It is 25 August, 2024.
The portfolio underperformed the S&P 500 Index as our position in HRTX (Heron Therapeutics Inc) detracted. Month-to-date, the portfolio declined 4.28%.
At the start of August, HRTX reported a loss from operations of USD 6.45m in 2Q24, up from a loss of USD 42.4m in 2Q23. The company lowered its EBITDA for 2024 to a range of -USD 10m to USD 3m. However, the cash position of USD 18.4m is insufficient to cover the non-current notes payables of USD 24.6m and USD 149.6m of convertible notes payables.
The stock is down 44% since my purchase price and is weighing on overall portfolio returns. I will look to sell the stock on rallies.