Form 4: HRTX director awarded 227,272 options at $1.1 and RSUs

Rhea-AI Filing Summary

Heron Therapeutics (HRTX) reported a director equity grant. On 11/08/2025, the reporting person acquired 37,879 shares of common stock via restricted stock units, with 37,879 shares beneficially owned following the transaction. Each RSU equals one share and vests in 16 equal quarterly installments beginning one quarter after grant.

On the same date, the director received stock options for 227,272 shares at an exercise price of $1.1, expiring on 11/08/2035. These options vest in 48 equal monthly installments starting one month after grant.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Cusack Thomas

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	227,272	$1.10	$250K
Grant/Award	Common Stock	37,879	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 227,272 shares (Direct); Common Stock — 37,879 shares (Direct)

Footnotes (1)

1. The shares were granted as restricted stock units which vest in 16 equal quarterly installments beginning one quarter after the date of grant. Each restricted stock unit represents a contingent right to receive one share of common stock. The stock options vest and become exercisable in 48 equal monthly installments beginning one month after the date of grant.

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^*

Cusack Thomas

(Last) (First) (Middle)

100 REGENCY FOREST DRIVE

SUITE 300

(Street)

CARY NC 27518

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HERON THERAPEUTICS, INC. /DE/ [ HRTX ]

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)
11/08/2025

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(1)	11/08/2025		A		37,879	A	(2)	37,879	D

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
Stock Option (Right to Buy)	$1.1	11/08/2025		A		227,272		(3)	11/08/2035	Common Stock	227,272	$1.1	227,272	D

Explanation of Responses:

1. The shares were granted as restricted stock units which vest in 16 equal quarterly installments beginning one quarter after the date of grant.

2. Each restricted stock unit represents a contingent right to receive one share of common stock.

3. The stock options vest and become exercisable in 48 equal monthly installments beginning one month after the date of grant.

	/s/ Kathryn Lester Attorney-in-fact for Thomas P. Cusack	11/12/2025
	** 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 transaction was reported for HRTX?

A director reported RSUs for 37,879 shares and stock options for 227,272 shares granted on 11/08/2025.

What is the exercise price and term of the HRTX options?

The options have an exercise price of $1.1 per share and expire on 11/08/2035.

How do the HRTX RSUs vest?

The RSUs vest in 16 equal quarterly installments beginning one quarter after the grant date.

How do the HRTX stock options vest?

The options vest in 48 equal monthly installments beginning one month after the grant date.

How many HRTX shares are beneficially owned after the transaction?

The reporting person beneficially owned 37,879 shares of common stock following the reported transactions.

Who is the issuer and ticker for this Form 4?

The issuer is Heron Therapeutics, Inc. with ticker HRTX.