Companies · Biotechnology

Heron Therapeutics, Inc. /De/

San Diego · Biotechnology

Diligence memoA one-page analyst read on Heron Therapeutics, Inc. /De/ — recommendation, valuation, rhythm, risks.
$117.2M
Total raised · real
5
Rounds
0.6×
Latest step-up
Top 9%
Sector rank · raised
Series C
Latest stage · inferred · Tue Jul 25 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Heron Therapeutics, Inc. /De/ looks fair against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 0.77× the median modeled value of Series C Biotechnology companies in 2022–2024 (111 peers) — value vs value, same stage and era.
  • Within the normal band (77% of peer median) for its niche.
At-risk
  • Last raise 2.9 yr ago; this sector typically re-raises about every 14 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

Heron Therapeutics, Inc. /De/ is one of 4293 Biotechnology companies tracked from San Diego. By capital raised it ranks among the largest (ahead of 92% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

pharma

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
7
Investors (latest)
2023-07-25
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries A · 2009-10-22 Raised $8.1M (real) Modeled valuation $294M (est)$8.1M$294MSeries A2009Series A · 2011-05-02 Raised $1.5M (real) Modeled valuation $54M (est)$1.5M$54MSeries A2011Series B · 2011-07-01 Raised $24M (real) Modeled valuation $953M (est)$24M$953MSeries B2011Series C · 2012-07-30 Raised $54M (real) Modeled valuation $2.2B (est)$54M$2.2BSeries C2012Series C · 2023-07-25 Raised $30M (real) Modeled valuation $382M (est)$30M$382MSeries C2023+$1.5M+$24M+$54M+$30MCumulative $117M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$8.1M · 2009
Series A extension$1.5M · 2011
Series B$24.0M · 2011
Series C$53.5M · 2012
Series C extension$30.0M · 2023

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$382.4M
Base estimate est.
$92.8M
Conservative case
$661.1M
Upside case
$200.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Series A · modeled $294.4M · 2009-10-222009Series A · modeled $54.2M · 2011-05-02Series B · modeled $952.5M · 2011-07-01Series C · modeled $2.2B · 2012-07-30Series C · modeled $382.4M · 2023-07-252023
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
62%
Survival probability
46% low · 72% high
1.46×/yr
Annual markup
1.68×/yr upside case
2.9 yr
Elapsed time used
2.9 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
41 mo
Avg between rounds
$8.5M/yr
Capital velocity
16.7 yr
On record since
2009
First round
5
Rounds on file
How it compares to the market

Benchmarked against 4293 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 16× above median
This company$117.2M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.6× of median
This company$30.0M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 6.0× above median
This company$382.4M
Sector median$64.2M

Raised more than 92% of sector peers (real $). Modeled value above 80% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #73 of 111.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Dianthus Therapeutics, Inc. · Series C Raised $121.5M · modeled $2.1B (est)Satellite Biosciences, Inc. · Series C Raised $101.5M · modeled $1.8B (est)Deepcell, Inc. · Series C Raised $96.9M · modeled $1.7B (est)Ventus Therapeutics U.S., Inc. · Series C Raised $186.8M · modeled $1.6B (est)Morphic Holding, Inc. · Series C Raised $200.6M · modeled $1.5B (est)Genleap Ai Inc. · Series C Raised $100.0M · modeled $1.5B (est)Dren Bio, Inc. · Series C Raised $93.1M · modeled $1.3B (est)Lenz Therapeutics, Inc. · Series C Raised $136.2M · modeled $1.2B (est)eyeBrain Medical, Inc. · Series C Raised $126.3M · modeled $1.2B (est)A2 Biotherapeutics, Inc. · Series C Raised $143.1M · modeled $1.2B (est)Invetx, Inc. · Series C Raised $70.7M · modeled $1.2B (est)Hexagon Bio Inc. · Series C Raised $148.6M · modeled $1.2B (est)Heron Therapeutics, Inc. /De/ (this company) Raised $117.2M · modeled $382.4M (est)Heron Therapeutics, Inc. /De/
CompanyStageRaised · realValue · estvs peer med.
Dianthus Therapeutics, Inc.Series C$121.5M$2.1B4.22×
Satellite Biosciences, Inc.Series C$101.5M$1.8B3.63×
Deepcell, Inc.Series C$96.9M$1.7B3.38×
Ventus Therapeutics U.S., Inc.Series C$186.8M$1.6B3.14×
Morphic Holding, Inc.Series C$200.6M$1.5B3.04×
Genleap Ai Inc.Series C$100.0M$1.5B3.00×
Dren Bio, Inc.Series C$93.1M$1.3B2.70×
Lenz Therapeutics, Inc.Series C$136.2M$1.2B2.49×
eyeBrain Medical, Inc.Series C$126.3M$1.2B2.45×
A2 Biotherapeutics, Inc.Series C$143.1M$1.2B2.42×
Invetx, Inc.Series C$70.7M$1.2B2.36×
Hexagon Bio Inc.Series C$148.6M$1.2B2.36×
Heron Therapeutics, Inc. /De/ this companySeries C$117.2M$382.4M0.77×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$8.1M2009-10-22$37.0M$294.4M85%
Series A$1.5M2011-05-02$6.8M$54.2M85%
Series B$24.0M2011-07-01$133.3M$952.5M85%
Series C$53.5M2012-07-30$357.0M$2.2B85%
Series C$30.0M2023-07-25$200.0M$382.4M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$8.1M2009-10-22
    • First recorded raise — entered as Series A.
    • 7 investors on this round.
  2. Series A$1.5M2011-05-02
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 5.4× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  3. Series B$24.0M2011-07-01
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 16.0× larger than the prior — scaling up.
    • 22 investors on this round.
  4. Series C$53.5M2012-07-30
    • Raised 13 mo later, in step with the ~14 mo sector norm.
    • Round 2.2× larger than the prior — scaling up.
    • 21 investors on this round.
  5. Series C$30.0M2023-07-25
    • Raised again after 132 mo — slower than the ~14 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 7 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~41mo cadence
$30.0M
Modeled next size est.range $30.0M$48.0M
0.6×
Last step-up
$8.5M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
CRAIG JOHNSON15 other2023-07
Robert Zerbe4 other2009-10
Paul Goddard3 other2009-10
John Barr2 other2009-10
Kevin Kotler2 other2023-07
Kevin Tang2 other2009-10
BARRY D. QUART1 other2012-07
Christian Waage1 other2023-07
Craig Collard1 other2023-07
Gregory Turnbull1 other2009-10
JOHN B. WHELAN1 other2011-05
John Whelan1 other2009-10
Adam Morgan2023-07
GREGORY C. TURNBULL2011-05
Ira Duarte2023-07
JOHN A. BARR2011-05
KEVIN C. TANG2011-05
MICHAEL A. ADAM2011-05
PAUL A. GODDARD2011-05
ROBERT R. ROSEN2012-07
Ronald Prentki2009-10
Sharmila Dissanaike2023-07
STEPHEN R. DAVIS2012-07
Susan Rodriguez2023-07
Registry & provenance

Heron Therapeutics, Inc. /De/ is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
818033
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Viracta Therapeutics, INC.BiotechnologySeries C$164.6M$2.1Bnetwork1 shared operator · same sector · same stage
Ikena Oncology, Inc.BiotechnologySeries C$117.6M$449.1Msame sector · same stage
Interius BioTherapeutics, Inc.BiotechnologySeries C$118.1M$478.9Msame sector · same stage
Glympse Bio, Inc.BiotechnologySeries C$114.0M$325.1Msame sector · same stage
Synageva Biopharma Corp.BiotechnologySeries C$120.8M$512.0Msame sector · same stage
CymaBay Therapeutics, Inc.BiotechnologySeries B$90.6M$12.9Mnetwork1 shared operator · same sector
Juvenescence LtdBiotechnologySeries C$121.9M$324.6Msame sector · same stage
NextPoint Therapeutics, Inc.BiotechnologySeries C$122.5M$444.1Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Arda Therapeutics, Inc.BiotechnologySeries C$356.5M83%
Rainier Therapeutics, Inc.BiotechnologySeries C$409.6M82%
Avstera Therapeutics Inc.BiotechnologySeries A$38.3M82%
Acer Therapeutics Inc.BiotechnologySeries B$21.2M82%
Allyx Therapeutics, Inc.BiotechnologySeries A$7.9M81%
Guardian Therapeutics, LLCBiotechnologySeries B$793.8M81%
Mistral Therapeutics, Inc.BiotechnologySeries B$1.0B81%
Aviceda Therapeutics, Inc.BiotechnologySeries D+$707.0M81%
Frequently asked
How much funding has Heron Therapeutics, Inc. /De/ raised?
Heron Therapeutics, Inc. /De/ has raised approximately $117.2M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Heron Therapeutics, Inc. /De/'s estimated valuation?
Provath's modeled valuation for Heron Therapeutics, Inc. /De/ is approximately $382.4M (modeled range $92.8M–$661.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Heron Therapeutics, Inc. /De/ at?
Heron Therapeutics, Inc. /De/'s latest modeled financing stage is Series C. Its most recent recorded round closed around Tue Jul 25.
What does Heron Therapeutics, Inc. /De/ do and where is it based?
Heron Therapeutics, Inc. /De/ operates in the Biotechnology sector, based in San Diego.
Explore related

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