Heron CEO exercises 84,810 RSUs into common stock

Heron Therapeutics Chief Executive Officer Craig A. Collard exercised restricted stock units into common stock in a compensation-related transaction.

Rhea-AI Filing Summary

Heron Therapeutics Chief Executive Officer Craig A. Collard exercised restricted stock units into common stock in a compensation-related transaction. He acquired 50,021 shares and 34,789 shares of common stock upon conversion of RSUs, reflecting previously granted equity awards that vest over time rather than open-market purchases or sales. Collard’s RSU program includes a grant of 800,337 units that vest in 16 equal quarterly installments beginning after the January 30, 2026 date of grant. Footnotes also note 11,023 shares acquired under the company’s Employee Stock Purchase Plan on April 30, 2026.

Insider Trade Summary

84,810 shares exercised/converted

Exercise 4 txns

Insider Collard Craig A

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	34,789	$0.00	$0.00
Exercise	Restricted Stock Units	50,021	$0.00	$0.00
Exercise	Common Stock	34,789	$0.00	$0.00
Exercise	Common Stock	50,021	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 1,132,991 contracts (Direct); Common Stock — 757,885 shares (Direct)

Footnotes (4)

1. F1. Each restricted stock unit represents a contingent right to receive one share of common stock.
2. F2. Includes 11,023 shares acquired under the Heron Therapeutics, Inc. 1997 Employee Stock Purchase Plan on April 30, 2026.
3. F3. The restricted stock units vest in 16 equal installments beginning one quarter after the date of grant (January 31, 2025).
4. F4. On January 30, 2026 (the "Date of Grant"), the Reporting Person was granted 800,337 RSUs which vest upon the following time-based vesting schedule: the RSUs vest in 16 equal quarterly installments beginning one quarter after the Date of Grant.

Key Figures

RSUs converted to common stock: 50,021 shares Additional RSUs converted: 34,789 shares Total RSU exercise shares: 84,810 shares +4 more

7 metrics

RSUs converted to common stock 50,021 shares Common stock acquired from RSU exercise on April 30, 2026

Additional RSUs converted 34,789 shares Common stock acquired from RSU exercise on April 30, 2026

Total RSU exercise shares 84,810 shares ExerciseShares in transaction summary for derivative exercises

New RSU grant size 800,337 units RSUs granted on January 30, 2026 (Date of Grant)

RSU vesting schedule 16 installments Equal quarterly vesting installments after the January 30, 2026 grant

ESPP shares acquired 11,023 shares Shares acquired under 1997 Employee Stock Purchase Plan on April 30, 2026

RSU conversion price $0.00 per share Stated transaction price per share for RSU exercises

Key Terms

Restricted Stock Units, Employee Stock Purchase Plan, Date of Grant, derivative exercise/conversion, +1 more

5 terms

Restricted Stock Units financial

"The restricted stock units vest in 16 equal installments beginning one quarter after the date of grant"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Employee Stock Purchase Plan financial

"Includes 11,023 shares acquired under the Heron Therapeutics, Inc. 1997 Employee Stock Purchase Plan"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

Date of Grant financial

"On January 30, 2026 (the "Date of Grant"), the Reporting Person was granted 800,337 RSUs"

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

restricted stock unit financial

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

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

FAQ

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

What did Heron Therapeutics (HRTX) CEO Craig Collard report in this Form 4?

Craig Collard reported exercising restricted stock units into common stock. He acquired 50,021 and 34,789 shares through RSU conversions, reflecting equity compensation vesting rather than open-market buying or selling activity in Heron Therapeutics shares.

How many Heron Therapeutics (HRTX) shares came from RSU exercises?

The CEO converted restricted stock units into 50,021 and 34,789 common shares. These 84,810 shares resulted from previously granted RSUs reaching vesting, turning contingent stock-based awards into actual Heron Therapeutics common stock without an open-market cash purchase.

What are restricted stock units (RSUs) in the Heron Therapeutics (HRTX) filing?

In this filing, each RSU represents a contingent right to receive one common share. When vesting conditions are satisfied, the RSUs convert into Heron Therapeutics stock, as shown by the CEO’s April 30, 2026 exercises into common shares at a stated price of $0.00.

How large is Craig Collard’s RSU grant at Heron Therapeutics (HRTX)?

On January 30, 2026, Craig Collard received a grant of 800,337 restricted stock units. According to the footnotes, these RSUs vest in 16 equal quarterly installments, starting one quarter after the grant date, gradually delivering common shares over four years.

What additional Heron Therapeutics (HRTX) shares did the CEO receive under employee plans?

Footnotes state the CEO’s holdings include 11,023 shares acquired under the Heron Therapeutics, Inc. 1997 Employee Stock Purchase Plan. These plan shares were acquired on April 30, 2026, supplementing the stock received from the vesting and conversion of restricted stock units.

Does this Heron Therapeutics (HRTX) Form 4 show any insider share sales?

No share sales appear in this Form 4. All reported transactions are coded as “M” for derivative exercises or conversions, meaning the CEO acquired common shares from vested RSUs and plan participation, with no open-market sales reported in this specific filing.

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

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Accepted by SEC EDGAR 05/04/2026 - 11:30 AM EDT 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^*

Collard Craig A

(Last) (First) (Middle)

100 REGENCY FOREST DRIVE

SUITE 300

(Street)

CARY NORTH CAROLINA 27518

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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

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

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

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	04/30/2026		M		34,789	A	(1)	696,841	D
Common Stock	04/30/2026		M		50,021	A	(1)	757,885(2)	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	04/30/2026		M			34,789	(3)	(3)	Common Stock	34,789	$0	382,675	D
Restricted Stock Units	$0	04/30/2026		M			50,021	(4)	(4)	Common Stock	50,021	$0	750,316	D

Explanation of Responses:

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

2. Includes 11,023 shares acquired under the Heron Therapeutics, Inc. 1997 Employee Stock Purchase Plan on April 30, 2026.

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

4. On January 30, 2026 (the "Date of Grant"), the Reporting Person was granted 800,337 RSUs which vest upon the following time-based vesting schedule: the RSUs vest in 16 equal quarterly installments beginning one quarter after the Date of Grant.

	/s/Kathryn Lester Attorney-in-fact for Craig Collard	05/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)