Diligence memo · auto-generated · as of July 3, 2026
Heron Therapeutics, Inc. /De/
Heron Therapeutics, Inc. /De/ looks fair against its niche peers and is at-risk on financing cadence.
Businessfiled
Heron Therapeutics, Inc. /De/ operates in Biotechnology, based in San Diego.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Heron Therapeutics, Inc. /De/ has raised $117M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $54M on 2012-07-30.
Most recent recorded round closed around 2023-07-25.
Valuation (modeled)modeled
Provath models Heron Therapeutics, Inc. /De/ at approximately $382M (range $93M–$661M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: 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.
Financing rhythm & timingmixed
Historic cadence: a new round about every 41 months.
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.
The last round was 1.8× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 92% of Biotechnology peers (4293 compared).
Modeled value ranks above 80% of those peers.
Closest niche peers: Dianthus Therapeutics, Inc., Satellite Biosciences, Inc., Deepcell, Inc., Ventus Therapeutics U.S., Inc., Morphic Holding, Inc..
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.