-offs are required.
- Other expense, net for Q3 2025 is printed as $(2,063) thousand in the statement of operations and as 13,402 thousand in the Adjusted EBITDA reconciliation. The filing does not explain the difference.
- Nine-month Other expense, net increased to $(10,128) thousand from $(3,326) thousand in the prior-year period, and the nine-month loss from operations widened to $(8,478) thousand from $(2,576) thousand.
What to watch
- Stockholder approval of the Asset Sale to CorMedix Therapeutics and the closing conditions described in the filing.
- Compliance with covenants in the Working Capital Facility Agreement pending the closing of the Asset Sale.
- Whether the common stock meets the minimum requirements for continued listing on the Nasdaq Capital Market.
- Cash runway: the filing states that the expected duration of funding from cash, cash equivalents and short-term investments is a forward-looking matter but gives no figure.
- Outcome of the pending patent litigations and any appeals.
- Any further inventory write-offs, which the company lists as a forward-looking risk.
- The effect of SUSTOL ceasing commercial sales on September 30, 2026 on Oncology Supportive Care revenue in future periods.
Balance sheet and cash flow
- Cash and cash equivalents: $11,595 thousand at September 30, 2026 against $28,647 thousand at December 31, 2025.
- Short-term investments: $11,854 thousand at September 30, 2026 against $17,984 thousand at December 31, 2025.
- The filing states cash, cash equivalents and short-term investments of $23.4 million at September 30, 2026.
- Accounts receivable, net: $86,735 thousand at September 30, 2026 against $89,587 thousand at December 31, 2025.
- Inventory, net: $91,301 thousand at September 30, 2026 against $92,746 thousand at December 31, 2025.
- Total assets: $230,448 thousand at September 30, 2026 against $255,877 thousand at December 31, 2025.
- Total liabilities: $225,532 thousand at September 30, 2026 against $241,544 thousand at December 31, 2025.
- Non-current notes payable, net: $91,634 thousand at September 30, 2026 against $107,899 thousand at December 31, 2025.
- Non-current convertible notes payable, net: $34,377 thousand at September 30, 2026 against $32,739 thousand at December 31, 2025.
- Total stockholders' equity: $4,916 thousand at September 30, 2026 against $14,333 thousand at December 31, 2025.
- Right-of-use lease asset of $5,448 thousand and lease liabilities of $359 thousand (current) and $5,359 thousand (non-current) are shown at September 30, 2026. The December 31, 2025 column shows no lease balances.
- Operating and free cash flow are not reported in the filing. No cash flow statement is included.
Analysis
Heron reported Q3 2026 net product sales of $35,250 thousand, down from $38,213 thousand in Q3 2025 and from $37.7 million in Q2 2026 as stated in the highlights. Nine-month net product sales were $107,627 thousand, down 5.9% from $114,316 thousand. The mix moved sharply. Acute Care grew 22.5% in the quarter to $15,128 thousand, with APONVIE up 49.3% to $4,530 thousand and ZYNRELEF up 13.8% to $10,598 thousand. Oncology Supportive Care fell 22.2% to $20,122 thousand, with CINVANTI down 16.6% to $19,970 thousand and SUSTOL down 92.0% to $152 thousand. The filing states that commercial sales of SUSTOL ceased on September 30, 2026. The filing does not explain the CINVANTI or the Acute Care product changes beyond these figures.
Gross profit was $26,292 thousand in Q3 2026 against $26,299 thousand in Q3 2025, while cost of product sales fell to $8,958 thousand from $11,914 thousand. The filing does not print a gross margin percentage, so none is reported here. Operating expenses fell to $27,961 thousand from $30,392 thousand, with General and administrative expense at $12,341 thousand against $13,980 thousand and Sales and marketing at $12,521 thousand against $12,942 thousand. Loss from operations narrowed to $(1,669) thousand from $(4,093) thousand. Net loss narrowed to $(5,006) thousand from $(17,495) thousand, but the prior-year quarter included a loss on debt extinguishment of $(11,339) thousand that does not recur in Q3 2026. Other expense, net was $(3,337) thousand against $(2,063) thousand in the statement of operations.
On a non-GAAP basis, Adjusted EBITDA was $3,700 thousand for Q3 2026 against $1,542 thousand, while nine-month Adjusted EBITDA fell to $6,224 thousand from $9,530 thousand. The company's reconciliation adds back inventory reserve and write-offs and project related legal expenses, and the filing does not explain why these items recur in the period. Net loss per share was $(0.03) for Q3 2026 against $(0.10), and $(0.10) for nine months against $(0.11).
The balance sheet shows cash, cash equivalents and short-term investments of $23.4 million at September 30, 2026. Total assets were $230,448 thousand and total liabilities were $225,532 thousand, leaving total stockholders' equity at $4,916 thousand against $14,333 thousand at December 31, 2025. Non-current notes payable, net fell to $91,634 thousand from $107,899 thousand, while non-current convertible notes payable, net rose to $34,377 thousand from $32,739 thousand. The filing does not include a cash flow statement and prints no operating or free cash flow, and it reports no share repurchases or dividends.
The company withdrew its full-year 2026 guidance in August 2026 and provides none now. Alongside results it announced a definitive asset purchase agreement under which CorMedix Therapeutics would acquire substantially all of Heron's assets, subject to stockholder approval and other closing conditions. The forward-looking statements list going-concern risk, covenant compliance under the Working Capital Facility Agreement pending the closing, and Nasdaq listing requirements, so these are the items that determine the outcome for shareholders.
Not in the filing
stated, not guessed- Gross margin percentage for Q3 2026 and nine months 2026 is not printed and was not calculated.
- Year-over-year change for cost of product sales, gross profit, operating expense lines, loss from operations, net loss and Adjusted EBITDA is not printed as a percentage and was not calculated.
- Prior quarter (Q2 2026) figures for every line except total net revenue of $37.7 million are not printed in the filing.
- Other expense, net for Q3 2025 is $(2,063) thousand in the statement of operations and 13,402 thousand in the Adjusted EBITDA reconciliation. The filing does not explain the difference, so the prior-year value is left as printed in the statement.
- Operating cash flow, investing cash flow, free cash flow and a cash flow statement are not reported.
- Capital returns: no share repurchases or dividends are printed.
- Expected cash runway duration and future cash balances are referenced in the forward-looking statements but no figures are given.
- Full-year 2026 guidance: withdrawn in August 2026 and not restated. No prior outlook document was provided, so no guidance comparison is made.
- Cash, cash equivalents and short-term investments at December 31, 2025 combined and the prior-period comparison for that combined figure are not printed.
- Adjusted EBITDA reconciliation prior-year value for project related legal expenses is printed as a dash and is not reported as a figure.
- No CFO commentary or executive quotes are included in the filing, and the company states it will not host a conference call.
- Consensus estimates, analyst expectations and share price reaction are not provided in the documents.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.