Heron EVP Forbes vests 11,695 RSUs into stock

Heron Therapeutics executive William P. Forbes reported the vesting of restricted stock units (RSUs) into common shares.

Rhea-AI Filing Summary

Heron Therapeutics executive William P. Forbes reported the vesting of restricted stock units (RSUs) into common shares. On January 31, 2026, 11,695 RSUs converted into 11,695 shares of common stock at an exercise price of $0.00 per share.

After this transaction, Forbes directly owned 181,773 shares of common stock and 140,332 RSUs. Each RSU represents the right to receive one share of common stock, and the RSUs vest in 16 equal installments beginning one quarter after the January 31, 2025 grant date.

Insider Trade Summary

11,695 shares exercised/converted

Exercise 2 txns

Insider Forbes William P

Role EVP, Chief Development Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	11,695	$0.00	$0.00
Exercise	Common Stock	11,695	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 140,332 contracts (Direct); Common Stock — 181,773 shares (Direct)

Footnotes (2)

1. F1. Each restricted stock unit represents a contingent right to receive one share of common stock.
2. F2. The restricted stock units vest in 16 equal installments beginning one quarter after the date of grant (January 31, 2025).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HRTX executive William P. Forbes report?

William P. Forbes reported the vesting and conversion of 11,695 restricted stock units into 11,695 shares of common stock on January 31, 2026. This was recorded as a code M transaction at an exercise price of $0.00 per share.

How many Heron Therapeutics (HRTX) shares does William P. Forbes own after this Form 4?

After the reported transaction, William P. Forbes directly owned 181,773 shares of Heron Therapeutics common stock. In addition, he held 140,332 restricted stock units, each representing a contingent right to receive one share of common stock in the future.

What does the code M transaction mean in the HRTX Form 4 filing?

The code M indicates the exercise or conversion of a derivative security. In this case, 11,695 restricted stock units converted into 11,695 shares of common stock at an exercise price of $0.00, reflecting RSU vesting rather than an open-market purchase or sale.

How do William P. Forbes’s restricted stock units in HRTX vest over time?

The restricted stock units vest in 16 equal installments, beginning one quarter after the grant date of January 31, 2025. Each vested RSU gives Forbes the right to receive one share of Heron Therapeutics common stock, as disclosed in the Form 4 footnotes.

What is the exercise price of the restricted stock units reported by HRTX executive Forbes?

The restricted stock units reported by William P. Forbes have an exercise price of $0.00 per unit. When vesting occurs, each RSU converts into one share of common stock without cash payment, consistent with typical RSU structures disclosed in equity compensation plans.

What role does William P. Forbes hold at Heron Therapeutics (HRTX)?

William P. Forbes is an officer of Heron Therapeutics, serving as EVP, Chief Development Officer. The Form 4 identifies him as an officer but not as a director or 10% owner, and the reported holdings are shown as directly owned securities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/03/2026 - 08:30 AM EST Learn about SEC filing dates

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^*

Forbes William P

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/31/2026

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	01/31/2026		M		11,695	A	(1)	181,773	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
Restricted Stock Units	$0.00	01/31/2026		M			11,695	(2)	(2)	Common Stock	11,695	$0.00	140,332	D

Explanation of Responses:

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

2. The restricted stock units vest in 16 equal installments beginning one quarter after the date of grant (January 31, 2025).

	/s/ Kathryn Lester Attorney-in-Fact for William P. Forbes	02/03/2026
	** 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.