RSU grant and share exchange reported at Acura Pharma (NASDAQ: ACUR)

Rhea-AI Filing Summary

Acura Pharmaceuticals director Immanuel Thangaraj reported equity compensation activity involving restricted stock units (RSUs) and common stock. On January 2, 2026, 50,000 RSUs previously granted on January 2, 2025 were exchanged on a one-for-one basis into 50,000 shares of common stock, with par value of $0.01 per share paid on exchange. On the same date, he received a new grant of 50,000 RSUs under the 2021 plan, which vest 25% on the last day of each of March, June, September and December 2026, with provisions for immediate vesting upon a change of control and certain other events, and an election to take up to 40% in cash instead of shares. After these transactions, he directly holds 547,647 shares of common stock and 50,000 RSUs, and there are an additional 1,956,396 shares reported as indirectly owned by Essex Woodlands Health Ventures Fund V, L.P., where he is a managing director of the general partner and disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

50,000 shares exercised/converted

Mixed 4 txns

Insider THANGARAJ IMMANUEL

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units (2021 Plan)	50,000	$0.00	--
Grant/Award	Restricted Stock Units (2021 Plan)	50,000	$0.00	--
Exercise	Common Stock	50,000	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units (2021 Plan) — 0 shares (Direct); Common Stock — 547,647 shares (Direct); Common Stock — 1,956,396 shares (Indirect, By Essex Woodlands Health Venture Fund V, L.P.)

Footnotes (1)

1. Represents exchange of restricted stock units. Par value of $.01 per share must be paid by Reporting Person upon exchange of Restricted Stock Units for stock Does not include Restricted Stock Units. 1 - for - 1 50,000 Restricted Stock Units were granted on January 2, 2025. 25% of Restricted Stock Units vested on the last day of each of March, June, September and December 2025. Restricted Stock Units are being exchanged on a one for one basis for common stock, in each case upon payment of par value. N/A 50,000 Restricted Stock Units were granted on January 2, 2026. 25% of Restricted Stock Units vest on the last day of each of March, June, September and December 2026, subject to immediate vesting in the event of a change of control and certain other events. Reporting Person may elect to exchange up to 40% of Restricted Stock Units for cash and the remaining Restricted Stock Units will be exchanged on a one for one basis for common stock, in each case upon payment of, or deduction of par value. Distributions in respect of vested Restricted Stock Units will be made on the first business day of January 2027 or earlier upon a change of control. The reporting person is a managing director of the general partner of Essex Woodlands Health Ventures Fund V, L.P. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

THANGARAJ IMMANUEL

(Last) (First) (Middle)

ACURA PHARMACEUTICALS INC

616 N. NORTH COURT, SUITE 120

(Street)

PALATINE IL 60067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACURA PHARMACEUTICALS, INC [ ACUR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/02/2026		M(1)		50,000	A	(2)	547,647(3)	D
Common Stock								1,956,396	I(8)	By Essex Woodlands Health Venture Fund V, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units (2021 Plan)	(2)(4)	01/02/2026		M			50,000	(5)	(5)	Common Stock	50,000	(6)	0	D
Restricted Stock Units (2021 Plan)	(2)(4)	01/02/2026		A			50,000	(7)	(7)	Common Stock	50,000	(6)	50,000	D

Explanation of Responses:

1. Represents exchange of restricted stock units.

2. Par value of $.01 per share must be paid by Reporting Person upon exchange of Restricted Stock Units for stock

3. Does not include Restricted Stock Units.

4. 1 - for - 1

5. 50,000 Restricted Stock Units were granted on January 2, 2025. 25% of Restricted Stock Units vested on the last day of each of March, June, September and December 2025. Restricted Stock Units are being exchanged on a one for one basis for common stock, in each case upon payment of par value.

6. N/A

7. 50,000 Restricted Stock Units were granted on January 2, 2026. 25% of Restricted Stock Units vest on the last day of each of March, June, September and December 2026, subject to immediate vesting in the event of a change of control and certain other events. Reporting Person may elect to exchange up to 40% of Restricted Stock Units for cash and the remaining Restricted Stock Units will be exchanged on a one for one basis for common stock, in each case upon payment of, or deduction of par value. Distributions in respect of vested Restricted Stock Units will be made on the first business day of January 2027 or earlier upon a change of control.

8. The reporting person is a managing director of the general partner of Essex Woodlands Health Ventures Fund V, L.P. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

	/s/ Immanuel Thangaraj	01/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did ACUR director Immanuel Thangaraj report on January 2, 2026?

On January 2, 2026, Immanuel Thangaraj reported exchanging 50,000 restricted stock units granted on January 2, 2025 into 50,000 shares of Acura Pharmaceuticals common stock on a one-for-one basis, upon payment of par value. He also reported receiving a new grant of 50,000 restricted stock units under the 2021 plan on the same date.

How many Acura Pharmaceuticals (ACUR) shares does Immanuel Thangaraj directly beneficially own after these transactions?

Following the reported transactions, Immanuel Thangaraj beneficially owns 547,647 shares of Acura Pharmaceuticals common stock directly, along with 50,000 restricted stock units under the 2021 plan.

What are the key vesting terms of the new 50,000 restricted stock units granted to the ACUR director?

The new grant of 50,000 restricted stock units on January 2, 2026 vests 25% on the last day of each of March, June, September and December 2026. The units are subject to immediate vesting in the event of a change of control and certain other events. Up to 40% of the RSUs may be exchanged for cash, and the remainder will be exchanged one-for-one for common stock upon payment or deduction of par value, with distributions for vested units scheduled for the first business day of January 2027 or earlier upon a change of control.

How many Acura Pharmaceuticals (ACUR) shares are reported as indirectly owned through Essex Woodlands Health Ventures Fund V, L.P.?

The Form 4 reports 1,956,396 shares of Acura Pharmaceuticals common stock as indirectly owned by Essex Woodlands Health Ventures Fund V, L.P.. Immanuel Thangaraj is a managing director of the general partner of this fund and disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

What does the one-for-one exchange ratio mean for the ACUR restricted stock units?

The footnotes state that the restricted stock units are exchanged on a 1-for-1 basis for Acura Pharmaceuticals common stock. This means each vested RSU can be exchanged for one share of common stock, subject to payment (or deduction) of the par value of $0.01 per share.

When were the earlier 50,000 restricted stock units that were exchanged for ACUR common stock originally granted and how did they vest?

The 50,000 restricted stock units exchanged into common stock on January 2, 2026 were originally granted on January 2, 2025. According to the footnotes, 25% of these RSUs vested on the last day of each of March, June, September and December 2025 before being exchanged into common stock on a one-for-one basis upon payment of par value.