[Form 4] Heron Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for Heron Therapeutics, Inc. (HRTX) discloses that Executive Vice President & Chief Financial Officer Ira Duarte converted 3,874 Restricted Stock Units (RSUs) into an equal number of common shares on 07/19/2025 (transaction code M).

Following the conversion, Duarte directly owns 152,523 HRTX common shares and retains 38,743 unvested RSUs. The RSUs originally granted on 01/19/2024 vest in 16 equal quarterly instalments; the reported tranche represents one of these scheduled releases. No shares were sold and no cash price is indicated (exercise price $0), so total insider ownership increased by the same amount as shares acquired.

No other non-derivative or derivative transactions were reported. This appears to be a routine vesting/settlement event rather than an open-market purchase or disposition.

Positive

• CFO increased direct share ownership by 3,874 shares, reinforcing equity alignment with shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine RSU vesting; CFO’s direct stake rises by 3,874 shares, signaling no sale but little market impact.

The filing documents automatic conversion of scheduled RSUs, not an elective purchase. While added ownership modestly aligns CFO incentives with shareholders, the 2.5% increase (3,874 vs. prior 148,649 shares) is immaterial to float and carries no valuation signal. Absence of dispositions suggests the executive is retaining shares, yet transaction size and zero cash outlay limit market significance. Overall, the event is administratively neutral for investors.

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).

1. Name and Address of Reporting Person^*

Duarte Ira

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/19/2025

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	07/19/2025		M		3,874	A	(1)	152,523	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	07/19/2025		M			3,874	(2)	(2)	Common Stock	3,874	$0	38,743	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 quarterly installments beginning one quarter after the date of grant (01/19/2024).

	/s/Kathryn Lester Attorney-in-fact for Ira Duarte	07/22/2025
	** 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).
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FAQ

How many Heron Therapeutics (HRTX) shares did the CFO acquire?

Ira Duarte acquired 3,874 common shares through RSU conversion.

What is the CFO’s total HRTX shareholding after the transaction?

Direct ownership rose to 152,523 shares, with 38,743 RSUs still outstanding.

Was any cash paid for the RSU conversion?

No. The RSUs converted at an exercise price of $0 per share.

Does the Form 4 indicate any share sales by the CFO?

No sales were reported; the filing only shows an acquisition via RSU settlement.

When will the remaining RSUs vest?

The grant vests in 16 equal quarterly instalments beginning 01/19/2024; future tranches will settle every quarter thereafter.