[Form 4] HERON THERAPEUTICS, INC. /DE/ Insider Trading Activity

Rhea-AI Filing Summary

Heron Therapeutics (HRTX): Officer William P. Forbes reported an RSU vesting and settlement. On 10/31/2025, 11,694 shares of common stock were acquired from restricted stock units at a price of $0.00 per share (Transaction Code M). Following this, he beneficially owned 166,203 shares directly. The filing also lists 152,027 restricted stock units remaining after the transaction.

Each restricted stock unit represents the right to receive one share of common stock. The RSUs vest in 16 equal installments beginning one quarter after the grant date, January 31, 2025.

Insights

Governance & Insider Transactions Analyst

Routine RSU vesting; non-cash, neutral for valuation.

The Form 4 shows an RSU conversion (Code M) on October 31, 2025, delivering 11,694 common shares at $0.00 per share. This is standard equity compensation rather than an open-market trade.

Post-transaction holdings are 166,203 common shares directly, with 152,027 RSUs remaining outstanding. RSUs vest in 16 equal installments beginning January 31, 2025, indicating a scheduled cadence tied to the original grant.

As a non-cash settlement, immediate cash-flow impact is none. The practical effect depends on future vesting and any subsequent dispositions disclosed in later filings.

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

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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)
10/31/2025

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	10/31/2025		M		11,694	A	(1)	166,203	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	10/31/2025		M			11,694	(2)	(2)	Common Stock	11,694	$0.00	152,027	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	11/04/2025
	** 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 did HRTX report in this Form 4?

An officer, William P. Forbes, reported the vesting and settlement of restricted stock units into 11,694 common shares on 10/31/2025.

How many HRTX shares does the officer hold after the transaction?

He beneficially owned 166,203 common shares directly after the transaction.

What is the transaction code and price per share?

The transaction code is M (RSU conversion) and the price per share was $0.00.

How many RSUs remain outstanding for the officer?

The filing lists 152,027 restricted stock units remaining after the reported transaction.

What is the RSU vesting schedule noted?

RSUs vest in 16 equal installments beginning one quarter after the grant date, January 31, 2025.

What is the officer’s role at Heron Therapeutics (HRTX)?

William P. Forbes serves as EVP, Chief Development Officer.