Heron CEO acquires 34,789 shares via RSU vesting (Form 4)

Heron Therapeutics (HRTX) reported an insider transaction: CEO and Director Craig Collard acquired 34,789 shares of common stock on 10/31/2025 through settlement of restricted stock units (transaction code M) at $0.

Rhea-AI Filing Summary

Heron Therapeutics (HRTX) reported an insider transaction: CEO and Director Craig Collard acquired 34,789 shares of common stock on 10/31/2025 through settlement of restricted stock units (transaction code M) at $0.

Following the transaction, Collard directly owned 523,124 shares. He also beneficially owned 452,253 RSUs after the event. The RSUs vest in 16 equal installments beginning one quarter after the grant date of January 31, 2025.

Insider Trade Summary

34,789 shares exercised/converted

Exercise 2 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	Common Stock	34,789	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 452,253 contracts (Direct); Common Stock — 523,124 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 activity did HRTX report on Form 4?

CEO and Director Craig Collard acquired 34,789 shares of common stock on 10/31/2025 via RSU settlement (code M).

How many HRTX shares does Craig Collard own after the transaction?

He directly owned 523,124 shares following the reported transaction.

What derivative securities does Craig Collard still hold?

He beneficially owned 452,253 restricted stock units (RSUs) after the transaction.

What is the vesting schedule for the reported RSUs at HRTX?

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

What does transaction code M indicate in this HRTX Form 4?

The filing lists code M alongside conversion from RSUs to common stock totaling 34,789 shares at $0.

What is the price reported for the RSU settlement?

The RSU settlement price was reported as $0 for the 34,789 shares.

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

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Accepted by SEC EDGAR 11/04/2025 - 12:31 PM 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^*

Collard Craig A

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		34,789	A	(1)	523,124	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	10/31/2025		M			34,789	(2)	(2)	Common Stock	34,789	$0	452,253	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 Craig Collard	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.