diff --git a/CHANGELOG.md b/CHANGELOG.md
index 37bae4cb6..ef3df05b5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,20 @@
 # Changelog
 
+## 0.37.4
+
+**Release date:** 2024-02-05
+
+This prerelease comes with improvements in the HelmRelease status reporting.
+After recovering from a reconciliation failure, sometimes the status may show
+stale conditions which could be misleading. This has been fixed by ensuring that
+the stale failure conditions get updated after failure recovery.
+
+Improvements:
+- Remove stale Ready=False conditions value to show more accurate status
+  [#884](https://github.com/fluxcd/helm-controller/pull/884)
+- Dependency update
+  [#886](https://github.com/fluxcd/helm-controller/pull/886)
+
 ## 0.37.3
 
 **Release date:** 2024-02-01
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 65d1c792e..ca14db83c 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.37.3
+    newTag: v0.37.4
diff --git a/go.mod b/go.mod
index 40990716b..110b4b294 100644
--- a/go.mod
+++ b/go.mod
@@ -16,7 +16,7 @@ replace (
 
 require (
 	github.com/fluxcd/cli-utils v0.36.0-flux.3
-	github.com/fluxcd/helm-controller/api v0.37.3
+	github.com/fluxcd/helm-controller/api v0.37.4
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.7.0
 	github.com/fluxcd/pkg/apis/kustomize v1.3.0