I believe you do have a solid base here. However, I am only giving you 3 stars since this game's upgrades feel way too overpowered. I think it has to do with the fact that there is no progression towards enemy spawns. You just often get the red circle crowd spawn way too often, which gives a lot of money for a short time. Because of this, you get money super quickly and it doesn't feel rewarding.
The regeneration upgrade also is too overpowered. It gives lives at a way too fast rate to the point where I am at 33 lives. Even with the one hit enemies, it still feels too easy difficulty wise once I get the piercing upgrade. Maybe enemies that require two or three more hits even with the upgrade would at least add some challenge to this game. As it stands now, there isn't much incentive to continue trying since the game is too easy.
I will give you props for the graphics though. It's definitely not a masterpiece, but I do like the old-school flash aesthetic, and I'd say you nailed it here.
Overview for this messy review: Either raise the upgrade prices, limit the fire rate, or make enemies take more hits, and I would say you got a good game here. Keep on going at it, you got potential.