Heron Therapeutics (HRTX) EVP exercises 23,464 RSUs into common stock

Rhea-AI Filing Summary

Heron Therapeutics EVP and Chief Development Officer William P. Forbes exercised restricted stock units into common shares. On April 30, 2026, he exercised awards covering 23,464 shares of common stock in two transactions. Following these exercises, he directly holds 209,111 shares of common stock and 128,638 restricted stock units, which each represent a contingent right to receive one share of common stock. The RSUs vest in 16 equal quarterly installments under time-based schedules beginning one quarter after their respective grant dates.

Insights

Equity compensation analyst

Routine RSU vesting and exercise increases the executive’s direct share ownership.

EVP and Chief Development Officer William P. Forbes exercised restricted stock units into 23,464 shares of Heron Therapeutics common stock on April 30, 2026. These are compensation-related derivative exercises, not open-market purchases or sales.

After the transactions, he holds 209,111 common shares directly and 128,638 RSUs that each convert into one share upon vesting. Footnotes show the RSUs vest in 16 equal quarterly installments beginning one quarter after the grant dates, indicating a structured, time-based equity compensation program rather than discretionary trading activity.

Insider Trade Summary

23,464 shares exercised/converted

Mixed 4 txns

Insider Forbes William P

Role EVP, Chief Development Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	11,694	$0.00	--
Exercise	Restricted Stock Units	11,770	$0.00	--
Exercise	Common Stock	11,694	$0.00	--
Exercise	Common Stock	11,770	$0.00	--

Holdings After Transaction: Restricted Stock Units — 128,638 shares (Direct, null); Common Stock — 197,341 shares (Direct, null)

Footnotes (1)

1. Each restricted stock unit represents a contingent right to receive one share of common stock. The restricted stock units vest in 16 equal installments beginning one quarter after the date of grant (January 31, 2025). On January 30, 2026 (the "Date of Grant"), the Reporting Person was granted 188,315 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

Shares from RSU exercises: 23,464 shares Common shares held after transactions: 209,111 shares RSUs remaining after conversion: 128,638 units +2 more

5 metrics

Shares from RSU exercises 23,464 shares Common stock acquired via RSU exercises on April 30, 2026

Common shares held after transactions 209,111 shares Direct ownership of Heron Therapeutics common stock after Form 4 transactions

RSUs remaining after conversion 128,638 units Restricted stock units held after April 30, 2026 exercises

New RSU grant size 188,315 RSUs Grant dated January 30, 2026, vesting in 16 quarterly installments

Vesting structure 16 equal installments Time-based RSU vesting schedule beginning one quarter after grant

Key Terms

Restricted Stock Units, contingent right, time-based vesting schedule, quarterly installments

4 terms

Restricted Stock Units financial

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

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.

contingent right financial

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

time-based vesting schedule financial

"the RSUs vest in 16 equal quarterly installments beginning one quarter after the Date of Grant."

quarterly installments financial

"The restricted stock units vest in 16 equal installments beginning one quarter 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^*

Forbes William P

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Development 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		11,694	A	(1)	197,341	D
Common Stock	04/30/2026		M		11,770	A	(1)	209,111	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	04/30/2026		M			11,694	(2)	(2)	Common Stock	11,694	$0.00	128,638	D
Restricted Stock Units	$0.00	04/30/2026		M			11,770	(3)	(3)	Common Stock	11,770	$0.00	176,545	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).

3. On January 30, 2026 (the "Date of Grant"), the Reporting Person was granted 188,315 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 William P. Forbes	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)

FAQ

What did Heron Therapeutics (HRTX) executive William P. Forbes report on this Form 4?

William P. Forbes reported exercising restricted stock units into 23,464 shares of common stock. These transactions reflect equity compensation vesting and conversion, rather than open-market buying or selling of Heron Therapeutics shares.

How many Heron Therapeutics (HRTX) shares does William P. Forbes hold after the transactions?

After the reported transactions, William P. Forbes directly holds 209,111 shares of Heron Therapeutics common stock. This figure comes from the post-transaction ownership stated for his non-derivative holdings in the Form 4 data.

How many restricted stock units does William P. Forbes still hold in HRTX?

Following the exercises, William P. Forbes holds 128,638 restricted stock units. Each RSU represents a contingent right to receive one share of Heron Therapeutics common stock upon satisfaction of the applicable vesting conditions.

What is the vesting schedule for William P. Forbes’ restricted stock units at Heron Therapeutics?

The restricted stock units vest in 16 equal quarterly installments. One grant dated January 30, 2026 for 188,315 RSUs vests in 16 equal quarterly installments beginning one quarter after that grant date.

Were these HRTX insider transactions open-market purchases or sales?

No. The Form 4 reports derivative exercises coded as "M", where restricted stock units were converted into common stock. The data show no open-market purchase (P) or sale (S) transactions in this filing.